On October 16, 2024, the 4th Global ESG Leaders Conference kicked off in Shanghai. During the event, the “2024 Shanghai ESG Development Report,” spearheaded by the Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University, was officially released. This significant report highlights Shanghai’s crucial role in the global landscape of Environmental, Social, and Governance (ESG) development.
The report is recognized as the first systematic analysis of local ESG development in China, with extensive research and collaboration among various enterprises and institutions. By integrating the latest policies, data, and case studies, the report provides a comprehensive overview of the current state of ESG development in Shanghai. It summarizes the achievements and challenges faced by participants in the ESG field and explores future directions and strategies, contributing “Shanghai wisdom” and “Shanghai solutions” to the cause of sustainable development both nationally and globally.
As global climate issues worsen and social responsibility expectations rise, a key question emerges: how can businesses pursue economic gains while promoting harmonious ESG development? This topic has captured the attention of the international community. The report emphasizes that Shanghai, as a leader in China’s economy and a key hub in the international financial system, is not only at the forefront of domestic ESG trends but also holds an important position in the global ESG framework.
The report highlights that Shanghai, as a pioneer city for ESG in China, is actively responding to the national “dual carbon” goals. It has formulated a series of forward-looking and innovative ESG-related policies and action plans in line with its status as an international economic and financial center. Notable advancements have been achieved in critical areas such as ESG information disclosure, index compilation, and institutional clustering, positioning Shanghai as a benchmark for ESG development among various regions in China.
The report further indicates that Shanghai should focus on achieving the “Four Transformations” for ESG: internalizing ESG operational activities, standardizing ESG information disclosure, systematizing ESG evaluation frameworks, and concretizing ESG value realization. These objectives not only represent a crucial part of Shanghai’s sustainable development but also serve as important directions for advancing global ESG progress.
Chen Jie, Vice Mayor of Shanghai, shared during the conference forum that the city is committed to sustainable economic and social development through comprehensive green transformation. Shanghai has made significant strides in carbon reduction, with energy consumption per unit of GDP declining by nearly 20% over the last five years and air quality achieving a nearly 90% excellence rate. The city has nurtured 145 national-level green factories, established eight green parks, and created over 20 zero-carbon demonstration projects. Many local enterprises have embraced the ESG philosophy, fulfilled their social responsibilities, and refined their governance structures, actively participating in the global green industry, supply chain, and value chain collaborations. Looking ahead, Shanghai will align with the national “dual carbon” strategy, support various sectors in deeply embracing ESG principles, enhance ESG product and service innovations, and develop an ESG standard system and guidelines with Chinese characteristics that reflect Shanghai’s unique context, all while accelerating the creation of a modern international metropolis harmonious with nature.
The 4th Global ESG Leaders Conference, themed “Promoting Global ESG Cooperation, Development, and Win-Win Outcomes,” takes place from October 16 to 18 in Shanghai. This conference is jointly hosted by China CITIC Group and Sina Group, with Sina Finance and CITIC Publishing Group managing the event.
