上市公司ESG报告编制"教科书"扩容 商道融绿董事长、商道咨询首席专家郭沛源在接受上海证券报记者采访时表示，新版指南的发布降低了 上市公司实施指引的难度，助力上市公司ESG报告的编制能力和报告质量快速跃升。特别是其中对很多 技术问题做了详细讲解，并给出具体流程及实施步骤参考、评分示例等。上市公司把指南当作"教科 书"，将更容易掌握指引这份"考纲"。 在政策持续引导下，A股市场已经出现了一批稳定披露可持续发展报告的优质公司。数据显示：2025年 内，近1900家上市公司披露了可持续报告，整体披露率近35%，较前两年提升约10个百分点，市值占比 约七成；另有超600家公司披露社会责任报告。 同时，ESG评级不断提升，成为上市公司高质量发展的重要体现。截至2025年底，MSCI中国A股指数 成分股有34.3%的企业ESG评级提升，全球领先评级（AAA，AA级）的家数占比由2024年底的7.2%大 幅跃升至14.13%，是近年来最大的一次提升，领先评级公司数量由"十三五"末期的2家增长至52家。同 期，中证、国证可持续指数产品规模合计约1250亿元，较2020年底增长了两倍多，ESG基金在新发与存 量产品中的占比持续 ...

1月30日，在中国证监会的指导下，沪深北交易所修订发布上市公司可持续发展报告编制指南（以下简 称《指南》），新增《第三号 污染物排放》《第四号 能源利用》《第五号 水资源利用》三个应用指 南，中英文版本同步向市场公开。 此次发布的三个应用指南，与前期发布的《第二号 应对气候变化》共同构建了绿色转型议题的指南体 系。新增内容注重与企业实际相结合，不额外增设强制性披露义务，旨在引导上市公司循序渐进提升环 保与资源节约责任意识，推动形成规范、透明、可持续的信息披露机制。 2026年是A股可持续发展报告强制披露的元年。随着《指南》对重要议题覆盖面提升，上市公司ESG信 息披露迎来更加全面且细致的指导，有助于提高ESG信披质量和评级。 为企业解决系统性难题 修订后的《指南》重点围绕相关议题的风险与机遇识别、核算方法规范、披露内容明确三个方面展开： 一是系统说明各议题涉及的主要风险与机遇，如生产运营中的环境合规风险、绿色技术应用带来的市场 机遇等。 二是提供披露数据的计算流程与方法，涵盖污染物排放量统计、综合能耗计算、水资源取用与消耗计量 等，增强数据可比性与可靠性。 三是进一步明确信息披露要点，包括排放物对周边社区与员 ...

Core Viewpoint - The major stock exchanges in China have revised their guidelines for the preparation of sustainable development reports for listed companies, introducing new attachments focused on pollution emissions, energy utilization, and water resource utilization, effective from September 5, 2025 [1][2]. Group 1: New Guidelines - The new guidelines aim to provide a reference for listed companies in preparing sustainable development reports without increasing their disclosure burden [2]. - The attachments include specific disclosure requirements related to pollution emissions, energy consumption, and water usage, with a focus on key indicators and targets [2]. - The guidelines are designed to enhance ESG (Environmental, Social, and Governance) governance awareness among listed companies and promote standardized operations [2]. Group 2: Implementation and Future Steps - The exchanges will modify and finalize the guidelines based on feedback received during the public consultation process [3]. - The exchanges have been integrating ESG principles into capital market regulations and have previously released guidelines to improve the quality of sustainable development disclosures [4]. - A three-year action plan has been established to enhance ESG governance capabilities and the quality of disclosures among listed companies in the Shanghai market [4].

Core Viewpoint - The major stock exchanges in China have revised their guidelines for sustainable development reporting, introducing new attachments focused on pollution emissions, energy utilization, and water resource usage, effective from September 5, 2025 [1][2]. Group 1: New Guidelines and Attachments - The new attachments include specific guidelines for pollution emissions, energy utilization, and water resource usage, aimed at enhancing the sustainability reporting framework for listed companies [1][2]. - The guidelines are designed to provide a reference for companies without imposing additional disclosure burdens, as they are based on existing requirements [1][2]. Group 2: Disclosure Requirements - Specific disclosure requirements include pollution emission information, reduction measures, impacts on employees and local communities, and environmental compliance for pollution emissions [2]. - For energy utilization, companies are required to disclose total energy consumption by type, energy structure, clean energy usage, and energy-saving goals [2]. - Water resource utilization guidelines mandate disclosures on total water consumption, usage intensity, water-saving goals, and water recycling practices [2]. Group 3: ESG Integration and Future Plans - The exchanges aim to enhance ESG (Environmental, Social, and Governance) governance awareness among listed companies and promote standardized operations through these guidelines [2]. - Future revisions of the guidelines will incorporate feedback from the public consultation process, further strengthening sustainable disclosure rules [2][3]. - The exchanges have committed to integrating ESG principles into capital market regulations, with ongoing efforts to improve the quality of ESG disclosures [2][3].