范围3纳入监管新规，碳披露数字赋能亟待加强

Investment Rating - The report indicates a shift in regulatory requirements for Scope 3 emissions disclosure, moving from "optional" to "mandatory" for companies, particularly in the context of the new climate disclosure guidelines [4][5]. Core Insights - 2026 is identified as the "year of corporate environmental information disclosure," with new regulations emphasizing the need for transparency in Scope 3 emissions, which are often the most challenging to calculate [3][4]. - The report highlights the increasing importance of digital tools and data management in enhancing carbon accounting capabilities among companies, especially small and medium-sized enterprises [10][18]. Policy Evolution - The issuance of the "Corporate Sustainable Disclosure Standards No. 1 - Climate (Trial)" by the Ministry of Finance and the Ministry of Ecology and Environment marks a significant regulatory change, mandating the disclosure of Scope 3 emissions [4]. - The guidelines encourage companies to prioritize direct measurement data for Scope 3 emissions and allow for a phased approach to reporting [5][6]. Disclosure Status - A significant increase in the disclosure of Scope 3 emissions is noted, with 60% of companies reporting this data in 2025, up from 24% in 2021, indicating a 150% increase [8]. - Despite the progress, challenges remain in obtaining reliable data from suppliers, with only 56% of companies using measured data from suppliers for their calculations [8][9]. Digital Empowerment - The report emphasizes the development of digital tools to assist companies in carbon accounting, particularly for small and medium enterprises, to improve data quality and management capabilities [10][11]. - The establishment of platforms like the "China Enterprise Greenhouse Gas Emission Accounting Platform" aims to facilitate accurate emissions calculations and enhance transparency [10][11]. Industry Trends - By 2025, 3,233 companies across various industries are expected to disclose carbon data, with total emissions reported at 6.66894 million tons of CO2 equivalent, reflecting a 14% increase from the previous year [17]. - The report notes that over 400 companies disclosed Scope 3 emissions, showing a 26% year-on-year growth, indicating a growing awareness of value chain carbon emissions among suppliers [19].