Preface
ESG refers to the English acronym of environment, social and governance. It is a new concept and method for 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 tracks and combs the policies and hot spots related to ESG at home and abroad, so as to provide reference for the direction and methodology of long-term investment.
research conclusion
Corporate Governance: the sixth revision of the company law was launched. This round of systematic overhaul of the company law (Revised Draft) focused on deepening the reform of state-owned enterprises and promoting the healthy development of the capital market, improving the special provisions of state funded companies and strengthening the responsibilities of controlling shareholders and management personnel.
Focusing on the action plan for carbon peaking before 2030 published by the State Council, the industry policy: (1) CISA issued a document saying that the action plan for carbon peaking and carbon reduction in the iron and steel industry has become the first draft, aiming to achieve a peak carbon emission in the iron and steel industry by 2025, reduce the carbon emission of the iron and steel industry by 30% compared with the peak by 2030, and is expected to achieve a carbon emission reduction of 420 million tons; (2) The national development and Reform Commission and other departments announced the action plan for strict energy efficiency constraints in key industries of metallurgy and building materials to promote energy conservation and carbon reduction (2021-2025) and the action plan for strict energy efficiency constraints in key industries of petrochemical industry to promote energy conservation and carbon reduction (2021-2025). By 2025, it is expected that iron and steel, electrolytic aluminum, cement, flat glass, oil refining, ethylene, synthetic ammonia The proportion of capacity of key industries such as calcium carbide and data centers reaching the benchmark level exceeds 30%; (3) The State Administration of organ affairs and other departments jointly issued the implementation plan for further carrying out green and low-carbon leading actions of public institutions to promote carbon peaking, which proposed that qualified regions should achieve carbon peaking of public institutions by 2025 and the total carbon emission of national public institutions should reach the peak as soon as possible by 2030; (4) The national development and Reform Commission and other departments issued the implementation plan for implementing the requirements of carbon peak and carbon neutralization goal and promoting the green and high-quality development of new infrastructure such as data center and 5g, which proposed that by 2025, the data center and 5g will basically form a green and intensive integrated operation pattern; (5) The national development and Reform Commission and the Ministry of industry and information technology issued the notice on matters related to the circular transformation of parks in the 14th five year plan, which made it clear that all qualified parks above the provincial level will implement circular transformation by the end of 2025; (6) The implementation plan of carbon peak neutralization of market supervision and management system, the implementation plan of carbon peak neutralization in energy field and the work plan of carbon peak neutralization in urban and rural construction will be formulated soon. The implementation plans of carbon peak neutralization in non-ferrous metals, building materials, petrochemical industry, steel and other industries will be released successively.
In terms of state-owned enterprises: (1) in terms of iron and steel industry, Hegang group proposes to achieve carbon peak by 2022, China Baowu, Baosteel and Baotou Iron and steel group aim to achieve carbon peak by 2023, and Angang Group will achieve carbon peak by 2025; (2) In terms of financial industry, China Development Bank aims to achieve carbon peak by 2030 and carbon neutralization by 2060; (3) In terms of energy industry, the State Power Investment Corporation and the Three Gorges group aim to achieve carbon peak by 2023, China Huadian, the state energy group and China nuclear power group aim to achieve carbon peak by 2025, and Datang Group aims to achieve carbon peak by 2030; (4) In the chemical industry, Sinopec and PetroChina have made it clear that carbon peak will be achieved in 2030 and carbon neutralization will be achieved in 2050.
Risk statement
1、 China’s ESG policy promotion was less than expected
2、 The macroeconomic downturn exceeded expectations
