ESG international Weekly News 2/12-2/18

Resource: ESG TODAY


1.China Stock Exchanges Announce Mandatory Sustainability Reporting Requirements for Companies
中國三大證券交易所近日聯合宣布推出新的可持續性報告指南


China's major stock markets, including the Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), and Beijing Stock Exchange (BSE), have announced new sustainability reporting guidelines for listed companies. Starting in 2026, larger cap and dual-listed companies will be required to disclose information on a wide array of Environmental, Social, and Governance (ESG) topics. This move aligns China with global trends in sustainability reporting, such as the EU's Corporate Sustainable Reporting Directive (CSRD) and the upcoming climate disclosure rules by the U.S. SEC. The guidelines mandate reporting on four core topics: governance, strategy, impact, risk and opportunity management, and indicators and goals, adopting a "double materiality" approach. This approach emphasizes the significance of both the impact of sustainability issues on companies and the companies' impacts on the environment and society. The guidelines cover various ESG categories, including climate change, biodiversity, circular economy, and anti-corruption efforts. Notably, they require reporting on Scope 3 greenhouse gas emissions, addressing a controversial aspect in global sustainability reporting. Over 450 companies, representing about half of the listed market value, will be subject to these mandatory reporting requirements, while the Beijing exchange will introduce these guidelines on a voluntary basis for smaller enterprises.

 

中國的三大證券交易所，即上海證券交易所（SSE）、深圳證券交易所（SZSE）以及北京證券交易所（BSE），近日聯合宣布推出新的可持續性報告指南。這項新規定將從2026年開始實施，要求規模較大以及在國內外雙重上市的企業，必須就一系列環境、社會及治理（ESG）議題進行強制性披露。這項舉措將中國與包括歐盟最新推出的企業可持續性報告指令（CSRD）、美國證券交易委員會（SEC）即將推出的氣候披露規則，以及澳洲、巴西、新加坡和英國等其他地區正在引入的新的可持續性報告要求，進行了對齊。

根據中國證交所發布的新指南，上市公司的報告要求將涵蓋四個「核心內容」主題，包括治理、戰略、影響、風險與機會管理，以及指標和目標。這些主題顯示，交易所採取了一種「雙重重要性」的方法來進行可持續性報告，既報告可持續性問題對企業的風險和影響，也報告企業對環境和社會的影響。中國證交所表示，指南中概述的核心內容主題旨在讓投資者和利益相關者能夠全面了解上市公司應對和管理可持續發展的努力。這些指南涵蓋了包括氣候變化、生態系統和生物多樣性保護、循環經濟、能源使用、供應鏈安全、鄉村振興以及反腐敗和反賄賂等一系列環境、社會和治理類別。值得注意的是，規則要求報告範圍3的價值鏈溫室氣體排放，這在美國證券交易委員會準備其最終氣候規則時一直是爭議的焦點，因為企業對價值鏈排放數據的不可靠性和收集困難提出了擔憂。

新指南下的強制性報告要求將適用於較大的公司，包括深圳100、SSE 180和上海科技創新50指數的公司，以及在國內外市場雙重上市的公司。總體而言，強制性要求將適用於450多家公司，佔上市市值的約一半。北京交易所主要面向中小企業，將在自願基礎上引入這些指南。對於包括在強制性要求中的公司，報告將從2026年開始，針對2025年的報告期。

2.Japan Launches Inaugural $11 Billion Climate Transition Bond Offering
日本政府成功完成首次氣候轉型債券發行，籌集了8000億日元（約53億美元）

The Japanese government has successfully completed its inaugural Climate Transition Bond offering, raising JPY800 billion (approximately USD$5.3 billion). This marks the first step in an ambitious plan to secure $11 billion through transition bond funding to support Japan's shift towards a carbon-neutral economy, focusing especially on decarbonizing industrial sectors that are difficult to abate. This initiative is part of a broader strategy to raise up to JPY20 trillion (around USD$133 billion) over the next decade for climate transition efforts. Japan aims for net-zero emissions by 2050, with a milestone target to reduce greenhouse gas emissions by 46% by 2030. The government's strategy includes significantly increasing the share of renewable energy in the energy mix to 36%-38% by 2030. An estimated JPY150 trillion (USD$1 trillion) in public and private investment is required over the next ten years to meet these decarbonization goals, mainly for transforming industries and enhancing energy efficiency. The proceeds from Japan’s transition bonds are designated for projects in line with the “GX (Green Transformation) Promotion Strategy,” focusing on sectors that contribute to emissions reduction, industrial competitiveness, and economic growth. The government's Climate Transition Bond Framework details the use of proceeds, emphasizing investments in hard-to-abate sectors and aligning with the GX Promotion Strategy's "Future Actions" initiatives. The second tranche of bonds is scheduled for issuance on February 27, with JPY 1.4 trillion (USD$9.3 billion) in climate transition bonds planned for the fiscal year starting April 2024.

日本政府成功完成了首次氣候轉型債券發行，籌集了8000億日元（約53億美元）。這是日本實現110億美元轉型債券融資計劃的第一步，旨在支持日本向碳中和經濟的轉變，特別關注難以減排的工業部門。此舉是日本政府在未來十年為氣候轉型努力籌集高達20兆日元（約1330億美元）計劃的一部分。日本致力於到2050年實現淨零排放，並設定2030年減少溫室氣體排放46％的中期目標。政府計劃到2030年將可再生能源在能源組合中的比例從不到20％大幅提高到36％-38％。預計未來十年需要150兆日元（1兆美元）的公共和私人投資以實現國家的脫碳目標，主要投資於產業轉型和能效提升。日本轉型債券的收益將被指定用於符合“GX（綠色轉型）促進策略”的項目，優先投資於有助於減少排放並增強產業競爭力和經濟增長的部門，項目主要由難以減排部門的公司執行。政府在其氣候轉型債券框架中詳細說明了資金的使用，強調投資於難以減排部門，並與GX促進策略的“未來行動”倡議保持一致。政府計劃在2月27日發行第二批債券，預計在2024年度開始的財政年度發行1.4兆日元（93億美元）的氣候轉型債券。


3.UK Requires Developers to Deliver Net Biodiversity Improvement on Housing, Infrastructure Projects
英國要求開發商在住房、基礎設施項目上實現生物多樣性改善


The UK government has mandated a Biodiversity Net Gain (BNG) of 10% for all major building projects, under the 2021 Environment Act, to enhance natural habitats and ecosystems in new housing, industrial, or commercial developments. This requirement, a first worldwide, aims to ensure developments have a positive impact on biodiversity by calculating the necessary "biodiversity units" based on habitat size, quality, location, and type. Environment Minister Rebecca Pow emphasized the initiative's role in reversing nature's decline and providing access to green spaces. Developers are encouraged to achieve BNG on-site or, if not feasible, invest in off-site biodiversity units or purchase statutory biodiversity credits from the government, with the funds being reinvested in habitat projects across the UK. The rules demand long-term habitat management and legal agreements for habitat improvements for 30 years. The BNG requirement will be implemented for small sites in April 2024 and for significant infrastructure projects by late 2025, aiming to support wildlife while meeting housing needs and creating vibrant communities.

英國政府宣布對所有重大建設項目實施生物多樣性淨增益（BNG）要求，須達到至少10%，以改善新住房、工業或商業開發項目中自然棲息地和生態系統的整體狀態。這項要求源於2021年的英國環境法案，旨在創建和改善自然棲息地，確保開發項目對生物多樣性有可衡量的積極影響，相比於開發前的狀態。BNG制度基於“生物多樣性單位”的計算，考慮了棲息地的大小、質量、位置和類型等因素，然後計算出提供至少10%的BNG所需的生物多樣性單位數量。

根據政府公告的新規則，此舉使英國成為世界上首個引入強制性BNG要求的國家，並將有助於實現政府到2030年停止物種下降的承諾。

環境部長麗貝卡·鮑（Rebecca Pow）表示：“這一重要工具建立在我們逆轉自然衰退的工作基礎上，讓每個人都能在15分鐘步行距離內接觸到綠地或水域，並將改變開發和自然如何共同工作以造福社區。”

新規則優先考慮現場BNG，要求開發商在開發地點創建新的棲息地或增強現有棲息地，如果無法實現，則通過私人市場從土地所有者那裡購買離站生物多樣性單位來投資於其他自然地點。作為“最後手段”，新規則允許通過購買政府的法定生物多樣性信用來實現BNG，這將被再投資於英國各地的棲息地項目中。規則還包括長期棲息地管理要求，所有離站和重要的現場增益需要與負責機構或地方政府簽訂法律協議，監測棲息地改善30年。BNG要求將適用於新開發項目，對於1-9戶的小型站點，實施將從2024年4月開始，對於國家重大基礎設施項目預計在2025年底實施。
 

4.JPMorgan AM Exits Climate Action 100+
摩根大通資產管理公司（JPMAM）宣布退出Climate Action 100+
 

JPMorgan Asset Management (JPMAM) announced its withdrawal from Climate Action 100+, a major climate-focused investor network committed to engaging with the world's largest corporate greenhouse gas emitters for climate change action and net zero alignment. JPMAM attributes its departure to the significant enhancements made in its own investment stewardship team and engagement capabilities, along with the development of its climate risk engagement framework. Despite Climate Action 100+'s success in growing its membership to over 700 investors managing assets over $68 trillion, the initiative has faced criticism from anti-ESG factions, including U.S. Republican state attorneys general. These critics argue that participation in such groups may conflict with fiduciary duties and anti-trust regulations. Texas, for instance, has included participation in Climate Action 100+ as a factor in identifying companies for potential divestment due to perceived energy sector boycotts. JPMAM, maintaining climate change as a central investment stewardship priority and conducting over 780 climate-focused engagements in 2022, believes its internal capabilities allow for a departure from Climate Action 100+ engagements.

摩根大通資產管理公司（JPMAM）宣布退出Climate Action 100+，這是一個專注於與全球最大的企業溫室氣體排放者進行互動，以減少排放並實施氣候轉型計劃的氣候焦點投資者網絡。JPMAM的發言人聲明稱，該公司之所以做出此決定，是因為近年來在其投資監管團隊和互動能力上的顯著投資，以及自己的氣候風險互動框架的發展。儘管Climate Action 100+自2017年啟動以來成功吸引了超過700名投資者，代表超過68萬億美元的資產加入，但該組織也成為反ESG政治人物的主要目標，並被指控“抵制”能源公司。例如，去年一群美國共和黨州檢察總長向大型資產管理公司發出警告信，聲稱參與CA100+等團體可能違反受託人職責和反托拉斯規則。德州將參與Climate Action 100+作為編制“抵制能源公司的金融公司”名單的標準之一，並因此將一系列資產管理公司列為撤資對象。摩根大通資產管理將氣候變化列為其六大主要投資監管優先事項之一，在2022年進行了超過780次以氣候為重點的互動。發言人在聲明中表示：“該公司已建立了一支由40名專注於可持續投資的專業人員組成的團隊，包括利用行業內最大的買方研究團隊之一的投資監管專家。鑒於這些優勢和自身監管能力的發展，JPMAM決定不再參與Climate Action 100+的互動。


4.Goldman Sachs AM Launches Global Green Bond ETF
高盛資產管理公司宣布推出高盛全球綠色債券UCITS ETF
 

Goldman Sachs Asset Management has introduced the Goldman Sachs Global Green Bond UCITS ETF, an Article 9 fund following a unique index created with Solactive to track the performance of investment-grade bonds in G10 currencies. This ETF aligns with the surge in green bond issuances aimed at funding climate transition efforts and decarbonization projects, especially in sectors that are difficult to abate. Moody’s forecasts the green bond market to reach $580 billion in 2024. Bram Bos, the Global Head of Green, Social & Impact Bonds at Goldman Sachs Asset Management, highlighted the diverse range of issuers globally investing in reducing emissions and mitigating climate risks. The fund is tied to the Solactive Global Green Bond Select Index, emphasizing companies with lower climate risk. It includes treasury, corporate, and government-related bonds funding sustainable energy, water management, green buildings, and other eco-friendly projects. The fund seeks to offer investors a way to incorporate sustainable investments into their global fixed income portfolios, applying stringent sustainable investment screening. Hilary Lopez, Head of EMEA Third Party Wealth at Goldman Sachs Asset Management, emphasized the growing opportunity in the green bond market for investors to enhance their fixed income exposure with green, social, and impact bonds, marking the ETF as a pioneering product that leverages their green bonds expertise.

高盛資產管理公司今日宣布推出高盛全球綠色債券UCITS ETF，這是一款追蹤與Solactive共同開發的定制指數的文章9基金，該指數追蹤以G10貨幣計價的投資級債券的表現。此ETF與綠色債券發行量增長趨勢相符，旨在資助企業和政府的氣候轉型計劃，以及投資於資本密集型項目以達成減碳承諾的難以減排部門。穆迪投資者服務在最近的報告中預測，綠色債券發行量將在2024年增長至5800億美元。高盛資產管理公司的綠色、社會與影響債券全球負責人Bram Bos強調，越來越多的發行人包括全球各地的公司和政府，尋求投資以推動他們減少溫室氣體排放和防範實質性氣候風險的計劃。該基金提供對Solactive全球綠色債券精選指數的投資曝光，該指數由高盛資產管理公司專門的綠色、社會和影響債券團隊與Solactive合作開發。根據指數方法論，團隊在發行人和債券層面應用增強的可持續投資篩選。該指數旨在包括具有低於可比被動基準的氣候風險的公司。根據高盛的說法，該基金旨在使投資者能夠用符合特定可持續投資篩選標準的債券替換他們現有的全球固定收益投資組合的一部分，包括爭議排除、項目和行業排除以及對發行人氣候轉型政策的分析。高盛資產管理公司EMEA第三方財富負責人Hilary Lopez表示，全球綠色債券市場為投資者提供了日益增加的機會，因為他們尋求用專門的綠色、社會和影響債券補充其固定收益曝光。我們很高興推出這款創新產品，它首次將我們綠色債券團隊的專業知識帶入ETF

5.Dutch Pension Giant PFZW Divests 98% of Oil and Gas Companies over Lack of Climate Action
荷蘭養老金PFZW退出98%的石油和天然氣公司投資:因缺乏氣候行動


PFZW, a Netherlands-based pension fund and one of Europe's largest, has divested from over 300 fossil fuel companies, including major players like Shell, BP, and TotalEnergies, citing their insufficient decarbonization plans. This decision concludes a 2-year engagement effort that saw PFZW progressively tighten its criteria for fossil fuel investments, leading to the sale of €2.8 billion in securities. The fund has retained investments in only seven companies it believes are fully committed to transitioning from fossil to renewable energy or already have a low carbon footprint. PFZW's divestment reflects a broader shift in investment strategies towards sustainability, with the fund now focusing on large fossil fuel consumers for future engagements. PFZW aims for a climate-neutral portfolio by 2050 and seeks to invest significantly in climate solutions and companies contributing to the energy transition.

荷蘭的PFZW養老基金，歐洲最大的養老基金之一，宣布已退出對包括Shell、BP和TotalEnergies在內的300多家化石燃料公司的投資，原因是這些公司缺乏令人信服的減碳計劃。這一決策標誌著為期2年的參與過程的結束，期間PFZW對其投資組合中的石油和天然氣公司提出了越來越嚴格的標準，最終出售了28億歐元的證券。PFZW保留的投資僅包括七家公司，這些公司被認為是全面致力於從化石能源向可再生能源的轉型，或者目前已經主要生產低碳足跡的能源。隨著石油和天然氣參與計劃的結束，PFZW表示將把目標轉向大型化石燃料消費者，如電力公司和碳足跡較高的材料生產商，並要求這些公司提出雄心勃勃的轉型策略。PFZW的目標包括到2050年實現氣候中和投資組合，並在2030年之前實現其股票、流動性信用和房地產持有量的50％絕對碳減排，計劃在2030年將15％的資產投資於氣候解決方案，並在未來2年內投資20億歐元於對氣候和能源轉型有可衡量影響的公司。