ESG月度观察（2025年第3期）：绿证市场迈入高质量发展阶段-2025-04-03

Core Insights - Global ESG policies and investments are advancing, presenting both challenges and opportunities. Japan has released its first report guidelines aligned with international sustainability standards, while France's National Climate Adaptation Plan proposes 52 measures to address climate change. The U.S. EPA has rescinded several environmental regulations to ease corporate burdens, and Germany's financial plan along with Tokyo's carbon credit trading highlights the role of green finance in sustainable development. Additionally, the U.S. rejection of the UN Sustainable Development Goals reflects differing national paths in sustainability [2][6][7]. - In China, as of March 2025, efforts are being made to systematically construct an ESG development framework through regional collaboration and top-level design. Shenzhen is leading the green transition with its ESG standard system, while Shanghai promotes low-carbon development through its carbon emission management measures. The National Energy Administration has issued guidelines to promote the high-quality development of renewable energy green power certificate markets [2][7]. - The total scale of ESG funds in China increased by 28.404 billion yuan in Q1 2025 compared to the end of 2024, indicating a recovery in market sentiment. Most domestic ESG funds achieved positive returns in March 2025, with average and median returns of 0.59% and 0.51%, respectively, particularly strong in equity mixed funds [2][25][22]. ESG Important Events - Japan has published its first sustainable development disclosure standards based on ISSB guidelines, marking a significant step for Japanese companies in sustainability reporting [6][7]. - France's National Climate Adaptation Plan outlines 52 measures to enhance climate resilience, focusing on infrastructure upgrades and energy structure optimization [6][7]. - The U.S. EPA announced the repeal of 31 environmental regulations, representing a significant deregulation effort in environmental oversight [6][7]. - Germany's financial plan includes a 500 billion euro proposal to support climate protection and energy transition, with 100 billion euros allocated to existing climate and transition funds [6][7]. Domestic ESG Fund Performance Review - As of March 2025, the total number of existing ESG funds in China is 660, with a total scale of 821.9 billion yuan, reflecting a 28.404 billion yuan increase from the end of 2024. The pure ESG fund scale is 49.858 billion yuan, accounting for 6.07% of the total [22][19]. - In March 2025, domestic ESG funds generally reported positive returns, with the average return at 0.59% and the median at 0.51%. The performance of equity mixed funds was particularly notable [25][24]. ESG Academic Frontiers - Research indicates that artificial intelligence (AI) can significantly mitigate the adverse effects of climate change across various sectors, including energy and transportation. AI applications can reduce manufacturing energy consumption by 30-50% and optimize traffic routes to cut carbon emissions by up to 60% [2][37].