Alaya Consulting, a leading specialist consultancy focusing on ESG disclosure, science-based target setting and GRI certified training, has announced a new collaboration with Avarni, a carbon emissions management platform helping companies quickly understand their carbon emissions exposure, to assist Hong Kong based companies in their decarbonisation journeys.
This partnership aims to empower companies in Hong Kong and beyond to prepare for proposed regulations set by the Hong Kong Stock Exchange (HKEX), requiring all listed companies to make new climate-related disclosures in their ESG reports in line with the International Sustainability Standards Board (ISSB) Climate Standard. The proposed changes to climate-related disclosures were released in April this year and will be effective from January 2024. Given the limited timeline for companies to comply with the new regulations, Avarni and Alaya Consulting will play an integral role in offering comprehensive guidance and support to companies for a frictionless transition.
The HKEX’s forthcoming regulations, which require companies to disclose their carbon emissions, have significantly elevated the importance of sustainability practices in the business community. These regulations encompass the disclosure of emissions from companies’ value chains, known as “Scope 3” emissions, which can contribute up to 80-90 per cent of a company’s total emissions. Traditionally, identifying and measuring these emissions has been a demanding and resource-intensive task. Alaya’s expertise and guidance, combined with Avarni’s AI-powered emissions management automation, will equip companies to effectively navigate the new regulatory landscape.
“We are excited to partner with Avarni to offer a comprehensive solution for companies navigating the complex world of ESG reporting and carbon emissions management,” said Tony Wong, Founder of Alaya Consulting. “By combining our expertise in ESG disclosure with Avarni’s advanced carbon management platform, we aim to empower organisations to embrace sustainability, exceed regulatory requirements, and drive positive environmental impacts.”
Alaya Consulting brings its extensive expertise in ESG reporting, pre-assurance, ratings upgrade and sustainability training to the partnership. With a strong track record in helping organisations adopt sustainable practices, Alaya Consulting has become a trusted advisor in the ESG space. Their deep knowledge of reporting frameworks, including the ISSB, Task Force on Climate-related Financial Disclosures (TCFD), Global Reporting Initiative (GRI), and Sustainability Accounting Standards Board (SASB), will support Avarni’s sophisticated carbon management platform that automates Scope 1-3 carbon emissions management for companies. By leveraging artificial intelligence and data analytics, Avarni empowers organisations to accurately measure, monitor, and forecast their carbon emissions. The platform provides valuable insights and tools for organisations to develop and implement effective emission reduction strategies.
“Decarbonisation efforts have largely been centred on Scope 1 and Scope 2 reductions, but the HKEX’s new regulatory framework around emissions reporting, specifically Scope 3, reinforces the importance of gaining clear insight of the entire value chain,” said Misha Cajic, Co-Founder and Co-CEO of Avarni. “Our AI-driven carbon management platform, combined with Alaya Consulting’s deep sustainability reporting knowledge, will equip businesses with a tangible solution to address and comply with Scope 3 emissions mandates whilst enhancing their environmental sustainability practices.”
Together, Alaya Consulting and Avarni will provide comprehensive support to companies seeking to meet their carbon emissions disclosure obligations. By integrating Alaya Consulting’s ESG reporting expertise with Avarni’s cutting-edge carbon management platform, businesses will have the necessary tools to enhance their sustainability performance, streamline their ESG reporting processes, improve their environmental impact and drive meaningful change.