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Morgan Stanley Investment Management (MSIM) has closed its 1GT climate solutions private equity fund, raising $750 million. Launched in November 2022, the fund targets decarbonization by supporting companies focused on reducing global carbon emissions. Its goal is to eliminate 1 gigaton of CO2 emissions by 2050, with investments in sectors like mobility, power, agriculture, and the circular economy. 1GT is classified as Article 9 under the EU’s SFDR regulation, and half of the team’s compensation is tied to achieving its emissions reduction target. The fund aims to deliver both financial returns and measurable climate impact.

The Hong Kong Institute of Certified Public Accountants (HKICPA) has released drafts for new sustainability and climate-related reporting standards, fully aligned with the IFRS Foundation’s International Sustainability Standards Board (ISSB). These standards are proposed to be effective from August 2025. The initiative follows the Hong Kong government’s vision to develop a robust sustainability disclosure framework for companies, including financial institutions, aligning with global reporting practices. The HKICPA’s proposed standards, HKFRS S1 and S2, mirror IFRS S1 and S2, which were developed by ISSB to offer investors consistent information on companies’ sustainability risks and opportunities. A technical feasibility study conducted in June 2024 supported this alignment. HKICPA President Roy Leung highlighted that these standards will improve the reliability and comparability of sustainability data for investors, while ISSB Vice Chair Jingdong Hua emphasized the benefits of global consistency. The HKICPA is inviting public comments on the drafts until October 27, 2024.