Corporate & Securities partner and founding member of our ESG Steering Committee, Mark Uhrynuk (Hong Kong) was featured in The Asset's article on the state of Asia's ESG standards and regulations.
Mark said the fragmented and divergent standards have contributed to greenwashing risks. "As investors and other stakeholders call for more transparent and harmonized data, regulators have begun introducing more prescriptive or mandatory reporting requirements for certain businesses. But to alleviate the risk of greenwashing, greater transparency, more harmonized and consistent standards, and better quality data are required to support these regulatory efforts," he said.
On ESG-related litigation in Asia, he said "ESG litigation risk may be less defined or acute, but it exists and will evolve" and "any assessment of ESG-related litigation, investigation and reputational risk in Asia, however, will be complicated by the range of economic transitions underway in the region and the prevalence and rapid emergence of social issues with the added overlay of geopolitical tensions."