FAQ | Net Zero Awards for Excellence

Frequently Asked Questions

Find answers to common questions about the Net Zero Corporate Framework Assessment and the Net Zero Awards for Excellence (NZAfE), from eligibility and application procedures to the judging process and key dates.

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NZAfE is an independent assessment framework developed by the Green Council to evaluate whether a company's net-zero strategy is credible, measurable, and supported by a sector-relevant transition pathway. It is not simply an awards programme — it is a structured, independent assessment that results in a formal recognition rating. NZAfE is the first framework of its kind developed specifically for the Hong Kong market.
NZAfE is organised by the Green Council (環保促進會), established in 2000 as a non-profit, non-partisan, tax-exempt charitable organisation (Section 88 Tax-Exempt Charity, Ref. No.: 91/6063) and an accredited Certification Body under the Hong Kong Certification Body Accreditation Scheme (HKCAS), administered by the Hong Kong Accreditation Service (HKAS) (Reg. No.: HKCAS-027).

In 2019, the Green Council partnered with PricewaterhouseCoopers (PwC) to develop the Sustainability Assessment — a comprehensive ESG rating platform designed to evaluate the sustainability performance of companies in Hong Kong, with PwC providing technical expertise on the framework and methodology. This track record of working with internationally recognised professional firm further demonstrates the rigour behind Green Council-developed assessment frameworks, including NZAfE.

This institutional foundation — combining charity status, government-recognised accreditation, collaboration with leading professional firms, and over two decades of environmental programme delivery — underpins the independence and credibility of the NZAfE assessment framework.
A growing number of Hong Kong-listed companies have published net-zero commitments. However, until now, there has been no local, independent mechanism to assess whether those commitments are backed by credible governance, data, and a workable transition plan. International ESG ratings are not structured around Hong Kong's market or regulatory environment. NZAfE was built to fill that gap — providing a Hong Kong-specific, independently assessed rating that distinguishes genuine climate leadership from disclosure alone.
The NZAfE assessment framework draws on international references including the ISSB IFRS S2 Climate-related Disclosures, the Science Based Targets initiative (SBTi), the GHG Protocol, and the Task Force on Climate-related Financial Disclosures (TCFD) among others. The framework is adapted to reflect Hong Kong's market structure, regulatory environment, and sector characteristics.
Most international ESG ratings are designed for global markets and apply a broad set of environmental, social and governance criteria across hundreds of industries worldwide. They are valuable as a general reference, but they were not built around Hong Kong's listed company structure, regulatory environment, or the specific sectors that make up the local market.

NZAfE is different in four key respects:

Hong Kong-specific: The framework is built around the five sectors most relevant to HKEX-listed companies — Property; Infrastructure and Utilities; Financial; Trading and Logistics; and Diversified. Assessment criteria reflect the material climate issues particular to each sector in the Hong Kong context.

Net zero focused: Unlike broad ESG ratings that cover a wide range of social and governance topics, NZAfE focuses specifically on whether a company has the governance, data, targets, and transition plan to support a credible net-zero pathway. It is a depth assessment in one critical area, not a wide-ranging scorecard.

Independently assessed: NZAfE is not a self-reported index or a data-driven algorithm. Each submission is reviewed by an independent Judging Panel of domain experts, applying consistent criteria across all participating companies.

Locally grounded: NZAfE is aligned with HKEX climate disclosure requirements and Hong Kong's Climate Action Plan 2050, making it directly relevant to the regulatory and policy environment that Hong Kong companies operate in.

International ESG ratings and NZAfE are complementary rather than competing. Companies that already participate in international ratings may find NZAfE provides a more focused and locally relevant assessment of their net-zero credentials specifically.
NZAfE operates under two participation tracks:

Track A — Open to companies with a primary or dual-primary listing on the HKEX Main Board.

Track B — Open to any company (listed or otherwise) that publishes a standalone ESG or sustainability report. This includes private companies and Hong Kong subsidiaries of multinational corporations.

SMEs, professional service firms, developers, financial institutions, infrastructure and utility operators, and industry leaders are all welcome to apply.
No. NZAfE is designed to recognise companies at different stages of their net-zero transition. The three recognition bands — Net Zero Pioneer, Net Zero Progress Leader, and Net Zero Commitment — reflect where a company genuinely is in its journey. Companies that are making credible, well-evidenced progress are encouraged to apply, even if net zero has not yet been achieved.
Track B is open to any company with a standalone ESG or sustainability report, regardless of where it is headquartered, provided it has operations or a meaningful presence in Hong Kong. Track A is specifically for HKEX Main Board-listed companies.
Each company applies under the single sector that best reflects its primary business activity. The five sectors covered are: Property; Infrastructure & Utilities; Financial; Trading & Logistics; and Diversified. If your company's primary activity spans multiple sectors, please contact us and we will advise on the most appropriate classification.
The assessment has two parts:

Part 1 — Common Criteria (70 %): Applied to all participating companies regardless of sector. Covers five areas: (1) Board governance on climate; (2) GHG emissions measurement and target-setting; (3) Net-zero transition planning; (4) Sustainability reporting and disclosure; (5) Physical climate risk management.

Part 2 — Sector Core Criteria (30%): Sector-specific criteria tailored to the nature and material climate issues of each industry.

E.g. A property company is assessed on building energy performance and green building standards; a financial institution on green financing and portfolio emissions; and so on.
Companies are assigned one of three recognition ratings based on their overall performance:

Net Zero Pioneer —For companies that show outstanding leadership and have advanced, highly effective net-zero strategies in place.

Net Zero Progress Leader — For companies that are taking strong, practical actions and showing solid, measurable progress on their net-zero journey.

Net Zero Commitment — For companies that have made a clear pledge and set up the right foundations to start cutting their emissions.

Companies that do not yet meet the criteria for these three tiers will receive a detailed assessment report identifying specific areas for improvement, which can serve as a roadmap for future submissions.
Submissions are reviewed by an independent Judging Panel drawn from professionals across financial services, sustainable finance, engineering, academia, corporate governance, and independent advisory. Panel members are selected for their domain expertise and their independence from the companies under assessment. All panel members operate independently of the Green Council in their assessment role.
Yes. All information submitted by participating companies through the Green Council online platform is held in strict confidence. It is used solely for the purpose of assessment, is not shared with any third party, and is handled in accordance with our data privacy policy.
Companies begin by contacting the NZAfE Secretariat directly at nzafe@greencouncil.org or +852 2810 1122. Upon confirmation of eligibility and receipt of an authorised company signature and payment, the online assessment form will be provided. The assessment form is not publicly distributed.
Applications for NZAfE 2026 are open from 17 July 2026 and close on 18 December 2026.
Participating companies will need to provide supporting evidence for each assessment criterion — this may include their most recent ESG or sustainability report, board-level climate governance documents, GHG inventory data, transition plan documentation, and sector-specific information.
An enrollment fee applies to all participating companies. The fee is structured to reflect the scope of the independent assessment, including panel review, framework administration, and the issuance of results and recognition materials.

The fee schedule is provided upon initial enquiry and is confirmed at the point of registration. Payment is required prior to the release of the online assessment form. The Green Council will issue a formal invoice upon confirmation of participation. Payment terms will be set out in the invoice accordingly.

For fee enquiries, please contact the NZAfE Secretariat at nzafe@greencouncil.org or +852 2810 1122.
Yes, you can withdraw from the assessment at any time. Please be aware that all fees paid are non-refundable.
Following the submission close on 18 December 2026, submissions will be reviewed by the Judging Panel. Shortlisted companies will be notified in January 2027, with the final award ceremony scheduled for March 2027.
Recognised companies will receive a formal NZAfE rating certificate, the right to use the NZAfE recognition mark in their corporate communications, and inclusion in the NZAfE public results publication. Detailed recognition benefits will be communicated upon confirmation of results.
We will seek your consent before any results are published on the NZAfE website (www.nzafe.hk) and included in our public communications.
Please contact the

NZAfE Secretariat: Email: nzafe@greencouncil.org

Tel: +852 2810 1122

Website: www.nzafe.hk

Address: Room 703, New World Tower 1, 18 Queen's Road Central, Hong Kong
Please write to us at nzafe@greencouncil.org with your question and contact details. We will respond within two business days.