The World Business Council for Sustainable Development’s (WBCSD) Reporting Exchange, an online platform to help businesses navigate the confusing and fragmented world of corporate reporting requirements on environmental, social and governance issues (ESG), is now available in simplified Chinese, simultaneously the WBCSD and the Climate Disclosure Standards Board (CDSB) have published a case study on China’s corporate reporting requirements.
The reporting exchange is a free online resource that allows anybody interested in corporate reporting of ESG information to find out what the reporting requirements are across the world, what reporting resources exist to support those requirements and what management resources exist to help management implement those requirements. The platform currently includes 1,780 reporting provisions from 60 countries.
The WBCSD and the CDSB published the joint case study on the corporate reporting requirements and resources across China, looking at recent developments in mandatory environmental disclosure legislation. The Chinese Business Council for Sustainable Development (CBCSD) was one of the key partners cooperating in the study.
The report explained that China’s five year plan had aimed to improve green and low-carbon development and include the 17 sustainable development goals (SDGs) set by the United Nations (UN). The report noted ‘evident effort’ due to China’s increased ESG reporting, including 29 corporate sustainability reporting and disclosure requirements that have been published since 2010.
The report stated that the Chinese government prioritised climate related issues due to a critical transformation of the economy, as well as to improve efficiency, innovation and overall progress to meet the UN’s 2030 Agenda. China’s Communist Party general secretary Xi Jinping said that China should continue to help to protect ecosystems through the reformation of the regulation system.
Businesses in China are being encouraged by the government to continue to integrate SDG strategies, and guidance has been issued by local authorities, particularly in Shanghai, Beijing and Shenzhen. The report concluded that companies have been increasingly valuing the disclosed information on social responsibility.
The case study can be found here.
More on the Reporting Exchange can be found here.