"Shanghai releases plan to improve ESG for greater sustainability"

The latest international evaluation standard for Environmental, Social & Governance is highly compatible with China's development concept of "innovation, coordination, green, openness and sharing," experts said as Shanghai released its three-year plan to improve the ESG capabilities of foreign-related businesses in the city...

Amid growing global recognition of ESG, Shanghai released a comprehensive ESG-improvement plan for foreign-related enterprises to enhance their advantages in global competition. The Action Plan for Accelerating the Improvement of Environmental, Social, and Governance (ESG) Capabilities of Foreign-related Enterprises in Shanghai (2024-2026) was released on Monday by the Shanghai Commission of Commerce.

To create an ESG ecosystem for foreign-related enterprises by 2026, the plan includes 12 key measures in three major actions: the enhancement of the ESG capacity of enterprises, the improvement of the ESG market efficiency, and the optimization of the ESG service system...

Detailed measures include supporting private enterprises in actively practicing ESG concepts, ..., and broadening the application of ESG in the cross-border business of foreign-funded enterprises.

The program would also strengthen international exchanges and cooperation in the field of ESG, innovate ESG financial services and products, cultivate and expand ESG professional service organizations, and increase the publicity of ESG concepts.

In addition, a mechanism to promote ESG work in foreign-related enterprises would be established, with the introduction of ESG-related support policies and the cultivation of ESG professionals.

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As an international center of foreign-related enterprises in China, Shanghai needs to give full play to its advantages, promoting leading enterprises and industry associations to participate in the development of ESG-related standards to connect with the world.