回顾2025年ESG发展，国际分化与监管细化并存。欧美政策摇摆导致市场短期调整，但生物多样性等新 兴议题仍加速落地；我国通过法律框架、细则指南和准则层层推进ESG信披体系建设。 2026年是我国"十五五"规划的开局之年，也是ESG强信披时代的开启之年。未来，在ESG强信披框架 下，ESG报告的完整性与公司间可比性将是关注重点，企业也需强化数据治理与供应链协同以应对合规 要求。 21碳中和课题组梳理了2024年国内、国际具有较高影响力的ESG政策和事件，邀您一文回顾—— 总揽：ESG报告纳入法定披露、交易所下发ESG新指南、财政部气候准则落地、欧盟简化ESG信披、美 国暂停SEC气候披露规则、生物多样性国标发布、471家A股上市公司ESG强信披、A股ESG评级历史新 高、我国ESG基金总规模破万亿、全球可持续基金退潮 1、ESG报告纳入法定披露 2025年3月，证监会发布修订后的《上市公司信息披露管理办法》第六十五条明确提出"上市公司按照证 券交易所的规定发布可持续发展报告"，这意味着证监会已将ESG报告纳入法定披露范畴。该《信披办 法》于2025年7月1日起正式施行。 3、财政部气候准则落地 2025年6月， ...

Group 1 - The Ministry of Finance and the Ministry of Ecology and Environment have jointly released the "Corporate Sustainable Disclosure Guidelines No. 1 - Climate (Trial) (Draft for Comments)," marking significant progress in the establishment of sustainable information disclosure standards in China [1][2] - The draft aims to standardize the disclosure of climate-related risks, opportunities, and impacts by companies, providing essential information to investors, creditors, and other stakeholders for economic decision-making [1][2] - The climate guidelines are the first specific guidelines following the release of the basic guidelines, indicating a rapid advancement in the overall work of sustainable disclosure standards [2][3] Group 2 - The climate guidelines consist of six chapters and 47 specific provisions, aligning with the four core elements of sustainable information outlined in the basic guidelines [3][4] - Companies are required to disclose both qualitative and quantitative information regarding the financial impacts of climate-related risks and opportunities, including current and expected future effects [3][4] - The draft allows for certain exemptions in information disclosure, such as national secrets or commercially sensitive information, and provides flexibility in the level of detail required [4] Group 3 - The draft aligns with international standards, particularly the ISSB's climate-related disclosure standards (S2), while also considering China's unique circumstances [5][6] - The overall approach of the Ministry of Finance is to create a unified national sustainable disclosure standard that reflects international best practices while being tailored to China's context [5][6] - Companies, especially those listed in Hong Kong, are encouraged to prepare for climate-related disclosures in line with the new guidelines, as they will be required to comply with similar standards starting in the 2025 fiscal year [6][7] Group 4 - Specific industries, including finance, electricity, steel, coal, oil, fertilizer, aluminum, hydrogen, cement, and automotive, are urged to pay particular attention to the climate guidelines [7] - The Ministry of Finance is working on developing application guidelines for these industries, which will be released after the climate guidelines are finalized [7]

Group 1 - The core viewpoint of the report is that ESG disclosure among Hong Kong listed companies has reached a mature stage, with significant improvements in reporting quality and compliance with international standards [1][15][26] - The report indicates that 93% of companies have achieved an ESG disclosure rate greater than 80%, marking a 14.1% increase from 2022 [2][26] - The Hong Kong Stock Exchange (HKEX) has introduced new climate disclosure regulations that will take effect on January 1, 2025, aligning with the ISSB climate standards [1][24] Group 2 - The report highlights that 98% of companies disclose board oversight on ESG matters, and 96% involve key stakeholders in the process, indicating a strong commitment to ESG governance [2][3] - Climate disclosure is improving, with 87% of companies reporting board oversight of climate risks, although advanced areas like scenario analysis (23%) and Scope 3 emissions (31%) still require development [3][4] - Biodiversity disclosure is in its early stages, with only 28% of companies reporting their impact on biodiversity, and 36% implementing management measures [4] Group 3 - The overall ESG reporting landscape shows that 81% of companies publish independent ESG reports, with 79% of these reports exceeding 60 pages [5] - In the environmental category, over 90% of companies disclose emissions and resource usage metrics, but only 50-70% disclose quantitative environmental targets [5][36] - In the social category, over 90% of companies report on employment, health and safety, and anti-corruption, with supply chain ESG management disclosures rising to over 80% [5][36] Group 4 - The report suggests that Hong Kong listed companies should align more closely with international standards like ISSB and TNFD to enhance the scientific basis of climate and biodiversity disclosures [6][8] - Companies are encouraged to deepen digital management practices to optimize data collection and analysis, improving the accuracy and timeliness of disclosures [7] - There is a call for integrating ESG goals into business strategies to promote green transformation and long-term sustainability [8][9]