当ESG仍被不少企业视为合规成本时，如何打破认知边界，将投入转化为吸引资本、驱动创新、构筑壁垒的核心资本，最终实现企业价值的重塑与跃升？ 11月26日，由中国证券报、中国国新主办，国新证券承办的"治善致远 绿动未来——2025年金牛企业可持续发展论坛"在苏州举办，多位上市公司董事长及 高管在圆桌论坛围绕"变成本为资本——ESG驱动企业价值重塑"的主题，进行了一场深度交流。 参与圆桌讨论人士从第三方评估、数字赋能、行业实操、治理落地等多个维度，深度剖析了ESG变成本为资本的核心路径，让市场对ESG驱动企业价值重塑 有了更全面的认知——ESG绝不是企业额外负担，而是企业穿越周期、构建核心竞争力的关键资本。 ● 本报记者 吴科任 罗京 ■ 价值转化 企业如何建立ESG量化评估体系，清晰呈现投入与产出的对应关系，避免"只算成本账、不算价值账"？"ESG的投入在当期，而产出往往在远期，两个期限 不匹配，会给企业带来一些困扰。"ESG领域的第三方机构商道融绿董事长郭沛源表示，可以从以下视角审视这一现象。 在郭沛源看来，企业建立ESG评估体系时，首先要明确成本的构成，尤其是要区分增量成本和存量成本。不能简单地认为ESG投入 ...

Core Perspective - The article discusses how companies can transform ESG investments from a compliance cost into a core capital that attracts investment, drives innovation, and builds competitive advantages, ultimately reshaping corporate value [1]. Value Transformation - Companies need to establish a quantifiable ESG assessment system to clearly present the relationship between input and output, avoiding the mindset of only calculating costs without considering value [2]. - ESG investments should be viewed as both costs and benefits, with potential for cost reduction and efficiency gains, such as installing solar panels, and attracting new investors through green financing [2]. - Long-term institutional investors are likely to increase as ESG practices improve, optimizing shareholder structure [2]. - ESG can drive business and product innovation, creating new growth points, especially for products with a lower carbon footprint [2]. Active Practice - The chemical industry is undergoing a green transformation, with companies like Changhua Chemical innovating through catalyst technology to utilize CO2 as a raw material, achieving significant production milestones [3]. - Yabao Chemical has invested over 10 million in sustainable development, responding to industry compliance and enhancing operational efficiency, becoming one of the early adopters of ESG reporting among private enterprises [3][4]. - Ctrip is addressing carbon emission challenges in the travel industry by integrating carbon data from airlines and establishing low-carbon standards for hotels, aligning with the preferences of environmentally conscious consumers [4]. Digital Empowerment - The integration of AI and ESG is becoming a key driver for sustainable development, with companies like Longxin Group leveraging technology to facilitate industry-wide transitions [5][6]. - Longxin Group has developed a distributed photovoltaic management platform covering 50GW of resources and a charging platform with 26 million registered users, significantly enhancing operational efficiency and reducing costs for businesses [6].