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22家ESG强信披券商全“交卷”,气候信披质量过关吗?
2 1 Shi Ji Jing Ji Bao Dao·2025-06-04 12:28

Core Insights - The 22 ESG-compliant securities firms have collectively reported their ESG performance, with a significant focus on climate information disclosure, indicating that the "hard battle" for climate data transparency has just begun [1][2][3] - Over half of the firms reported a year-on-year reduction in carbon emissions, with 12 firms showing a decrease in total greenhouse gas emissions compared to the previous year [3][4] - The regulatory environment is tightening, with the Ministry of Finance's latest draft requiring financial institutions to disclose indirect emissions from their investment and financing activities, posing challenges for firms with weak data foundations [1][10] Group 1: ESG Reporting and Carbon Emissions - All 22 securities firms, except for three, have disclosed their total greenhouse gas emissions for 2024, focusing on Scope 1 and Scope 2 emissions [3][4] - Among the firms, 12 reported a decrease in total greenhouse gas emissions, with Everbright Securities showing the largest reduction of 30.86% [3][4] - Nine firms disclosed Scope 3 emissions, with detailed breakdowns provided by firms like China Merchants Securities and Guotai Junan [3][4] Group 2: Carbon Financial Products and Market Participation - More than 10 firms have reported initiatives to support carbon finance development, including the launch of diverse carbon financial products [6][7] - Notable activities include the first carbon repurchase transactions in Shanghai and significant participation in carbon trading markets, with Guotai Junan reporting a cumulative trading volume of approximately 8.8 million tons [6][7] - The involvement of securities firms in carbon markets is seen as crucial for enhancing market liquidity and facilitating the transition to low-carbon energy for enterprises [6][7] Group 3: Governance and Compliance Challenges - 12 firms have established ESG committees at the board level, reflecting a growing emphasis on governance and compliance within the industry [8][9] - Issues related to governance, compliance, and the integrity of ESG reporting have been highlighted, with concerns about the prevalence of false materials and operational violations [8][9] - The need for a cultural shift within financial institutions to integrate ESG principles into daily management practices has been emphasized, aiming to balance growth with compliance quality [9][10] Group 4: Data Disclosure Challenges - Financial institutions face significant challenges in disclosing financing emissions due to a lack of reliable carbon emission data from investee companies [10] - The inconsistency and quality of available data pose additional hurdles, as many firms lack standardized methods for calculating and reporting emissions [10] - Recommendations for addressing these challenges include establishing internal and external carbon emission databases and enhancing the overall ESG data analysis and disclosure capabilities of institutions [10]