The Association of Chartered Certified Accountants (ACCA) and Ernst & Young Advisory Services Limited (EY) have released a joint study titled Sustainability reporting: Track your progress – GBA insights, examining how organisations navigate global ESG disclosure frameworks.
Based on survey responses from global participants alongside entities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the report finds that despite growing regulatory momentum, many organisations remain in early developmental stages regarding foundational reporting capabilities.
The research highlights a persistent “translation gap” driven by complex, multi-framework standards including the CSRD, ISSB, and GRI. Survey data indicates that 41 per cent of global respondents and 36 per cent of GBA participants consider knowledge gaps a primary barrier. Additionally, 35 per cent globally and 27 per cent in the GBA cite the immaturity of the reporting ecosystem, while 33 per cent globally and 31 per cent in the GBA report difficulties in addressing diverse stakeholder expectations.
Key survey findings and regional comparisons include:
- Strategic Focus vs. Assurance: 44 per cent of global respondents prioritize top-down strategic planning for sustainable transformation. Conversely, 36 per cent of GBA respondents prioritize information assurance, highlighting a heightened regional focus on compliance and data credibility.
- Reporting Drivers: While compliance and financial impact analysis drive reporting globally, GBA entities place greater weight on risk management. Global respondents focus more on acquiring broad non-financial insights.
- 10-Point Action Plan: The report outlines 10 recommendations for executives and finance professionals, including moving beyond pure compliance, prioritizing globally relevant standards, integrating sustainability into stakeholder management, and connecting sustainability data with financial reporting systems.
Wilson Cheng, Chairman of ACCA Hong Kong, stated: “Nowadays, sustainability expectations are becoming more detailed, and companies are building access to specialised expertise to uphold higher standards, ensuring data quality and aligning sustainability accounting methods. Accountants are well positioned to support these efforts, leveraging their strengths in compliance, internal controls and data governance to establish reliable data collection and management systems for sustainability reporting. By connecting financial and non-financial information, accountants help organisations identify and develop meaningful, purpose-driven metrics and strengthen how data is managed.”
Ee Sin Tan, EY Hong Kong and Macau Climate Change and Sustainability Services Partner, added: “Sustainability reporting is entering a new phase in which organisations are not merely meeting regulatory requirements but are increasingly integrating sustainability considerations into decision-making to create both financial and non-financial value over the long term. As the sustainability landscape continues to evolve, collaboration with regulators, industry peers, sustainability experts and accountants can help organisations better identify emerging risks and opportunities.”
