TimelyAccuracyStandardSUGGESTIONSONTHEFRAMEWORKFORCLIMATE-RELATEDINFORMATIONDISCLOSUREINDUSTRY-SPECIFICAbstractClimate-relatedinformationdisclosureatcorporatelevelsiskeyforaddressingclimatechange.Asthecoreelementofclimateinformation,carbonemissiondataisincreasinglyvaluedbyallmarketentities.Variousstakeholdersaredevotingeffortstopromotingclimate-relatedinformationdisclosuretheseyears,whileenterprisesaregettingabetterunderstandingofinformationdisclosure.However,theclimate-relatedinformationdisclosureofhigh-emittingenterprisesisgreatlyimpededduetothelackofsystematicguidelinesandinfrastructureconstruction.Meantime,theweakandinconsistentcarbonaccountingcarriedoutbyfinancialinstitutionsalsolimitstheabilityofinvestmentandfinancingactiv-itiestopromotegreenandlow-carbontransitioninindustries.Basedonthestatusquoofclimate-re-latedinformationdisclosurewithinChina,thispaperproposessuggestionsforclimate-relatedinfor-mationdisclosureforkeyemissionindustriesandfinancialinstitutionstoproviderelevantreferencesforclimate-relatedinformationdisclosureinChina.IntroductionChapterIChapterII1.1.2.2.3.4.010203050607091113ContentsStatusquoofClimate-relatedinformationdisclosureinChinaAnoverviewofinternationalexperiencesclimate-relatedinformationdisclosureTheclimate-relatedinformationdisclosureworkhasbeengraduallyadvancedinChina,andtheparticipationofenterpriseshasincreasedListedcompaniesinChinalackinitiativeinclimate-relatedinformationdisclosure,andthequalityofdiscloseddataneedstobeimprovedThedisclosureofScope3carbonemissionsisveryimportantfacegreatchallengeatthepresentstageSuggestionsontheframeworkforclimate-relatedinformationdisclosureofdifferentindustriesSuggestionsandcharacteristicindicatorsforinformationdisclosureinhighcarbonemissionindustriesSuggestionsandcharacteristicindicatorsforcarbonemissioninformationdisclo-surebyfinancialinstitutionsChina’senvironmentalinformationdisclosurestartedfrom2007,afar-reachingprocess.AccordingtothehistoryofenvironmentalinformationdisclosuresysteminChina,asearlyasApril2007,theStateEnvironmentalProtectionAdministrationhadissuedtheMeasuresfortheDisclosureofEnvironmentalInformation(forTrialImplementation),proposingthatenterprisesshould,intheprincipleofcombiningvoluntarydisclosureandcompulsorydisclosure,accuratelydisclosecorporateenvironmentalinformationintime;thecompetentdepart-mentsforenvironmentalprotectionshouldestablishandimprovetheenvironmentalinformationdisclosuresystem.InDecember2014,theMinistryofEnvironmentalProtectionissuedtheMeasuresfortheDisclosureofEnvironmentalInformationofEnterprisesandPublicInstitutions,proposingthatenterprisesandinstitutionsshouldtruthfullydisclosetheirenvironmentalinformationintimeintheprincipleofcombiningmandatorydisclosureandvoluntarydisclosure;thecompetentdepartmentofenvironmentalprotectionshouldestablishandimprovetheworkingmechanismtoguideandoverseetheenvironmentalinformationdisclosurebyenter-prisesandpublicinstitutions.Inrecentyears,carbonemissiondisclosurehasgraduallybecomeanimportantpartofenvironmentalinformationdisclosureinChina.InMay2021,theMinistryofEcologyandEnvironmentissuedtheEnvironmen-talInformationLegalDisclosureSystemReformPlan,whichproposedtograduallyestablishandimprovemandatoryenvironmentalinformationdisclosurebyenterprises,andrequiredthatentities(includingkeypollutantdischargingunits,thelistedcompanies,andbond-issuingcompanies)whicharerequiredforimple-mentmandatorycleanproductionaudits,shoulddisclosecorporateenvironmentalinformationinannualreportsandotherrelevantreportsinaccordancewithlawsandregulations,soastoimplementtheirlegalobligationsformandatorydisclosureofenvironmentalinformation.InDecember2021,theMinistryofEcologyandEnvironmentissuedtheMeasuresontheManagementofMandatoryCorporateEnvironmentalInformationDisclosure,andsubsequentlyissuedasupportingdocumenttheStandardsfortheFormatofMandatoryCorpo-rateEnvironmentalInformationDisclosure,inwhichitisclarifiedthatthelegaldisclosureofcorporateannualenvironmentalinformationshouldincludeinformationoncarbondioxideemission;forcompaniesregulatedbycarbonmarkets,thedisclosedinformationshouldalsoincludetheactualcarbondioxideemissionsofthecurrentyearandtheactualemissionsofthepreviousyear,compliancestatus,thecompilationandreleaseofannualgreenhousegas(GHG)emissionreports,etc.Differentindustrieshavedifferentcarbonemissionsourcesandaccountingscopes.Thesuggestionsonclimate-relatedinformationdisclosureofdifferentindustriesinaccordancewithindustrialcharacteristicsareofgreatsignificanceforimprovingtheinformationdisclosuresysteminChina.Fordifferentinformationdisclosurerequirementsforhighcarbonemissionindustriesandhighvalue-addedindustriessuchasfinance,wecannotonlyconstraintheemissionbehaviorofhighemissionenterprisesfromthesources,anon-manda-torywaytopromotelow-carbonproductionandoperationofenterprises,butalsoguidethebehaviorofhighvalue-addedindustriessuchasfinanceattheresourceside,andprovideincentivestothelow-carbonbehaviorofdownstreamenterprises.Emissionsfromhigh-carbon-emittingindustriesaremainlyScopes1and2,whichcanbecalculatedaccordingtotheemissionaccountingreportguidelinesforindustriesandenterprisesissuedbytheauthorities,torealizearelativelycompletecarbonemissiondisclosureoftheproductionandoperationofindustriesandenterprises;forhighvalue-addedindustriessuchasfinance,Scope3carbonemissionsareacriticallinktoreflecttheimpactoffinancialinstitutionsontheenvironment.ThedisclosureofScope3carbonemissioninformationisofgreatimportanceforregulatorsandstakeholderstolearnabouttheimpactoffinan-cialinstitutions’lendingandinvestmentactivitiesonclimateinacomprehensiveandmulti-dimensionalmanner,soastoallocatefinancialcapitalmoreefficientlyandfurtherpromotethetransformationintoalow-carbonsociety.Introduction1AccordingtotheGreenHouseGasesProtocoljointlyreleasedbyWBCSDandWRI,GHGemissionsareclassifiedintothreescopesbytheirsources.Scope1emissionsaredirectGHGemissionsthatoccurfromsourcesthatarecontrolledorownedbyanorganization(e.g.,emissionsassociatedwithfuelcombustioninboilers,furnaces,vehicles).Scope2emissionsareindirectGHGemissionsassociatedwiththepurchaseofelectricity,steam,heat,orcooling.Scope3emissionsareallindirectemissions(notincludedinscope2)thatoccurinthevaluechainofthereportingcompany,includingbothupstreamanddownstreamemissions.01StatusquoofClimate-relatedinformationdisclosureinChinaChapterIAtpresent,therearetwomainmodelsforpromotingclimate-relatedinformationdisclosureinternation-ally.Oneistheinitiative-basedvoluntaryclimate-re-latedinformationdisclosure,whichincludesmain-streamframeworkssuchasTCFD,SASB,CDPandGRI.Theseinitiativeshavetheirowncharacteristics.Specifically,TCFDhasdevelopedaframeworkappli-cabletomultipleindustries;SASBhasdesignedframeworksandstandardsfordifferentindustriesspecifically;CDPhasadoptedaquestionnaireformandenrichedtherelevantcontentsbasedonTCFD;GRIcoversmoreESG-relatedtopics.However,ingeneral,theexistingvoluntarydisclosuresusuallyfailtoprovidesufficientandeffectiveinformation,whilethecostforfinancialinstitutionstoobtainrelevantdataishigh,resultingintheconsistencyandclarityofthecurrentvoluntaryclimateinforma-tiondisclosedbyenterprisestobeimproved.03Table1:Globalmainstreamvoluntaryclimate-relatedinformationdisclosureframeworksCross-sectoralclimatedisclosureframeworkLowHighHighIndustry-speciflcsustainablitydisclosureframeworkSector-specificclimatequestionnaireDescriptionSectorSpecificityDiselesureCoverageTCFDSASBGRICDPCross-sectoralESGdisclosureframeworkwithspecthicstandardsforoil，gasandcoalFour-partframe-workcoveringgovernance,strategy,riskmanagement,andmetricsandtargetsFrameworkcoversenvironment,socialcapital,humancapital,businessmodelandinnovation,andgovernanceQuestionnairecoversTCFDframeworkwithadditionalcategoriesoncarbonpricing,emissionmethodlogyandverification,amongothersFrameworkcoversawidearrayofESGtopicsfromemissionstoworkplacediversitytooccupationhealthLow1.Anoverviewofinternationalexperiencesclimate-relatedinformationdisclosureChapterIStatusquoofClimate-relatedinformationdisclosureinChina04Table2:Countriesandregionswhichimplementmandatoryclimate-relatedinformationdisclosureAnothermodeofclimate-relatedinformationdisclo-sureismandatoryclimate-relatedinformationdisclosurebackedbygovernmentregulations.Inordertoensurethatclimatechange-relateddataisofsufficientqualitytosupportvariousinvestmentdecisions,countriesandregionssuchastheEUandJapanhaveestablishedtheirownmandatoryclimate-relatedinformationdisclosuresystemsbasedontheTCFDframework,butthecoveragevaries.Forexample,JapanrequiresdisclosurebyalllistedcompanieswithinthemainboardoftheTokyoStockExchange,whiletheUKrequiresdisclosurebyalllistedcompanieswith500ormoreemployees.Intermsofwhenthepoliciescomeintoeffect,manda-torydisclosurehasbeenimplementedinJapanandtheUKinApril2022,andinNewZealandfrom2023,andtheEUprovidessufficientleadtimeforcompa-niesintheregiontobeginimplementingthemanda-torydisclosurerequirementsby2024.JapanNewZealandUnitedKingdomEuropeanUnionProprsed2021IntroducedNovember2021PassedOctober2021FinalizedJanuary2022Reportingbegins2024ReportingbeginsApril2022ReportingbeginsApril2022Reportingbegins2023IncorporatesTCFDAlllargecompaniesinEUandallEurpeanstock-ex-changelistedcompaniesCompanieslistedontheTokyoStockExchang's"Prime"marketConpanieswith>500employeespubliclytradedintheUKAllbanke,creditunions,buildingsocieties,andinvestmentmanagerswithmoretheNZ$1billionAlignedwithTCFDAlignedwithTCFDAlignedwithTCFDChapterIStatusquoofClimate-relatedinformationdisclosureinChinaCompaniestoestablishthebasicframeworkofESGinformationdisclosureinChina,to2020,whentheStateCouncilissuedtheGuidanceonBuildingaModernEnvironmentalGovernanceSystemtoexplicitlyrequireenterprisestodiscloseenviron-mentalgovernanceinformation,ESG-relatedpoliciesinChinahaveguidedinthe"carbonpeakingandcarbonneutralitygoals".Thenumberandquali-tyofESGreportsareonanoverallupwardtrend.TheESGRatingAnalysisReport(2020)ofA-shareListedCompaniesshowsthatthenumberofESGreportsissuedbyA-sharelistedcompaniesinChinahasincreasedfrom371to1,021from2009to2020,andtheoverallESGindicatordisclosurerateoflistedcompaniesisalsograduallyincreasing.TheEnviron-mental,Social,andGovernanceReportingGuidelinesissuedbytheHongKongStockExchangehasmademorespecificrequirementsonthedisclosurecontentofESGreportsandmadeitmandatoryforlistedcompaniestodisclose.05Figure1:GrowthinthenumberofESGreportsissuedbyA-sharelistedcompanies371102102004006008001000120020092020175%2.Theclimate-relatedinformationdisclosureworkhasbeengraduallyadvancedinChina,andtheparticipationofenterpriseshasincreasedInthecontextofstrivingforthegoalsofcarbonpeakingandcarbonneutrality,enterpriseshavegraduallyrealizedtheimportanceofaddressingtherisksandchallengesofclimatechangetotheirlong-termdevelopment.Inrecentyears,Chinahasmadesomeprogressinclimate-relatedinformationdisclosure,andenterpriseshavecontinuouslyenhancedtheirawarenessofclimate-relatedinfor-mationdisclosure.Fromtheperspectiveofdisclosurechannels,therearetwomainmodesofclimate-relatedinformationdisclosureforlistedenterprisesinChinaatthisstage,oneistodisclosethroughESGreportsandtheotheristoparticipateintheCarbonDisclosureProject(CDP).FromthedevelopmenthistoryofESGinChina,from2018,whentheSecuritiesRegulatoryCom-missionrevisedtheGuidelinesonGovernanceofListedChapterIStatusquoofClimate-relatedinformationdisclosureinChinaGrowthinthenumberofESGreportsissuedbyA-sharelistedcompaniesNumberofenterprisesdisclosedcompanieswereinvitedtomakedisclosuresintheCDPwhile1,349disclosedtheirenvironmentalinfor-mation,comparedto664in2018and1,048in2019,anincreaseof58%and27%respectively,withthenumberofdisclosedcompaniesgrowingfasterthantheglobalaveragelevel.06InthecontextofstrivingforcarbonneutralityinChina,theperformanceoflistedcompaniesinlow-carbondevelopmenthasbecomeanimportantfactorforinvestorstomakedecisions,andthepublichashigherexpectationsforlistedcompaniestodisclosetheircarbonemissiondata.However,fewcompaniestaketheinitiativetodisclosecarbonemissiondata,andthequalityofcarbonemissiondatadisclosedvariesconsiderably.3.ListedcompaniesinChinalackinitiativeinclimate-relatedinformationdisclosure,andthequalityofdiscloseddataneedstobeimprovedTalkingabouttheparticipationofChineseenterpris-esinCDPprojects,theparticipatingenterprisescoverindustrieswithlowscope1andscope2carbonemissionlevels,suchasbankingandinsur-ance,aswellasindustrieswithhighemissionlevels,suchasmetalsandmining.TheCDP2020ChinaListedCompaniesReportshowsthat1,987ChineseChapterIStatusquoofClimate-relatedinformationdisclosureinChinaFigure2:ComparisonofCDPandCSRinformationdisclosureofChineseenterprises66410481349020040060080010001200140020182019202058%27%DisclosuresmadebyChinesecompaniesviaCDPinformationplatformNumberofenterprisesdisclosed07InNovember2021,thefirstdomesticlistfocusingoncarbonemissionsoflistedcompanies,"ChinaListedCompaniesCarbonEmissionsRanking(2021)",wasreleased.Accordingtothelists,fewlistedcompaniestooktheinitiativetodisclosecarbonemissiondata.Forexample,amongthe51A-sharelistedcompaniesonthelist,only4companiesactivelydisclosetheircarbonemissions.SincetheHongKongStockExchange(HKSE)hasstricterrequirementsforcompaniestoprepareEnvironmental,Social,andGovernance(ESG)reports,thedisclosureofHongKong-listedcompaniesissignificantlybetterthanofA-sharelistedcompanies:among23A+H-sharelistedcompaniesinthelist,only3companieshavenotdisclosedinformation;among26H-sharelistedcompanies,only3companieshavenotdisclosedinformation.ThereasonisthatalthoughthenumberofcompaniesdisclosingclimateinformationinChinaisincreasingyearbyyear,Chinahasnotissuedpoliciesandregu-lationsonclimate-relatedinformationdisclosureandlacksunifieddisclosureplatforms,whileenterprisesuseinconsistentGHGaccountingmethodsandcarbonaccountingstandardsandonlyasmallnumberofthemtaketheinitiativetoinvitethethird-partyinstitutionsforverification.Thus,therearenounifiedstandardsandregulationsforclimate-relatedinformationdisclosurebylistedcompaniesinChina,leadingtothereluctancetodisclosecorporateclimate-relatedinformationdisclosure.Inaddition,thereisroomforimprovementinthequalityandcomparabilityofdiscloseddata.4.ThedisclosureofScope3carbonemissionsisveryimportant,facinggreatchallengeatthepresentstageComparedwiththetraditionalhigh-carbon-emittingindustries,highvalue-addedindustriessuchasfinancehavelessdirectGHGemissions,butaccount-ingforcarbonemissionsrelatedtotheirvaluechainscanhelpguidefinancialinstitutionstoinvestinclimate-friendlyenterprisesandprojects.Thisisofgreatsignificancetoreducetheinvestmentinhigh-energy-consumingindustriesandpromotethedevelopmentofagreenandlow-carboneconomy.Atpresent,theregulatorshaveposedincreasinglystringentrequirementsforthedisclosureofenvironmentalinformationoffinancialinstitutions,especiallytheinformationontheimpactoflendingandinvestingactivitiesontheenvironment.TheaccountinganddisclosureofGHGemissionsrelatedtolendingandinvestingactivitiesarethebasisformeetingregu-latoryrequirementsandachievingtransparencyviainformationdisclosure,andarealsothekeytothescenarioanalysis,emissionreductiontarget-set-tingandactionsoffinancialinstitutions.DuringthedecarbonizationprocessofChina,financialinstitu-tionsmayfacecertaintransitionrisksoftheirloaninvestmentsinhigh-carbonindustries,andtheChapterIStatusquoofClimate-relatedinformationdisclosureinChinaaccountinganddisclosureofScope3carbonemis-sionswillhelpfinancialinstitutionsaccuratelyidentifyandquantifypotentialrisksininvestmentandfinanc-ing,andhelpfinancialinstitutionsenhanceriskmanagementofpossibleassetlosses.InJuly2021,thePeople’sBankofChinaissuedtheGuidelinesonEnvironmentalInformationDisclosureforFinancialInstitutions,whichstatestheprinciples,disclosureforms,disclosurefrequency,disclosedcontent,etc.thatfinancialinstitutionsshallfollowintheprocessofenvironmentalinformationdisclosure,pushingenvironmentalinformationdisclosurebyfinancialinstitutionsthroughpolicyguidanceintoanewstageofevidence-baseddisclosure.However,financialinstitutionsstillfacetheprob-lemsofunclearemissionscopesandgreatdifficul-tyinobtainingrelevantdatainenvironmentalinformationdisclosure.Accordingtotheparticipa-tionoflistedChinesecompaniesinCDPin2020,thenumberofcompaniesdisclosingScopes1and2emissionsis57(about92%)and50(about80%)respectively,whilethenumberofcompaniesthatdiscloseScope3emissionsisonly19(about30%).Forfinancialinstitutions,Scopes1and2GHGemis-sionsourcesarerelativelycertain,soitiseasiertotrackdata.However,Scope3mainlyinvolvesthedisclosureofrelevantdatafromentitiesinvestedandfinancedbyfinancialinstitutionsfinancingobjects,orfromaccountingofindustrydata,soitisdifficulttoacquiredata.Onthewhole,afterthetargetsofcarbonpeakingandcarbonneutralitywereproposed,theawarenessandwillingnessofChineseenterprisestodisclosecarbonemissionshavebeencontinuouslyenhanced,andgreatprogresshasbeenmadeinclimate-relatedinformationdisclosure.However,asthepolicies,regulations,guidelinesonandinfrastructureforclimate-relatedinformationdisclosurestillneedstobeimproved,thereisstillroomforimprovementfortheinitiativeoflistedcompaniesinChinatodisclosecarboninformationandthequalityofthedisclosuredata.ThedisclosureofScope3carbonemissionsbyfinancialinstitutionsalsoneedstobeexplored.Inthiscontext,aframeworkofclimate-relatedinformationdisclosurefordifferentindustriesisproposedincombinationwiththecurrentstatusofChina’sclimate-relatedinformationdisclosure,providingguidanceforclimate-relatedinformationdisclosurebehaviorofChineseenterprises,guidingdirectionfortheformationofclimate-relatedinformationdisclo-sureguidelinesfordifferentindustriesinthefuture,andlayingthefoundationforgivingfullplaytothesignificanceandroleofclimate-relatedinformationdisclosure.08ChapterIStatusquoofClimate-relatedinformationdisclosureinChinaChapterIISuggestionsontheframeworkforclimate-relatedinformationdisclosureofdifferentindustriesSuggestionsontheframeworkforclimate-relatedinformationdisclosureofdifferentindustriesThefocusonclimate-relateddisclosuresvariesamongindustries.Forhigh-carbon-emittingcompanies,theiremissionsandemissionreductionpotentialaremoreconcernedbyinvestmentinstitutionsandsomeofthesecompaniesalsodisclosedcarbonemissionsandcarbonfootprintsinthelifecycleoftheirproducts.Forfinancialinstitutions,duetotherelativelylowcarbonemissionsfromtheiroperations,thefocusisoninformationdisclosureoftheinvestedenterprises,soastopromoteenterprisestoachievecarbonneutralitythroughtheinvestmentandinfluenceoffinancialinstitutions.Therefore,itisofgreatsignificancetoprovideaclearandunifiedframeworkforclimate-relatedinformationdisclosureaccordingtothecharacteristicsoftheindustrytowhichacompanybelongs.ForindustriesandcompaniesinvolvingScope3emissionsmore,itisevenmorenecessarytoformulateanexplicitcalculationmethodforScope3emissionstoguidetheirclimate-relatedinformationdisclosurebehaviors.Meantime,theprovidedframeworkforclimate-relatedinformationdisclosureandthecalculationmethodforScope3carbonemissionsneedtokeepinlinewiththeinternation-almainstreamdisclosurestandards,toofferareferenceformultinationalcompaniestodisclosecarboninformation.Inordertoformaframeworkforclimate-relatedinformationdisclosurefordifferentindustries,onthebasisofproposingageneralframeworkofsuggestionsforcorporateclimate-relatedinformationdisclosure,specificdisclosureindicatorsforsubdividedindustriesareformedaccordingtothedisclosureprioritiesofhigh-carbon-emittingindustriesandhighvalue-addedindustriessuchasfinance.Inaddition,theframeworkwillseekadvicefrommarketentitiessuchasenterpris-esandcompetentdepartments.andwillbeadvancedinastagedwayafterbeingperfected.Thegeneraldisclosureframeworkshouldtypicallyincludeadescriptionofthedisclosedsubject,informationoncarbonemissions,industrialcharacteristicindicators,andcorporateactionstoaddressclimatechange.10ChapterIITable3:SuggestionsonageneralframeworkforcorporateinformationdisclosureDisclosureelementsDescriptionofthedisclosedsubjectBasicinformationofenterprisesAccountingboundaryandscopeofdisclosureImportantchangesinproductionandoperationEnterprisename(orothereconomicorganization),unifiedsocialcreditcode(organizationcode),indus-tryclassification,addressofproductionandbusinesspremises,legalrepresentative,timeofestablishment,andnameandproductcodeofmainproducts.Include1)merger,separation,closureorrelocationofenterprises;2)changesingeographicboundaries;3)closureofmajorproductionandoperationsystemsornewprojectproduction;4)changes,includingaccountingboundaries,emissionsources,etc.,comparedwiththepreviousyear;5)changesinclud-ingaccountingboundaries,emissionsources,etc.,comparedwiththebaseyear.Determinetheaccountingboundaryandscopefollow-ingthenationalGHGemissionaccountingguidelinesfordifferentindustries.DisclosureindicatorsDisclosedcontentsdisclosureframeworkindicators.Thedisclosedcontentsshouldbeenrichedinthefieldsofenergyconservationandcarbonreductiontargets,climateriskmanagement,andsustainabledevelopmentstrategies,reflectingacompre-hensiveviewofenterprisestoaddressclimatechange.Forthecharacteristicsofemissionbehaviorandactionstoaddressclimatechangeforhigh-carbon-emittingindus-tries,thefollowingtableprovidessuggestionsonthecharacteristicindicatorsofthepowerindustry,steelindustry,petrochemical,andchemicalindustriesunderthegeneralframeworkofcarbonemissiondisclosure.ContinuedTable3:SuggestionsonageneralframeworkforcorporateinformationdisclosureCorporateactiononaddressingclimatechangeMeasurestakentocontrolcarbonemissionsandtheireffectsClimate-relatedrisksandopportunitiesSustainabledevelopmentconceptsImplemented/plannedimplementationofcarbonemissionreductionmeasuresandcarbonreductionamount,internalorganization,systemconstructionandmanagementsystemforcarbonemissioncontrol.Concept,goals,culture,etc.ofcorporatesustainabledevelopmentRisksfromclimatechange(carbonemissionreductioncosts,etc.),aswellasopportunitiesfromclimatechange(suchasnewtechnologies,newproductsandservices,andinstitutionalortechnologicalchangesrelatedtoclimatechangethatbringpotentialcompetitiveadvantagestocompanies).InformationoncarbonemissionsIndustrialcharacter-isticindicatorsEnergyconsumptionlevel/carbonemissionperformanceCarbonemissionsfromtheproductionofindustrialenterprise,andcomparisonwithindustrybenchmarkvalue/industryadvancedvalue.CarbonemissionsParticipationinthecarbonmarketAnnualchangeoftotalcarbonemissions,theannualchangeofcarbonemissionintensity(carbonemissionperunitofproduct),descriptionofthedatasourceofactivitylevel,descriptionofthedatasourceofemissionfactor,etc.Mandatorydatareportingandsubmissionforcarbonmarket,surrenderofallowanceandcompliance,etc.Voluntarycarbonmarkettransactions,cancellationofemissionreductions,etc.DisclosureelementsDisclosureindicatorsDisclosedcontents11Ingeneral,keyemissionentitiesshouldusetheGHGaccountingmethodsandreportingguidelinesforvariousindustriesissuedbythegovernmentasthestandardforquantitativeinformationdisclosure,andreflecttheeffectivenessofcorporatecarbonemissionandcarbonemissionmanagementthroughchangesinindicatorssuchasthetotalamountandintensityofcarbonemissionsduringtheyear.Atthesametime,itisnecessarytostrength-entheconnectionandcoordinationwiththelatestrequire-mentsofnationalcorporateenvironmentalinformationdisclosureandtheannualreportdisclosurerequirementsoflistedcompanies,referringtotheinternationalmainstream1.Suggestionsandcharacteristicindicatorsforinfor-mationdisclosureinhighcarbonemissionindustriesSuggestionsontheframeworkforclimate-relatedinformationdisclosureofdifferentindustriesChapterIICorporateactiononclimatechangeMeasurestakentocarbonemissionsreductionsandtheireffects1)Substitutionofhigh-qualityfossilfuels;2)Upgradingandtransformationofcombustionefficiencyandemissioncontrolofmachineunits;3)Grid-connectedrenewableenergypowergenerationandinstalledenergystorage;4)Effectivenessofcarbonassetmanagement,etc.1)Upgradingofcombustionefficiencyandemissioncontrolofsteelmakingequipment;2)Energyconsumptionfromnewenergybysteelmakingequipment;3)Effectivenessofcarbonassetmanagement,etc.1)Upgradesofthermalefficiencyandemissioncontrolofreactionequipment;2)Useofrenewableenergybyreactionequipment;3)Effectivenessofcarbonassetmanagement,etc.12DescriptionofthedisclosedsubjectInformationoncarbonemissionsDisclosureelementsDisclosureindicatorsPowergener-ationindustrySteelindustryPetrochemicalandchemicalindustryAccountingboundaryandscopeofdisclosureCarbonemissionsParticipationinthecarbonmarketScopes1and2Carbonmarketdatareportingandsubmission,surrenderofallowances,complianceandrelatedpunishmentsIndustrialcharacteristicindicatorsEnergyconsumptionlevel/carbonemissionperformanceCoalconsumptionofpowersupplyinthermalpowerplants,carbonemissionperunitofpowersupply,non-fossilfuelenergypowergenerationandemissionreduction,etc.Carbondioxideemissionpertonofsteel,iron-steelratio,etc.Comprehensiveenergyconsumptionperunitofchemicalproducts(alkene,polyethylene,purifiedterephthalicacid,etc.),powerconsumptionperunitofchemicalproducts(purifiedterephthalicacid,etc.),comprehensivecarbonemissionsfromprocessingperunitofproduct(crudeoil,etc.),etc.Importantchangesinproductionandoperation1)Theshutdownofthemainproductionandoperationsystemornewprojectproduction;2)Changesinaccountingboundaries,emissionsources,etc.comparedwiththepreviousyear;3)Changesinaccountingboundaries,emissionsources,etc.comparedwiththebaseyear.1)Annualchangesincarbonemissionintensity(carbonemissionperunitofproductproduced);2)Explanationofemissionfactordata(datasource,updateofemissionfactorperunitproduct),etc.Table4:Suggestionsoncharacteristicindicatorsoftheinformationdisclosureframeworkforhigh-carbon-emittingindustriesSuggestionsontheframeworkforclimate-relatedinformationdisclosureofdifferentindustriesChapterIIContinuedTable4:Suggestionsoncharacteristicindicatorsoftheinformationdisclosureframeworkforhigh-carbon-emittingindustries13Inordertoreflecttheguidingroleofinvestmentandfinancingbehaviorsbythefinancialindustryontheemissionreductionbehaviorofdownstreamenterprisesandindustries,financialinstitutionsshouldactively,standardizeandcompletelydisclosetheinformationonScopes1and2GHGemissions,andpromotetheinformationdisclosureofScope3GHGemissionsinaccordancewiththeprincipleofgradualandorderlyprogress.Onthisbasis,thetablebelowprovidessuggestionsonthecharacteristicindicatorsofthefinancialindustryundertheframeworkofcarbonemissiondisclosure.2.CorporateactiononclimatechangeClimate-relatedrisksandopportunities1)Transitionplanatcorporatelevel2)Thetrendsoftheinternationalenergymarket;3)Thereplace-mentofrenew-ableenergypowergenera-tion,energystorageandgridandrelatedcostchanges;4)Demandforcarbonneutralityatthecorporateandregionallevels,etc.1)Transitionplanatcorporatelevel;2)ThelaunchtimeoftheEUCBAMandrelatedspecificarrangements;3)Updatesandchallengesofhigh-efficientandlow-carbonsteelmakingtechnologies;4)Demandforcarbonneutralityatthecorporateandregionallevels,etc.5)Industrialclustersandthepotentialforcollaborativeemissionreductionwithotherindustries,etc.1)Transitionplanatcorporatelevel;2)Thetrendsoftheinternationalenergyandpetrochemicalrawmaterialmarkets;3)Updatesandchallengesofhigh-efficientandlow-carbonrefiningandreactiontechnologies;4)Demandforcarbonneutralityatthecorporateandregionallevels,etc.5)Industrialclustersandthepotentialforcollabora-tiveemissionreductionwithotherindustries,etc.DisclosureelementsDisclosureindicatorsPowergener-ationindustrySteelindustryPetrochemicalandchemicalindustrySuggestionsandcharacteristicindicatorsforcarbonemissioninformationdisclosurebyfinancialinstitutionsSuggestionsontheframeworkforclimate-relatedinformationdisclosureofdifferentindustriesChapterIICorporateactiononaddressingclimatechangeMeasurestakentoreducecarbonemissionsandtheireffectsClimate-relatedrisksandopportunities1)Transitionrisksofinvestedhigh-carbon-emittingprojects;2)Revenuepotentialoflow-carbonandemissionreductionprojects;3)PromotionofESGinvestmentphilosophy;4)Improvementofrelevantpoliciesandsystemssuchasclimate-relatedinformationdisclosure,carbonemissionaccounting,andclimateinvestmentandfinancingstandards.1)Commitmenttocarbonneutralityinbusinessactivities;2)Participationinclimateinvestmentandfinancingprojects,suchasclimate-relatedcreditandbondissuance,transitionbondunderwriting,etc.;3)Commitmenttothescaleofinvestmentandfinancingrelatedtoclimatechangemitigationandadaptationandtheestablishmentofrelativesystems;4)Relevantplansforlow-carboninvestmentandfinancingdevelopmentpaths,etc.Table5:SuggestionsoncharacteristicindicatorsoftheinformationdisclosureframeworkforthefinancialindustryDisclosureelementsDescriptionofthedisclosedsubjectAccountingboundaryandscopeofthedisclosureImportantchangesinproductionandoperation1)Theestablishment,merger,andclosureofbranches;2)Changesininvestmentandfinancingobjects(enterprises,projects,andconsumers);3)Classificationofassetsforinvestmentandfinancingandchangesinemissioncalculationmethods,etc.4)Changesinaccountingboundaryandinvestmentemissionscomparedwiththepreviousyearandthebaseyearrespectively.Scopes1,2and3InformationoncarbonemissionsCarbonemissionsParticipationinthecarbonmarket1)Annualchangesincarbonemissionintensity(emissionperunitofinvestmentcapital);2)Descriptionofthesourceofdataforcalculatingemissionsfrominvestmentprojectsandexplanationsofrelevantcalculations;3)Reportsonavoidedandremovedemissions;4)Accountingreportsoninvestmentprojectemissiondata;Scaleandrevenueoftheinvestmentinthecarbonmarkets(includingmandatoryandvoluntaryemissionreduction)DisclosureindicatorsFinancialindustryindicatorsIndustrialcharacter-isticindicatorsEnergyconsumptionlevel/carbonemissionperformance1)Thecarbonemissionlevelofbuildingsandhouses;2)Carbonemissionsrelatedtodailybusinessactivities(physicalactivities);3)Economicemissionintensityofinvestmentandfinancingbehaviors(foracertaininvestmentportfolio,sectorortypeofassets,differentemissioncalculationmethodsusedfordifferentinvestmentobjectsandassettypes),etc.;14Suggestionsontheframeworkforclimate-relatedinformationdisclosureofdifferentindustriesChapterIICurrently,duetothegreatdifficultyofobtainingdataonScope3emissions,mostfinancialinstitutionsonlydiscloseScopes1and2carbonemissions.Therefore,itisparticularlynecessarytoprovideguidanceforthemethodologiestoobtaindataonScope3emissions.FortheacquisitionofbasicdataonScope3,financialinstitutionsfirstneedtoobtaintheemissioninformationofinvestmentandfinancingobjects(enterprisesorprojects)whenconductingScope3carbonaccounting,andthenfurthercalculatethecarbonemissionsandcarbonemissionreductionsofcorrespondinginvestmentandfinancingactivities.Intermsofdatasources,forenterprisesincludingthelegallydeterminedmajorenergy-consumingentities,keyemissionentities,andentitiesregulatedbythecarbontradingsystem,financialinstitutionscannowdirectlyquotethedatafromthecarbonemissionverificationreportsandcarbonemissionreductionassessmentreportsissuedbythird-partyinstitu-tions.Withtheintroductionofclimate-relatedinformationdisclosureguidelinesbasedonthecarbonmarketinthefuture,financialinstitutionscandirectlyobtaindataoncorporatecarbonemissionsonthenationalcarbonmarketdatareportingandsubmissionplatform,whichwillenhancetheaccuracy,reliabilityandstandard-izationofoverallclimateinformationdata.Forenterpriseswithoutcarbonemissionverificationreportsandcarbonemissionreductionassessmentreports,theenterpriseshallprovidedataoncarbonemissionsthatcomplywithrelevantstandardsandregulations,andappropriatelyprovideinformationonthemainbusinessrevenue,theoutputofmainproducts(services),mainenergytypesandtheirconsumption,tofacilitatefinancialinstitutionstoverifycarbonemissions.ForScope3greenhousegasemissions,financialinstitutionscantakeastep-by-stepapproachtograduallyexpandthescopeofdisclosurestartingfromcertainindustries.Forexample,thedisclosurecanbeexpandedfromtheenergyindustrytothetransportationandbuildingmaterialsindustries,finallyachievingfullindus-trycoverage.Inaddition,Scope3emissionsshallbereportedseparately,takingintoaccountthepossibilityofdoublecounting.Atthesametime,financialinstitutionsareencouragedtoexploretheestablishmentofdigitalplatformstobetterconsolidaterelevantdataininvestmentandfinancingactivities,soastofurtherimprovetheefficiencyofaccountinganddisclosure.15Suggestionsontheframeworkforclimate-relatedinformationdisclosureofdifferentindustriesChapterIIINTRODUCTIONFoundedin1967andheadquarteredinNewYork,EnvironmentalDefenseFund(EDF)isoneoftheworld’sleadingenvironmentalorganizations.EDFhasmorethan3millionmembersandastaffofmorethan1000professionals.AreasthatEDFworksininclude:climateandenergy,oceans,ecosystems,health,etc.EDFhasbeenworkinginChinasince1991.In1997,accordingtoChina’soverseasNGOlaw,EDFregisteredandbecamethethefirstforeignNGOunderthesupervisionofChina’sMinistryofEnvironmentalProtection.AboutEDF16EstablishedonAugust5,2008,ShanghaiEnvironmentandEnergyExchangeCo.Ltd.(SEEE),approvedbytheShanghaiMunicipalPeople'sGovernment,isthefirstprofessionalenviron-mentandenergytradingplatforminChina.ToachievethetargetsofcarbonpeakandcarbonneutralityofChina,whileensuringtheorderlyconstructionandoperationofChina’snationalcarbonmarket,SEEEpromotescarbontrading,carbonfinancingandinnovativeworkinothergreenandlow-carbonfields.AboutSEEE17ShanghaiEnvironmentandEnergyExchangeCo.Ltd.No.229，Tiantong，Rd，HongkouDistrict，Shanghai，China+89-21-5690300http://ww.cneeex.comshets@cneeex.comJinLiViceGeneralManager,SeniorEconomistlijin@cneeex.comQianyunZhangStrategyandR&DCenter,Researcherzhangqianyun@cneeex.comJieyangLuoStrategyandR&DCenter,Researcherluojieyang@cneeex.comEnvironmentalDefenseFund-BeijingRepresentativeOfficeNo.28,AndingmenEastStreet,DongchengDistrict,Beijing，China+89-10-64097088http://www.edf.orghttp://www.cet.net.cnXiaoluZhaoDirector,GlobalClimatexzhao@edf.orgYingWangManager,ClimateFinanceyiwang@edf.org
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