TÜV Rheinland successfully organizes the “Eco-Innovate 2024” forum: from ESG regulations to circular economy solutions

HONG KONG SAR – Media OutReach Newswire – May 28, 2024 – On May 23, TÜV Rheinland Hong Kong, an international independent testing, inspection and certification organization, successfully organized the business forum “Eco-Innovate 2024: From ESG Regulations to Solutions for a circular economy.” Supported by the Hong Kong People Management Association, the forum brought together nearly 80 business leaders and sustainability professionals to explore challenges and opportunities in environmental, social and governance (ESG) principles and sustainable business practices.

The impact of international voluntary certification of recycled materials on supply chain management

In today’s global marketplace, companies are increasingly prioritizing sustainability, and the use of recycled materials is becoming a key element of supply chain management. Jimi Wang, Global Scheme Manager for Customized Services at TÜV Rheinland Greater China, provided a detailed overview of the Global Recycle Standard (GRS). “The range of products applicable to GRS continues to expand, making now the best time for companies to focus on environmental standards,” said Jimi Wang. GRS is an international certification standard designed to promote recycling and circular use in consumer products and manufacturing industries. It provides a framework to ensure that products and production processes meet specified environmental and social standards. Jimi Wang highlighted the importance of GRS in several areas: encouraging the use of recycled materials, reducing dependence on new resources, promoting the development of a circular economy, reducing the overall environmental impact by reducing pollution and energy consumption, ensuring fairness and sustainability in production processes and helping consumers identify products that meet recycling standards, thereby increasing product credibility.

Addressing the challenges of the HKEX Climate Disclosure Directive and the EU Corporate Sustainability Reporting Directive

To align with global best practices and meet the growing demand for transparency on sustainability and climate issues, Hong Kong Exchanges and Clearing Limited (HKEX) will implement new climate disclosure requirements in 2025. These requirements aim to provide investors and other stakeholders with greater insight into companies’ climate risks, strategies and performance through detailed climate disclosures. Ryan Foo, senior technical manager for custom services at TÜV Rheinland Greater China, explained HKEX’s latest climate disclosure requirements and response strategies. These requirements are based on ISSB IFRS S2 and also include the Core Principles and other provisions of ISSB S1 General Sustainability-Related Financial Disclosure Requirements, focusing on governance, strategy, risk management and climate-related metrics and targets. Key requirements include disclosing how management oversees and manages climate-related risks and opportunities, describing the actual and potential impacts of climate-related risks and opportunities on business, strategy and financial planning, describing processes for identifying, assessing and managing climate-related factors risks and providing detailed information on climate-related indicators and targets, including Scope 1, Scope 2 and relevant Scope 3 greenhouse gas emissions.

The Corporate Sustainability Reporting Directive (CSRD) is an EU directive that aims to improve and standardize sustainability reporting across the EU. Ryan Foo highlighted that this directive significantly expands the scope and requirements for corporate sustainability disclosures based on the existing Non-Financial Reporting Directive (NFRD). It is expected to affect more than 50,000 businesses, including many that will have to report their full carbon emissions for the first time. The CSRD requires companies to disclose extensive data on environmental, social and governance (ESG) practices and conduct dual materiality assessments to ensure reporting on key issues from both a financial and impact perspective. Ryan Foo suggested practical steps for companies to meet these disclosure requirements, including an assessment of existing ESG governance that can improve ESG governance and provide clear direction through gap analysis and peer benchmarking, improving ESG governance frameworks, collaborating with internal stakeholders on to create practical ESG action plans, strengthen board and management oversight of ESG issues, identify overall ESG risks and opportunities, establish internal control processes for non-financial information, plan for the inclusion of Scope 3 greenhouse gas emissions and develop plans, schedules and disclosure schedules, implementing or modernizing systems to accurately and effectively collect and manage ESG data, promoting ESG information governance, standardizing data collection and assurance processes, and preparing for ESG compliance with CSRD requirements.

Collaborating with industry to build ethical and sustainable supply chains

Sustainability affects every company and every person. TÜV Rheinland Hong Kong invited several business partners and customers to share their sustainability journeys on the forum. Anita Lo, CEO of the Ethical Supply Chain Program (ESCP), shared practical strategies and real-world examples for building ethical and sustainable supply chains, highlighting the significant impact of ethical practices on a company’s reputation and operational efficiency. Steven Ma, Sustainability Project Specialist at Kingfa Sci. & Tech. Co., Ltd. discussed how high-quality recycled materials are marking the beginning of a new era in the toy industry, sharing advances in material technology and the growing market demand for sustainable products. Roger Chan, Chief Operating Officer and Chief Technology Officer of Cobalt Fashion (Hong Kong) Limited, presented the impact of digital technology and innovative, sustainable materials on reducing carbon emissions and resource consumption. In his presentation, he highlighted cutting-edge solutions driving more sustainable development in the fashion industry.

The “Eco-Innovate 2024” forum emphasized the importance of integrating ESG principles with circular economy solutions. The event successfully facilitated knowledge sharing and exchange among industry leaders, paving the way for future collaboration and innovation. As a global leader in sustainable services, TÜV Rheinland is committed to supporting companies on their path to sustainability and environmental management.

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