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コンプライアンスから統合戦略へ：NagaCorpのサステナビリティ報告におけるマテリアリティ評価の進化

From Compliance to Integrated Strategy: The Evolution of NagaCorp’s Materiality Assessment in Sustainability Reporting (原題)

Edman Padilla Flores

Faculty publications📚 査読済 / ジャーナル2026-11-02#開示インフラ経営インパクト: 資金調達対象セクター: hospitality
DOI: 10.62458/fpf26epf3
原典: https://doi.org/10.62458/fpf26epf3

🤖 gxceed AI 要約

日本語

香港上場のNagaCorpが、上場規則準拠のESG報告から二重マテリアリティ評価、外部検証済みGHG、IFRS S1/S2任意整合へと10年かけて発展させた事例。2025年には初の気候シナリオ分析を完了し、最も厳しい移行シナリオでの気候VaRは最大1.8億ドル（資産価値の11.76%）と試算。2030年目標境界のScope1・2は2018年比5%減で目標10%に対し未達、カンボジアは炭素価格未導入という文脈下で、次のコミットメント水準を問う。

English

Case study of NagaCorp, a Hong Kong-listed integrated resort owner, tracing a decade of ESG reporting evolution from listing-rule compliance to double materiality, externally verified GHG data, and voluntary IFRS S1/S2 alignment. Its first climate scenario analysis (2025) estimates transition-risk climate VaR up to US$180m (11.76% of property capital value). Scope 1&2 sit 5% below the 2018 baseline against a 10% target, with no carbon price in Cambodia—raising the question of how far to commit next.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

SSBJ基準の導入とIFRS S1/S2整合を進める日本企業にとって、任意開示から検証・シナリオ分析へ段階的に高度化する実務プロセスは直接参考になる。特に気候VaRを資産価値比で示す手法は、有報・統合報告書での定量的気候リスク開示の設計に示唆を与える。

In the global GX context

Illustrates the global shift from compliance-driven ESG reporting toward ISSB-aligned double materiality and scenario-based climate risk quantification, relevant to jurisdictions phasing in IFRS S1/S2 (including Japan's SSBJ). The climate VaR framing offers a transferable template for translating transition risk into financial-statement-adjacent metrics.

👥 読者別の含意

🔬研究者:Provides a longitudinal single-firm case of materiality assessment maturation and climate VaR quantification useful for disclosure-evolution research.

🏢実務担当者:Offers a practical roadmap for sequencing double materiality, external assurance, scenario analysis, and IFRS S1/S2 alignment before scaling commitments.

🏛政策担当者:Highlights how voluntary ISSB alignment can precede mandatory regimes, informing phased disclosure mandates in emerging markets.

📄 Abstract（原文）

In March 2026, the Board of Directors and the Sustainability Steering Committee of NagaCorp Ltd., the Hong Kong-listed owner of Phnom Penh’s NagaWorld integrated resort, met to finalize the company’s 2026–2030 Sustainability Roadmap. Over the preceding decade, NagaCorp developed its ESG reporting from a report structured around the topics of the listing rules’ ESG guide into a double materiality assessment with externally verified greenhouse gas emissions and voluntary alignment with IFRS S1 and S2. In 2025, it also completed its first climate scenario analysis. Under the most demanding transition scenario, the estimated transition-risk climate value-at-risk, a discounted, cumulative figure to 2100, reached up to US$180 million, or 11.76% of the capital value of the NagaWorld properties. The Board was considering how far and how fast to go next. Scope 1 and 2 emissions on the 2030 target boundary were 5% below the 2018 baseline, against a target of 10%. FY2025 was the company’s strongest profit year since the pandemic (EBITDA of US$404.4 million), and Cambodia does not yet price carbon. Should NagaCorp consolidate at listing compliance, commit to full IFRS S1 and S2 disclosure, wider assurance and green capital investment, or strengthen internal data governance before taking on new commitments?

🔗 Provenance — このレコードを発見したソース

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