Core conclusion: ① the Shanghai Stock Exchange officially released the action plan for carbon peak and carbon neutralization during the 14th Five Year Plan period of Shanghai Stock Exchange, which made a systematic plan for the construction of rules and systems in the field of green finance, equity financing services, the development of green bond market, the development of green investment products, the deepening of international cooperation and the cultivation of green investors. ② The formulation of ESG evaluation and information disclosure group standards for Chinese enterprises was officially launched. ③ As of March 30, 2022, China’s carbon quota price was 58.50 yuan / ton, an increase of 1.32% over the same period in February 2022. China has a total of 246 ESG surviving funds. The scale of ESG funds is about 408.9 billion yuan, an increase of 3.27% over February 2022.
The “double carbon” action plan of Shanghai Stock Exchange guides the capital market to help green and low-carbon development. On March 1, 2022, the Shanghai Stock Exchange officially released the action plan for carbon peak and carbon neutralization of Shanghai stock exchange during the 14th Five Year Plan period. The action plan puts forward six measures: first, optimize equity financing services, strengthen environmental information disclosure of listed companies, and promote low-carbon development of enterprises; Second, expand the issuance scale of green bonds, improve the construction of green bond system and enhance the investment attraction of products; Third, improve the green index system, promote the development of green investment products and enrich the subject matter of green investment; Fourth, steadily promote the opening of green financial markets to the outside world, participate in the green financial work of international organizations, and deepen international cooperation; Fifth, strengthen the research on green finance, strengthen the cultivation of green investors, and promote the publicity and promotion of green finance; Sixth, strengthen energy conservation and emission reduction and promote the construction of green and low-carbon exchanges. We believe that the objectives and measures mentioned in the “double carbon” action plan of Shanghai stock exchange not only provide guidance for the construction of green financial system and product innovation, but also help the whole market actively participate in green development and help enterprises achieve economic benefits and the “double carbon” goal.
The formulation of ESG evaluation and information disclosure group standards for Chinese enterprises was officially launched. On March 24, 2022, the Xinhuanetco.Ltd(603888) esg project team announced that Xinhuanetco.Ltd(603888) will jointly launch the drafting of ESG evaluation, information disclosure and other relevant group standards with the development research center of the State Administration of market supervision and the China Association for the promotion of quality. The project team said that the formulation of ESG evaluation and information disclosure standard system is intended to create ESG standards suitable for China’s development status and path, promote the implementation of ESG standards in various industries, promote the construction of ESG ecological environment for the sustainable development of Chinese enterprises, promote the high-quality development of Chinese enterprises with a good social evaluation mechanism of Chinese enterprises, provide services for government decision-making and regulatory policies, and provide high-standard services for the standardized development of enterprises. We believe that this move will help mobilize the enthusiasm of enterprises to participate in green and low-carbon development, so as to further promote the innovation, coordination and green development of capital market.
China’s foreign carbon quota and ESG fund issuance. As of March 30, 2022, China’s carbon quota price was 58.50 yuan / ton, an increase of 1.32% over the same period in February 2022, and the settlement price of EU carbon quota futures was 78.05 euros / ton, a decrease of 4.64% over the same period in February 2022. In March 2022, the turnover of China’s carbon market was 640600 tons and that of EU carbon futures was 957492000 tons. Compared with the same period in February 2022, China’s trading volume shrank significantly, reducing by 61.66%, and foreign trading volume increased by 34.6% compared with the same period in February 2022. As of March 30, 2022, seven ESG funds have been issued in March 2022, with a cumulative issuance share of 4.676 billion. The number of newly issued funds has reached a new high in recent three years, and the monthly issuance share is far higher than the average in 2021. As of March 29, 2022, there were 246 ESG surviving funds in China, and the scale of ESG funds was about 408.9 billion yuan, an increase of 3.27% over February 2022.
Risk tip: the epidemic situation outside China has repeatedly affected the economic recovery, and the macro policies outside China have been tightened.
