(Yicai) Oct. 17 -- Shanghai's pioneering role in sustainable development and green finance was showcased in China's first comprehensive local Environmental, Social, and Governance development report.

The report, released yesterday at the 2024 Global ESG Leaders Conference, provides a systematic overview of Shanghai's ESG landscape, highlighting achievements and challenges faced by various stakeholders in related innovation practices.

As a frontrunner in developing ESG in China, Shanghai has responded to the national 'dual carbon' strategy and formulated a series of forward-looking and innovative sustainability policies and action plans. The city has also made significant progress in green credit, green bonds, ESG funds, and innovative green insurance products.

"This is the first comprehensive report in China to fully demonstrate the local development of ESG, showcasing Shanghai's extensive exploration, efforts, and progress in promoting sustainable development," Tu Guangshao, co-chairman of the 2024 Global ESG Leaders Conference, said in an interview with Yicai.

Various participants in Shanghai's ESG ecosystem were analyzed in the report, including listed and non-listed companies, financial institutions, trading platforms, third-party service providers, government bodies, industry associations, educational institutions, media, and the public.

Some of the challenges highlighted in the report were differences in ESG disclosure and evaluation standards, difficulties in ESG data collection, and a lack of third-party verification for ESG practices. To address these issues, Shanghai aims to internalize ESG business activities, standardize ESG information disclosure, systematize ESG evaluation systems, and concretize ESG value realization.

Shanghai will continue to play a leading role in sustainable development as China advances its high-quality development, Tu noted. The city plans to foster a more comprehensive ESG governance system through policy guidance, market cultivation, financial innovation, and international cooperation, Tu added.

The fourth Global ESG Leaders Conference, themed 'Uniting for Global Prosperity," is hosted by state-owned financial giant Citic Group and Sina Group. The congress kicked off yesterday and ends tomorrow.

Editor: Martin Kadiev