Preface
ESG refers to the English acronym of environment, social and governance. It is a new concept and method of investing and evaluating enterprises. In the process of analysis and investment decision-making, we should pay attention not only to the financial information of enterprises, but also to ESG non-financial information. The investment considering ESG factors is also called responsible investment, which has fiduciary responsibility. It aims to promote the company to integrate the requirements of social environment into the enterprise business, reduce risks, realize value creation and generate long-term returns. From this perspective, this series mainly tracks and combs the policies and hot spots related to ESG outside China, so as to provide reference for the direction and methodology of long-term investment.
Research conclusion
Review of overseas ESG hot spot policies: (1) the California Senate passed the first act of the United States, requiring companies to disclose all greenhouse gas emissions using the standards and guidelines of GHG protocol; (2) The European Commission has passed a supplementary authorization bill on the classification regulations on combating climate change, and nuclear power and natural gas that meet specific conditions will be classified as "transitional" energy for sustainable investment; (3) The transition path Initiative (TPI) issued a comprehensive report containing decarbonization pathways for all high emission industries, providing a clear and detailed framework for assessing corporate climate objectives in 10 key high emission industries in the energy, transportation and industry sectors.
Review of China's ESG hot spot policies: (1) in terms of environment, the Party group meeting of the Ministry of ecology and environment was held, and the meeting proposed to promote the introduction of Interim Regulations on the management of carbon emission trading as soon as possible; The general office of the State Council forwarded the guiding opinions on accelerating the construction of urban environmental infrastructure. By 2025, we will accelerate the filling of weaknesses, strive to build an integrated urban environmental infrastructure, and promote the green and high-quality development of urban environmental infrastructure. (2) In terms of construction, the Ministry of housing and urban rural development issued the 14th five year plan for the development of the construction industry, which clearly takes green development as the basic principle, aims to initially form a green and low-carbon production mode during the 14th Five Year Plan period, and clearly requires that the emission of construction waste at the construction site of new buildings be controlled below 300 tons per 10000 square meters. (3) In terms of transportation, CAAC issued the special plan for green development of civil aviation in the 14th five year plan, focusing on the key points of green development of civil aviation in the 14th five year plan, clarifying the tasks, proposing 10 key projects in the construction of green civil aviation governance system, low-carbon civil aviation construction, civil aviation pollution prevention and control, green civil aviation scientific and technological innovation and talent training, and proposing to further carry out civil aviation carbon peak Research on carbon neutralization path, prepare the medium and long-term low-carbon development roadmap of civil aviation and the implementation scheme of aviation emission reduction mechanism based on market. (3) In terms of energy, the national development and Reform Commission and the Energy Administration issued the guiding opinions on accelerating the construction of a national unified power market system, aiming to preliminarily complete the national unified power market system by 2025; The national development and Reform Commission and the Energy Administration issued the opinions on improving the institutional mechanisms and policies and measures for green and low-carbon energy transformation, which made it clear that during the 14th Five Year Plan period, the institutional framework for promoting green and low-carbon energy development should be basically established, and a green and low-carbon energy transformation promotion mechanism led by the "dual control" of energy consumption and the target system of non fossil energy should be constructed. (4) In terms of industry, the nine departments jointly issued the "14th five year plan" for the development of pharmaceutical industry, which takes promoting the upgrading of pharmaceutical manufacturing capacity system as one of the key tasks, carries out green and low-carbon projects in the pharmaceutical industry, tackles the common technologies of three wastes treatment, and implements the action plan for carbon emission reduction; The three ministries and commissions jointly issued the guiding opinions on promoting the high-quality development of the iron and steel industry, and strive to basically form a green, low-carbon and sustainable high-quality development pattern of the iron and steel industry by 2025, so as to ensure the carbon peak by 2030. (5) In terms of finance, the central bank and other four departments issued the 14th five year plan for the development of financial standardization, making it clear that accelerating the improvement of the green financial standard system will be the key task, unifying the green bond standard, and establishing the environmental, social and Governance (ESG) evaluation standard system.
Risk tips
I. the promotion of ESG policies outside China was less than expected
II. Macroeconomic downturn exceeded expectations
