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乳业ESG进阶背后:信披缺口暴露减碳短板 平衡经济效益需内外兼修
Zhong Guo Zheng Quan Bao· 2025-05-11 21:10
Core Insights - The dairy industry is undergoing a green transformation as ESG principles penetrate the real economy, with significant progress in carbon emission disclosure and reduction practices among leading dairy companies [1][2][4] - Despite improvements, structural contradictions in full value chain carbon reduction remain prominent, particularly in the low coverage of Scope 3 emissions accounting and the lack of technical standards for packaging recycling and supply chain carbon management [1][4] - The challenge of converting high carbon reduction investments into brand premiums amidst fluctuating consumer demand has emerged as a new issue for dairy companies balancing sustainable development with operational efficiency [1][7] Carbon Emission Disclosure - The disclosure of ESG information among listed dairy companies has improved, with 9 H-share listed dairy companies having published ESG or sustainability reports [1][2] - Leading companies like Yili and Mengniu achieved the highest MSCI ESG ratings of AA in 2024, reflecting their progress in ESG practices and information disclosure [2][3] - A total of 11 A-share listed dairy companies disclosed their 2024 ESG reports, with several companies clearly reporting their greenhouse gas emissions [2][3] Carbon Reduction Practices - Notable carbon reduction achievements include New Dairy's "Zero Carbon Dairy" action plan, aiming for peak carbon emissions by 2030 and a 5% annual reduction in carbon intensity [2][3] - Yili has set a target to reduce carbon emissions intensity by 50% by 2030 compared to 2012 levels, achieving this goal ahead of schedule [3][4] - H-share listed companies generally perform better in carbon emission disclosure, with many providing detailed Scope 3 emissions data [3][5] Challenges in Full Value Chain Carbon Reduction - The low disclosure rate of Scope 3 emissions highlights the shortcomings in carbon reduction and accounting across the entire value chain [4][5] - The release of the first low-carbon evaluation technical standard for the dairy industry aims to address monitoring and accounting challenges faced by companies of different sizes [4][5] - Companies like Mengniu and Yili are actively working on comprehensive carbon accounting across their supply chains, with Yili having completed 47.2% of its carbon inventory for core suppliers by the end of 2024 [5][6] Brand Premium and Market Dynamics - The dairy industry faces operational challenges, with many companies experiencing revenue declines in 2024, prompting a need to convert ESG practices into product premiums [6][7] - Yili and Mengniu are integrating ESG achievements into their brand strategies, offering carbon-neutral products to enhance consumer engagement [7][8] - The market is not yet mature enough for consumers to prioritize ESG performance in their purchasing decisions, indicating a need for companies to enhance internal management and operational efficiency to realize long-term value from ESG investments [7][8]