国际可持续准则理事会（ISSB）理事冷冰 本报记者于玉金北京报道 9月19日，以"理念与实践并行发展同质量共生"为主题的2025华夏ESG管理体系大会在北京召开。此次 大会由华夏时报社主办，由SGS通标标准技术服务有限公司、中质协质量保证中心、首都经济贸易大学 中国ESG研究院、Wind ESG、天眼查、商道融绿、华夏ESG观察联盟等提供支持。 与会计准则类似，可持续披露准则也是为支持投资者的投资决策提供的，但这二者也有明显不同。会计 准则有一系列以基础假设为代表的特定规则；而可持续披露的规则与会计准则不同，二者不能简单画等 号。应该说财务报表和可持续披露是同一个企业（财务报告主体）对同一期间（过去12个月或财务年 度）的同一系列交易和事项进行反映的两个独立视图，从两种不同维度对企业进行了描述，共同为投资 者服务。 会上，国际可持续准则理事会（ISSB）理事冷冰以"ISSB准则在全球的应用"为主题展开演讲。他介 绍，目前全球已有37个国家和地区宣布采用或以其他方式使用ISSB准则，占全球GDP的60%，占美国以 外全球资本市场总市值的80%，占全球温室气体排放总量的60%。他认为，可持续相关财务信息与财务 报 ...

Core Viewpoint - Zhejiang has taken on the mission of advancing ecological civilization construction, leveraging the "Two Mountains" concept to balance economic development and ecological protection, achieving significant results in green finance and low-carbon transformation [1] Group 1: Green Finance Development - Green finance is a crucial tool for transforming ecological resources into economic benefits, with Zhejiang initiating a provincial-level green finance reform pilot in 2014 and a national-level pilot in 2017 [1][2] - As of the second quarter of this year, the balance of green loans in Zhejiang reached 4.43 trillion yuan, accounting for 17.5% of total loans [2] - The establishment of a comprehensive standard system for green finance has been emphasized, with over 30 local standards published in Huzhou and Quzhou, and 13 group standards released by the Zhejiang Provincial Financial Society [2][3] Group 2: Digitalization and Information Sharing - Digital platforms for green finance have been developed to facilitate efficient matching of green investment and financing, including the creation of carbon account systems in Huzhou and Quzhou [3] - A cross-regional green finance information management system has been established to enable data sharing and connectivity in the Yangtze River Delta [3] Group 3: Transition Finance Initiatives - Transition finance is essential for supporting high-carbon industries in their low-carbon transformation, with Zhejiang focusing on developing standards and pilot projects in this area [4][5] - The province has released several pioneering standards for transition finance, including guidelines for supporting the textile industry's green and low-carbon development [4] Group 4: Sustainable Information Disclosure - Zhejiang has achieved full coverage of sustainable information disclosure among financial institutions, with 86.9% of banks conducting quantitative disclosures by the end of 2024 [6] - The development of a digital module for sustainable information disclosure has been implemented, allowing for online reporting and data collection [6] Group 5: Future Plans for Green Finance - The Zhejiang Provincial Financial Society plans to enhance monetary policy tools to support green loans and reduce financing costs in green sectors [7] - There will be a focus on expanding transition finance practices in key industries such as textiles and agriculture, with an emphasis on developing carbon account-based financial products [8] - Efforts will be made to improve the capacity for sustainable information disclosure and integrate natural-related information into existing disclosure frameworks [9]

Core Viewpoint - Zhejiang has taken on the mission of advancing ecological civilization construction, leveraging the "Two Mountains" concept to balance economic development and ecological protection, achieving significant results in green finance [1][2]. Group 1: Green Finance Development - Green finance is a crucial tool for transforming ecological benefits into economic gains, with Zhejiang initiating a provincial-level green finance reform pilot in 2014 and a national-level pilot in 2017 [2]. - The financial sector in Zhejiang has implemented various policies and measures to support green finance, resulting in a green loan balance of 4.43 trillion yuan, accounting for 17.5% of total loans as of Q2 2023 [3]. Group 2: Policy and Standards - Zhejiang has introduced 20 key measures to enhance green finance, focusing on total support and capacity building [3]. - The region has established a robust standard system for green finance, with over 30 local norms published, and has developed 13 group standards, leading the nation in quantity [3][4]. Group 3: Digitalization and Collaboration - Digital platforms have been created to facilitate precise matching of green investment and financing, including a carbon information sharing mechanism [4]. - Zhejiang encourages international collaboration to enhance green finance capabilities, exemplified by the establishment of a green finance research institute in Huzhou [4]. Group 4: Transition Finance - Transition finance is essential for supporting high-carbon industries in their low-carbon transformation, with Zhejiang focusing on developing standards and pilot projects [5][6]. - The region has issued guidance for transition finance in the textile industry, with 6.55 billion yuan in transition loans already disbursed [6]. Group 5: Sustainable Information Disclosure - Zhejiang has achieved full coverage of sustainable information disclosure among financial institutions, with 86.9% of banks conducting quantitative disclosures by the end of 2024 [7][8]. - The province has developed a digital module for sustainable information disclosure, streamlining the reporting process for financial institutions [7]. Group 6: Future Plans - The People's Bank of China Zhejiang branch plans to enhance green finance support through monetary policy tools, aiming for steady growth in green loans [9][10]. - Future initiatives will focus on expanding transition finance in key industries and improving the capacity for sustainable information disclosure [10][11].

Group 1 - The core viewpoint of the articles emphasizes that sustainable information disclosure is crucial for promoting green finance and addressing global climate change challenges, enhancing market transparency, and fostering sustainable economic development [1][2][7] - Experts at the forum highlighted the importance of accurate, complete, and timely disclosure of sustainable information to guide capital towards green and low-carbon sectors, mitigate financial risks, and achieve coordinated economic, social, and environmental development [1][2] Group 2 - A unified disclosure standard is being developed in China, with the Ministry of Finance and nine other departments issuing the "Basic Standards for Corporate Sustainable Disclosure (Trial)" in November 2024, marking the beginning of a unified sustainable disclosure standard system [3] - The implementation of the Basic Standards will be voluntary initially, with a gradual approach to expand from listed companies to non-listed companies and from large enterprises to small and medium-sized enterprises [3] Group 3 - Commercial banks are transitioning from "formal compliance" to "value extraction" in information disclosure, with increasing mandatory requirements and clearer specific demands [4][6] - The importance of quantitative data in sustainable information disclosure is growing, with core indicators such as total energy consumption, clean energy usage ratio, and water resource usage intensity becoming essential [5] Group 4 - Sustainable information disclosure is viewed as an opportunity for financial institutions to enhance governance capabilities and extract business value, rather than merely a regulatory compliance measure [7] - Key challenges in sustainable information disclosure include dual materiality assessment (financial and impact significance) and climate risk analysis, which require gradual improvement in disclosure quality [7]

Core Insights - The conference focused on "Zero Carbon Collaborative Innovation Empowering Global Sustainability," highlighting the importance of sustainable practices and the role of ISSB standards in integrating sustainability into financial reporting [1][2]. Group 1: ISSB Standards and Sustainable Development - Zhang Zhengwei, a senior advisor to ISSB, emphasized the shift from non-financial to integrated financial reporting, which will embed sustainability into core business value creation [2]. - Ndidi Nnoli-Edozien discussed the significance of multi-stakeholder collaboration in advancing global sustainability, with China's involvement being crucial for developing impactful global standards [5]. Group 2: Industry Contributions to Sustainability - Tinci Lithium's Vice President Zou Jun outlined the lithium industry's role in achieving net-zero goals through technological innovation and sustainable financial tools, aiming for a 2030 emission reduction target [3]. - Zhang Guohao from China Southwest Construction shared a new model for integrated low-carbon building renovation services, addressing the disconnect in financing, design, construction, and operation phases [4]. Group 3: Collaborative Initiatives and Agreements - The "Xinglong Lake Sustainable Consensus" was signed by multiple organizations, promoting zero-carbon technology innovation and ecological construction in the Xinglong Lake area [8]. - The "Supply Chain ESG Management Initiative" expanded to include four new companies, enhancing its influence and supporting the establishment of ESG assessment standards in supply chains [9]. Group 4: Discussions on ESG and Climate Action - A roundtable discussion highlighted the importance of standardization in ESG disclosures and the integration of carbon management across enterprises and cities, which is vital for global zero-carbon transitions [10][11]. - The role of ISSB standards in reshaping global value chains was discussed, emphasizing their function in enhancing corporate governance and competitive advantage through sustainable practices [12].

Core Insights - The report highlights the progress of sustainable information disclosure among companies in the Yangtze River Delta, indicating a significant improvement in ESG ratings and disclosure practices [1][2] Group 1: ESG Ratings and Disclosure Practices - As of May 2025, 24 companies in the CSI Yangtze River Delta Green Industry 50 Index achieved an ESG rating of A or above, representing 48% of the sample [1] - The overall disclosure rate of the sample companies reached 92%, an increase of 2% from the previous year [1] - Companies are increasingly standardizing and internationalizing their reporting practices, adhering to sustainable information disclosure guidelines set by exchanges [1] Group 2: Quality and Depth of Disclosure - The disclosure of key ESG indicators has shown a positive trend, with both breadth and depth improving [1] - Companies have enhanced the accuracy of their analysis on significant issues, providing deeper insights into risks and opportunities [1] - Continuous disclosure supports robust performance evaluation in sustainable development [1] Group 3: Verification and Timeliness - There has been a rapid increase in the number of companies engaging third-party verification for their disclosures [1] - Sample companies have demonstrated strong performance in terms of understandability and timeliness, laying a solid foundation for stakeholder decision-making [1] Group 4: Recommendations for Future Development - The report suggests accelerating the sustainable information disclosure process and deepening practices [2] - It emphasizes the need to enrich sustainable investment tools and promote green investments [2] - Strengthening sustainable development capacity and building a sustainable development ecosystem is also recommended [2]

Core Viewpoint - The establishment of a unified sustainable disclosure framework in China, based on international standards, is set to enhance transparency and attract international capital, thereby promoting sustainable economic growth [1][4][5]. Group 1: Sustainable Disclosure Standards - The ISSB has released its first two sustainable disclosure standards, IFRS S1 and IFRS S2, which provide a global benchmark for sustainable financial information disclosure [2][3]. - China's sustainable disclosure standards are designed to align with ISSB standards, ensuring that they reflect international best practices while being tailored to China's unique context [2][4]. Group 2: Impact on Capital Markets - The implementation of ISSB standards in China is expected to improve the transparency of Chinese enterprises in the international market, enhancing their attractiveness to foreign investors [4][5]. - A total of 36 countries and regions have announced their adoption or intention to adopt ISSB standards, representing 60% of global GDP and greenhouse gas emissions, which underscores the significance of these standards in the global market [5]. Group 3: Role of China in Global Standards - China has actively participated in the development of ISSB standards, contributing to the global agenda for sustainable disclosure [6][7]. - The establishment of a Beijing office by the IFRS Foundation and the formation of a cross-departmental working group by the Chinese government demonstrate China's commitment to enhancing the quality and transparency of climate-related financial information [7].

Core Insights - China is enhancing global sustainable information disclosure through improved mechanisms and increased participation from institutions and enterprises [1][2] - The Ministry of Finance is actively involved in developing sustainable disclosure standards that align with international guidelines while reflecting China's unique context [1][3] - The ISSB chairman supports China's efforts in establishing unified sustainable disclosure standards based on ISSB guidelines, highlighting China's commitment to improving climate-related financial information quality [1][2] Group 1: Sustainable Disclosure Standards - The Ministry of Finance and the Ministry of Ecology and Environment released the first specific guideline on climate-related disclosures, marking a significant step in global climate governance [1][2] - The disclosure rate of mandatory reporting entities has increased from 88.59% in 2022 to 94.42% in 2024, indicating a shift towards balancing cost, quality, and effectiveness in sustainable information disclosure [1][2] Group 2: Financial Sector Initiatives - Major commercial banks and financial institutions in China are actively publishing environmental information disclosure reports, with banks showing higher quality and quantity in disclosures compared to non-bank financial institutions [2][3] - The People's Bank of China is revising sustainable disclosure guidelines to enhance comparability and interoperability with international standards, aiming to reduce compliance costs for enterprises [2][3] Group 3: Technological Integration - Chinese enterprises are leveraging big data and artificial intelligence to lower the costs of sustainable information disclosure, with some even automating report generation [4] - The integration of sustainable disclosure with incentives such as bonds and favorable loan rates is accelerating the process and creating a collaborative ecosystem [4]

Core Viewpoint - The 2025 Beijing International Sustainable Conference emphasizes the importance of implementing global standards for sustainable information disclosure, aiming to enhance transparency for investors and facilitate informed decision-making in rapidly changing markets [1] Group 1: ISSB and Global Standards - The ISSB Chair, Emmanuel Faber, highlighted that ISSB standards provide transparent information for investors to identify value chain risks and opportunities across time dimensions [1] - Increasing collaboration between regulatory bodies and the International Organization of Securities Commissions (IOSCO) is recognized as a means to enhance capital acquisition and trade capabilities within jurisdictions [1] - Significant progress has been made by various jurisdictions in aligning with ISSB standards, representing a substantial portion of global capital market value [1] Group 2: China's Commitment to Sustainable Disclosure - The Director of the Accounting Department of the Ministry of Finance, Lin Qiyun, stated that the Ministry is actively participating in the international governance of sustainable disclosure and aims to develop a unified national sustainable disclosure standard by 2030 [1] - The release of the basic and climate standards consultation drafts marks a solid step forward in establishing a unified sustainable disclosure framework in China [1] Group 3: Financial Institutions and Environmental Disclosure - The Director of the Research Bureau of the People's Bank of China, Wang Xin, mentioned that the PBC is revising the "Guidelines for Sustainable Information Disclosure of Financial Institutions" to enhance comparability and interoperability with international standards [1] - The guidelines will expand disclosure scope and focus on the indirect environmental impacts of investment activities, aiming to reduce disclosure costs for market participants [1] - The PBC is also working on a biodiversity finance directory to support ecological protection and sustainable project development [1] Group 4: China's ESG Development - The President of the China Enterprise Reform and Development Research Association, Peng Huagang, noted that China is integrating into the global ESG development wave through systematic innovation [1] - China has achieved significant milestones in ESG development, establishing a unique framework and practical approach [1] - The International Financial Reporting Standards Foundation's Beijing office plays a crucial role in promoting standards implementation and fostering cooperation among stakeholders in the region [1]

Core Viewpoint - The increasing global focus on Environmental, Social, and Governance (ESG) issues is driving the need for enhanced corporate sustainability information disclosure, with a unified national standard being developed in China [1][2]. Group 1: Sustainable Disclosure Standards - The Ministry of Finance and nine other departments jointly issued the "Corporate Sustainability Disclosure Standards - Basic Standards (Trial)" in December last year, marking the beginning of a unified national sustainable disclosure standard system [2]. - The Ministry of Finance and the Ministry of Ecology and Environment released the "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial) (Draft for Comments)" in April 2025, indicating solid progress in the construction of the unified disclosure standards [2]. - The goal is to establish a national unified sustainable disclosure standard system by 2030, as stated by the Director of the Accounting Department of the Ministry of Finance, Lin Qiyun [2]. Group 2: International Standards and Cooperation - The International Sustainability Standards Board (ISSB) provides transparent information for investors, helping them identify risks and opportunities across time dimensions in rapidly changing markets [2]. - The ISSB Chairman, Emmanuel Faber, supports China's development of national unified sustainable disclosure standards based on ISSB guidelines, highlighting China's commitment to improving the quality and transparency of climate-related financial information [2]. - Currently, 36 countries and regions have adopted or are in the process of incorporating ISSB standards into their regulatory or legal frameworks, representing 60% of global GDP and greenhouse gas emissions, and 80% of the global capital market value excluding the United States [3]. Group 3: Implications for Chinese Enterprises - Unified and comparable sustainability information disclosure is seen as a cornerstone for the long-term stable development of global capital markets [3]. - The adoption of ISSB standards by Chinese stakeholders is expected to enhance the international competitiveness and financing capabilities of Chinese enterprises [3]. - This shift is anticipated to effectively guide capital towards supporting green and low-carbon sectors, providing financial support for achieving carbon neutrality goals [3].