ESG热点周聚焦（5月第2期）：制造业低碳发展行动方案审议通过

Core Insights - The report highlights the collaborative advancement of ESG policies, market practices, and technological innovations in overseas markets, with the EU easing CBAM rules for SMEs while maintaining a 99% emissions coverage rate [2] - In China, the State Council approved the "Manufacturing Green and Low-Carbon Development Action Plan (2025-2027)", driving the green transformation of the manufacturing sector [2] - The report discusses significant academic research indicating that incorporating ESG factors into asset pricing models can more accurately reflect asset values, while also noting a lack of systematic impact of ESG investments on stock performance over the past two decades [2] Overseas ESG Events - ReNew Energy Global committed $2.5 billion to build one of India's largest hybrid renewable energy projects, which will generate 2.8GW of power [2][6] - Masdar raised $1 billion through green bonds to fund renewable energy projects, with total funding under its green bond program reaching $2.75 billion since 2023 [2][6] - Blackstone Infrastructure announced the acquisition of TXNM Energy for $11.5 billion, emphasizing a commitment to clean energy transition [2][6] Domestic ESG Events - The Tibet Autonomous Region facilitated green electricity trading, reducing carbon emissions by 20,600 tons and generating economic benefits of 6 million yuan [2] - Beijing's sub-center green heart park received carbon neutrality certification, marking a significant achievement in the domestic power sector [2] - Jiaao Environmental Protection became the first company in China to obtain a bio-jet fuel export license, entering the international market [2] Academic Frontiers - Research published in "Finance Research Letters" indicates that stochastic ESG scores and non-pecuniary ESG preferences significantly influence asset pricing [2][4] - A study in the "Journal of Corporate Finance" found no significant correlation between ESG ratings and stock returns over the past two decades, suggesting limited impact from national ESG regulations [2][4] - Another study highlighted that institutional investors' ESG concerns lead to increased depth and breadth in corporate ESG disclosures during site visits [2][4]