上市公司ESG迎重磅新规，披露倒计时8个月

Core Viewpoint - The article discusses the recent developments in ESG (Environmental, Social, and Governance) disclosure regulations for listed companies in China, highlighting the introduction of specific operational guidelines to enhance the quality and clarity of ESG reporting [1][2][3]. Summary by Sections Introduction of New Guidelines - On September 5, 2025, the China Securities Regulatory Commission (CSRC) guided the Shanghai, Shenzhen, and Beijing stock exchanges to revise and publish the "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies (Draft for Public Comment)," which includes specific guidelines on pollutant emissions, energy use, and water resource utilization [1][3]. - These guidelines aim to provide clear and actionable disclosure standards for companies, addressing previous ambiguities in ESG reporting [1][2]. Mandatory Disclosure Requirements - Companies required to disclose ESG reports include those in the Shanghai Stock Exchange 180, Sci-Tech Innovation 50, Shenzhen 100, and ChiNext indices, as well as companies listed both domestically and internationally. They must complete their first disclosure by April 30, 2026, for the 2025 fiscal year [2][3]. - The introduction of the new guidelines comes at a critical time, with less than eight months remaining for companies to prepare their reports [2][3]. Evolution of the Guidelines - The ESG disclosure guidelines have evolved through a phased approach, with the first version released in November 2024, which included two specific guidelines. The recent revision adds three more, bringing the total to five specific operational guidelines [4][5]. - The guidelines are designed to be practical and detailed, helping companies navigate the complexities of ESG reporting [4][5]. Detailed Explanation of New Guidelines - The newly added chapters focus on pollutant emissions, energy use, and water resource utilization, providing examples and methodologies for companies to follow [7][8]. - The guidelines include risk and opportunity assessments related to these topics, along with common calculation methods and disclosure requirements [7][8]. Improvement in Disclosure Quality - As of June 30, 2025, 1,869 listed companies in the A-share market had disclosed sustainable development reports, achieving an overall disclosure rate of 34.72%, an increase of approximately 10 percentage points from the previous two years [12]. - The quality of ESG disclosures has improved significantly, with over 67% of companies establishing governance structures for sustainability and nearly 64% publicly sharing strategic deployments [12][13]. - The article notes that 99.25% of companies included quantitative indicators in their reports, with over 83% disclosing more than 25 quantitative data points, indicating a substantial increase in transparency [12][13].