新华社北京12月25日电 题：企业气候信息披露迎来"标尺"——解读《企业可持续披露准则第1号——气 候（试行）》 记者12月25日从财政部了解到，《企业可持续披露准则第1号——气候（试行）》当日对外发布，旨在 规范企业可持续发展信息披露，稳步推进我国可持续披露准则体系建设，推动经济、社会和环境可持续 发展。 这一气候准则由财政部、生态环境部等9部门制定印发。 在业内人士看来，气候准则的制定，将为企业提供一套清晰"标尺"，标志着我国在规范企业环境信息、 引导市场预期、服务国家"双碳"战略方面迈出关键一步。 企业气候相关信息披露的目标，是向投资者、债权人、政府及其有关部门和其他利益相关方提供重要的 气候相关信息，以便其作出经济决策、资源配置或者其他决策。 据介绍，在披露框架设计上，此次发布的气候准则采用了"治理、战略、风险和机遇管理、指标和目 标"这四大核心支柱，同时特别融入了对气候相关影响信息的披露要求，构建了"四支柱+影响"的中国特 色披露框架。 "后续将采取区分重点、试点先行、循序渐进、分步推进的策略，从上市公司向非上市公司扩展，从大 型企业向中小企业扩展，从定性要求向定量要求扩展，从自愿披露向强制披露扩展 ...

新华社北京12月25日电 题：企业气候信息披露迎来"标尺"——解读《企业可持续披露准则第1号 ——气候（试行）》 另一方面，气候准则与国际规则深度对接。"气候准则既积极吸收国际成熟经验，在结构上与国际 财务报告可持续披露准则趋同，保障了国际可比性，推动国内外披露语言相通，降低企业跨境经营与融 资成本；又立足我国发展阶段与现实条件，结合中国实际设置披露框架、明确温室气体核算方法等要 求，确保准则切实可行，维护国家发展利益。"财政部会计司有关负责人说。 此外，气候准则还引入相称性原则，允许企业根据自身资源适配披露方法，既降低了中小微企业合 规成本，又通过定量与定性结合的要求，促进重点行业加速转型。 "气候议题是可持续信息披露体系中基础性最强、紧迫性最高的核心领域。"这位负责人表示，此次 发布的气候准则建立了透明、可比、可靠的气候信息披露制度，强化了支持绿色低碳发展的标准供给， 有助于引导市场预期、规范企业行为、科学评估转型进展，为"双碳"目标从国家宏观战略向企业微观行 动转化提供了关键的政策工具与制度基础设施。 新华社记者申铖 记者12月25日从财政部了解到，《企业可持续披露准则第1号——气候（试行）》当日对外发 ...

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].

应对气候变化已成为全球共识，气候信息披露成为企业合规运营与国际竞争的重要内容。在国际规则趋严与国内政策完善的双 重推动下，我国化学工业作为能源消费和碳排放重点行业，其气候信息披露正从"自愿探索"向"标准化与常态化"转型。绿色江 南公众环境关注中心基于353家A股上市化学工业企业及618家关联企业的公开信息，完成了2024年气候信息披露实证分析。 研究显示，行业整体披露水平有待提升。上市公司母公司中，仅39家详细披露温室气体排放、能源消耗、减碳措施及气候目标 四项核心内容，60家未披露任何一项。重点排放企业温室气体排放数据披露率超七成，但仅部分企业完整披露范围一、二排放 数据，范围三数据披露极少；非重点排放企业披露率不足三成。减碳措施披露率达77.34%，但仅105家公开减碳量等量化效果。 能源消耗披露率为55.24%，但多数企业仅公布基础数据，关键细节缺失。气候目标披露率不足15%，多数企业缺乏前瞻性减排 规划。关联企业碳排放数据披露率不足三分之一，且存在数据矛盾、前后一致等质量问题。 在沟通反馈过程中，部分省份未公开发布重点排放企业名单，72家重点排放企业未按要求披露数据。经投诉反馈，14个政府部 门督促相 ...

绿色江南公众环境关注中心发布的《2025年化学工业气候信息披露-基于A股上市公司报告的实证分析》，聚焦A股353家化学工业上市公司及618家关联企 业，系统评估其2024年气候信息披露现状，为行业绿色转型与政策完善提供参考。 化学工业作为高耗能、高排放重点行业，2022年能源消费总量达66327万吨标准煤，占统计行业总量的12.26%，其气候信息披露是"双碳"战略落地的关键。 当前国际国内政策均强化披露要求，欧盟CSDDD、ISSB的IFRS S2准则及美国SEC新规形成全球约束，国内《碳排放权交易管理暂行条例》及沪深北交易所 披露框架也推动行业从"自愿探索"走向"标准化常态化"。 披露现状呈现"整体不足、结构不均"特征。上市公司层面，仅39家全面披露温室气体排放、能源消耗、减碳措施及气候目标四项核心内容，60家未披露任何 一项。重点排放企业排放数据披露率超七成，但仅24家明确范围一、二排放数据，仅2家披露范围三数据；减碳措施披露率达77.34%，但仅105家公开减碳 量化效果；能源消耗披露率55.24%，但多数缺乏能源结构、利用效率等细节；气候目标披露率不足15%，仅44家设定相关目标。关联企业表现更弱，碳 ...

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]

Core Viewpoint - The article discusses the challenges and opportunities for Chinese companies in climate information disclosure and the significance of the newly proposed guidelines for sustainable disclosure in promoting low-carbon transformation and aligning with international standards [1][3][6]. Group 1: Challenges in Climate Information Disclosure - Chinese companies face challenges in climate information disclosure, including the complexity of data collection and management, lack of professional talent, and insufficient understanding of international standards [2][3]. - Issues such as dispersed data sources and varying data quality complicate data integration and analysis [2]. - The shortage of personnel skilled in climate risk management, carbon accounting, and ESG reporting limits companies' progress in climate disclosure and low-carbon transformation [2][3]. Group 2: Significance of the New Guidelines - The proposed guidelines for sustainable disclosure mark a critical step in standardizing climate information disclosure in China and aligning it with international standards [3][4]. - The guidelines aim to enhance transparency in climate risk management, directing funds towards green and low-carbon sectors, and accelerating the low-carbon transition of companies [3][4]. - By providing clear disclosure requirements, the guidelines promote uniformity in sustainable disclosure standards, reducing confusion and uncertainty caused by differing standards [3]. Group 3: Impact on Corporate Strategy and Risk Management - The guidelines introduce a dual disclosure framework that considers both the impact of climate on companies and the reverse effect of corporate activities on climate [5]. - This framework encourages companies to proactively plan for low-carbon transitions, transforming compliance costs into core competitive advantages [5]. - Companies can leverage green energy to reduce long-term energy costs and develop low-carbon products to capture emerging market shares [5]. Group 4: International Influence and Adaptability - The guidelines not only fill a gap in climate information disclosure standards for developing countries but also offer a model for global climate governance through a "disclosure-driven transformation" approach [6][7]. - The design of the guidelines incorporates the principle of "common but differentiated responsibilities," providing flexibility for developing countries in implementing disclosure standards [7]. - The combination of mandatory and voluntary disclosures, along with incentives from carbon markets and green finance, offers a governance model for other developing nations facing regulatory challenges [7]. Group 5: Future Trends and Implementation - The implementation of the guidelines is expected to bring systemic changes to climate governance for Chinese companies, prompting adjustments in operational models and value chain management [8]. - Companies are advised to establish dedicated ESG departments, integrate climate risk management into strategic planning, and conduct comprehensive carbon footprint assessments [8]. - The government is encouraged to create carbon data management platforms and explore connections between disclosure data and existing policy tools, while industry associations can develop targeted disclosure guidelines based on sector-specific characteristics [8].

Group 1 - The Ministry of Finance and the Ministry of Ecology and Environment jointly released the "Corporate Sustainable Disclosure Guidelines No. 1 - Climate (Trial) (Draft for Comments)" on April 30, with a feedback deadline of May 31, 2025 [1][2] - The guidelines will include application guidelines for nine specific industries, including electricity, steel, coal, oil, fertilizer, aluminum, hydrogen, cement, and automobiles, to provide direction for the application of basic and climate guidelines [1][2] - The overall goal is to establish a unified sustainable disclosure guideline system in China by 2030, with basic and climate guidelines expected to be released by 2027 [2][3] Group 2 - The "Climate Guidelines Draft for Comments" consists of six chapters and 47 articles, maintaining high consistency with the "Basic Guidelines" in terms of objectives, disclosure targets, and technical requirements [3] - The draft aligns with international standards, particularly in disclosing climate-related risks and opportunities, and encourages companies to pursue low-carbon development [3] - Companies will have the option to voluntarily implement the guidelines before formal requirements are established [3]

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]