Driving Change

Climate Disclosure of HK Listed Companies in Key Sectors
and the Road Ahead

Driving Change

Climate Disclosure of HK Listed Companies in Key Sectors
and the Road Ahead

HK-listed companies
face new demands

DBS Bank’s new research, in collaboration with KPMG, unveils the status and readiness of Hong Kong-listed consumer goods sector in response to the climate disclosure requirements by Hong Kong Exchanges and Clearing Limited (HKEX).

The report focuses on leading enterprises in mainland China and Hong Kong SAR businesses across six sectors that shape our everyday lives, including Apparel, Food & Beverage, Home Products, Hospitality, Logistics, and Transportation & Automobile. It highlights the interdependence of disclosure and transition: regulatory mandates enhance data coverage, leading to improved quality and robust targets that propel decarbonisation efforts.

Additionally, a summary of sector-specific insights and best practices is presented to inspire broader climate reporting across mainland China and the HKSAR's corporate landscape. These best practices include improving visibility into Scope 3 emissions and adopting frameworks such as the Science-Based Targets Initiative to strengthen decarbonisation efforts.

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DBS and KPMG representatives — Raymond Ng, Head of Clients and Markets, Hong Kong at KPMG China (right) and Boris Chan, Managing Director and Head of Institutional Banking Group at DBS Hong Kong (left) announced the research report unveiling the 3 main critical gaps in climate disclosure and transition readiness of Hong Kong listed consumer goods businesses.

Download full report Download Executive Summary

Podcast channels

Click and listen to audiobook and Podcast, which discusses the methods for businesses to reduce carbon emissions:

Spotify:
go.dbs.com/drivingchange-spotify-en

Apple Podcasts:
go.dbs.com/drivingchange-applepodcasts-en

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Key findings

60% not reporting Scope 3

60% of analysed companies have not begun reporting Scope 3 emissions due to the current stage of data availability and quality challenges, even though ~70% of greenhouse gas (GHG) emissions are under Scope 3 for most of the analysed companies.

This data gap is concerning as it obscures the industry’s largest environmental impact and erodes stakeholder trust.

57% lack real targets

57% of disclosed targets are not science-based or aligned with international target-setting standards, even with an 88% disclosure rate on commitments to carbon emissions reduction in their reports.

Targets that are not guided by the Science-Based Targets Initiative or similar frameworks may lack credibility and hinder long-term impact.

only 10% have a plan

10% of the analysed companies are at a mature level of transition plan in accordance with the 3As principles – Ambition, Action, and Accountability proposed by the Transition Plan Taskforce (TPT).

Without structured transition plans, companies may struggle to allocate capital for decarbonisation projects and reduce their overall carbon footprint.

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Sectors covered

This report covers six consumer-facing sectors vital to everyday life in Hong Kong SAR and mainland China. Each one faces distinct challenges in reducing carbon emissions and advancing more transparent, science-based climate reporting.

Apparel

Brands in fashion and footwear are under increasing pressure to reduce emissions across globalised, often opaque supply chains. Addressing Scope 3 emissions is especially critical for this sector’s decarbonisation roadmap.

Food & Beverage

From processing to packaging and distribution, companies must manage climate risks tied to agricultural sourcing, energy usage, and waste. These activities often make up the bulk of their carbon footprint.

Home Products

Manufacturers and retailers of electronics, appliances, and household goods are being pushed to rethink material choices, energy performance, and end-of-life impact — all key contributors to carbon emissions.

Hospitality

Hotels, restaurants, and leisure providers are re-evaluating their energy consumption and procurement practices. Facilities and guest operations play a major role in shaping their overall carbon footprint.

Logistics

With complex delivery networks and transportation demands, logistics providers face mounting expectations to optimise fleet efficiency and cut Scope 3 emissions linked to third-party carriers.

Transportation & Automobile

Vehicle makers and mobility firms are accelerating their shift toward electrification and cleaner technologies. These efforts are central to aligning with the Science-Based Targets Initiative and future-proofing their operations.