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]