继今年1月证监会指导沪深北证券交易所发布了上市公司可持续发展报告首批编制指南(包括"总体要求 与披露框架""应对气候变化")后，9月5日，证监会再次指导沪深北证券交易所发布了"污染物排放""能源 利用""水资源利用"三个环境议题披露指南并公开征求意见。 北交所表示，修订工作坚持"提供参考为主，不新增强制披露要求"思路，旨在帮助上市公司更好地理解 可持续发展信息披露要求，提升ESG报告编制质量。据悉，北交所上市公司已积极开展ESG信息披露实 践，目前已有贝特瑞等16家公司披露了2024年度ESG报告，展现了上市公司对可持续发展理念的积极响 应。 北交所修订《指南》 日前，在中国证监会统筹指导下，北交所修订了《北京证券交易所上市公司可持续发展报告编制指 南》，自2025年9月5日起向社会公开征求意见。 北交所于2025年1月17日制定发布《指南》及附件《第一号 总体要求与披露框架》《第二号 应对气候变 化》。本次修订围绕环境相关议题新增系列应用指南《第三号 污染物排放》《第四号 能源利用》《第 五号 水资源利用》。 北交所表示，在本次修订的过程中，坚持以下总体思路：一是提升意识，筑牢可持续发展基础。在现有 披露框 ...

Core Viewpoint - The recent revision of the "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies" aims to enhance the quality of ESG reporting among listed companies in China, focusing on pollution discharge, energy utilization, and water resource usage [1][2][3] Group 1: Guidelines and Framework - The new guidelines provide detailed guidance on identifying and assessing risks and opportunities related to pollution discharge, energy use, and water resource management [1][3] - The guidelines do not impose additional mandatory disclosure requirements but serve as a reference for companies to improve their ESG reporting [1][2] - The guidelines include common calculation processes and methods for disclosing data, addressing the lack of standardized accounting and reporting methods among companies [3][4] Group 2: Impact on ESG Reporting - As of June 2023, 1,869 listed companies have disclosed ESG reports, achieving an overall disclosure rate of 34.72%, an increase of approximately 10 percentage points compared to the previous two years [5][6] - The quality of ESG disclosures has improved, with 99.25% of companies reporting quantitative indicators, and 62.07% disclosing climate-related risks and opportunities [6][7] - The introduction of these guidelines has led to a significant increase in the number of companies receiving higher international ESG ratings, with 32% of companies in the Shanghai and Shenzhen markets seeing improvements in their MSCI ESG ratings by the end of 2024 [6][7] Group 3: Long-term Benefits - Enhanced ESG ratings are expected to improve companies' attractiveness to investors, leading to a virtuous cycle of better disclosure, higher ratings, and increased investment [7] - The guidelines are anticipated to help companies develop long-term sustainable strategies, thereby improving overall corporate quality and competitiveness [4][5]

上市公司可持续信披再迎"辅导资料"。 9月5日，在中国证监会指导下，沪深北交易所就修订上市公司可持续发展报告编制指南（以下简称《指 南》）公开征求意见，此次修订新增应用指南《第三号污染物排放》《第四号能源利用》《第五号水资 源利用》。 与首批《指南》侧重点有所不同，此次新增的三个应用指南，重点针对相关领域风险和机遇的识别与评 估、核算流程与方法、披露要点等重点难点问题，提供细化指导以及参考示例，推动上市公司提升可持 续发展意识，促进规范披露。另外，《指南》仅为上市公司编制可持续发展报告（以下简称ESG报告） 提供参考，不增加额外强制披露要求。 中央财经大学绿色金融国际研究院院长王遥在接受《证券日报》记者采访时表示，此次《指南》新增的 三个环境议题，既回应了企业痛点，通过明确风险与机遇识别、核算流程和披露要点，为企业解决系统 性难题；还建立了标准化的披露框架，鼓励企业建立从数据采集、内部核算到战略决策的完整管理链 条，把环境绩效与治理和战略真正结合起来。此次《指南》修订由"鼓励披露"走向"规范披露"，进一步 拓展关键议题覆盖，既有助于提升企业的可持续发展意识，提升资本市场透明度和前瞻性，对推动我国 绿色低碳转型 ...

8月18日，以"绿动首钢山海共兴"为主题的首届"ESG首钢日"活动暨"1+N"报告发布会在北京首钢国际会 展中心举办。 活动现场，中国企业改革与发展研究会会长，国务院国资委原党委委员、秘书长彭华岗表示，国有企业 应将履行社会责任融入发展血脉、嵌入治理体系，首钢集团有限公司(简称"首钢集团")创新打造"ESG首 钢日"，以品牌引领ESG实践，为行业转型提供了可参照、可复制的标杆范例。 彭华岗强调，品牌是推动ESG实践的核心引擎，价值驱动是ESG品牌的核心支撑，实现ESG品牌价值创 造要做到三点：一是坚持战略引领，筑牢品牌根基；二是聚焦价值贡献，充实品牌内涵；三是强化沟通 传播，放大品牌价值。未来，期待首钢继续发挥示范作用，紧扣国家战略，加强创新引领，带动产业链 共同构建可持续发展良好生态，为中国企业ESG发展贡献更多智慧与力量。 "在全球ESG监管加速、投资趋稳的今天，ESG已不仅是一种倡导可持续发展的理念，更是一种促进企 业高质量发展的方法论，国资国企构建ESG话语体系、完善ESG治理势在必行。"北京市国资委党委委 员、副主任石小璞表示，近年来，北京市国资委积极推动首都国企践行ESG理念、深化履责实践、提升 ...

Overall Performance - The overall ESG performance of the selected central enterprises is satisfactory, with 80% of companies scoring above 80 points and 54% scoring above 90 points out of a maximum of 100 points [10][11][12]. Importance Assessment - More than 95% of the companies have completed the disclosure requirements, emphasizing financial importance, with 49 companies disclosing financial importance assessments and 48 companies disclosing impact importance assessments [13][15]. - The number of companies disclosing third-party verification reports is only 17, accounting for 34% [14][15]. Environmental & Climate - Over 80% of the companies scored well in environmental disclosures, with 43 companies scoring between 30-34 points in total environmental and climate disclosures [17][21]. - The disclosure rates for key environmental indicators such as waste management, biodiversity, and energy management are all at 98%, with 49 companies providing detailed management measures and results [17][22]. - The complete disclosure rate for climate indicators and targets is 92%, while the disclosure rate for climate governance is around 60% [18][39][47]. Social Responsibility - Social issues score well, with a focus on unique Chinese indicators such as rural revitalization, social welfare, and innovation, with 47 companies disclosing rural revitalization efforts [52][54]. - The transparency of other indicators like technology ethics (68% disclosure) and management responsibility (62% disclosure) is relatively low, with many companies lacking established systems [52][56]. Governance - Governance scores are primarily in the mid-high range, with a good disclosure of governance structures and mechanisms, but there are many penalty incidents indicating a need for improved governance standards [65]. - The proportion of companies incorporating ESG performance into assessments is only 74%, indicating room for improvement [65].

Group 1 - The coal industry has seen significant improvements in the standardization, proactivity, and coverage of ESG information disclosure among listed companies, with a disclosure rate reaching 79.55% by May 2025, an increase of over 21.41 percentage points compared to 2024 [1] - The distribution of ESG ratings among coal listed companies has improved, with the proportion of AA ratings increasing from 2.9% in 2024 to 4.55% in 2025, A ratings from 2.9% to 6.82%, and BBB ratings from 11.8% to 38.64% [1] - Several listed coal companies have introduced carbon reduction targets in their 2024 ESG reports [1] Group 2 - China Shenhua has set a carbon peak target for 2021-2030, aiming to limit carbon emissions to a 70% increase compared to 2020 by 2030, with current progress at a 47.8% increase [2] - Yancoal Energy aims to reduce carbon emissions by 700,000 tons annually by 2025 and plans to increase the share of clean energy utilization to over 10% by 2030 and achieve 80% non-fossil energy consumption by 2060 [2] Group 3 - Digital tools are aiding companies in their green transformation, with Huayang Co. achieving full automation in its production mines three years ahead of schedule, resulting in an efficiency increase of 249.52 tons per person [3] - Shaanxi Coal Industry has developed an online monitoring platform for energy conservation and environmental protection, utilizing IoT technology for real-time data aggregation and analysis [3] - China Shenhua has introduced AI technology to enhance supply chain management and established a big data platform for in-depth analysis of supply chain data [3] Group 4 - The ESG rating is not only a compliance requirement for coal listed companies but also a strategic tool for linking capital, managing risks, and enhancing competitiveness, with room for improvement in ESG ratings [4] - Companies that complete ESG capability building ahead of others will achieve a win-win situation in social benefits and commercial value amid the dual mission of energy supply and low-carbon transition [4]

Group 1 - In April 2024, the three major domestic stock exchanges released guidelines for sustainable development report disclosure, leading to an increase in the number of listed companies disclosing their 2024 sustainable development reports [1] - A total of 2,469 A-share listed companies published independent 2024 sustainable development reports, representing 45.6% of all A-shares, a year-on-year increase of 17% [1] - The ESG report disclosure rates vary by index, with the large-cap index at 90.3%, mid-cap at 66.6%, small-cap at 38.8%, and micro-cap at 19.4% [2] Group 2 - 62 listed companies received an AAA ESG rating, accounting for 1.1% of all A-share companies, with the financial, industrial, and healthcare sectors leading in AAA ratings [3] - Over 1,350 listed companies established ESG-related committees or working groups, indicating a significant increase in the emphasis on ESG governance [4] - The external verification of ESG reports remains low, with only about 200 companies having their reports verified by third parties, representing less than 4% of the total [5] Group 3 - 1,856 listed companies disclosed their 2024 carbon emissions data, accounting for 34.3% of all A-shares, with a year-on-year increase of over 40% [6] - The disclosure rate for Scope 3 emissions remains low at about 5%, primarily due to the lack of mandatory reporting and unified standards [7] - Approximately 270 listed companies have set long-term carbon neutrality goals, reflecting a growing commitment to low-carbon transformation [7] Group 4 - 3,759 listed companies announced or implemented cash dividend plans for 2024, with a total cash dividend amounting to 2.3 trillion yuan, an 18.3% increase year-on-year [8] - Central and state-owned enterprises have a higher disclosure rate for sustainable development reports at 75.4%, compared to 33.8% for non-state-owned enterprises [9] - The proportion of central and state-owned enterprises establishing ESG-related committees or groups is 41.8%, higher than the overall market average of 25.1% [10]

Core Insights - ESG (Environmental, Social, and Governance) has become a key indicator for measuring corporate sustainability in the current global economic landscape, with global sustainable investment exceeding $35 trillion in 2022 and continuing to grow [1][14][21] - The ESG investment trend has seen explosive growth, with net inflows into global ESG funds exceeding $1.5 trillion from 2020 to 2023, transitioning from a responsible investment concept to a mainstream investment strategy [1][21] Policy Trends - Major economies and international organizations are actively promoting ESG reporting policies, such as the European Union's implementation of the Corporate Sustainability Reporting Directive (CSRD) in 2023, affecting over 50,000 companies [2][25] - The U.S. SEC has strengthened regulations on climate-related disclosures since 2022, requiring companies to report on climate change risk assessments and greenhouse gas emissions [2][26] - China's ESG regulatory policies have been continuously improving since 2021, with increasing disclosure requirements for listed companies, including mandatory disclosures for indices like the Shanghai 180 and STAR 50 [2][27] - International organizations have introduced standards like the GRI 2021 version, effective in 2023, which covers 78% of leading global companies and emphasizes substantive reporting and stakeholder engagement [2][28] ESG Reporting Framework - ESG reporting frameworks include GRI standards, SASB standards, and various stock exchange standards, focusing on environmental data, social performance, and corporate governance disclosures [3][36][37] - Environmental disclosures require reporting on greenhouse gas emissions, resource efficiency, and environmental risk management [3][40][42] - Social performance disclosures cover employee rights, community engagement, and supply chain social responsibility [3][43] - Governance disclosures include board diversity, investor rights protection, and anti-corruption measures [3][45][46] Challenges and Strategies - Companies face challenges in implementing ESG reporting and verification, including internal coordination and resource allocation, as well as uncertainties in ESG metrics and performance measurement [3][4] - Strategies for companies include establishing a robust ESG management system, enhancing the quality of ESG disclosures, and actively engaging in ESG verification collaborations [4][5] - The trend towards stricter compliance and verification of ESG reports is increasing, urging companies to embrace ESG transformations for sustainable development [4][5]

Core Viewpoint - The level of ESG (Environmental, Social, and Governance) information disclosure among A-share listed companies is gradually improving, with a significant increase in the number of companies publishing ESG-related reports for 2024 compared to previous years [1][3]. Group 1: ESG Report Disclosure - As of May 29, 2024, a total of 2,461 A-share listed companies have disclosed ESG-related reports, marking an increase from 1,008 companies that published social responsibility reports in 2023 [3][6]. - Among these, 396 companies have transitioned from social responsibility reports to ESG or sustainable development reports for 2024 [3][6]. - The naming conventions for ESG-related reports include "Social Responsibility Report," "Sustainable Development Report," and "ESG Report," among others, with no mandatory naming requirements from regulators [3][4]. Group 2: Rating Changes and Trends - Of the 396 companies that switched to sustainable development reports, 125 have seen an increase in their Wind ESG ratings, while 47 have experienced a decline [6][7]. - Notable companies with significant rating improvements include Tianya Pharmaceutical, which improved from B to AA, and Jiangsu Cable, which improved from B to A [6][7]. - The trend of companies moving towards sustainable development reporting is influenced by the desire to enhance ESG ratings and align with international standards [4][6]. Group 3: Challenges and Considerations - 612 companies have opted to continue disclosing social responsibility reports, potentially due to the need for time to enhance ESG capabilities or limited resources among smaller firms [5][6]. - The transition from social responsibility reports to sustainable development reports involves more than just a name change; it requires a comprehensive upgrade in content and focus on ESG performance [7]. - The decline in ratings for some companies may not solely be attributed to superficial changes but could reflect a lack of understanding of new rating standards or existing issues in their sustainability practices [7].

45.68%！A股公司ESG报告披露率创新高 ◎记者 高志刚 自2024年沪深北三大交易所发布上市公司可持续发展报告指引后，A股上市公司迎来新规后的首份 ESG"成绩单"。 华证指数数据显示，截至4月30日，共有2468家A股公司披露了2024年度ESG报告，较2023年度增长 16.8%；披露率为45.68%，较上一年度增加6.68个百分点，整体披露率首次突破45%大关，创历史新 高。 除披露数量的显著增长之外，引入第三方鉴证、"双重重要性"分析等已成为不少上市公司的选择，2024 年度ESG报告呈现诸多亮点。 所有行业披露率均超30% 数据显示，2024年度所有行业的ESG报告披露率均超30%。 秩鼎数据显示，银行业和非银金融业凭借严格的监管要求，继续占据ESG披露率前两位。其中，银行板 块继续实现100%披露，非银金融披露率达86.59%。钢铁、煤炭、房地产、公用事业等12个行业紧随其 后，披露率均超过50%，综合、钢铁两行业披露公司家数占该行业公司家数比重已超过80%。相较之 下，机械设备行业披露率最低，为30.31%，但较2023年度提升4.56个百分点。 在强制披露层面，依据上市公司可持续发展报告 ...