本頁(yè)面旨在更新ESG在港交所和中國(guó)證監(jiān)會(huì)、深交所與上交所的ESG動(dòng)態(tài)，及國(guó)外 ESG 政策。

根據(jù)聯(lián)合國(guó)責(zé)任投資原則組織（PRI）統(tǒng)計(jì)，全球ESG相關(guān)法規(guī)數(shù)量增長(zhǎng)明顯，2020年已經(jīng)達(dá)到500余條，其中2019年增加或修訂了80余條政策。

頁(yè)面更新：2024年12月

2024年12月10日，香港特區(qū)政府推出香港可持續(xù)披露路線圖，闡明香港要求公眾責(zé)任實(shí)體采用國(guó)際財(cái)務(wù)報(bào)告可持續(xù)披露準(zhǔn)則（ISSB準(zhǔn)則）的方針，并就不遲于2028年大型公眾責(zé)任實(shí)體全面采用ISSB準(zhǔn)則提供清晰的路徑。（來(lái)源：香港特區(qū)政府新聞網(wǎng)）

1. 強(qiáng)制性可持續(xù)披露要求

• 上市公司：2024年起：所有主板發(fā)行人需以「不遵守就解釋」原則，參照《國(guó)際財(cái)務(wù)報(bào)告可持續(xù)披露準(zhǔn)則第2號(hào)》（IFRS S2）進(jìn)行氣候相關(guān)信息披露。2026年起：恒生綜合大型股指數(shù)成分股發(fā)行人（大型股發(fā)行人）需強(qiáng)制遵守新氣候規(guī)定。2028年起：所有上市公眾責(zé)任實(shí)體預(yù)計(jì)需全面按香港準(zhǔn)則進(jìn)行可持續(xù)匯報(bào)。
• 非上市金融機(jī)構(gòu)：2028年前：具有重要影響力的金融機(jī)構(gòu)需應(yīng)用香港準(zhǔn)則進(jìn)行可持續(xù)披露。

2. 適應(yīng)ISSB準(zhǔn)則

• 香港會(huì)計(jì)師公會(huì)正在制定與國(guó)際財(cái)務(wù)報(bào)告可持續(xù)披露準(zhǔn)則（ISSB準(zhǔn)則）全面銜接的「香港準(zhǔn)則」，為企業(yè)提供統(tǒng)一的框架，提升信息披露的一致性和透明度。

1. 提高合規(guī)成本

• 實(shí)施新準(zhǔn)則將增加企業(yè)在數(shù)據(jù)收集、核證和報(bào)告上的投入，尤其是對(duì)于尚未建立完善可持續(xù)發(fā)展管理體系的企業(yè)。

2. 增強(qiáng)透明度與國(guó)際競(jìng)爭(zhēng)力

• 新規(guī)定將促使企業(yè)提升其環(huán)境、社會(huì)及管治（ESG）數(shù)據(jù)質(zhì)量，從而吸引更多國(guó)際投資者并提升其在全球市場(chǎng)中的競(jìng)爭(zhēng)力。

3. 技能培訓(xùn)需求增加

• 企業(yè)需要加強(qiáng)內(nèi)部員工和管理層對(duì)ISSB準(zhǔn)則及可持續(xù)發(fā)展相關(guān)知識(shí)的培訓(xùn)，以確保合規(guī)能力。

1. 可持續(xù)核證

• 香港將推動(dòng)高質(zhì)量核證制度，確保披露信息的可信度，這可能要求企業(yè)與專(zhuān)業(yè)核證機(jī)構(gòu)合作。

2. 數(shù)據(jù)與科技應(yīng)用

• 政府和監(jiān)管機(jī)構(gòu)將提供免費(fèi)數(shù)據(jù)工具、推動(dòng)綠色金融科技，以及擴(kuò)大可持續(xù)金融分類(lèi)目錄，幫助企業(yè)更高效地完成披露要求。

3. 推動(dòng)技能培訓(xùn)

• 督導(dǎo)小組及香港會(huì)計(jì)師公會(huì)將提供技能培訓(xùn)支持，幫助企業(yè)適應(yīng)新標(biāo)準(zhǔn)。

更多可參考本站頁(yè)面：

2024年4月19日，香港聯(lián)交所刊發(fā)有關(guān)氣候信息披露規(guī)定的諮詢(xún)總結(jié)。聯(lián)交所將修訂有關(guān)建議，以更緊貼國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則S2 號(hào) — 氣候相關(guān)披露（IFRS S2），詳情載于咨詢(xún)總結(jié)（新氣候規(guī)定）。除了恒生綜合大型股指數(shù)成份股的發(fā)行人之外，其他公司可不披露范圍3溫室氣體排放。在最終版本中，港交所分層次（分要求、分主體、分階段）的模式，對(duì)「D部分：氣候相關(guān)披露」的披露責(zé)任進(jìn)行了差異化安排。同步刊發(fā)了香港交易所環(huán)境、社會(huì)及管治框架下氣候信息披露的實(shí)施指引、優(yōu)化環(huán)境、社會(huì)及管治框架下的氣候相關(guān)信息披露。本次修訂后，港交所ESG指引將改名為《環(huán)境、社會(huì)及管治報(bào)告守則》。

2021年12月，香港證券及期貨事務(wù)監(jiān)察委員會(huì)和香港金融管理局也強(qiáng)調(diào)，金融機(jī)構(gòu)和上市公司必須在2025年前披露氣候變化對(duì)其業(yè)務(wù)的財(cái)務(wù)影響，而且規(guī)定的氣候披露需要與氣候相關(guān)財(cái)務(wù)信息披露工作組（TCFD）的標(biāo)準(zhǔn)保持一致。

2021年11月，港交所發(fā)布《氣候信息披露指南》，旨在幫助在香港交易所尋求IPO的公司評(píng)估他們對(duì)氣候變化引起的風(fēng)險(xiǎn)的反應(yīng)。

2021年4月16日，港交所刊發(fā)檢討《企業(yè)管治守則》及相關(guān)《上市規(guī)則》條文的咨詢(xún)文件，就若干修訂建議公開(kāi)咨詢(xún)市場(chǎng)意見(jiàn)。本次修訂建議主要引入多項(xiàng)新措施以提升香港上市公司的環(huán)境、社會(huì)及管治（ESG）披露和管理水平等范疇。（修訂）

本次有關(guān)《企業(yè)管治守則》及相關(guān)《上市規(guī)則》條文的修訂重點(diǎn)為管治（governance）事宜，主要包括企業(yè)文化、反貪污及舉報(bào)政策、董事獨(dú)立性、董事會(huì)成員多元化、提名委員會(huì)、股東溝通、ESG報(bào)告及時(shí)性等七個(gè)主要方面。

主要建議包括：

1. 企業(yè)文化

   • 強(qiáng)調(diào)企業(yè)文化與其目的、價(jià)值及策略必須一致及
   • 要求發(fā)行人制定反貪污及舉報(bào)政策（新增守則條文，為「不遵守就解釋」條文）。

2. 董事會(huì)獨(dú)立性、引入新成員及繼任規(guī)劃–

   • 要求發(fā)行人制定政策，確保董事會(huì)可取得獨(dú)立意見(jiàn)，并每年檢討其有效性（新增守則條文）。
   • 重選在任已超過(guò)九年的獨(dú)立非執(zhí)行董事（連任多年的獨(dú)董）須經(jīng)獨(dú)立股東批準(zhǔn)及須作出額外披露（修訂守則條文）。
   • 若董事會(huì)內(nèi)所有獨(dú)立非執(zhí)行董事均為連任多年的獨(dú)董，則須于下次股東周年大會(huì)委任新的獨(dú)立非執(zhí)行董事，并披露連任多年的獨(dú)董的姓名及已出任該職的時(shí)間（新增守則條文）。
   • 強(qiáng)制設(shè)立提名委員會(huì)，由獨(dú)立非執(zhí)行董事?lián)沃飨?，成員須以獨(dú)立非執(zhí)行董事占大多數(shù)（提升為《上市規(guī)則》條文）。

3. 多元化–

   • 只有單一性別的董事會(huì)不會(huì)被視為多元化的董事會(huì)；
   • 強(qiáng)制發(fā)行人須制定可量化的目標(biāo)及時(shí)間表，以在董事會(huì)層面及所有雇員層面均達(dá)到性別多元化（新增于《守則》下的強(qiáng)制披露規(guī)定）；及
   • 要求董事會(huì)每年檢討多元化政策的進(jìn)展（新增守則條文）。在《上市規(guī)則》修訂生效后，現(xiàn)時(shí)董事會(huì)只有單一性別的上市發(fā)行人將有三年的過(guò)渡期，以委任最少一名另一性別的成員加入其董事會(huì)；而聯(lián)交所不預(yù)期未來(lái)的上市申請(qǐng)人的董事會(huì)只有單一性別。

4. 與股東的溝通–

   • 強(qiáng)制披露股東通訊政策，并每年檢討其有效性（提升為強(qiáng)制披露要求）。

5. 環(huán)境、社會(huì)及管治（ESG）–

   • 將刊發(fā)ESG報(bào)告的時(shí)限與年報(bào)一致（修訂《上市規(guī)則》及ESG指引）。

ESG部分修訂：

上市公司ESG影響日益突出，有效的ESG管治有助于發(fā)行人識(shí)別、評(píng)估并管理ESG風(fēng)險(xiǎn)和機(jī)遇。董事會(huì)作為上市公司最高決策機(jī)構(gòu)，應(yīng)在ESG管理中發(fā)揮重要作用。

在現(xiàn)行的ESG指引中，香港聯(lián)交所強(qiáng)化了董事會(huì)ESG管治的責(zé)任，并要求上市公司強(qiáng)制披露由董事會(huì)發(fā)出的聲明，其中應(yīng)列出其對(duì)ESG事宜的考量及監(jiān)督，并披露公司ESG管治架構(gòu)。

在本次修訂建議中，香港聯(lián)交所將詳細(xì)解釋企業(yè)管治與ESG兩者之間的關(guān)系，并在有關(guān)風(fēng)險(xiǎn)管理的部分加入ESG風(fēng)險(xiǎn)的表述，以提升上市公司對(duì)ESG的足夠重視。

此外，基于ESG資料日趨重要，市場(chǎng)普遍認(rèn)為最佳常規(guī)是公司ESG數(shù)據(jù)與財(cái)務(wù)數(shù)據(jù)同步發(fā)布，以突出兩者的相互依賴(lài)性，讓董事會(huì)對(duì)公司進(jìn)行全面的評(píng)估，以制定一致的策略和執(zhí)行計(jì)劃。

在現(xiàn)行的ESG指引中，香港聯(lián)交所要求ESG報(bào)告在上市公司財(cái)政年度結(jié)束后五個(gè)月內(nèi)刊發(fā)。

• 發(fā)布時(shí)間：主板發(fā)行人須在年結(jié)日后四個(gè)月刊發(fā)ESG報(bào)告，創(chuàng)業(yè)板發(fā)行人須在年結(jié)日后三個(gè)月內(nèi)刊發(fā)ESG報(bào)告。
  • 2015規(guī)定：若ESG報(bào)告非載于發(fā)行人的年報(bào)中，發(fā)行人應(yīng)盡可能接近其刊發(fā)年報(bào)的時(shí)間，而不遲于刊發(fā)年報(bào)后的三個(gè)月內(nèi)發(fā)布。
• 指標(biāo)數(shù)量：12個(gè)層面，48個(gè)指標(biāo)
  • 2015：11個(gè)層面，43個(gè)指標(biāo)
• 董事會(huì)參與：發(fā)行人須在ESG報(bào)告中披露一份董事會(huì)聲明，闡述董事會(huì)對(duì)于ESG事務(wù)的管理狀況。
• 報(bào)告遵守的原則
  • 2015：無(wú)強(qiáng)制性披露要求
  • 2019：新增強(qiáng)制披露事項(xiàng)：編制ESG報(bào)告時(shí)遵循哪些原則及如何遵循。
• 報(bào)告邊界的選定
  • 2015：無(wú)強(qiáng)制性披露要求
  • 2019新增強(qiáng)制披露事項(xiàng)：描述哪些實(shí)體或業(yè)務(wù)納入ESG報(bào)告范圍。
• 環(huán)境范疇指標(biāo)
  • 新增氣候變化層面，新增一個(gè)關(guān)鍵績(jī)效指標(biāo)，強(qiáng)制要求披露：描述已經(jīng)及可能會(huì)對(duì)發(fā)行人產(chǎn)生影響的重大氣候相關(guān)事宜，及其應(yīng)對(duì)的行動(dòng)。
  • 新增部分指標(biāo)的目標(biāo)設(shè)定要求，強(qiáng)制要求披露：排放量目標(biāo)、減廢目標(biāo)、能源使用效益目標(biāo)、用水效益目標(biāo)，以及目標(biāo)達(dá)成情況。
• 社會(huì)范疇指標(biāo)
  • 2015：關(guān)鍵績(jī)效指標(biāo)為“建議披露”
  • 2019：關(guān)鍵績(jī)效指標(biāo)為“不遵守則解釋”的強(qiáng)制披露。
  • 供應(yīng)鏈管理層面新增2個(gè)關(guān)鍵績(jī)效指標(biāo)，強(qiáng)制要求披露：識(shí)別供應(yīng)鏈每個(gè)環(huán)節(jié)的環(huán)境及社會(huì)風(fēng)險(xiǎn)的慣例；在揀選供貨商時(shí)促使多用環(huán)保產(chǎn)品及服務(wù)的慣例。
  • 反貪污層面增加1個(gè)關(guān)鍵績(jī)效指標(biāo)，強(qiáng)制要求披露：描述向董事及員工提供的反貪污培訓(xùn)。

• 2003年《關(guān)于企業(yè)環(huán)境信息公開(kāi)的公告》
• 2006和2008年交易所指引
• 2015年《環(huán)境保護(hù)法》
• 2016年《關(guān)于構(gòu)建綠色金融體系的指導(dǎo)意見(jiàn)》
• 2017年證監(jiān)會(huì)修訂定期報(bào)告披露要求
• 2018年證監(jiān)會(huì)修訂《上市公司治理準(zhǔn)則》
• 2022年證監(jiān)會(huì)修訂《上市公司投資者關(guān)系管理工作指引》，加入ESG內(nèi)容
• 2024年證監(jiān)會(huì)指導(dǎo)三大交易所發(fā)布《可持續(xù)發(fā)展報(bào)告指引》

• 2002.01 證監(jiān)會(huì) 《上市公司治理準(zhǔn)則》 對(duì)上市公司治理信息的披露范圍做出了明確規(guī)定
• 2007.04 國(guó)家環(huán)境保護(hù)總局 《環(huán)境信息公開(kāi)辦法（試行）》 鼓勵(lì)企業(yè)自愿通過(guò)媒體、互聯(lián)網(wǎng)或者企業(yè)年度環(huán)境報(bào)告的方式公開(kāi)相關(guān)環(huán)境信息
• 2007.12 國(guó)資委 《關(guān)于中央企業(yè)履行社會(huì)責(zé)任的指導(dǎo)意見(jiàn)》 將建立社會(huì)責(zé)任報(bào)告制度納入中央企業(yè)履行社會(huì)責(zé)任的主要內(nèi)容
• 2008.02 國(guó)家環(huán)境保護(hù)總局 《關(guān)于加強(qiáng)上市公司環(huán)境保護(hù)監(jiān)督管理工作的指導(dǎo)意見(jiàn)》 環(huán)?？偩峙c中國(guó)證監(jiān)會(huì)建立和完善上市公司環(huán)境監(jiān)管的協(xié)調(diào)與信息通報(bào)機(jī)制，促進(jìn)上市公司特別是重污染行業(yè)的上市公司真實(shí)、準(zhǔn)確、完整、及時(shí)地披露相關(guān)環(huán)境信息
• 2010.09 環(huán)境保護(hù)部 《上市公司環(huán)境信息披露指南（征求意見(jiàn)稿）》 規(guī)范了上市公司披露年度環(huán)境報(bào)告以及臨時(shí)環(huán)境報(bào)告信息披露的時(shí)間與范圍
• 2017.12 證監(jiān)會(huì) 《第17 號(hào)公告》和《第18號(hào)公告》鼓勵(lì)公司結(jié)合行業(yè)特點(diǎn)，主動(dòng)披露積極履行社會(huì)責(zé)任的工作情況；屬于環(huán)境保護(hù)部門(mén)公布的重點(diǎn)排污單位的公司或其重要子公司，應(yīng)當(dāng)根據(jù)法律、法規(guī)及部門(mén)規(guī)章的規(guī)定披露主要環(huán)境信息
• 2018.09 證監(jiān)會(huì) 《上市公司治理準(zhǔn)則》修訂 增加了利益相關(guān)者、環(huán)境保護(hù)與社會(huì)責(zé)任章節(jié)，規(guī)定了上市公司應(yīng)當(dāng)依照法律法規(guī)和有關(guān)部門(mén)要求披露環(huán)境信息（E）、履行扶貧等社會(huì)責(zé)任（S）以及公司治理相關(guān)信息（G）
• 2019年7月推出的科創(chuàng)板在制度設(shè)計(jì)中將“以信息披露為核心”作為重要理念。上交所在科創(chuàng)板《上市規(guī)則》中對(duì)ESG相關(guān)信息做出強(qiáng)制披露要求，文件明確要求科創(chuàng)板上市公司積極承擔(dān)社會(huì)責(zé)任，維護(hù)社會(huì)公共利益。
• 2021年3月30日，生態(tài)環(huán)境部組織起草了《碳排放權(quán)交易管理暫行條例（草案修改稿）》，并公開(kāi)征集意見(jiàn)。鏈接 附件1：碳排放交易管理暫行條例（草案修改稿）
• 2022年4月11日，中國(guó)證監(jiān)會(huì)對(duì)《上市公司與投資者關(guān)系工作指引》（證監(jiān)公司字〔2005〕52號(hào)）進(jìn)行了修訂，形成了《上市公司投資者關(guān)系管理工作指引》（本站備份）。在第二章第七條加入”（四）公司的環(huán)境、社會(huì)和治理信息“。修訂說(shuō)明 (本站備份)中提到”四是落實(shí)新發(fā)展理念的要求，在溝通內(nèi)容中增加上市公司的環(huán)境、社會(huì)和治理（ESG）信息“。

• 2020年9月4日，深交所新修訂《上市公司信息披露工作考核辦法》（本站備份），納入ESG報(bào)告加分項(xiàng)；（新聞鏈接：關(guān)于發(fā)布《深圳證券交易所上市公司信息披露工作考核辦法（2020年修訂）》的通知）

• 2020年9月25日，上交所發(fā)布《上海證券交易所科創(chuàng)板上市公司自律監(jiān)管規(guī)則適用指引第2號(hào)——自愿信息披露》，納入ESG信披內(nèi)容（“關(guān)于發(fā)布《上海證券交易所科創(chuàng)板上市公司自律監(jiān)管規(guī)則適用指引第2號(hào)——自愿信息披露》的通知”）。官方附件（本站附件）

  

• 2024年4月12日，滬深北交易所發(fā)布了。

新交所監(jiān)管公司于

• 2021 年 12 月公布?xì)夂蛐畔⑴兑?guī)則。

• 2022 年 1 月 1 日起，企業(yè)均應(yīng)依據(jù)“遵循或解釋”原則，在其財(cái)年的可持續(xù)發(fā)展報(bào)告中披露氣候信息。

• 2023 財(cái)年起，金融、農(nóng)業(yè)、食品和森林產(chǎn)品以及能源等行業(yè)的企業(yè)須強(qiáng)制披露氣候信息。

• 2024 財(cái)年起，材料和建筑以及運(yùn)輸?shù)刃袠I(yè)須執(zhí)行同等措施。有關(guān)咨詢(xún)文件和新交所答復(fù)的詳細(xì)信息參見(jiàn)此處。

• 從2025財(cái)年開(kāi)始，所有上市公司要報(bào)告并提交年度氣候信息披露（CRD），該披露要與國(guó)際可持續(xù)準(zhǔn)則理事會(huì)（ISSB）的標(biāo)準(zhǔn)相一致（align with ISSB standards）。

• 從2027財(cái)年開(kāi)始，大型非上市公司（年收入至少10億元、總資產(chǎn)至少5億元）也將被要求強(qiáng)制披露。

  • 對(duì)范疇1/2/3的碳排放披露，分階段、分公司類(lèi)型提出要求：上市公司從2025財(cái)年起披露范疇1和2，從2026財(cái)年起披露范疇3；大型非上市公司從2027財(cái)年起披露范疇1和2，不早于2029財(cái)年起披露范疇3。
  • 對(duì)范疇1和2的外部有限鑒證（審驗(yàn)），也是分階段、分公司類(lèi)型提出要求：上市公司從2027財(cái)年開(kāi)始要求審驗(yàn)；大型非上市公司從2029財(cái)年開(kāi)始要求審驗(yàn)。

• 2022 年 6 月，日本內(nèi)閣發(fā)布《新資本主義宏偉計(jì)劃與行動(dòng)方案》。

• 未來(lái)將要求資產(chǎn)管理機(jī)構(gòu)優(yōu)化信息披露，并于 2022 財(cái)年末（即 2023 年 3 月底）前根據(jù)監(jiān)管指南采取必要措施，進(jìn)而提升國(guó)內(nèi) ESG 投資市場(chǎng)可靠性。

下文列出了部分亞洲市場(chǎng)的政府和監(jiān)管動(dòng)態(tài)清單（非詳盡），以說(shuō)明截至 2020 年 6 月所規(guī)劃和現(xiàn)有的舉措類(lèi)型。轉(zhuǎn)自 Asia Securities Industry & Financial Markets Association (點(diǎn)開(kāi)查看大圖)

2022年3月21日，美國(guó)證券交易委員會(huì)（SEC）發(fā)布了一份長(zhǎng)達(dá)500多頁(yè)的擬議規(guī)則，首次要求在美國(guó)上市企業(yè)注冊(cè)為上市公司時(shí)以及在定期報(bào)告中，披露氣候相關(guān)風(fēng)險(xiǎn)和溫室氣體排放信息。這是美國(guó)總統(tǒng)拜登推動(dòng)全球共同努力避免氣候?yàn)?zāi)難的舉措之一。

As the 510-page notice released on March 21 makes clear, companies would be expected to include a laundry list of items in their regular filings with the SEC: information on the company’s “oversight and governance of climate-related risks,” any expected climate-related risks it faces in the future, any transition plans the business has developed, and data on certain greenhouse gas emissions linked to the company’s operations, among other things.(link)

Quote from Deloitte

In the proposing release, the SEC noted that the disclosures registrants would be required to provide are similar to those that many companies provide under existing disclosure frameworks and standards, such as the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD) and the Greenhouse Gas Protocol. Registrants would be required to provide the following types of disclosures:

• Financial statement footnote disclosures:

  • The impact on financial statement line items related to severe weather events and other natural conditions (e.g., impairment charges, increased loss reserves) and transition activities (e.g., changes in salvage values or useful lives of assets) if such amount exceeds 1 percent of the related line item.
  • The expenditures related to mitigating the risk of severe weather events and other natural conditions and transition activities.
  • How severe weather events and other natural conditions and transition activities affected estimates and assumptions reflected in the financial statements.

• GHG emission disclosures:

  • Scope 1 and Scope 2 GHG emissions (i.e., from a registrant’s owned or controlled operations and purchased or acquired electricity, steam, heat, or cooling, respectively), which would need to be separately disclosed on a disaggregated (by each GHG) and aggregated basis. This disclosure would be required on a gross basis (before consideration of any offsets) and relative to intensity (e.g., tons of carbon dioxide per dollar of revenue).
  • Scope 3 GHG emissions (i.e., from indirect upstream and downstream activities) in gross terms (before consideration of any offsets) and relative to intensity, if the registrant has set a GHG emissions target or goal that includes Scope 3 emissions or if Scope 3 emissions are material. Scope 3 GHG emission disclosures would be subject to securities law safe harbor provisions.

• Qualitative disclosures

  • How climate-related risks have (1) had or are likely to have a material impact on the business and its financial statements as well as (2) affected or are likely to affect the registrant’s “strategy, business model, and outlook.”
  • The registrant’s processes for detecting, evaluating, and managing climate-related risks and whether those processes are integrated into the registrant’s broader risk management program.
  • If a registrant uses an internal carbon price, the registrant’s internal carbon price and how such price is determined.
  • If the registrant uses a scenario analysis to assess its business in the context of climate-related risks, a description of the scenarios, assumptions, and projected financial impacts.
  • If a registrant has adopted a climate transition plan, a description of such plan as well as relevant targets and metrics.
  • If the registrant has publicly disclosed climate-related targets or goals:
    • The scope of activities encompassed, the time horizon envisioned, and any interim targets established.
    • How the registrant plans to achieve its targets or goals.
    • An update each year of how the registrant is progressing relative to its targets or goals and how such progress has been achieved.
    • If carbon offsets or renewable energy certificates (RECs) have been used as part of the plan to achieve climate-related targets or goals, information about the carbon offsets or RECs, including how much of the progress made is attributable to offsets or RECs.

• Governance disclosures — How the registrant’s board of directors and management oversee climate-related risks, the risk management process, and the registrant’s response.

• Location, timing, and applicability of the required disclosures — Under the proposed rule, a registrant would provide the disclosures in its registration statements as well as its annual reports filed under the Securities Exchange Act of 1934. The disclosures outlined in the financial statement footnote disclosures section above would be required in the financial statements, whereas the remaining disclosures, including GHG emissions, would be required in a newly created section of Form 10-K (Item 6) immediately before MD&A. The disclosures would be due at the same time as a registrant’s annual report and would be required for both domestic and foreign registrants. As discussed below, smaller reporting companies would be exempt from Scope 3 GHG emission disclosure requirements.

• Attestation requirements — The financial statement footnote disclosures would be subject to existing financial statement audit requirements. The Scope 1 and Scope 2 GHG emission disclosures would be subject to limited assurance during a phase-in period, followed by reasonable assurance.

• Phase-in period of the proposed rule — If the proposed rule’s requirements become effective in December 2022, the mandatory compliance date for their adoption for a registrant with a calendar year-end would be as follows:

  Registrant TypeAll Disclosures (Including Scope 1 and Scope 2 GHG Emissions), Except Scope 3Scope 3 GHG Emission DisclosuresAttestation on Scope 1 and Scope 2 GHG Emission DisclosuresLarge accelerated filer20232024Limited assurance — 2024Reasonable assurance — 2026Accelerated filer20242025Limited assurance — 2025Reasonable assurance — 2027Nonaccelerated filer20242025Not required

Smaller reporting companies would be exempt from Scope 3 GHG emission disclosures and would have an additional year of transition (i.e., all other disclosures would be required in 2025).

Given the breadth of the proposed rule, this Heads Up will be updated shortly to provide a more comprehensive analysis of the key requirements. Stay tuned for more information.

Quote http://www.cet.net.cn/m/article.php?id=521

根據(jù)聲明，SEC下屬的公司金融部（Division of Corporation Finance）將基于SEC在2010年發(fā)布的《上市公司氣候變化信息披露指引》（ Commission Guidance Regarding Disclosure Related to Climate Change），對(duì)近10年來(lái)美國(guó)上市公司開(kāi)展相關(guān)信息披露的工作開(kāi)展審核和評(píng)估，同時(shí)，SEC將在總結(jié)近年來(lái)資本市場(chǎng)應(yīng)對(duì)和管理氣候風(fēng)險(xiǎn)相關(guān)經(jīng)驗(yàn)的基礎(chǔ)上，廣泛征求上市公司的建議，聽(tīng)取其在披露氣候信息過(guò)程中遇到的問(wèn)題，借鑒目前金融界自發(fā)形成的“氣候相關(guān)財(cái)務(wù)信息披露工作組” (Task Force on Climate-related Financial Disclosures，以下簡(jiǎn)稱(chēng)“TCFD”）和“可持續(xù)會(huì)計(jì)標(biāo)準(zhǔn)委員會(huì)”（Sustainability Accounting Standards Board，以下簡(jiǎn)稱(chēng)“SASB”）等有關(guān)氣候信息披露的倡議和原則，對(duì)2010年的指引進(jìn)行修訂。

從當(dāng)前來(lái)看，無(wú)論是中國(guó)的金融機(jī)構(gòu)還是上市公司都缺乏對(duì)氣候變化、碳定價(jià)以及碳資產(chǎn)等相關(guān)概念的深刻理解，而在資本市場(chǎng)日益開(kāi)放和鏈接進(jìn)一步加強(qiáng)的當(dāng)下，國(guó)際主要的銀行、資產(chǎn)管理公司以及養(yǎng)老金等金融機(jī)構(gòu)已經(jīng)開(kāi)始在其長(zhǎng)期戰(zhàn)略規(guī)劃和投資組合設(shè)計(jì)中融入“碳”元素，且越來(lái)越多的機(jī)構(gòu)將企業(yè)進(jìn)行氣候相關(guān)信息披露作為其投資決策的必須條件。例如，歐洲最大的資產(chǎn)管理機(jī)構(gòu)之一Legal & General Investment Management（LGIM）在其內(nèi)部構(gòu)建了有關(guān)氣候信息披露的管理、評(píng)價(jià)體系，并定期評(píng)估所投企業(yè)（其中包括中國(guó)建設(shè)銀行等金融機(jī)構(gòu)，以及中國(guó)國(guó)際航空、安徽海螺水泥等重點(diǎn)行業(yè)的龍頭企業(yè)）。

建議如下：

• 提升監(jiān)管機(jī)構(gòu)在氣候風(fēng)險(xiǎn)方面的專(zhuān)業(yè)水平（Develop Institutional Expertise on Climate Risk）?？紤]到目前中國(guó)金融領(lǐng)域各有關(guān)部門(mén)對(duì)于氣候變化、碳定價(jià)等方面的專(zhuān)業(yè)認(rèn)知度尚有欠缺，建議盡快加強(qiáng)相關(guān)方面的能力建設(shè)，并開(kāi)展有關(guān)方面研究的專(zhuān)題研究。
• 注重吸納其他利益相關(guān)方的建議（Develop Channels for Stakeholder Input）。在中國(guó)監(jiān)管層面構(gòu)建強(qiáng)制氣候信息披露的同時(shí)，要確保借鑒并及時(shí)吸納各方建議，其中包括投資機(jī)構(gòu)、重點(diǎn)行業(yè)協(xié)會(huì)及企業(yè)、氣候變化方面專(zhuān)家等多方意見(jiàn)，也要重點(diǎn)加強(qiáng)國(guó)際交流合作。
• 形成部門(mén)間執(zhí)行合力（Coordinate Regulatory Actions Across Agencies）。強(qiáng)制氣候信息披露僅僅依靠單一金融監(jiān)管的力量是遠(yuǎn)遠(yuǎn)不夠的，需要在金融監(jiān)管部門(mén)和生態(tài)環(huán)境部門(mén)之間構(gòu)建協(xié)調(diào)機(jī)制，并充分利用生態(tài)環(huán)境部門(mén)已有的機(jī)制以及全國(guó)碳市場(chǎng)在數(shù)據(jù)收集和管理方面的優(yōu)勢(shì)。
• 借鑒現(xiàn)有的框架和標(biāo)準(zhǔn)中的優(yōu)秀經(jīng)驗(yàn)（Draw Best Practices from Existing Frameworks and Standards）。通過(guò)多樣化的國(guó)際交流，充分借鑒TCFD、SASB等現(xiàn)有氣候信息披露框架的優(yōu)點(diǎn)，包括實(shí)踐經(jīng)驗(yàn)總結(jié)和工具開(kāi)發(fā)等；此外，也可以總結(jié)和借鑒中國(guó)部分企業(yè)在環(huán)境、社會(huì)和公司治理 (ESG)報(bào)告和相關(guān)信息披露方面的嘗試。

2022年3月24日，國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則基金會(huì)（IFRS 基金會(huì)）和全球報(bào)告倡議組織（GRI）達(dá)成一項(xiàng)關(guān)于ESG標(biāo)準(zhǔn)的合作協(xié)議。

The IFRS Foundation and Global Reporting Initiative (GRI) have announced today a collaboration agreement under which their respective standard-setting boards, the International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB), will seek to coordinate their work programmes and standard-setting activities.

IFRS Foundation and GRI to align capital market and multi-stakeholder standards to create an interconnected approach for sustainability disclosures (link)

新聞提到：

By working together, the IFRS Foundation and GRI provide two ‘pillars’ of international sustainability reporting—a first pillar representing investor-focused capital market standards of IFRS Sustainability Disclosure Standards developed by the ISSB, and a second pillar of GRI sustainability reporting requirements set by the GSSB, compatible with the first, designed to meet multi-stakeholder needs.

IFRS 可持續(xù)發(fā)展披露標(biāo)準(zhǔn)的制訂史：

Quote A timeline of what's happening with global ESG reporting standards

關(guān)鍵節(jié)點(diǎn)：

• Statement of Intent to Work Together Towards Comprehensive Corporate Reporting.

By CDP, Climate Disclosure Standards Board, Global Reporting Initiative, International Integrated Reporting Council, Sustainability Accounting Standards Board

• IFRS Foundation Consultation Paper on Sustainability Reporting

• IIRC 與 SASB 宣布合并意向

GRI 發(fā)布 GRI 通用披露標(biāo)準(zhǔn)草稿：GRI Universal Standards Exposure draft

GRI 宣布 新的 IFRS 工作組成立作為下一步

歐盟計(jì)劃發(fā)布企業(yè)可持續(xù)報(bào)告指南，新聞稿

Announcement that the EU is planning a Corporate Sustainability Reporting Directive to replace the Non-financial Reporting Directive. Key takeaways:

• All large and all listed companies, including listed small and medium-sized enterprises (SMEs), will be covered by the new regime, meaning that the number of companies that need to report sustainability information will rise to 49,000, up from 12,000 covered by the NFRD.
• The CSRD will be based on a new standard to be adopted by October 2022 that will take into account the EU’s forthcoming taxonomy on sustainable finance, its?recently-leaked plans for guidance on transition activities, and will require third-party assurance. It will be designed to help give investors the information they need to more easily comply with the?recently-introduced Sustainable Financial Disclosure Regulation (SFDR).

VRF 回應(yīng) IFRS ：Value Reporting Foundation responds to IFRS Foundation constitution consultation

新聞稿：https://www.valuereportingfoundation.org/news/the-value-reporting-foundation-responds-to-ifrs-foundation-constitution-consultation/

PDF版本

GRI 發(fā)布通用標(biāo)準(zhǔn)修改版

新聞鏈接

概述：

GRI releases an updated version of its Universal Standards, effective for reports published from 1 January 2023. The new Universal Standards present key updates regarding materiality:

• Updated definition stating that “Material topics are topics that represent an organization’s most significant impacts on the economy, environment, and people, including impacts on their human rights”
• GRI no longer suggests the use of a matrix to rank/prioritize material topics. Instead, “the organization should arrange its impacts from most to least significant and define a cut-off point or threshold to determine the impacts it will focus its reporting on.”
• GRI firmly positions its definition of material issues with regard to an organization’s impact on the external environment/stakeholders, and underscores that reporting on material issues (as defined through external impact) is relevant regardless of whether the issues also impact an organization financially (i.e. financial materiality). “It is…important for the organization to report on all the material topics that it has determined using the GRI Standards. These material topics cannot be deprioritized on the basis of not being considered financially material by the organization.”

In the launch email about the new Universal Standards, GRI stated that the new Standards are “now the first and only global reporting standards to fully reflect due diligence expectations for sustainability impacts, including those on human rights as set out in authoritative and intergovernmental instruments by the UN and OECD.”

IFRS 通用強(qiáng)制披露可持續(xù)發(fā)展相關(guān)財(cái)務(wù)信息原型

General Requirements for Disclosure of Sustainability-related Financial Information Prototype

IFRS 通用強(qiáng)制披露氣候相關(guān)財(cái)務(wù)信息原型 ， 補(bǔ)充說(shuō)明

Climate-related Disclosures Prototype

Interview: The ISSB and a new set of ESG reporting standards: how should companies prepare?

ISSB 的新 ESG 標(biāo)準(zhǔn)，公司應(yīng)如何準(zhǔn)備 （采訪全文）：

In an interview posted on the “Trust me, I’m listed” website, Jonathan Labrey (Value Reporting Foundation), Richard Barker (Oxford’s Sa?d Business School), and Robert Eccles (SASB Founding Chairman) provided insights on the work to be undertaken by the newly-established International Sustainability Standards Board.

The interview noted that exposure drafts of the first set of ISSB standards could be expected in late March or early April. However, this is a decision for the ISSB Board, which has yet to be fully appointed.

同時(shí) GRI 重申：GRI clarifies its position in a 'two-pillar' corporate reporting landscape （PDF）:

GRI published The GRI Perspective: A business case for environment & society, in which it supports “the creation of a comprehensive corporate reporting system based on a two-pillar structure”. The two pillars are defined as:

• Pillar 1 – addressing financial considerations through a strengthened financial report which includes sustainability disclosures, in the context of enterprise value
• Pillar 2 – concentrating on sustainability reporting focusing on all external impacts a company is having on society and the environment and hence their contributions towards the goals of sustainable development

The document points out that there is actually no ‘a(chǎn)lphabet soup’ when it comes to actual standards setters. On a global scale there are only two reporting standards: GRI and SASB. These two standards roughly align with the two pillars. SASB is part of the Value Reporting Foundation, which is consolidating into the IFRS Foundation to support the development of sustainability-related financial disclosure standards (Pillar 1). GRI has always been focused on an organization’s external impacts, thus supporting corporate reporting against Pillar 2.

The document notes further that the European Sustainability Reporting Standards (ESRS) under development extend across both pillars, whereas the standards contemplated by the newly-established International Sustainability Standards Board are focused on Pillar 1 only.

IFRS Foundation releases exposure drafts of General Requirements (S1) and Climate-related Disclosures (S2) standards

IFRS 基金會(huì)發(fā)布通用強(qiáng)制披露標(biāo)準(zhǔn)（S1）和氣候相關(guān)披露標(biāo)準(zhǔn)（S2）

Exposure Draft S1 General Requirements for Disclosure of Sustainability-related Financial Information （本站備份）

Exposure Draft S2 Climate-related Disclosures （本站備份）

View announcement and download supporting information at IFRS Foundation （新聞稿）

The IFRS Foundation has released exposure drafts of its first two standards:

• S1 General Requirements for Disclosure of Sustainability-related Financial Information
• S2 Climate-related Disclosures

According to the IFRS Foundation: “the proposals set out requirements for the disclosure of material information about a company’s significant sustainability-related risks and opportunities that is necessary for investors to assess a company’s enterprise value.”

The International Sustainability Standards Board (ISSB) of the IFRS Foundation is accepting feedback on the exposure drafts through 29 July 2022. It will review feedback on the proposals in the second half of 2022 and aims to issue the new Standards by the end of the year, subject to the feedback.