Continuous Progress, Unwavering Commitment 持续进步，坚定不移的承诺
Introduction
In the era of increasing environmental awareness and the urgent need for climate action, the role of listed companies in the global fight against climate change has become crucial. A significant trend has emerged – the majority of listed companies are maintaining or enhancing their climate commitments. This shift not only reflects the growing recognition of climate risks but also signals a new era of sustainable business practices. In this newsletter, we will explore the insights behind this trend and its implications.
引言
在环境意识日益增强、气候行动迫切需要的时代，上市公司在全球应对气候变化的斗争中扮演着至关重要的角色。一个显著的趋势已经显现——大多数上市公司正在维持或加强其气候承诺。这一转变不仅反映出对气候风险的日益重视，也标志着可持续商业实践新时代的到来。在本期通讯中，我们将探讨这一趋势背后的洞见及其影响。
Listed Companies’ Climate Commitments: A Closer Look
The Current Landscape
The number of listed companies making climate commitments is on the rise. According to Morgan Stanley Capital International (MSCI) Net Zero Tracker Report, in 2025, nearly half (44%) of global listed companies had set decarbonization goals, an 8 – percentage – point increase compared to October 2022. This growth indicates a growing understanding among businesses that climate action is essential for long – term viability.
Information disclosure related to climate has also strengthened. Many listed companies are now providing more detailed climate – related information in their annual reports and sustainability reports. For example, energy – sector companies are disclosing metrics such as the proportion of renewable energy investments and carbon emission intensity. However, the progress in implementing climate commitments varies across industries. New energy and environmental protection companies are leading the way. Cars manufactures, for instance, are actively promoting the popularization of new energy vehicles through technological innovation. In contrast, traditional high – energy – consuming industries like steel and cement face more challenges in their transition, despite making commitments.
上市公司的气候承诺：深度解析
现状概览
做出气候承诺的上市公司数量正在上升。根据摩根士丹利资本国际（MSCI）净零追踪报告，2025年全球近半数（44%）上市公司已设定脱碳目标，较2022年10月增长8个百分点。这一增长表明企业日益认识到，气候行动对长期生存至关重要。
与气候相关的信息披露也有所加强。许多上市公司正在年度报告和可持续发展报告中提供更详细的气候相关信息。例如，能源行业公司正在披露可再生能源投资占比、碳排放强度等指标。然而，气候承诺的落实进展因行业而异：新能源和环保企业走在前列，汽车制造商正通过技术创新积极推动新能源汽车普及；相比之下，钢铁、水泥等传统高耗能行业尽管做出了承诺，但在转型中面临更多挑战。
Underlying Reasons
External Factors
– Policy and Regulatory Pressures: The international community is taking significant steps to standardize sustainable information disclosure. The International Sustainability Standards Board (ISSB) has released IFRS S1 and S2 guidance documents, enhancing the practicality and standardization of climate – related information disclosure. In addition, regulations such as the EU’s Corporate Sustainability Reporting Directive (CSRD) and the US Securities and Exchange Commission’s (SEC) climate – related disclosure requirements for investors are pushing companies to be more transparent. In China, domestic standards like GBT 36000 – 2015 Guidelines for Social Responsibility also play a crucial role.
– Investor and Market Demands: Investors are becoming more conscious of climate risks and are increasingly inclined to invest in companies with strong climate performance. Reports from institutions like MSCI serve as important references, compelling listed companies to strengthen their climate commitments.
Internal Factors
– Risk Management: Climate change poses both physical risks, such as damage to production facilities from extreme weather events, and transition risks, like the devaluation of high – carbon assets due to policy changes. By maintaining or enhancing climate commitments, companies can mitigate these risks and ensure stable operations. For example, the joint estimate by the Sea – Level Rise Coordination Committee and Risk Management Solutions (RMS) shows that if sea levels rise by 66 inches by 2100, the value of commercial or industrial buildings at risk could reach $12.4 billion.
– Enhanced Corporate Image: In today’s society, consumers, investors, and employees highly value a company’s social responsibility and sustainable development performance. By demonstrating a commitment to climate action, listed companies can enhance their reputation and brand value.
根本原因
外部因素
– 政策与监管压力：国际社会正采取重大举措规范可持续信息披露。国际可持续发展准则理事会（ISSB）已发布IFRS S1和S2指引文件，提升了气候相关信息披露的实用性和标准化程度。此外，欧盟《企业可持续发展报告指令》（CSRD）、美国证券交易委员会（SEC）针对投资者的气候相关披露要求等法规，正推动企业提高透明度。在中国，《GBT 36000-2015社会责任指南》等国内标准也发挥着关键作用。
– 投资者与市场需求：投资者对气候风险的意识日益增强，更倾向于投资气候表现优异的企业。MSCI等机构的报告成为重要参考，促使上市公司强化气候承诺。
内部因素
– 风险管理：气候变化既带来物理风险（如极端天气事件对生产设施的破坏），也带来转型风险（如政策变化导致高碳资产贬值）。通过维持或加强气候承诺，企业可降低这些风险并确保运营稳定。例如，海平面上升协调委员会与风险管理解决方案公司（RMS）联合估算显示，若到2100年海平面上升66英寸，面临风险的商业或工业建筑价值可能达到124亿美元。
– 提升企业形象：在当今社会，消费者、投资者和员工高度重视企业的社会责任与可持续发展表现。上市公司通过展现对气候行动的承诺，能够提升自身声誉和品牌价值。
Corporate Strategies in Practice
“Goal – First” Approach
Some companies adopt a “goal – first” approach. They use scientific carbon target (SBTi) certification to set ambitious yet achievable decarbonization goals. By leveraging scenario – analysis tools, they map out a clear path for reducing emissions over a specific period, ensuring that their actions are in line with global climate – change mitigation targets.
“Supply Chain Empowerment” Approach
Another effective strategy is to focus on the supply chain. Companies can require their suppliers to disclose carbon emissions and collaborate on reducing the overall carbon footprint of the supply chain. This can involve setting up carbon – data platforms, signing green – procurement agreements, and jointly researching and developing low – carbon technologies.
“Technological Innovation” Approach
Innovation is a key driver for many companies. They invest in research and development to find new ways to reduce emissions, such as exploring the commercialization of Carbon Capture, Utilization, and Storage (CCUS) technologies, lowering the cost of green – hydrogen production, and using AI to optimize energy efficiency.
企业实践中的策略
“目标优先”策略
一些公司采用“目标优先”策略，通过科学碳目标倡议（SBTi）认证设定宏大但可实现的脱碳目标。它们借助情景分析工具，规划特定时期内清晰的减排路径，确保行动与全球减碳目标一致。
“供应链赋能”策略
另一有效策略聚焦于供应链：企业可要求供应商披露碳排放数据，并合作降低供应链整体碳足迹。这包括搭建碳数据平台、签署绿色采购协议，以及联合研发低碳技术。
“技术创新”策略
创新是许多企业的核心驱动力。它们投入研发以探索减排新路径，例如推进碳捕集、利用与封存（CCUS）技术的商业化应用、降低绿氢生产成本，以及借助人工智能优化能源效率。
Challenges Ahead
– Disclosure Quality Disparities: There are significant issues with the quality of climate – related information disclosure. Only 54% of companies fully disclose Scope 3 emissions data (All indirect carbon emissions generated from upstream and downstream activities in the corporate value chain), and the accounting methods are inconsistent. Moreover, some companies’ climate goals lack clear timelines or quantitative indicators, making them more of a slogan than a practical plan.
– Cost – Benefit Dilemmas: For high – carbon industries like steel and cement, the short – term investment pressure for emission reduction is substantial, with costs accounting for 15% – 20% of profits. Additionally, the long – term benefits are uncertain due to factors such as carbon market fluctuations and inconsistent policies, like the differences between the EU’s carbon tariff and domestic accounting standards.
– Regional and Industry Disparities: State – owned enterprises and central enterprises are taking the lead in climate action, with 90% having developed climate policies. However, the coverage rate among private and small – to – medium – sized enterprises is less than 60%. The financial industry has a disclosure rate of 42% (in 2023), while the accommodation and catering industry has a mere 25% disclosure rate.
未来挑战
– 披露质量差异：气候相关信息披露质量存在显著问题。仅有54%的企业完整披露范围3排放数据（企业价值链上下游活动产生的所有间接碳排放），且核算方法不统一。此外，部分企业的气候目标缺乏明确时间线或量化指标，更像是口号而非切实计划。
– 成本效益困境：对于钢铁、水泥等高碳行业，减排的短期投资压力巨大，成本占利润的15%-20%。此外，受碳市场波动、政策不一致（如欧盟碳关税与国内会计准则差异）等因素影响，长期收益存在不确定性。
– 区域与行业差异：国有企业和中央企业在气候行动中处于领先地位，90%已制定气候政策。但私营企业和中小企业的覆盖率不足60%。金融行业2023年披露率为42%，而住宿餐饮行业披露率仅25%。
CNEUCN’s Role and Contributions
CNEUCN, with its focus on China – Europe carbon neutrality, can play a vital role in this context. Leveraging its strategic partnership network, CNEUCN can connect listed companies with European counterparts and relevant institutions. This connection can facilitate the sharing of best practices in climate – related information disclosure, helping companies improve the quality of their disclosures. For example, European companies with advanced disclosure mechanisms can share their experiences with Chinese listed companies through CNEUCN – organized events.
CNEUCN’s tailored business consulting services can assist listed companies in formulating comprehensive climate strategies. This includes helping them understand international climate policies, evaluate their carbon footprints more accurately, and develop long – term climate goals. By providing in – depth market potential assessments and government relationship management advice, CNEUCN can help companies navigate the complex landscape of climate commitments.
仲欧脱碳科技（CNEUCN）的角色与贡献
聚焦于中欧碳中和领域的仲欧脱碳科技（CNEUCN）可在这一背景下发挥关键作用。凭借其战略合作伙伴网络，CNEUCN能够将上市公司与欧洲同行及相关机构对接，促进气候相关信息披露最佳实践的分享，助力企业提升披露质量。例如，拥有先进披露机制的欧洲企业可通过CNEUCN组织的活动，向中国上市公司分享经验。
CNEUCN定制化的商业咨询服务可协助上市公司制定全面的气候战略，包括帮助企业理解国际气候政策、更精准地评估碳足迹，并制定长期气候目标。通过提供深入的市场潜力评估和政府关系管理建议，CNEUCN能帮助企业在复杂的气候承诺环境中明确方向。
Conclusion
The trend of listed companies maintaining or enhancing their climate commitments is a positive step towards a sustainable future. However, it comes with its fair share of challenges, including disclosure quality, cost – benefit balance, and industry – wide disparities. CNEUCN is well – positioned to support listed companies in overcoming these challenges. By leveraging its unique resources and services, CNEUCN can help companies strengthen their climate commitments, implement effective strategies, and contribute to the global effort to combat climate change.
结论
上市公司维持或加强气候承诺的趋势是迈向可持续未来的积极一步。然而，这一过程也伴随着诸多挑战，包括信息披露质量、成本效益平衡以及行业间的差异。仲欧脱碳科技（CNEUCN）完全有能力支持上市公司应对这些挑战。通过利用其独特的资源和服务，CNEUCN能够帮助企业强化气候承诺、实施有效战略，并为全球应对气候变化的努力做出贡献。
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