HKFRS S2 - Climate-related Disclosures

1. OBJECTIVE AND SCOPE

Objective (Paragraph 1-2)

HKFRS S2 requires an entity to disclose information about its climate-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity. The standard requires disclosure of information about climate-related risks and opportunities that could reasonably be expected to affect the entity's cash flows, its access to finance or cost of capital over the short, medium or long term. These are collectively referred to as "climate-related risks and opportunities that could reasonably be expected to affect the entity's prospects."

Scope (Paragraph 3-4)

The standard applies to:

• Climate-related risks to which the entity is exposed, including:
• Climate-related physical risks
• Climate-related transition risks
• Climate-related opportunities available to the entity

Climate-related risks and opportunities that could not reasonably be expected to affect an entity's prospects are outside the scope of this Standard.

2. CORE CONTENT STRUCTURE

The core content is organized into four pillars:

1. Governance (paragraphs 5-7)
2. Strategy (paragraphs 8-23)
3. Risk Management (paragraphs 24-26)
4. Metrics and Targets (paragraphs 27-37)

3. GOVERNANCE DISCLOSURES (Paragraphs 5-7)

Objective: Enable users to understand the governance processes, controls and procedures an entity uses to monitor, manage and oversee climate-related risks and opportunities.

Required Disclosures:

(a) Governance Body Oversight (Paragraph 6(a))

The entity shall identify the governance body(s) or individual(s) responsible for oversight and disclose:

• How responsibilities for climate-related risks and opportunities are reflected in terms of reference, mandates, role descriptions and related policies
• How the body determines whether appropriate skills and competencies are available or will be developed
• How and how often the body is informed about climate-related risks and opportunities
• How the body takes into account climate-related risks and opportunities when overseeing strategy, major transactions, and risk management processes, including consideration of trade-offs
• How the body oversees target setting and monitors progress, including whether performance metrics are included in remuneration policies

(b) Management's Role (Paragraph 6(b))

• Whether the role is delegated to a specific management-level position or committee and how oversight is exercised
• Whether management uses controls and procedures to support oversight and how these are integrated with other internal functions

Avoiding Duplication (Paragraph 7): If oversight of sustainability-related risks and opportunities is managed on an integrated basis, the entity should provide integrated governance disclosures instead of separate disclosures for each risk and opportunity.

4. STRATEGY DISCLOSURES (Paragraphs 8-23)

Objective: Enable users to understand an entity's strategy for managing climate-related risks and opportunities.

Required Disclosures (Paragraph 9):

The entity shall disclose information to enable users to understand:

• (a) Climate-related risks and opportunities that could reasonably be expected to affect prospects
• (b) Current and anticipated effects on business model and value chain
• (c) Effects on strategy and decision-making, including climate-related transition plan
• (d) Effects on financial position, financial performance and cash flows
• (e) Climate resilience of strategy and business model

4.1 Climate-related Risks and Opportunities (Paragraphs 10-12)

Specific Requirements (Paragraph 10):

• Describe climate-related risks and opportunities
• Explain whether each risk is physical or transition risk
• Specify time horizons (short, medium, long term) for effects
• Explain how the entity defines these time horizons and how they link to strategic planning

Identification Process (Paragraph 11):

• Use all reasonable and supportable information available at reporting date without undue cost or effort
• Include information about past events, current conditions and forecasts of future conditions

Industry Reference (Paragraph 12):

• Refer to and consider the applicability of industry-based disclosure topics defined in the Industry-based Guidance on Implementing HKFRS S2

4.2 Business Model and Value Chain (Paragraph 13)

Required Disclosures:

• Description of current and anticipated effects of climate-related risks and opportunities on business model and value chain
• Description of where in the business model and value chain these risks and opportunities are concentrated (e.g., geographical areas, facilities, types of assets)

4.3 Strategy and Decision-making (Paragraph 14)

Required Disclosures:

(a) How the entity has responded and plans to respond:

• Current and anticipated changes to business model, including resource allocation
• Current and anticipated direct mitigation and adaptation efforts
• Current and anticipated indirect mitigation and adaptation efforts
• Any climate-related transition plan, including key assumptions and dependencies
• How the entity plans to achieve climate-related targets, including GHG emissions targets

(b) How the entity is resourcing these activities

(c) Quantitative and qualitative information about progress of plans disclosed in previous periods

4.4 Financial Position, Financial Performance and Cash Flows (Paragraphs 15-21)

Objective (Paragraph 15): Enable users to understand:

• Current financial effects for the reporting period
• Anticipated financial effects over short, medium and long term

Specific Quantitative and Qualitative Information (Paragraph 16):

• How climate-related risks and opportunities have affected financial position, performance and cash flows
• Risks and opportunities with significant risk of material adjustment to carrying amounts in next annual reporting period
• Expected changes to financial position given strategy, including investment/disposal plans and planned funding sources
• Expected changes to financial performance and cash flows

Quantitative Presentation (Paragraph 17): May disclose a single amount or a range.

Preparation Requirements (Paragraph 18):

• Use all reasonable and supportable information available without undue cost or effort
• Use an approach commensurate with skills, capabilities and resources available

Relief from Quantitative Disclosure (Paragraphs 19-20): Not required if:

• Effects are not separately identifiable
• Measurement uncertainty is so high that information would not be useful
• Entity does not have skills, capabilities or resources

If Relief Used (Paragraph 21):

• Explain why quantitative information not provided
• Provide qualitative information, including identifying affected line items
• Provide quantitative information about combined financial effects unless not useful

4.5 Climate Resilience (Paragraphs 22-23)

Required Disclosures:

(a) Assessment of Climate Resilience:

• Implications for strategy and business model
• Significant areas of uncertainty
• Capacity to adjust or adapt strategy and business model, including:
• Availability of and flexibility in existing financial resources
• Ability to redeploy, repurpose, upgrade or decommission existing assets
• Effect of current and planned investments in mitigation, adaptation and opportunities

(b) How Scenario Analysis Was Carried Out:

• Inputs used:
• Which climate-related scenarios and sources
• Whether analysis included diverse range of scenarios
• Whether scenarios are associated with transition or physical risks
• Whether a scenario aligned with latest international agreement on climate change was used
• Why chosen scenarios are relevant
• Time horizons used
• Scope of operations used
• Key assumptions:
• Climate-related policies in jurisdictions
• Macroeconomic trends
• National or regional variables
• Energy usage and mix
• Developments in technology
• Reporting period in which analysis was carried out

Cross-reference (Paragraph 23): Refer to cross-industry metric categories and industry-based metrics.

5. RISK MANAGEMENT DISCLOSURES (Paragraphs 24-26)

Objective: Enable users to understand an entity's processes to identify, assess, prioritise and monitor climate-related risks and opportunities, including integration with overall risk management.

Required Disclosures (Paragraph 25):

(a) Processes for Climate-related Risks:

• Inputs and parameters used
• Whether and how climate-related scenario analysis is used
• How nature, likelihood and magnitude of effects are assessed
• Whether and how risks are prioritised relative to other types of risk
• How risks are monitored
• Whether and how processes have changed from previous period

(b) Processes for Climate-related Opportunities:

• Whether and how scenario analysis is used

(c) Integration with Overall Risk Management:

• Extent to which and how processes are integrated into and inform overall risk management

Avoiding Duplication (Paragraph 26): If risk management is integrated, provide integrated disclosures.

6. METRICS AND TARGETS DISCLOSURES (Paragraphs 27-37)

Objective: Enable users to understand an entity's performance in relation to climate-related risks and opportunities, including progress towards targets.

Required Disclosures (Paragraph 28):

• Cross-industry metric categories
• Industry-based metrics
• Targets set by the entity or required by law/regulation

6.1 Cross-Industry Metric Categories (Paragraph 29)

(a) Greenhouse Gases:

• Disclose absolute gross GHG emissions as metric tonnes CO2 equivalent:
• Scope 1 (direct emissions from owned/controlled sources)
• Scope 2 (indirect from purchased energy)
• Scope 3 (indirect in value chain)
• Measure in accordance with GHG Protocol: A Corporate Accounting and Reporting Standard (2004) unless jurisdictional authority requires different method
• Disclose measurement approach, inputs and assumptions
• For Scope 1 and 2: disaggregate between consolidated accounting group and other investees
• For Scope 2: disclose location-based emissions and information about contractual instruments
• For Scope 3: disclose categories included and additional information about Category 15 (financed emissions) for asset management, commercial banking or insurance

(b) Climate-related Transition Risks:

• Amount and percentage of assets or business activities vulnerable

(c) Climate-related Physical Risks:

• Amount and percentage of assets or business activities vulnerable

(d) Climate-related Opportunities:

• Amount and percentage of assets or business activities aligned

(e) Capital Deployment:

• Amount of capital expenditure, financing or investment deployed

(f) Internal Carbon Prices:

• Explanation of whether and how carbon price is applied in decision-making
• Price per metric tonne of GHG emissions used

(g) Remuneration:

• Description of whether and how climate-related considerations are factored into executive remuneration
• Percentage of executive management remuneration linked to climate-related considerations

6.2 Industry-Based Metrics (Paragraph 32)

• Disclose metrics associated with particular business models, activities or industry characteristics
• Refer to Industry-based Guidance on Implementing HKFRS S2

6.3 Climate-Related Targets (Paragraphs 33-37)

Required Disclosures for Each Target (Paragraph 33):

• Metric used to set the target
• Objective (mitigation, adaptation, conformance with science-based initiatives)
• Part of entity to which target applies
• Period over which target applies
• Base period for measuring progress
• Milestones and interim targets
• Whether absolute or intensity target (if quantitative)
• How latest international agreement on climate change has informed the target

Approach to Setting and Reviewing Targets (Paragraph 34):

• Whether target and methodology have been validated by third party
• Processes for reviewing the target
• Metrics used to monitor progress
• Any revisions and explanations

Performance Against Targets (Paragraph 35):

• Performance information and analysis of trends

GHG Emissions Targets (Paragraph 36):

• Which greenhouse gases are covered
• Whether Scope 1, 2 or 3 are covered
• Whether gross or net target (if net, also disclose gross target)
• Whether derived using sectoral decarbonisation approach
• Planned use of carbon credits, including:
• Extent to which achieving target relies on carbon credits
• Third-party scheme(s) for verification/certification
• Type of carbon credit (nature-based or technological, reduction or removal)
• Other factors for understanding credibility and integrity

7. DEFINED TERMS (Appendix A)

Term	Definition
------	------------
Carbon credit	Emissions unit issued by a carbon crediting programme representing emission reduction or removal of GHGs, uniquely serialised, issued, tracked and cancelled via electronic registry
Climate resilience	Capacity to adjust to climate-related changes, developments or uncertainties; includes managing risks and benefiting from opportunities; involves both strategic and operational resilience
Climate-related physical risks	Risks from climate change that can be event-driven (acute) or from longer-term shifts in climatic patterns (chronic)
Climate-related transition risks	Risks from efforts to transition to a lower-carbon economy, including policy, legal, technological, market and reputational risks
Climate-related transition plan	Aspect of overall strategy laying out targets, actions or resources for transition towards a lower-carbon economy
CO2 equivalent	Universal unit of measurement indicating global warming potential of each GHG expressed in terms of one unit of carbon dioxide
Financed emissions	Portion of gross GHG emissions of investee or counterparty attributed to loans and investments made by the entity
Global warming potential	Factor describing radiative forcing impact of one unit of a given GHG relative to one unit of CO2
Greenhouse gases	Seven gases listed in Kyoto Protocol: CO2, CH4, N2O, HFCs, NF3, PFCs, SF6
Internal carbon price	Price used to assess financial implications of changes to investment, production and consumption patterns; includes shadow price and internal tax/fee
Scope 1 GHG emissions	Direct emissions from sources owned or controlled by the entity
Scope 2 GHG emissions	Indirect emissions from generation of purchased or acquired electricity, steam, heating or cooling
Scope 3 GHG emissions	Indirect emissions (not in Scope 2) occurring in value chain, including upstream and downstream
Scope 3 categories	15 categories as described in GHG Protocol Corporate Value Chain Standard

8. APPLICATION GUIDANCE (Appendix B)

8.1 Climate Resilience and Scenario Analysis (Paragraphs B1-B18)

Assessing Circumstances (Paragraphs B2-B7):

• Consider exposure to climate-related risks and opportunities
• Consider skills, capabilities and resources available
• Reassess each time scenario analysis is carried out

Determining Appropriate Approach (Paragraphs B8-B15):

• Select inputs including scenarios, variables and other information
• Make analytical choices (qualitative vs quantitative)
• Use all reasonable and supportable information available without undue cost or effort
• Consider publicly available climate-related scenarios from authoritative sources

Additional Considerations (Paragraphs B16-B18):

• Approach likely to change over time as practice evolves
• Simpler approaches (qualitative narratives) may be appropriate initially
• Must update resilience assessment annually, even if full scenario analysis is done less frequently (e.g., every 3-5 years in line with strategic planning cycle)

8.2 Greenhouse Gas Measurement (Paragraphs B19-B57)

Different Reporting Periods (Paragraph B19):

• Permitted to use information from entities in value chain with different reporting periods if:
• Most recent data is used
• Length of reporting periods is the same
• Effects of significant events between dates are disclosed

Aggregation into CO2 Equivalent (Paragraphs B20-B22):

• Use global warming potential values based on 100-year time horizon from latest IPCC assessment
• If using emission factors already converted, no recalculation needed

GHG Protocol Application (Paragraphs B23-B25):

• Required unless jurisdictional authority or exchange requires different method
• Jurisdictional requirements for partial disclosure do not exempt from full standard requirements

Measurement Approach Disclosure (Paragraphs B26-B29):

• Include measurement approach (equity share or control)
• Include emission factors used
• Use emission factors that best represent the entity's activity

Scope 2 Specifics (Paragraphs B30-B31):

• Required to disclose location-based Scope 2 emissions
• Provide information about contractual instruments if they exist and inform understanding

Scope 3 Measurement Framework (Paragraphs B38-B57):

• Likely includes estimation rather than solely direct measurement
• Prioritise inputs based on:
• Direct measurement data
• Data from specific activities in value chain (primary data)
• Timely data representing jurisdiction and technology
• Verified data
• Disclose extent of primary data use and verification

8.3 Financed Emissions (Paragraphs B58-B63)

Asset Management (Paragraph B61):

• Absolute gross financed emissions disaggregated by Scope 1, 2, 3
• Total AUM included in calculation
• Percentage of total AUM included; explain exclusions
• Methodology including allocation method

Commercial Banking (Paragraph B62):

• Absolute gross financed emissions by industry (GICS 6-digit) and asset class
• Gross exposure by industry and asset class
• Percentage of gross exposure included; explain exclusions
• Methodology including allocation method

Insurance (Paragraph B63):

• Same structure as commercial banking requirements

8.4 Cross-Industry Metric Categories (Paragraphs B64-B65)

When preparing disclosures for paragraphs 29(b)-(g), consider:

• Time horizons for effects
• Concentration in business model and value chain
• Effects on financial position, performance and cash flows
• Whether industry-based metrics could satisfy requirements
• Connections with related financial statements

8.5 Climate-Related Targets (Paragraphs B66-B71)

Characteristics (Paragraphs B66-B67):

• Absolute target: total amount or change in total amount
• Intensity target: ratio of measure to business metric

Gross vs Net GHG Targets (Paragraphs B68-B69):

• Gross targets reflect total changes planned within value chain
• Net targets = gross minus planned offsetting efforts
• If net target disclosed, gross target must also be disclosed

Carbon Credits (Paragraphs B70-B71):

• Disclose planned use of carbon credits
• Include extent of reliance, verification schemes, type of credit, and other credibility factors

9. EFFECTIVE DATE AND TRANSITION (Appendix C)

Effective Date (Paragraph C1):

• Annual reporting periods beginning on or after 1 August 2025
• Earlier application permitted if HKFRS S1 is applied at the same time

Date of Initial Application (Paragraph C2):

• Beginning of the annual reporting period in which entity first applies this Standard

Transition Relief (Paragraphs C3-C5):

(a) No Comparative Information Required (Paragraph C3):

• Not required to provide disclosures for any period before date of initial application
• Not required to disclose comparative information in first year

(b) Measurement Method Relief (Paragraph C4(a)):

• If entity used a different GHG measurement method in the period immediately preceding initial application, permitted to continue using that method

(c) Scope 3 Relief (Paragraph C4(b)):

• Not required to disclose Scope 3 GHG emissions in first year
• Includes financed emissions for asset management, commercial banking or insurance

(d) Continued Use of Relief (Paragraph C5):

• Relief can continue for presenting comparative information in subsequent periods

10. KEY TAKEAWAYS SUMMARY

Area	Key Requirements
------	-----------------
Governance	Identify oversight body/individual; describe responsibilities, skills, information flow, strategy integration, target monitoring and remuneration linkage
Strategy	Identify risks/opportunities; describe effects on business model, strategy, financial position/performance/cash flows; assess climate resilience using scenario analysis
Risk Management	Describe processes for identifying, assessing, prioritising and monitoring risks and opportunities; explain integration with overall risk management
Metrics - GHG	Disclose Scope 1, 2, 3 emissions in CO2e; use GHG Protocol unless jurisdictional requirement; disaggregate appropriately; disclose measurement approach
Metrics - Other	Disclose transition risk exposure, physical risk exposure, opportunities, capital deployment, internal carbon prices, remuneration linkage
Targets	Disclose metrics, objectives, scope, period, base period, milestones, absolute/intensity nature; for GHG targets, disclose gross vs net, carbon credit use
Transition	Effective 1 August 2025; first year relief from comparative info, Scope 3 disclosure, and alternative GHG measurement method

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繁體中文學習筆記

1. 目標與範圍

目標（第1-2段）

HKFRS S2要求實體披露有關其氣候相關風險與機遇的信息，這些信息對通用目的財務報告的主要用戶在做出與向實體提供資源相關的決策時有用。該準則要求披露合理預期會影響實體現金流量、融資渠道或資本成本（短期、中期或長期）的氣候相關風險與機遇的信息。這些統稱為「合理預期會影響實體前景的氣候相關風險與機遇」。

範圍（第3-4段）

該準則適用於：

• 實體面臨的氣候相關風險，包括：
• 氣候相關實體風險
• 氣候相關轉型風險
• 實體可獲得的氣候相關機遇

合理預期不會影響實體前景的氣候相關風險與機遇不屬於本準則的範圍。

2. 核心內容結構

核心內容分為四大支柱：

1. 治理（第5-7段）
2. 策略（第8-23段）
3. 風險管理（第24-26段）
4. 指標與目標（第27-37段）

3. 治理披露（第5-7段）

目標： 使用戶能夠了解實體用於監控、管理和監督氣候相關風險與機遇的治理流程、控制措施和程序。

所需披露：

(a) 治理機構監督（第6(a)段）

實體應識別負責監督的治理機構或個人，並披露：

• 氣候相關風險與機遇的責任如何反映在職權範圍、授權、職位描述和相關政策中
• 該機構如何確定具備或將發展適當的技能和能力
• 該機構如何以及多久一次獲知氣候相關風險與機遇
• 該機構在監督策略、重大交易和風險管理流程時如何考慮氣候相關風險與機遇，包括權衡考量
• 該機構如何監督目標設定和進度監控，包括績效指標是否納入薪酬政策

(b) 管理層的角色（第6(b)段）

• 角色是否委派給特定的管理層職位或委員會，以及如何行使監督
• 管理層是否使用控制措施和程序來支持監督，以及這些如何與其他內部職能整合

避免重複（第7段）： 如果可持續相關風險與機遇的監督是整合管理的，實體應提供整合的治理披露，而不是為每個風險和機遇提供單獨披露。

4. 策略披露（第8-23段）

目標： 使用戶能夠了解實體管理氣候相關風險與機遇的策略。

所需披露（第9段）：

實體應披露信息，使用戶能夠了解：

• (a) 合理預期會影響前景的氣候相關風險與機遇
• (b) 對業務模式和價值鏈的當前和預期影響
• (c) 對策略和決策的影響，包括氣候相關轉型計劃
• (d) 對財務狀況、財務業績和現金流量的影響
• (e) 策略和業務模式的氣候韌性

4.1 氣候相關風險與機遇（第10-12段）

具體要求（第10段）：

• 描述氣候相關風險與機遇
• 解釋每個風險是實體風險還是轉型風險
• 指定影響發生的時間範圍（短期、中期、長期）
• 解釋實體如何定義這些時間範圍以及它們如何與策略規劃相關聯

識別過程（第11段）：

• 使用報告日可獲得的所有合理且可支持的信息，無需不當成本或努力
• 包括關於過去事件、當前狀況和未來條件預測的信息

行業參考（第12段）：

• 參考並考慮實施HKFRS S2的行業基礎指南中定義的行業披露主題的適用性

4.2 業務模式和價值鏈（第13段）

所需披露：

• 氣候相關風險與機遇對業務模式和價值鏈的當前和預期影響的描述
• 業務模式和價值鏈中這些風險與機遇集中的位置的描述（例如，地理區域、設施、資產類型）

4.3 策略和決策（第14段）

所需披露：

(a) 實體如何應對和計劃應對：

• 業務模式的當前和預期變化，包括資源分配
• 當前和預期的直接緩解和適應努力
• 當前和預期的間接緩解和適應努力
• 任何氣候相關轉型計劃，包括關鍵假設和依賴因素
• 實體如何計劃實現氣候相關目標，包括溫室氣體排放目標

(b) 實體如何為這些活動提供資源

(c) 關於先前期間披露的計劃進展的定量和定性信息

4.4 財務狀況、財務業績和現金流量（第15-21段）

目標（第15段）： 使用戶能夠了解：

• 報告期間的當前財務影響
• 短期、中期和長期的預期財務影響

具體定量和定性信息（第16段）：

• 氣候相關風險與機遇如何影響財務狀況、業績和現金流量
• 存在重大調整風險的風險與機遇
• 考慮策略後財務狀況的預期變化，包括投資/處置計劃和計劃的資金來源
• 財務業績和現金流量的預期變化

定量呈現（第17段）： 可以披露單一金額或範圍。

準備要求（第18段）：

• 使用所有合理且可支持的信息，無需不當成本或努力
• 使用與可用技能、能力和資源相稱的方法

定量披露豁免（第19-20段）： 如果：

• 影響無法單獨識別
• 計量不確定性過高，信息無用
• 實體不具備技能、能力或資源

使用豁免時（第21段）：

• 解釋為何未提供定量信息
• 提供定性信息，包括識別受影響的項目
• 提供合併財務影響的定量信息，除非無用

4.5 氣候韌性（第22-23段）

所需披露：

(a) 氣候韌性評估：

• 對策略和業務模式的影響
• 考慮的重大不確定性領域
• 調整或適應策略和業務模式的能力，包括：
• 現有財務資源的可用性和靈活性
• 重新部署、改造、升級或退役現有資產的能力
• 當前和計劃投資於緩解、適應和機遇的影響

(b) 情景分析的執行方式：

• 使用的輸入：
• 使用的氣候情景和來源
• 是否包括多樣化的情景範圍
• 情景是否與轉型或實體風險相關
• 是否使用了與最新國際氣候變化協議一致的情景
• 選擇的情景為何相關
• 使用的時間範圍
• 使用的運營範圍
• 關鍵假設：
• 司法管轄區的氣候相關政策
• 宏觀經濟趨勢
• 國家或區域變量
• 能源使用和組合
• 技術發展
• 進行分析的報告期間

交叉參考（第23段）： 參考跨行業指標類別和行業指標。

5. 風險管理披露（第24-26段）

目標： 使用戶能夠了解實體識別、評估、優先排序和監控氣候相關風險與機遇的過程，包括與整體風險管理的整合。

所需披露（第25段）：

(a) 氣候相關風險的過程：

• 使用的輸入和參數
• 是否以及如何使用氣候相關情景分析
• 如何評估影響的性質、可能性和程度
• 是否以及如何相對於其他風險類型進行優先排序
• 如何監控風險
• 過程是否以及如何與前期相比發生變化

(b) 氣候相關機遇的過程：

• 是否以及如何使用情景分析

(c) 與整體風險管理的整合：

• 過程在多大程度上以及如何整合到整體風險管理中

避免重複（第26段）： 如果風險管理是整合的，提供整合披露。

6. 指標與目標披露（第27-37段）

目標： 使用戶能夠了解實體在氣候相關風險與機遇方面的績效，包括實現目標的進展。

所需披露（第28段）：

• 跨行業指標類別
• 行業指標
• 實體設定或法律/法規要求的目標

6.1 跨行業指標類別（第29段）

(a) 溫室氣體：

• 披露絕對總溫室氣體排放量，以CO2當量公噸表示：
• 範圍1（擁有或控制來源的直接排放）
• 範圍2（購買能源的間接排放）
• 範圍3（價值鏈中的間接排放）
• 按照溫室氣體協議：企業會計與報告準則（2004）計量，除非司法管轄機構要求不同方法
• 披露計量方法、輸入和假設
• 範圍1和2：在合併會計集團和其他被投資實體之間分解
• 範圍2：披露基於位置的排放和關於合同工具的信息
• 範圍3：披露包含的類別以及關於類別15（融資排放）的額外信息（針對資產管理、商業銀行或保險）

(b) 氣候相關轉型風險：

• 易受影響的資產或業務活動的金額和百分比

(c) 氣候相關實體風險：

• 易受影響的資產或業務活動的金額和百分比

(d) 氣候相關機遇：

• 與機遇一致的資產或業務活動的金額和百分比

(e) 資本配置：

• 用於氣候相關風險與機遇的資本支出、融資或投資金額

(f) 內部碳價格：

• 是否以及如何在決策中應用碳價格的解釋
• 用於評估溫室氣體排放成本的每公噸價格

(g) 薪酬：

• 是否以及如何將氣候相關考慮因素納入高管薪酬的描述
• 與氣候相關考慮因素相關聯的高管薪酬百分比

6.2 行業指標（第32段）

• 披露與特定業務模式、活動或行業特徵相關的指標
• 參考實施HKFRS S2的行業基礎指南

6.3 氣候相關目標（第33-37段）

每個目標的所需披露（第33段）：

• 用於設定目標的指標
• 目標（緩解、適應、符合科學倡議）
• 目標適用的實體部分
• 目標適用的期間
• 衡量進展的基準期間
• 里程碑和中期目標
• 絕對目標還是強度目標（如為定量）
• 最新國際氣候變化協議如何影響目標

設定和審查目標的方法（第34段）：

• 目標和方法是否經過第三方驗證
• 審查目標的過程
• 用於監控進展的指標
• 任何修訂及其解釋

目標績效（第35段）：

• 績效信息和趨勢分析

溫室氣體排放目標（第36段）：

• 涵蓋哪些溫室氣體
• 是否涵蓋範圍1、2或3
• 總目標還是淨目標（如為淨目標，也需披露總目標）
• 是否使用行業脫碳方法
• 碳信用的計劃使用，包括：
• 實現目標對碳信用的依賴程度
• 第三方驗證/認證計劃
• 碳信用類型（基於自然或技術，減排或移除）
• 理解可信度和完整性的其他因素

7. 主要定義（附錄A）

術語	定義
------	------
碳信用	由碳信用計劃發行的排放單位，代表溫室氣體的減排或移除，通過電子登記系統進行唯一序列化、發行、追蹤和註銷
氣候韌性	適應氣候相關變化、發展或不確定性的能力；包括管理風險和從機遇中受益；涉及策略韌性和運營韌性
氣候相關實體風險	氣候變化導致的風險，可以是事件驅動的（急性）或氣候模式的長期轉變（慢性）
氣候相關轉型風險	向低碳經濟轉型過程中產生的風險，包括政策、法律、技術、市場和聲譽風險
氣候相關轉型計劃	整體策略的一個方面，列出實體向低碳經濟轉型的目標、行動或資源
CO2當量	表示每種溫室氣體全球變暖潛能的通用計量單位，以一個單位二氧化碳表示
融資排放	被投資方或交易對手的總溫室氣體排放中，歸因於實體向其提供的貸款和投資的部分
溫室氣體	京都議定書中列出的七種氣體：CO2、CH4、N2O、HFCs、NF3、PFCs、SF6
內部碳價格	用於評估投資、生產和消費模式變化以及未來減排成本財務影響的價格；包括影子價格和內部稅/費
範圍1溫室氣體排放	來自實體擁有或控制來源的直接排放
範圍2溫室氣體排放	來自購買或獲取的電力、蒸汽、供暖或製冷產生的間接排放
範圍3溫室氣體排放	發生在價值鏈中的間接排放（不包括在範圍2中），包括上游和下游
範圍3類別	溫室氣體協議企業價值鏈標準中描述的15個類別

8. 應用指南（附錄B）

8.1 氣候韌性和情景分析（第B1-B18段）

評估情況（第B2-B7段）：

• 考慮對氣候相關風險與機遇的暴露
• 考慮可用的技能、能力和資源
• 每次進行情景分析時重新評估

確定適當方法（第B8-B15段）：

• 選擇輸入，包括情景、變量和其他信息
• 做出分析選擇（定性與定量）
• 使用所有合理且可支持的信息，無需不當成本或努力
• 考慮來自權威來源的公開氣候情景

額外考慮因素（第B16-B18段）：

• 方法可能隨著實踐發展而隨時間變化
• 較簡單的方法（定性敘述）可能最初是適當的
• 必須每年更新韌性評估，即使完整的情景分析頻率較低（例如，每3-5年與策略規劃週期一致）

8.2 溫室氣體計量（第B19-B57段）

不同報告期間（第B19段）：

• 允許使用價值鏈中實體的不同報告期間信息，如果：
• 使用最新數據
• 報告期間長度相同
• 披露日期之間重大事件的影響

合併為CO2當量（第B20-B22段）：

• 使用基於100年時間範圍的全球變暖潛能值，來自最新的IPCC評估
• 如果使用已轉換的排放因子，無需重新計算

溫室氣體協議應用（第B23-B25段）：

• 除非司法管轄機構或交易所要求不同方法
• 部分披露的司法管轄要求不免除完整準則要求

計量方法披露（第B26-B29段）：

• 包括計量方法（權益份額或控制）
• 包括使用的排放因子
• 使用最能代表實體活動的排放因子

範圍2具體要求（第B30-B31段）：

• 必須披露基於位置的範圍2排放
• 提供關於合同工具的信息（如果存在且有助於理解）

範圍3計量框架（第B38-B57段）：

• 可能包括估算而非僅直接計量
• 根據以下因素優先排序輸入：
• 直接計量數據
• 來自價值鏈特定活動的數據（主要數據）
• 代表司法管轄區和技術的及時數據
• 已驗證的數據
• 披露主要數據使用和驗證的程度

8.3 融資排放（第B58-B63段）

資產管理（第B61段）：

• 按範圍1、2、3分解的絕對總融資排放
• 計算中包含的總AUM
• 包含的總AUM百分比；解釋排除項
• 方法論，包括分配方法

商業銀行（第B62段）：

• 按行業（GICS 6位數）和資產類別分解的絕對總融資排放
• 按行業和資產類別的總暴露
• 包含的總暴露百分比；解釋排除項
• 方法論，包括分配方法

保險（第B63段）：

• 與商業銀行要求相同的結構

8.4 跨行業指標類別（第B64-B65段）

準備第29(b)-(g)段的披露時，考慮：

• 影響的時間範圍
• 業務模式和價值鏈中的集中度
• 對財務狀況、業績和現金流量的影響
• 行業指標是否能夠滿足要求
• 與相關財務報表的聯繫

8.5 氣候相關目標（第B66-B71段）

特徵（第B66-B67段）：

• 絕對目標：總量或總量變化
• 強度目標：指標與業務指標的比率

總與淨溫室氣體目標（第B68-B69段）：

• 總目標反映價值鏈內計劃的總變化
• 淨目標 = 總目標減去計劃的抵消努力
• 如果披露淨目標，也必須披露總目標

碳信用（第B70-B71段）：

• 披露碳信用的計劃使用
• 包括依賴程度、驗證計劃、信用類型和可信度因素

9. 生效日期和過渡規定（附錄C）

生效日期（第C1段）：

• 2025年8月1日或之後開始的年度報告期間
• 允許提前採用，前提是同時應用HKFRS S1

首次應用日期（第C2段）：

• 實體首次應用本準則的年度報告期間的開始

過渡豁免（第C3-C5段）：

(a) 無需比較信息（第C3段）：

• 無需提供首次應用日期前任何期間的披露
• 第一年無需披露比較信息

(b) 計量方法豁免（第C4(a)段）：

• 如果實體在首次應用前立即使用的期間使用了不同的溫室氣體計量方法，允許繼續使用該方法

(c) 範圍3豁免（第C4(b)段）：

• 第一年無需披露範圍3溫室氣體排放
• 包括資產管理、商業銀行或保險的融資排放

(d) 繼續使用豁免（第C5段）：

• 豁免可以在後續期間繼續用於呈現比較信息

10. 關鍵要點總結

領域	關鍵要求
------	----------
治理	識別監督機構/個人；描述責任、技能、信息流、策略整合、目標監控和薪酬關聯
策略	識別風險/機遇；描述對業務模式、策略、財務狀況/業績/現金流量的影響；使用情景分析評估氣候韌性
風險管理	描述識別、評估、優先排序和監控風險與機遇的過程；解釋與整體風險管理的整合
指標-溫室氣體	披露範圍1、2、3排放（CO2當量）；使用溫室氣體協議（除非司法管轄要求）；適當分解；披露計量方法
指標-其他	披露轉型風險暴露、實體風險暴露、機遇、資本配置、內部碳價格、薪酬關聯
目標	披露指標、目標、範圍、期間、基準期間、里程碑、絕對/強度性質；對於溫室氣體目標，披露總vs淨、碳信用使用
過渡	2025年8月1日生效；第一年豁免比較信息、範圍3披露和替代溫室氣體計量方法

50 MULTIPLE CHOICE QUESTIONS

Q1. What is the objective of HKFRS S2 Climate-related Disclosures?

A. To require disclosure of all environmental impacts of an entity

B. To require disclosure of climate-related risks and opportunities useful to primary users of general purpose financial reports

C. To require disclosure of only climate-related physical risks

D. To require disclosure of greenhouse gas emissions only

Answer: B

Q2. Which of the following is NOT within the scope of HKFRS S2?

A. Climate-related physical risks

B. Climate-related transition risks

C. Climate-related opportunities

D. Climate-related risks that could not reasonably be expected to affect an entity's prospects

Answer: D

Q3. According to HKFRS S2, what are the four core content areas?

A. Governance, Strategy, Risk Management, Metrics and Targets

B. Planning, Execution, Monitoring, Reporting

C. Identification, Assessment, Mitigation, Disclosure

D. Governance, Finance, Operations, Compliance

Answer: A

Q4. Under governance disclosures, what must an entity disclose about the governance body responsible for climate-related risks and opportunities?

A. Only the name of the body

B. How responsibilities are reflected in terms of reference, mandates, role descriptions and related policies

C. Only the frequency of meetings

D. Only the number of members

Answer: B

Q5. When preparing governance disclosures, if oversight of sustainability-related risks and opportunities is managed on an integrated basis, the entity should:

A. Provide separate disclosures for each risk and opportunity

B. Provide integrated governance disclosures to avoid duplication

C. Provide no governance disclosures

D. Provide only climate-specific governance disclosures

Answer: B

Q6. Under strategy disclosures, an entity must disclose information about climate-related risks and opportunities that could reasonably be expected to affect:

A. Only the current year's profits

B. The entity's prospects

C. Only the entity's reputation

D. Only the entity's market share

Answer: B

Q7. When identifying climate-related risks and opportunities, an entity shall use:

A. Only information about past events

B. Only information about future forecasts

C. All reasonable and supportable information available at the reporting date without undue cost or effort

D. Only information from external sources

Answer: C

Q8. Under business model and value chain disclosures, an entity must describe:

A. Only the current effects of climate-related risks and opportunities

B. Only the anticipated effects of climate-related risks and opportunities

C. Both current and anticipated effects of climate-related risks and opportunities on the business model and value chain

D. Neither current nor anticipated effects

Answer: C

Q9. Under strategy and decision-making disclosures, an entity must disclose information about its climate-related transition plan, including:

A. Only the target date for net-zero emissions

B. Key assumptions used in developing the transition plan and dependencies on which it relies

C. Only the total cost of the plan

D. Only the names of board members approving the plan

Answer: B

Q10. Regarding financial effects disclosures, an entity may disclose quantitative information as:

A. Only a single amount

B. Only a range

C. Either a single amount or a range

D. Neither a single amount nor a range

Answer: C

Q11. An entity need not provide quantitative information about the current or anticipated financial effects of a climate-related risk or opportunity if:

A. The entity chooses not to

B. The effects are not separately identifiable

C. The entity's competitors do not disclose such information

D. The entity is small

Answer: B

Q12. If an entity determines it need not provide quantitative information about financial effects, it must:

A. Provide no information at all

B. Explain why and provide qualitative information

C. Provide the information in the next reporting period

D. Obtain an exemption from the regulator

Answer: B

Q13. To assess climate resilience, an entity shall use:

A. Only qualitative analysis

B. Only quantitative modelling

C. Climate-related scenario analysis using an approach commensurate with the entity's circumstances

D. Historical data only

Answer: C

Q14. When carrying out climate-related scenario analysis, the entity must consider:

A. Only the entity's exposure to climate-related risks

B. Only the skills, capabilities and resources available

C. Both the entity's exposure to climate-related risks and opportunities and the skills, capabilities and resources available

D. Neither factor

Answer: C

Q15. An entity's climate-related scenario analysis approach:

A. Must remain the same every year

B. Is likely to change over time as practice evolves

C. Must always be quantitative

D. Must always use the same scenarios

Answer: B

Q16. The entity must update its climate resilience assessment:

A. Only when there is a significant event

B. Every five years

C. Annually

D. Only at the request of users

Answer: C

Q17. Under risk management disclosures, an entity must disclose information about processes for:

A. Only climate-related risks

B. Only climate-related opportunities

C. Both climate-related risks and opportunities

D. Neither risks nor opportunities

Answer: C

Q18. An entity must disclose the extent to which processes for identifying, assessing, prioritising and monitoring climate-related risks and opportunities are:

A. Separate from the overall risk management process

B. Integrated into and inform the entity's overall risk management process

C. Outsourced to third parties

D. Reviewed by external auditors only

Answer: B

Q19. Under metrics and targets, an entity must disclose information relevant to cross-industry metric categories including:

A. Only greenhouse gas emissions

B. Greenhouse gas emissions, transition risks, physical risks, opportunities, capital deployment, internal carbon prices and remuneration

C. Only financial metrics

D. Only non-financial metrics

Answer: B

Q20. Greenhouse gas emissions must be expressed as:

A. Metric tonnes of CO2 equivalent

B. Imperial tons of CO2

C. Percentage change from base year

D. Kilograms of CO2 only

Answer: A

Q21. Scope 1 greenhouse gas emissions are:

A. Indirect emissions from purchased energy

B. Direct emissions from sources owned or controlled by the entity

C. Indirect emissions in the value chain

D. Emissions from employee commuting only

Answer: B

Q22. Scope 2 greenhouse gas emissions are:

A. Direct emissions from owned sources

B. Indirect emissions from generation of purchased or acquired electricity, steam, heating or cooling

C. All value chain emissions

D. Emissions from waste disposal only

Answer: B

Q23. Scope 3 greenhouse gas emissions include:

A. Only upstream emissions

B. Only downstream emissions

C. Both upstream and downstream indirect emissions in the value chain

D. Only direct emissions

Answer: C

Q24. An entity shall measure its greenhouse gas emissions in accordance with:

A. Any method the entity chooses

B. The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) unless a jurisdictional authority requires a different method

C. Only the jurisdictional authority's method

D. The entity's own internally developed method

Answer: B

Q25. For Scope 2 greenhouse gas emissions, an entity must disclose:

A. Only market-based emissions

B. Location-based emissions and information about contractual instruments

C. Only contractual instruments

D. Neither location-based nor market-based emissions

Answer: B

Q26. How many categories of Scope 3 greenhouse gas emissions are described in the Greenhouse Gas Protocol Corporate Value Chain Standard?

A. 10

B. 12

C. 15

D. 20

Answer: C

Q27. Which of the following is NOT one of the 15 Scope 3 categories?

A. Purchased goods and services

B. Business travel

C. Direct emissions from owned vehicles

D. Use of sold products

Answer: C

Q28. An entity participating in asset management activities must disclose additional information about:

A. Only Scope 1 emissions

B. Financed emissions (Category 15)

C. Only Scope 2 emissions

D. Only operational emissions

Answer: B

Q29. Under climate-related transition risks metrics, an entity must disclose:

A. Only the percentage of assets vulnerable

B. The amount and percentage of assets or business activities vulnerable to climate-related transition risks

C. Only the amount of assets vulnerable

D. Only qualitative description

Answer: B

Q30. Under internal carbon prices disclosure, an entity must explain:

A. Only the price per metric tonne

B. Whether and how the entity is applying a carbon price in decision-making and the price per metric tonne

C. Only how the price is calculated

D. Only the total cost of carbon

Answer: B

Q31. Under remuneration disclosures, an entity must disclose:

A. Only the total remuneration paid

B. Whether and how climate-related considerations are factored into executive remuneration and the percentage linked to such considerations

C. Only the names of executives

D. Only the bonus amounts

Answer: B

Q32. For each climate-related target, an entity must disclose:

A. Only the target amount

B. The metric used, objective, part of entity, period, base period, milestones, absolute/intensity nature, and how the latest international agreement on climate change has informed the target

C. Only the target date

D. Only whether the target has been achieved

Answer: B

Q33. If an entity discloses a net greenhouse gas emissions target, it must also separately disclose:

A. Only the net target

B. Its associated gross greenhouse gas emissions target

C. Only the offsetting plan

D. Only the carbon credits purchased

Answer: B

Q34. When disclosing planned use of carbon credits, an entity must include:

A. Only the number of credits

B. The extent of reliance, verification scheme, type of credit, and other factors for understanding credibility and integrity

C. Only the cost of credits

D. Only the source of credits

Answer: B

Q35. HKFRS S2 is effective for annual reporting periods beginning on or after:

A. 1 January 2024

B. 1 August 2025

C. 1 January 2026

D. 1 December 2024

Answer: B

Q36. Earlier application of HKFRS S2 is:

A. Not permitted

B. Permitted if HKFRS S1 is applied at the same time

C. Permitted without any conditions

D. Permitted only for large entities

Answer: B

Q37. In the first annual reporting period of applying HKFRS S2, an entity:

A. Must disclose comparative information

B. Is not required to disclose comparative information

C. Must disclose three years of comparative information

D. Must disclose five years of comparative information

Answer: B

Q38. In the first year of application, an entity is permitted to:

A. Not disclose Scope 3 greenhouse gas emissions

B. Not disclose any greenhouse gas emissions

C. Not disclose any metrics

D. Not disclose governance information

Answer: A

Q39. If an entity used a different GHG measurement method in the period immediately preceding initial application, it:

A. Must immediately switch to GHG Protocol

B. Is permitted to continue using that other method

C. Must use both methods

D. Cannot apply the standard

Answer: B

Q40. A carbon credit is defined as:

A. A tax credit for carbon emissions

B. An emissions unit issued by a carbon crediting programme representing emission reduction or removal of GHGs

C. A carbon tax payment

D. A renewable energy certificate

Answer: B

Q41. Climate resilience involves:

A. Only the ability to withstand physical risks

B. The capacity to manage climate-related risks and benefit from opportunities, including strategic and operational resilience

C. Only financial resilience

D. Only operational resilience

Answer: B

Q42. Climate-related physical risks include:

A. Only acute risks from weather events

B. Only chronic risks from longer-term shifts in climatic patterns

C. Both acute and chronic risks

D. Only policy risks

Answer: C

Q43. Climate-related transition risks include:

A. Only policy risks

B. Policy, legal, technological, market and reputational risks

C. Only technological risks

D. Only market risks

Answer: B

Q44. The seven greenhouse gases listed in the Kyoto Protocol include:

A. CO2, CH4, N2O, HFCs, NF3, PFCs, SF6

B. CO2, CH4, N2O only

C. CO2, CH4, N2O, O3, HFCs, PFCs, SF6

D. CO2, CH4, N2O, HFCs, PFCs, SF6 only

Answer: A

Q45. An internal carbon price can be:

A. Only a shadow price

B. Only an internal tax or fee

C. Either a shadow price or an internal tax/fee

D. Neither a shadow price nor an internal tax/fee

Answer: C

Q46. When measuring Scope 3 greenhouse gas emissions, an entity shall prioritise:

A. Secondary data over primary data

B. Data based on direct measurement

C. Unverified data over verified data

D. Older data over timely data

Answer: B

Q47. For commercial banking activities, financed emissions must be disaggregated by:

A. Only industry

B. Only asset class

C. Both industry (GICS 6-digit) and asset class

D. Only geographical region

Answer: C

Q48. An absolute target is defined as:

A. A ratio of a measure to a business metric

B. A total amount of a measure or a change in the total amount

C. A percentage change only

D. A qualitative description

Answer: B

Q49. An intensity target is defined as:

A. A total amount of a measure

B. A ratio of a measure, or a change in the ratio, to a business metric

C. A fixed amount

D. A qualitative target

Answer: B

Q50. If an entity's climate-related scenario analysis is carried out every three years in line with its strategic planning cycle, the entity must:

A. Not update any disclosures between cycles

B. Update the resilience assessment (results) annually, even if the full scenario analysis is not repeated annually

C. Repeat the full scenario analysis annually

D. Only disclose the scenario analysis when it is carried out

Answer: B