Group 1 - The 2025 Beijing International Sustainable Conference was successfully held, focusing on the theme of building an inclusive and collaborative sustainable information disclosure ecosystem [1] - The ISSB has reported that 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 total market capitalization of global capital markets excluding the US [1] - China has initiated the construction of a unified sustainable disclosure standard system with the release of the "Corporate Sustainable Disclosure Standards - Basic Standards (Trial)" [1] Group 2 - Emmanuel Faber, the ISSB Chair, welcomed China's efforts to develop a national unified sustainable disclosure standard based on ISSB guidelines, highlighting China's commitment to enhancing the quality and transparency of climate-related financial information [2] - The conference emphasized that embracing ISSB standards can significantly improve the international competitiveness and financing capabilities of Chinese enterprises, guide capital towards green and low-carbon sectors, and promote higher levels of openness in China's capital markets [2] - The Ministry of Finance of China is actively participating in international governance in the sustainable disclosure field and aims to establish a unified sustainable disclosure standard system by 2030 [3] Group 3 - The People's Bank of China is revising the "Sustainable Information Disclosure Guidelines for Financial Institutions" to enhance comparability with international standards and improve environmental information disclosure levels [3] - The conference highlighted China's significant achievements in ESG development, establishing a unique framework and practical path for sustainable development [4] - China National Railway Group has recognized the importance of ISSB standards in enhancing corporate transparency and investor confidence, actively implementing these standards [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 recent release of the draft "Corporate Sustainability Disclosure Standard No. 1 - Climate (Trial) (Draft for Comments)" marks significant progress in China's unified sustainability disclosure framework, aligning with international standards while considering local industry needs [2][3][4]. Group 1: Regulatory Developments - The draft consists of six chapters and 47 articles, covering governance, strategy, risk and opportunity management, indicators and targets, and appendices [2]. - The draft incorporates Scope 3 emissions into the national climate information disclosure framework for the first time, setting specific disclosure requirements [2][5]. - The rapid development of these standards indicates a proactive approach to climate governance, with expectations for formal adoption possibly within the year, ahead of the previously set 2027 timeline [3][4]. Group 2: Implementation Flexibility - The draft emphasizes a separation between the formulation and implementation of standards, allowing companies to voluntarily disclose information before mandatory requirements are established [4][5]. - Companies are encouraged to adopt low-carbon practices, but the draft provides flexibility in disclosing Scope 3 emissions, allowing for management disclosures instead of quantitative data in certain cases [5][6]. Group 3: Industry-Specific Guidelines - The Ministry of Finance is developing application guidelines for nine specific industries, including power, steel, and finance, to address the unique disclosure needs of each sector [8]. - Financial institutions are required to disclose financing emissions related to Scope 1, Scope 2, and Scope 3, enhancing transparency and accountability in climate-related responsibilities [8][9]. Group 4: Challenges in Disclosure - The complexity of calculating Scope 3 emissions poses significant challenges, particularly for small and medium-sized enterprises that may lack the necessary data collection capabilities [7][9]. - The lack of a unified global standard for Scope 3 emissions complicates the disclosure process, leading to inconsistencies in data quality and comparability among companies [7][9].

Group 1 - The core viewpoint of the article is the introduction of the draft "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial) (Consultation Draft)" by the Ministry of Finance and the Ministry of Ecology and Environment, which aims to establish a unified climate disclosure standard in China [2][3] - The draft consists of six chapters and 47 articles, covering general principles, governance, strategy, risk and opportunity management, indicators and targets, and appendices [2] - Companies are required to identify climate-related risks and opportunities that may reasonably be expected to affect their development prospects and disclose the financial impacts of these risks and opportunities [2][3] Group 2 - Specific climate indicators that companies must disclose include greenhouse gas emissions, climate-related physical risks, transition risks, opportunities, capital allocation, internal carbon pricing, and compensation metrics [3] - For Scope 3 greenhouse gas emissions, companies must determine and disclose the categories included in their measurement based on their value chain [3] - The Ministry of Finance indicates that the draft aligns with the International Financial Reporting Sustainability Disclosure Standards No. 2 - Climate-related Disclosures (S2), promoting low-carbon and green development while considering the actual disclosure capabilities of Chinese companies [3][4] Group 3 - The Ministry of Finance is developing application guidelines for nine specific industries, including electricity, steel, coal, oil, fertilizers, aluminum, hydrogen, cement, and automobiles, to provide guidance for the implementation of the basic and climate standards [4]