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1市场需求带动环境披露新浪潮CDP 中国报告 2018代表管理资产 87 万亿美元的 650 家机构投资者及采购金额达 3.3 万亿美元的 115 家采购机构CDP 报告 | 2019 年 3 月报告赞助机构2 3目录 CEO 序言 4执行摘要 .61 政策及市场趋势 .101.1 绿色金融政策新格局,推升环境披露需求101.2 绿色供应链迈向体系化发展,带动环境信息共享需求 .131.3 可持续供应链最前沿森林大宗商品可持续采购 .142 CDP指标体系概览 .172.1 CDP评分方法学.182.2 中国企业回复情形概况.202.3 上市公司气候变化问卷分析.222.4 供应商气候变化问卷回复分析.372.5 供应商水安全问卷回复分析.462.6 供应商提升 CDP 回复表现案例分享 .503 案例研究 .514 展望未来 .58附件1. 2018 年 CDP 联署投资机构 .61附件2. 2018 年 CDP 供应链成员组织 .67附件3. 应投资者要求回复企业名单68附件4. 气候相关财务信息披露工作组(TCFD69重要提醒任何为CDP全球CDP提供鸣谢声明的人都可以使用该报告的内容。这不代表许可重新包装或转售报告给CDP或作者的数据。如果您打算重新包装或转售本报告的任何内容,您需要在此之前获得 CDP 的明确许可。 CDP根据CDP2018信息披露的回复准备了本报告中的数据和分析。CDP对本报告所载信息和意见的准确性或完整性不作任何声明或保证明示或默示。您不应在获得具体的专业意见前对本出版物中的信息采取行动。在法律允许的范围内,CDP不接受或承担任何责任或义务,保护您或任何其他人根据本报告所载信息行动或不采取行动的后果。根据它做出决定 CDP所表达的所有信息和观点, 都是根据本报告所述的判断,经济、政治、行业和企业特定因素的变化,恕不另行通知。本报告中的嘉宾评论反映了其作者的观点,将他们的观点纳入不是对他们的背书。 CDP其附属成员公司或公司,或其各自的股东、成员、合作伙伴、负责人、董事、高级职员和 / 或员工,可能持有在本文讨论的公司的证券。 本文件所述公司的证券可能不符合在某些州或国家的出售资格,也不适用于所有类型的投资者;它们的价值和收入可能会波动和 / 或受到汇率的不利影响。 “CDP全球”和“CDP”是指在英国注册号码为 05013650 的注册慈善机构号码 1122330 和保证有限公司 CDP Worldwide。 ©2019 CDP 全球。版权所有。4 5CEO 序言2018 年是应对气候变化行动的又一个重要年份。联合国政府间气候变化专门委员会 IPCC 的这份别具里程碑意义的报告中指出,迫切需要改变全球温室气体排放的曲线。与此同时,联合国环境规划署警示人们,我们现在所处的位置与我们需要达到的目标之间存在差距。企业和投资者面临的选择从来没有像现在这样明确要么抓住低碳转型的机遇,要么继续维持原状,面对难以预知的风险。在此背景下,令人鼓舞的是,2018 年的气候行动步伐正在加快。我们看到越来越多的公司公布了他们的环境数据,也有越来越多的公司设定了更严格的减排目标。18 年前,当 CDP 成立时,资本市场上还不存在气候信息披露。2018 年,超过7000家公司、覆盖全球市值的50以上,通过我们的平台公开了环境数据。2018 年的披露规模比前一年增长了 11。随着金融稳定委员会的气候相关财务信息披露工作组TCFD成立,环境信息披露进一步成为主流。该工作组以 CDP 的工作为基础,为 G20的所有国家的强制性逐步披露气候相关信息铺平了道路。通过我们升级后的信息披露平台该平台纳入了TCFD的建议,今年披露的7000多家公司已将其信息披露与这些建议保持一致通过CDP披露的上市公司中,72能够回答共达25道新 TCFD 问题中的 21-25 道问题 。正如我们一直以来所相信的,只要透明度提高,就会带来更大的行动。正如2018年全球气候行动峰会 Global Climate Action Summit 所展示的那样,来自商界和金融界的领导人正在采取必要的紧急措施,为所有人建设一个可持续的未来。这次峰会是一次重要的、及时的提醒,提醒我们在实体经济领域取得的进展。从那 500 家致力于制定科学碳目标的公司;到那些正在转向100可再生电力的企业;再到投资者加大投资力度,转向低碳,这些让我们看到迈向正确的方向转型所取得的巨大进展。但我们没有时间自满。巴黎协定的实施还存在一些巨大障碍。2018年10月,巴西选出了一位其政策会威胁到亚马逊雨林未来的总统。而亚马逊雨林是全球最重要的碳汇之一。与此同时,在美国,特朗普总统继续无视有关气候变化将对美国经济造成损害的严厉警告,而且推动管制的放松,试图重振煤炭行业。不可否认的是,气候变化的影响正在加剧。从席卷欧洲的热浪,到开普敦创纪录的干旱,再到美洲的飓风,再到北极的野火,2018年的极端天气事件给资本市场和整个社会都带来了巨大损失。为了实现全球气候升温低于 1.5° C 的目标,IPCC 告诉我们全球经济需要在本世纪中叶达到净零碳并且到 2030 年将排放量与 2010 年的水平相比减少一半,这完全代表着全球经济的彻底转型。它要求在所有行业的企业、投资者、城市、州和政府之间采取前所未有的合作行动。现在是企业加大行动力度、向政府发出更明确信号的时候了,表明它们需要与之匹配的政策决心。一切照旧不再是一个可以的选项,但如果我们选择迎接挑战,一个繁荣和可持续的低碳未来是可以实现的。我们必须,我们能够,而且我相信我们会的。Paul SimpsonCEO, CDP2018 was another momentous year for action on climate change. The landmark report from the Intergovernmental Panel on Climate Change IPCC underlined the urgent need to bend the curve on global greenhouse gas emissions. Meanwhile the UN Environment Programme offered a stark reminder of the gap between where we are now and where we need to be. The choice facing companies and investors has never been clearer seize the opportunities of the low-carbon transition or continue business as usual and face untold risks.Against this backdrop, it is encouraging that 2018 saw a quickening pace of climate action. We saw more companies disclose their environmental data, and more set stretching targets to reduce emissions. Eighteen years ago, when CDP started, climate disclosure was non existent in capital markets. In 2018, over 7,000 companies, worth more than 50 of global market capitalization disclosed environmental data through our platform. That s an 11 jump on the previous year.Environmental disclosure further entered the mainstream with the FSB s Task Force on Climate-related Financial Disclosure TCFD, which built on the work of CDP and paves the way for mandatory climate-related disclosures across all G20 countries over time. Through our upgraded disclosure platform, which incorporates the TCFD s recommendations, the 7,000 companies disclosing this year have aligned their disclosures with those recommendations 72 of the listed companies that disclosed through CDP were able to answer between 21 and 25 of the 25 new TCFD questions.As we have long believed, where there is greater transparency, greater action follows. As showcased by 2018 s Global Climate Action Summit, leaders from across the worlds of business and finance are taking the urgent steps required to build a sustainable future for all. The summit was an important and timely reminder of the progress we are seeing across the real economy.From the 500 companies that are now committed to set science-based emissions reductions targets; to those moving toward 100 renewable electricity; and the investors stepping up to shift their investments to low-carbon, we are seeing tremendous progress in the right direction.But there is no time for complacency. There are still some serious hurdles in the race towards Paris Agreement implementation. In October 2018, Brazil elected a president whose policies threaten the future of the Amazon rainforest, one of the world s biggest carbon sinks. Meanwhile in the US, President Trump continues to ignore stark warnings on the damage climate change will inflict on the US economy, instead pushing through deregulation and attempting to resurrect the coal industry.There s also no denying the reality of intensifying climate impacts. From a Europe-wide heatwave to record droughts in Cape Town, hurricanes in the Americas and wildfires in the Arctic, 2018 s extreme weather events brought enormous costs to both capital markets and wider society.To stay below the 1.5 ℃ guardrail, the IPCC tells us the global economy needs to reach net zero-carbon by mid-century and halve emissions by 2030, compared with 2010 levels. This represents nothing short of a complete transformation of the global economy. It is going to take unprecedented co-operative action between companies, investors, cities, states and governments across all sectors.This is the time for businesses to ramp up action and send a clearer signal to governments that they need the policy ambition to match. Business as usual is no longer an option, but a prosperous and sustainable low-carbon future is achievable, if we choose to rise to the challenge. We must, we can and I believe we will.Paul SimpsonCEO, CDP我们知道,商业是全球经济实现并超越其气候目标的关键。这些企业实体的持续行动将至关重要,因为我们将走过2019年,这是各国根据巴黎协定更新国家气候计划的最后一年,也是全球碳排放达峰值的最后一年。We know that business is key in enabling the global economy to achieve – and exceed –its climate goals. The continued action of these entities will be vital as we go through 2019, the final year before nations update their national climate plans for the Paris Agreement and just as global emissions need to peak.CEO Forward6 71 . Source Sustainable Finance Synthesis Report, G20 Sustainable Finance Study Group, 20182 . Source Xinhua Net, http//www.xinhuanet.com/2019-02/07/c_1124091178.htm3 . 更多案例请参考 CDP 的“Better Information, Better Investments”报告 https//www.cdp.net/en/investor/integrate-environmental-data4 . 市值计算以 2019 年 2 月 28 日收盘价为准,A 股及 H 股两地上市企业市值未做去重处理。5 . 2013 年 11 月 9 日,习近平总书记在关于中共中央关于全面深化改革若干重大问题的决定的说明中指出山水林田湖是一个生命共同体。执行摘要 Executive Summary2018年是承上启下的关键一年。国际上,“卡托维兹气候共识”为人类应对气候变化保留了一盏明灯。国内,是贯彻十九大的开局之年,是实施十三五规划的关键一年,也是生态文明建设与环境保护从理论走向实践的一年。这一年,绿色金融转变为含义更广的“可持续金融”,而不变的是对气候变化的关注。G20可持续金融报告对全球资本市场部署可持续资产,提出发展选项及建议途径。报告指出现行面临的具体限制,以“信息缺乏”和“信息不对称”最为突出1。然而自然状况的变化不容乐观,据世界气象组织研究显示,过去 20 年是人类有记录以来最热的20年,最近4年又是过去20年中最热的4年,2018年气温创有史以来第4高2。持续升高的气温使得山火暴雨频发,海平面不断上升。国内台风“山竹”席卷粤港澳大湾区,“安比”、“云雀”、“温比亚”在一个月内相继登陆上海,占1949-2017年登陆上海台风总数的一半;中国中央气象台连续 33 天高温预警;气候变暖诱发冰崩造成雅江堰塞湖等等极端气候频频发生。然而,另一方面,继塞罕坝林场后,中国在治理毛乌素沙漠方面取得了显著的成果 , 北京 PM2.5 浓度同比下降 12.1, 我们为内外部因素造成的经济增速放缓对执行环境政策的负面影响感到担忧,也为创新、协调、绿色、开放、共享的高质量发展理念,以及具体的“长江大保护”的行动感到欣慰。绿色金融方面, 中国资本市场在国际资本市场扮演越来越重要的角色 , 三大国际指数越发青睐A 股市场 , QFII、RQFII 制度进一步完善 , 逐步放宽市场准入,扩大投资范围,鼓励从事长期投资的机构投资者参与中国市场发展。随着国务院公布“粤港澳大湾区发展规划纲要”, 粤港两地金融市场的互联互通成为市场关注焦点,与此同时,“假疫苗”、“性侵”、“矿业事故”等社会事件频发,涉及企业股价大跌,时刻提醒投资者要在传统财务投资基础上,将 ESG 纳入考量,才能做到防患于未然。2018年距离证监会设定的2020年强制性环境信息披露实施目标又近了一步,披露指引呼之欲出。在可以预见的未来 , 更好的信息也将更好的支持投资者将环境信息运营于投资决策中3。在坚持对外开放基本国策,促进一带一路国际合作的背景下 , 中国企业加快了国际化的步伐 ,供应链环境管理的政策风向逐步从环保合规迈向标准化的管理体系。政府出台各项绿色供应链管理体系标准,将“绿色信息平台建设及信息披露”列为管理体系完善度的重要指标。这一系列标准的出台标示出打造绿色供应链管理的首要工作,即为解决上下游间环境信息闭锁的难题,在此基础上才能将环境信息充分融入供应商的分类管理、沟通合作、能力建设以及绩效追踪。搭建环境信息披露的生态系统,正是CDP的工作基础。2018年CDP合作的中国企业将近1000家较去年增加20左右,样本企业市值是47 万亿人民币约占 A 股及 H 股的 374,其中有600多家中国企业应投资者及国际品牌邀请,使用 CDP 平台报告环境管理绩效,供应商回复率一直在80左右,远高于全球企业参与CDP的平均水平。越来越多的投资者以此作为和企业沟通的工具,同时将相关数据纳入投资组合策略。许多国际品牌企业将这些数据运用在供应商平衡计分卡系统中,针对性地设计和实施供应商可持续发展能力建设活动,或是衡量自身供应链环境影响基线,以向外部利益相关方报告供应链管理绩效。此外,在森林风险商品价值链上的企业对森林破坏及对气候变化的影响不容忽视。特别是在当今政治经济局势多变的背景下,中国作为森林风险产品的重要进口国,企业应该重视其自身运营和供应链中的毁林风险。在构建“山水林田湖生命共同体”5的旅程中,多利益相关方的沟通与协作至关重要。公共部门和私营部门的协作,努力创造了更优的政策条件与营商环境。作为私营部门,金融机构持续努力地支持实体经济,采购组织带动供应商共同实现可持续发展。CDP 希望可以成为公共部门与私营部门的桥梁,在进一步落实生态文明建设与环境保护过程中,为早日实现“绿水青山”的中国梦增加一份信心。The year of 2018 is a connecting of the past and future. Internationally, the “Katowice Climate Package“ has remained a beacon for mankind to cope with climate change. Domestically, it is the first year of implementing the 19th National Congress of CPC and a key of implementing the 13th five year plan. The G20 transformed Green Finance into a broader Sustainable Finance , while the focus on climate change remained unchanged. The G20 Sustainable Finance Report puts forward development options and suggestions for deploying sustainable assets in global capital markets. The report points out that among the current specific constraints, “lack of information“ and “information asymmetry“ are the most prominent ones.However, the change in natural conditions is not optimistic. According to the research by World Meteorological Organization, the last 20 years are the hottest 20 years since there are records of temperature and the past 4 years are the hottest 4 years. The average temperature in 2018 is the fourth highest. The lasting high temperature cased frequent mountain fire, extreme rain and sea level rise. In China, typhoons Mangkhut swept across the Great Bay Area of Guangdong, Hong Kong and Macao, and Ampil , Jongdari and Rumbia landed in Shanghai in one month, accounting for half of the total number of typhoons landed in Shanghai from 1949 to 2017, China Central Meteorological Observatory CMO continuously warned of high temperature for 33 days, ice avalanches induced by global warming caused avalanche lake in Brahmaputra River also known as the Yarlung Zangbo River. Such extreme climate changes events happened frequently. However, on the other hand, following Saihanba Afforestation, China has made remarkable achievements in harnessing the Mu Us Desert. Beijing s PM2.5 concentration has dropped by 12.1 compared with the previous year. We are concerned about the negative impact on the implementation of environmental policies of the slowdown of economic growth caused by internal and external factors. We are also gratified about the innovative, coordinated, green, open and shared concept of high-quality development, as well as the concrete action of ‘Protecting Yangtze River’.As for green finance, China s capital market plays an increasingly important role in the international capital market. The three major international indices providers increasingly favor A-share market. The QFII and RQFII systems are further improved, market access is gradually broader, investment scope is expanded, and institutional investors engaged in long-term investment are encouraged to participate in the development of China s market. With the State Council promulgating the Outline of Development Planning for the Great Bay Area of Guangdong, Hong Kong and Macao , the interconnection of financial markets between Guangdong and Hong Kong has become the focus of market attention. At the same time, social events such as fake vaccine , sexual assault and mining accidents have occurred frequently, which involve the sharp drop in the share price of enterprises. Investors are always reminded to take ESG into account besides the traditional financial investment in order to mitigate risk in the future. In 2018, it is a step closer to the target of implementing mandatory environmental disclosure in 2020, set by the CSRC. The disclosure guidelines are also about to come out. In the foreseeable future, better information will also support investors better to integrate environmental factor into investment decisions. 8 9中英金融机构气候与环境信息披露试点在 2017 年举行的第 9 次中英经济财经对话上,中英两国政府同意加强在绿色金融领域的合作,并鼓励两国的金融机构开展环境信息披露试点。随后,中国金融学会绿色金融专业委员会(简称绿金委)和伦敦金融城联合 10 家中英金融机构,共同试点气候与环境信息披露工作。各试点机构根据 TCFD 的建议,结合本国和本机构的实际情况,探讨环境信息披露的目标、内容、方法以及行动计划7。2018年作试点工作的第一年,中英双方联合发布了中英金融机构环境信息披露试点工作组行动计划,积极鼓励试点金融机构开展环境信息披露。各机构梳理了各自现有资源与情况,对未来两年的工作制定了目标及框架。通过小组互动,中英金融机构互相交流经验,集思广益,为以后更多金融机构披露环境信息以及如何披露提供了积极的借鉴案例。2018年11月30日,绿金委和伦敦金融城绿色金融倡议在伦敦联合举办了第三次中英绿色金融工作组会议,并正式发布了最新进展报告Delivering for a greener tomorrow,列示以下几方面◥ 一带一路绿色投资原则详情◥ 回顾中国绿色资产证券化的障碍及发展路线图◥ 从业人员对当前和未来 ESG 投资趋势的看法◥ 中英 TCFD 实施试点的总结绿金委主任马骏博士对未来 12 个月的主要工作也做了介绍,包括实施“一带一路”绿色投资原则,建立该原则的秘书处;让绿色资产证券化成为主流;通过可行的方案增加 ESG 投资;扩大中英小组环境信息披露试点机构的数量和类型;以及探索绿色科技的机遇。从中可以看出,环境信息披露试点以及推动 ESG投资仍然是工作组未来的工作重点。环境信息披露为 ESG 投资提供了关键的数据基础,ESG 投资的需求也会促使公司更迫切的关注和实践信息披露,两者相辅相成。在试点小组的工作基础之上,中国金融机构环境信息披露标准制定工作也已经开展,我们可以预期未来金融机构的环境信息披露将从试点走向常态。CDP 从中英绿色金融工作组建立之初,就以技术支持方的角色积极参与其中的各项工作,尤其是金融机构环境信息披露试点的工作。CDP 身为全球最大的环境数据库,对试点工作贡献自己的国际经验与洞见,也持续帮助投资人参与到提升企业在环境可持续发展议题的认知和管理过程,并期待帮助投资人更好的实践ESG 投资。G20二十国集团领导人布宜诺斯艾利斯峰会宣言2018 年 11 月 30 日至 12 月 1 日,G20 峰会在阿根廷首都布宜诺斯艾利斯举行,并于闭幕当天通过了二十国集团领导人布宜诺斯艾利斯峰会宣言。20 国集团领导人强调有必要在因应气候变化方面提出雄心目标,并重申支持 2015 年“巴黎协定”的签署国履行其在国家捐款方面所作的承诺。20 国集团作为世界上最大的经济体以及主要温室气体排放国,这些国家领导人达成的协议将为全球达成升温幅度不超过 2° C 的目标提供必要支持和保障。2016 年 G20 杭州峰会首次引入绿色金融议题,2018 年 G20 则转变为为含义更广的“可持续金融”,通过学习小组及发布报告的方式,为可持续金融落地铺路搭桥。该学习小组负责识别并推行示范项目,协助私人投资开展具备可持续发展性的活动, 包括◥ 在资本市场中创造可持续资产;◥ 发展可持续私募股权投资和风险投资;◥ 探索数字技术应用于可持续金融的可行性。To adhere to the basic state policy of opening-up and promoting the international cooperation with Belt and Road initiative, Chinese enterprises have accelerated the pace of internationalization. The policy direction of environmental management in supply chain has gradually moved from environmental protection compliance to standardized management system. The government promulgated various green supply chain management system standards, as well as listing green information platform construction and disclosure as an important indicator of the management system improvement. The promulgation of these standards indicates the primary task of building green supply chain management, that is, to solve the problem of environmental information blockade between upstream and downstream. On this basis, environmental information can be fully integrated into supplier classification management, communication and cooperation, capacity-building and performance tracking.Building an ecosystem for environmental disclosure is the basis of CDP work. In 2018, nearly 1000 Chinese enterprises cooperated with CDP with approximately 20 increase, the market value of China sample is 47 trillion-yuan RMB, accounting for 37 of the sum of market value of A share and H share6. More than 600 enterprises were invited by investors and international brands to use CDP platform to disclose environmental management performance, and the response rate con
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