Core Viewpoint - China is accelerating the establishment of a climate governance system, with the release of the "Climate Disclosure Guidelines" ahead of the original 2027 timeline, indicating a high priority for climate disclosure in the national sustainable disclosure framework [1][2][3]. Group 1: Climate Disclosure Guidelines - The Climate Guidelines consist of six chapters and 47 articles, focusing on climate-related issues and detailing disclosure requirements for companies regarding climate risks, opportunities, and impacts [1]. - The guidelines emphasize the need for companies to disclose Scope 3 emissions, particularly for financial institutions, which face strict disclosure norms [1][5]. - The drafting of the guidelines follows four principles: based on the Basic Guidelines, aligning with international standards, separating guideline formulation and implementation, and considering industry application needs [1][2]. Group 2: Implementation and Progress - The rapid progression from the Basic Guidelines to the Climate Guidelines, occurring within six months, highlights the urgency and importance of climate disclosure in the sustainable disclosure system [2]. - The guidelines are designed to be modular, with the Basic Guidelines serving as a foundational module and the Climate Guidelines as a specific module that integrates seamlessly [2]. - The guidelines aim to enhance the capacity of Chinese enterprises and financial institutions to conduct comprehensive carbon accounting and achieve "dual carbon" goals, thereby increasing China's influence in global sustainable development governance [3]. Group 3: International Alignment - The Climate Guidelines are aligned with the International Financial Reporting Standards S2 on climate-related disclosures, ensuring consistency with international practices while adapting to the realities of Chinese enterprises [4][8]. - The guidelines will incorporate international adjustments over time while retaining unique Chinese disclosure requirements, such as the impact of carbon quota trading [9]. Group 4: Challenges and Recommendations - Financial institutions face challenges in disclosing Scope 3 emissions due to insufficient data from investee companies and a lack of systematic data collection mechanisms [6][10]. - The guidelines require financial institutions to disclose financing emissions, which are challenging to measure, particularly for the 15th category of Scope 3 emissions [7]. - Companies are advised to enhance their data governance systems, utilize AI and big data for intelligent accounting, and progressively implement and optimize their disclosure processes [10].

Group 1 - The Ministry of Finance and the Ministry of Ecology and Environment of China released the "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial) (Draft for Comments)" on April 30, 2023, which consists of six chapters and 47 articles covering governance, strategy, risk and opportunity management, indicators and targets, and appendices [1][2] - The governance chapter outlines disclosure objectives related to governance structures, management information, and third-party verification requirements [1] - The indicators and targets chapter specifies general and industry-specific climate-related indicators, climate-related goals, and the basis for greenhouse gas emissions accounting [1] Group 2 - The implementation of the climate standards will initially be voluntary for companies, considering their actual disclosure capabilities, before formal requirements are established [2] - Guidelines for nine specific industries, including electricity, steel, coal, oil, fertilizer, aluminum, hydrogen, cement, and automotive, are being developed to provide guidance for the application of the basic and climate standards [2] - The overall goal is to establish a unified sustainability disclosure standard system in China by 2030, with basic and climate standards expected to be released by 2027 [1][2]