新华财经北京1月28日电（记者董道勇）近日，《企业可持续披露准则第1号——气候》（试行）正式发 布。27日，由中央财经大学可持续准则研究中心与联合国可持续发展管理学院联合主办的"可持续未来 赋能系列活动——气候专题"研讨会在中央财经大学举行。本次研讨会聚焦"突破与协同：解码气候信息 披露"主题，与会嘉宾围绕气候信息披露政策、实践难点与金融应用等前沿话题展开探讨。 联合国可持续发展目标项目主任、联合国可持续发展管理学院首席代表柳云虎深入阐述了全球气候变化 进展及治理行动的最新动态，对全球视野下的气候治理背景与趋势进行分析。 中央财经大学可持续准则研究中心主任刘轶芳围绕气候准则，从准则制定背景、核心要求、实施路径等 方面进行了系统阐释，帮助企业更好地理解和把握气候信息披露的关键要点。 在本次活动上，中央财经大学可持续准则研究中心与中国科学院大气物理研究所共同发布"SSRC·IAP气 候风险数据查询平台"。该平台由中央财经大学联合中国科学院大气物理研究所共同研发，以公益性服 务为企业提供气候风险的权威数据支持，旨在打破信息壁垒，让气候风险可知、可控、可防，帮助企业 最大程度降低合规披露成本。 记者了解到，"SSRC ...

Core Viewpoint - The Ministry of Finance, in collaboration with various governmental departments, has developed the "Corporate Sustainability Disclosure Guidelines No. 1 - Climate (Trial)" to establish a transparent and reliable climate information disclosure system, aligning with international standards and promoting green low-carbon development [1][5]. Group 1: Guidelines Structure and Purpose - The "Climate Guidelines" consist of four main parts: governance, strategy, risk and opportunity management, and indicators and targets [1][5]. - The guidelines aim to enhance the comparability and reliability of climate-related disclosures, which are increasingly important for financial stability, investment decisions, and international trade [5][6]. Group 2: Implementation and Flexibility - The guidelines incorporate a proportionality principle, allowing companies to adapt disclosure methods based on their resources, thereby reducing compliance costs for small and medium-sized enterprises [2][6]. - Initially, the guidelines will be voluntary, with plans to gradually expand from listed companies to non-listed companies and from large enterprises to small and medium-sized enterprises [2][6]. Group 3: Addressing Greenwashing - The standardized disclosure information is designed to combat issues of "greenwashing" and "green sheen," directing capital towards low-carbon projects [2][5].

Core Insights - The event titled "Sustainable Future Empowerment Series - Climate Seminar" will be held on January 27, 2026, in Beijing, organized by the Central University of Finance and Economics and the United Nations Sustainable Development Management Academy, focusing on climate governance and information disclosure [1][9] - The seminar aims to enhance corporate understanding of the newly released "Corporate Sustainability Disclosure Guidelines No. 1 - Climate" and improve climate governance and risk management practices [1][9] Event Details - The seminar is scheduled for January 27, 2026, from 14:00 to 17:00 at the Central University of Finance and Economics, Beijing [2][10] - Registration is required by January 23, 2026, through specified contact methods [2][3] Agenda Highlights - The agenda includes a welcome speech, thematic sharing on global climate change progress, policy interpretation of climate guidelines, and discussions on financial applications of ESG and climate disclosure [5][13] - Notable speakers include representatives from the United Nations and experts in green finance and ESG practices [5][6][14] ESG Rating Center Overview - The Sina Finance ESG Rating Center is the first Chinese platform dedicated to ESG information and ratings, promoting sustainable development and responsible investment [7][15] - The center aims to establish ESG evaluation standards suitable for China's context and enhance corporate ESG performance [7][15]

Core Viewpoint - The release of the "Corporate Sustainable Disclosure Standard No. 1 - Climate (Trial)" aims to standardize corporate sustainability information disclosure and advance the establishment of a sustainable disclosure standard system in China, promoting economic, social, and environmental sustainability [1][2]. Group 1: Regulatory Framework - The climate standard was developed and issued by nine departments, including the Ministry of Finance and the Ministry of Ecology and Environment, providing a clear "yardstick" for enterprises [2]. - The goal of climate-related information disclosure is to provide essential climate-related information to investors, creditors, government departments, and other stakeholders for informed economic and resource allocation decisions [2]. Group 2: Disclosure Framework - The climate standard is built on four core pillars: governance, strategy, risk and opportunity management, and metrics and targets, with a specific focus on disclosing climate-related impact information, creating a "four pillars + impact" disclosure framework unique to China [2][3]. - The climate standard aligns closely with international rules, ensuring comparability and reducing cross-border operational and financing costs for enterprises while being tailored to China's development stage and conditions [2]. Group 3: Implementation and Flexibility - The standard introduces a proportionality principle, allowing companies to adapt disclosure methods based on their resources, which lowers compliance costs for small and medium-sized enterprises while promoting transformation in key industries [3]. - Initially positioned as a trial document, the climate standard will be implemented voluntarily by companies, with plans for gradual expansion from listed to non-listed companies and from large to small enterprises, transitioning from qualitative to quantitative requirements and from voluntary to mandatory disclosures [3].

Core Viewpoint - The release of the "Corporate Sustainable Disclosure Standard No. 1 - Climate (Trial)" aims to standardize corporate sustainability information disclosure, advancing the establishment of a sustainable disclosure standard system in China and promoting sustainable economic, social, and environmental development [1][2]. Group 1: Regulatory Framework - The climate standard was developed by nine departments, including the Ministry of Finance and the Ministry of Ecology and Environment, providing a clear "yardstick" for enterprises [2]. - The goal of climate-related information disclosure is to provide essential climate-related information to investors, creditors, government departments, and other stakeholders for informed economic and resource allocation decisions [2]. Group 2: Disclosure Framework - The climate standard is built on four core pillars: governance, strategy, risk and opportunity management, and metrics and targets, incorporating specific requirements for disclosing climate-related impacts, creating a "four pillars + impact" disclosure framework unique to China [2][3]. - The standard aligns closely with international rules, ensuring comparability and reducing cross-border operational and financing costs for enterprises while being tailored to China's development stage and conditions [2]. Group 3: Implementation and Flexibility - The climate standard introduces a proportionality principle, allowing enterprises to adapt disclosure methods based on their resources, which lowers compliance costs for small and medium-sized enterprises while promoting transformation in key industries [3]. - Initially positioned as a trial document, the climate standard will be voluntarily implemented by enterprises, with plans for gradual expansion from listed companies to non-listed companies and from large enterprises to small and medium-sized enterprises [3].

Core Viewpoint - The release of the "Corporate Sustainability Disclosure Standard No. 1 - Climate (Trial)" by the Ministry of Finance and nine other departments represents a significant step in China's proactive role in global climate governance and aligns with the central government's strategic directives [1][9]. Group 1: Context and Rationale - The issuance of the standard is timely, aligning with the goals outlined in the 20th National Congress report and subsequent meetings emphasizing green development and ecological civilization [2][10]. - Internationally, climate information disclosure has become essential for financial stability, investment decisions, and international trade, making the new standard a response to global concerns [2][11]. Group 2: Design and Framework - The standard features a "Four Pillars + Impact" disclosure framework, which is a localized innovation based on international practices, ensuring consistency with global standards like IFRS and TCFD [3][12]. - The framework emphasizes governance, strategy, risk and opportunity management, and metrics and targets, while also addressing the impacts of climate change on China's development [3][12]. Group 3: Content Structure - The standard's governance section delves into the responsibilities and capabilities of governance bodies, highlighting the need for climate issues to be integrated into top-level strategic discussions [4][13]. - It emphasizes climate resilience assessments, requiring companies to evaluate their long-term viability under various climate scenarios, thus promoting proactive adaptation [4][13]. - The risk management section integrates climate-related risks into the overall risk management framework, breaking down silos in sustainability information [4][13]. - The metrics and targets section combines quantitative and qualitative approaches, providing a flexible yet binding disclosure framework [4][13]. Group 4: Implementation Strategy - The standard adopts a gradual implementation approach, starting with voluntary disclosures for listed companies before moving to mandatory requirements for non-listed and smaller enterprises [5][14]. - The introduction of the "proportionality principle" allows companies to adapt disclosure methods based on their resources and capabilities, easing compliance burdens for smaller firms [5][14]. - Industry-specific guidelines are being developed for key sectors like electricity, steel, coal, and oil, creating a comprehensive guidance system [5][14]. Group 5: Future Outlook - The standard is expected to enhance corporate focus on climate issues and improve governance mechanisms and risk management processes, marking a significant shift in corporate climate awareness [6][15]. - In the medium term, it will improve the quality and comparability of climate-related information, supporting the development of green finance and addressing issues like greenwashing [6][16]. - Long-term, the standard aims to foster green production and lifestyle practices, contributing to China's dual carbon goals and global climate governance [6][16].

Core Insights - The report analyzes the current state and development suggestions for climate information disclosure in the chemical industry, highlighting the shift from voluntary exploration to standardized and normalized practices in response to stricter international regulations and domestic policies [1][10]. Group 1: Current Disclosure Status - Only 39 out of 353 listed companies disclosed detailed information on greenhouse gas emissions, energy consumption, carbon reduction measures, and climate goals, while 60 companies disclosed none of these aspects [2][16]. - The disclosure rate for greenhouse gas emissions among key emitting companies exceeds 70%, but only a few provided complete data for Scope 1 and Scope 2 emissions, with very few addressing Scope 3 emissions [2][20]. - The disclosure rate for carbon reduction measures is 77.34%, but only 105 companies quantified their reduction effects, totaling over 13 million tons of CO2 equivalent [24][25]. - Energy consumption disclosure stands at 55.24%, with many companies only providing basic data, lacking critical details [27]. - Less than 15% of companies disclosed climate goals, indicating a lack of forward-looking reduction planning [28]. Group 2: Recommendations for Improvement - Establish a tiered mandatory disclosure system with differentiated requirements based on emission levels, aligning with national carbon market expansion goals [3]. - Standardize disclosure practices by developing detailed industry guidelines and enhancing data quality verification [3]. - Create a policy incentive and market mechanism linkage system that ties disclosure quality to green finance and tax benefits [3]. - Improve multi-stakeholder governance mechanisms to optimize public oversight channels, fostering collaboration among government, enterprises, and society [3]. Group 3: Industry Context and Importance - The chemical industry is a key sector for energy consumption and carbon emissions in China, with a total energy consumption of 66.327 million tons of standard coal in 2022, accounting for 12.26% of the total energy consumption in the industry [11]. - Strengthening climate information disclosure is essential for the industry to respond to the "dual carbon" strategy and enhance market competitiveness [11][12]. - The report aims to provide valuable data and insights for policymakers, investors, and stakeholders to support the industry's transition to low-carbon development [12].

Core Insights - The report by the Green Jiangnan Public Environmental Concern Center focuses on the climate information disclosure status of 353 A-share listed chemical companies and 618 related enterprises, assessing their current practices to provide references for the industry's green transition and policy improvement [1][12] - The chemical industry is a high-energy consumption and high-emission sector, with a total energy consumption of 66,327 million tons of standard coal in 2022, accounting for 12.26% of the total energy consumption in the statistical industry [12] - Current international and domestic policies are strengthening disclosure requirements, transitioning the industry from voluntary exploration to standardized and normalized practices [11][12] Disclosure Status - The overall disclosure status is characterized by "overall inadequacy and structural imbalance." Only 39 companies fully disclosed core content related to greenhouse gas emissions, energy consumption, carbon reduction measures, and climate goals, while 60 companies disclosed none [2][18] - Over 70% of key emitting companies disclosed their emissions data, but only 24 companies specified Scope 1 and 2 emissions, and only 2 disclosed Scope 3 emissions [2][22] - The disclosure rate for carbon reduction measures reached 77.34%, but only 105 companies reported quantitative effects of their reduction efforts [2][28] - The energy consumption disclosure rate was 55.24%, with many lacking details on energy structure and efficiency [2][32] - Less than 15% of companies disclosed climate goals, with only 44 setting relevant targets [2][36] - Related enterprises performed worse, with less than one-third disclosing carbon emissions data, and some companies exhibited data inconsistencies [2][40] Recommendations - Establish a tiered mandatory disclosure system requiring key emitting companies to fully disclose core content by 2030, while general companies should at least disclose emissions and energy consumption [3] - Standardize disclosure requirements and develop detailed industry guidelines, enhancing third-party verification and blockchain traceability to improve data quality [3] - Create a policy and market linkage mechanism that ties disclosure quality to green finance and tax incentives, leveraging "chain master" companies to promote collaborative disclosure across supply chains [3] - Improve multi-stakeholder governance mechanisms by establishing dedicated supervision platforms and facilitating public participation to create a collaborative governance framework among government, enterprises, and society [3]

Group 1: Climate Risks - Climate-related risks are categorized into transition risks and physical risks, impacting financial, compliance, and reputational aspects for companies[3] - Transition risks arise from changes in policies, laws, technologies, and consumer preferences aimed at addressing climate change[3] - Physical risks include acute events like extreme weather and long-term changes in climate patterns, affecting operational stability[3] Group 2: Climate Opportunities - Efforts to mitigate and adapt to climate change can create opportunities for businesses, including resource efficiency and market resilience[3] - Enhanced disclosure of climate-related risks and opportunities will provide necessary metrics for investors and stakeholders to analyze potential financial impacts[3] Group 3: Regulatory Framework - The Ministry of Finance and the Ministry of Ecology and Environment released a draft for the "Corporate Sustainable Disclosure Standards No. 1 - Climate" on April 30, 2025, establishing systematic disclosure requirements[3] - The TCFD framework emphasizes the financial impacts of climate-related issues through revenue, expenditure, assets, liabilities, and capital[3] Group 4: Global Emission Trends - From 1850 to 2019, the cumulative CO2 emissions reached approximately 2400±240 GtCO2, with over 58% occurring before 1990[12] - The remaining carbon budget to limit global warming to 1.5°C is estimated at 500 GtCO2, with a 50% probability of success[23] Group 5: International Agreements - The Paris Agreement aims to limit global temperature rise to well below 2°C, with 194 parties committed to its goals[28] - The TCFD was established by the Financial Stability Board in 2015 to provide guidance on climate-related financial disclosures, enhancing market stability[33]

Core Insights - The report titled "Leading Change: Climate Information Disclosure and Outlook for Key Industries of Hong Kong Listed Companies" focuses on the status of climate information disclosure and low-carbon transition among Hong Kong listed companies [1][5] - It highlights the urgent need for companies to improve climate information disclosure and develop net-zero transition plans, especially in light of new mandatory disclosure requirements set to take effect in January 2025 [4][11] Industry Analysis - The report examines six key industries: apparel, food and beverage, household goods, hotels, logistics, and transportation and automotive [5][11] - It identifies significant gaps in three areas: 1. Over half of the companies have not disclosed Scope 3 emissions data, which accounts for approximately 70% of total emissions in the consumer goods sector [1][14] 2. Most companies lack science-based decarbonization targets; while 85% have reduction commitments, 57% have not set or followed international standards [1][14] 3. Only 10% of surveyed companies have well-developed net-zero transition plans [1][14] Regulatory Context - Hong Kong's regulatory environment is evolving, with the Hong Kong Stock Exchange (HKEX) implementing new climate-related disclosure requirements aligned with IFRS S2, effective January 2025 [11][32] - The new requirements aim to enhance transparency and consistency in ESG disclosures, which are crucial for sustainable finance and corporate responsibility [11][32] Future Outlook - As new disclosure requirements are implemented, companies are expected to change their disclosure practices, potentially narrowing data gaps [2][11] - Companies that address data and knowledge gaps may attract more funding, facilitating their transition and sustainable growth [2][11] Recommendations for Companies - Companies are encouraged to improve supply chain transparency, integrate sustainability into procurement strategies, and actively engage stakeholders to implement effective decarbonization plans [19][22] - Specific steps for disclosing Scope 3 emissions data include identifying relevant activities, determining boundaries, collecting data, allocating emissions, and publicly disclosing the information [44][45]