上交所：将进一步优化ESG披露标准 推动提高ESG评级水平

Core Viewpoint - The Shanghai Stock Exchange (SSE) released a bilingual report titled "Implementing the 'Two Mountains' Concept: 20 Years of ESG Practices in the Shanghai Market," highlighting the progress of ESG practices over the past two decades and emphasizing the importance of the 'Two Mountains' concept in ecological civilization and modern Chinese development [1][2]. Group 1: ESG Development Overview - The report reviews the evolution of ESG practices in the Shanghai market, categorizing it into three stages: initial emergence, exploratory development, and deepening enhancement, while documenting significant policy milestones and institutional frameworks [2]. - It features a timeline of major events and a selection of 32 benchmark companies across 17 industries, illustrating the transition from voluntary to systematic ESG disclosures among listed companies [2]. Group 2: ESG Performance Metrics - As of now, over 1,300 companies in the Shanghai market have independently disclosed their ESG reports for the 2024 fiscal year, achieving a record disclosure rate of 57% [3]. - The cumulative issuance of green bonds in the Shanghai market has reached 862.7 billion yuan, establishing it as a leading global market for green bonds [3]. - There are currently 90 sustainable development index tracking products with a total scale of 73.192 billion yuan, and 157 broad-based index products utilizing the China Securities ESG evaluation, amounting to 252.848 billion yuan [3]. Group 3: Future Directions - The release of the ESG report aims to encourage market participants to actively engage in sustainable development, with the SSE planning to enhance ESG disclosure standards, improve ESG rating levels, and diversify green financial products [3]. - These initiatives are intended to elevate corporate ESG performance and foster a sustainable development ecosystem, further embedding the 'Two Mountains' concept into broader and deeper applications [3].