九部门联合印发《企业可持续披露准则第1号—气候（试行）》，欧盟减碳进程受产业现实阻滞

Investment Rating - The report does not specify a clear investment rating for the industry [2] Core Insights - The report highlights the issuance of the "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial)" by nine departments in China, which mandates companies to disclose their greenhouse gas emissions across different scopes [12][3] - The EU's carbon reduction process is facing challenges, leading to adjustments in the automotive sector's emissions targets, allowing for a 90% reduction in carbon emissions by 2035 compared to 2021 levels, rather than a complete ban on fuel vehicles [3][17] - The report indicates a significant growth in ESG financial products, with a total of 3,882 ESG bonds issued in China, amounting to a market size of 5.74 trillion RMB, with green bonds making up 62.11% of this total [4][28] - The report notes that the ESG public fund market consists of 947 products with a total net value of 116.67 billion RMB, where ESG strategy products account for 45.01% [4][33] - The report emphasizes the importance of technological innovation in achieving carbon neutrality, identifying key challenges and opportunities in the energy transition [8][41] Summary by Sections Domestic Focus - The "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial)" requires companies to disclose their greenhouse gas emissions, with a phased approach from voluntary to mandatory disclosures [12] - Beijing's green finance policy aims to support the construction of green factories, focusing on energy-saving and carbon-reduction projects [12] International Focus - The EU's adjustment to its automotive emissions targets reflects a shift in its green transportation strategy, allowing for continued sales of certain traditional fuel vehicles [3][17] - The EU is also coordinating new rules for plastic recycling to address challenges in the recycling market [19] ESG Financial Products Tracking - The report details the growth of ESG bonds, public funds, and bank wealth management products, highlighting their respective market sizes and issuance volumes [4][28][39] Index Tracking - Major ESG indices have shown varying performance, with the Shenzhen ESG 300 index leading in growth over the past year [40] Expert Opinions - Insights from experts emphasize the need for strategic information disclosure and the role of technology in the transition to carbon neutrality, identifying significant opportunities in the energy sector [8][41]