Core Insights - The Ministry of Finance and the Ministry of Ecology and Environment have jointly released the "Corporate Sustainable Disclosure Guidelines No. 1 - Climate (Trial) (Draft for Comments)", marking a significant step towards a unified sustainable information disclosure system in China [1] - Nearly 2,500 A-share listed companies have disclosed ESG reports for the 2024 fiscal year, with a disclosure rate exceeding 45%, indicating a shift towards high-quality development [1] - Despite progress, challenges remain in data quality, coverage of small and medium-sized enterprises in the supply chain, and the overall effectiveness of information disclosure [1] Group 1: Sustainable Disclosure Framework - Sustainable information disclosure serves as a "responsibility tool" to address regulatory and public concerns while also acting as a "capability tool" to enhance supply chain resilience and risk governance [2] - The guidelines aim to integrate sustainability issues into corporate strategic planning and operational decision-making, promoting information sharing and risk management across supply chains [2] Group 2: Implementation Strategies - The strategy emphasizes a phased approach focusing on high-emission industries such as manufacturing, energy, and chemicals, with detailed disclosure guidelines and regulatory frameworks [3] - Companies are encouraged to build digital platforms for sustainable information sharing and risk monitoring, enhancing their ability to identify and respond to environmental and compliance risks [3] Group 3: Role of Leading Enterprises - Leading companies are urged to establish carbon accounting and sustainable performance auditing systems, encouraging suppliers to disclose key ESG performance indicators [4] - The creation of a "transparent supply chain" is promoted through collaborative efforts in carbon footprint tracking and green technology cooperation [4] Group 4: Support Mechanisms - Downstream companies are encouraged to utilize digital technologies to track market demands and environmental standards, improving responsiveness to green requirements [5] - Financial incentives such as tax reductions and subsidies are proposed to support green procurement and the transformation of supply chains, particularly for small and medium-sized enterprises [5]

● 国务院国资委研究中心 杨箫滢 张政 戚悦 披露体系主要特点 通过对比分析以上文件要求，我们可以得出以下结论。 一是文件框架整体一致。《基本准则》《编制指南》在目标导向、披露原则、披露要素等方面整体上保 持一致，具有较强的连续性和诸多相通之处。目标导向上，共同致力于提升企业可持续信息披露的质量 和透明度，满足可持续报告使用者和利益相关方的需求。披露原则上，对信息质量的要求基本保持一 致，强调信息披露质量的可靠性、相关性、可比性、可验证性等特征。披露要素上，都采用了通用信息 披露规则与具体议题指引相结合的基本框架，引入国际较为通用的治理、战略、风险与机遇管理、指标 和目标"四要素"框架。 二是适用范围各有侧重。《基本准则》面向中国境内设立的所有企业，覆盖多种所有制形式和不同规模 的企业，考虑企业适应期需要的同时采取分步推进策略，适用范围更加广泛。《编制指南》面向所有上 市公司，系统规范了上市公司可持续发展报告相关披露要求，提供了参考性规范和典型实践推荐。此 外，央企控股上市公司认真落实国资委要求，积极披露可持续发展，2024年央企控股上市公司ESG相关 报告（包括社会责任报告、可持续发展报告、ESG报告）披露 ...

21世纪经济报道记者卢陶然 李德尚玉 北京报道 今年A股ESG信披季已结束。 中诚信国际执行副总裁、中诚信绿金总裁薛东阳在接受21世纪经济报道记者采访时指出，不仅银行业连 续多年实现报告100%披露，其余钢铁、煤炭、公用事业、交通运输、石油石化等行业信披率均超过 60%，较上一年度呈现小幅增长。总体来看，企业可持续信息披露的规范化水平正在稳步提升，高质量 信息披露正逐渐成为企业回应监管、链接资本、塑造品牌的重要抓手。 2024年4月，沪深北三大交易所发布《上市公司自律监管指引——可持续发展报告》《上市公司自律监 管指南——可持续发展报告编制》（以下简称《指引》《指南》）。今年3月，证监会发布《上市公司 信息披露管理办法》，要求"上市公司按照证券交易所的规定发布可持续发展报告。" Wind数据显示，A股ESG信披率连续三年攀升，今年更是创历史新高，截至4月30日的信披率达到 45.72%。 据21世纪经济报道记者了解，银行业的ESG信披率居A股首位，实现连续多年100%披露，其次便是非银 金融业，信披率已接近90%。不仅如此，钢铁、煤炭、交通运输、石油石化等高排行业的信披率均突破 60%，较上一年度呈现小幅增长 ...

Core Points - Climate information disclosure is becoming a key focus for corporate sustainability reporting, with the Ministry of Finance recently releasing the "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial) (Draft for Comments)" [1] - The draft emphasizes the need for companies to disclose greenhouse gas emissions categorized into Scope 1, 2, and 3, and to build a disclosure framework around four pillars: governance, strategy, risk and opportunity management, and metrics and targets [1][3] Group 1: Regulatory Framework - The draft is the first specific standard focusing on climate issues, following the basic sustainability disclosure standards released in November 2024 [1] - The Ministry of Finance plans to establish a unified sustainability disclosure standard system by 2030, with the climate standards expected to be finalized by 2027 [2] - The draft aligns closely with international standards, facilitating the integration of domestic practices with global frameworks [2] Group 2: Disclosure Requirements - Companies are required to disclose governance structures overseeing climate-related risks and opportunities, including how performance metrics are integrated into compensation policies [3] - The strategic dimension requires companies to disclose how climate-related risks and opportunities impact their strategies, financials, and resilience to climate change [3] - In terms of risk and opportunity management, companies must outline their processes for identifying, assessing, and monitoring climate-related risks and how these processes fit into their overall risk management systems [4] Group 3: Emission Accounting - The draft specifies that companies must disclose their total greenhouse gas emissions, with a focus on Scope 3 emissions, which are often the most challenging to quantify [4] - Financial institutions are particularly required to disclose information related to their financed emissions, which typically represent a significant portion of their total emissions [4] - Unlike the international GHG Protocol recommended by IFRS S2, the draft localizes the accounting standards, requiring companies to follow national carbon emission accounting standards [4] Group 4: Implementation Challenges - The climate information disclosure poses challenges for companies in measuring, analyzing, and planning their greenhouse gas emissions [6] - Companies are encouraged to adopt a gradual approach to implementing the standards, starting with qualitative disclosures if quantitative data is not available [7] - The draft suggests that companies with the capacity should actively explore pilot projects and develop feasible disclosure plans [7]

Core Viewpoint - The ESG (Environmental, Social, and Governance) concept is becoming a key force in promoting sustainable development amid global climate crises and social inequality, with a focus on leveraging regional financial advantages and industrial clusters to enhance sustainable information disclosure and achieve high-quality economic development [1] Group 1: Policy and Standards - Regions in China should actively explore the establishment of sustainable information disclosure policies and standards that align with international norms and domestic needs, drawing from global standards like GRI and TCFD [2] - Local financial institutions should integrate these policies into their business processes, ensuring compliance in project approvals and risk assessments to provide scientific decision-making support [2] - The development of policies should consider the characteristics and needs of financial institutions, encouraging their participation in the policy-making process to ensure feasibility and effectiveness [2] Group 2: Information Disclosure Mechanism - Establishing a unified ESG information disclosure standard is essential to enhance the normativity and mandatory nature of disclosures across industries [3] - Financial institutions should incorporate ESG factors into due diligence and risk assessment processes, ensuring that information disclosure is closely integrated with business operations [3] - Collaboration with local governments and regulatory bodies is crucial for building an effective information disclosure mechanism, utilizing fintech to optimize disclosure processes [3] Group 3: Financial Market and Industrial Cluster Advantages - Financial markets in China should leverage their comprehensive elements to direct more capital towards low-carbon emission sectors, strengthening the carbon finance ecosystem [4] - Financial institutions are encouraged to develop green credit businesses and explore green bonds and carbon finance, linking financial services with local industrial upgrades [4] - Collaboration among financial institutions is vital to develop green financial products and services, enhancing credit support for low-carbon sectors [4] Group 4: Innovation in Green Financial Products and Services - Continuous innovation in green financial products and services is necessary, promoting various carbon-related financial instruments to support the green transformation of the economy [5][6] - Financial institutions must ensure comprehensive and accurate disclosure of environmental benefits and risks associated with new products, enhancing transparency for investors [6] - The development of unique green financial products should consider market demands and regional characteristics, improving their attractiveness and credibility [6] Group 5: Talent Development and International Cooperation - Green finance talent should be included in the list of scarce talents, with efforts to attract and cultivate professionals with international perspectives [7] - Strengthening exchanges with international financial centers can introduce advanced concepts and practices, enhancing local financial institutions' capabilities in sustainable information disclosure [7] - Financial institutions should focus on building a skilled workforce knowledgeable in both finance and ESG principles, participating in international exchanges to improve competitiveness [7]

Core Viewpoint - The implementation of new ESG disclosure regulations in China's A-share market marks a significant step towards enhancing sustainable information disclosure, with a notable increase in the number of companies participating in ESG reporting [1][2]. Group 1: ESG Disclosure Progress - As of April 20, 2023, 1,131 A-share companies have disclosed their ESG reports, achieving a disclosure rate of 20.9% [1]. - Financial institutions lead the way in ESG disclosures, with 93.55% of financial listed companies in A-shares publishing independent ESG or social responsibility reports [4]. Group 2: Policy and Regulatory Environment - 2024 is anticipated to be a pivotal year for mandatory ESG disclosures in China, driven by multiple policy initiatives aimed at establishing a unified sustainable disclosure system [2]. - The Shanghai region is highlighted as a key player in ESG information disclosure, with 80% of financial institutions recognizing its importance [4]. Group 3: Challenges in ESG Disclosure - Financial institutions face significant challenges in carbon emission accounting, particularly in scope three emissions, which complicates sustainable information disclosure [5]. - Companies are confronted with multiple standards and regulatory requirements, complicating compliance efforts [5]. Group 4: Future Outlook and Opportunities - High-quality ESG information disclosure is expected to unlock more green funding, facilitating the low-carbon transition of the real economy [8]. - Shanghai is positioned as a leading hub for green finance, potentially influencing global standards and practices in sustainable finance [9].