Experts say Shanghai’s latest plan to improve Environmental, Social and Governance (“ESG”) standards is compatible with the country’s developmental concept of “innovation, coordination, green, openness and sharing.” With ESG becoming an increasingly integral cog in the corporate world, Shanghai officials recently published a three-year plan designed to boost the city’s ESG capabilities.
The Action Plan for Accelerating the Improvement of Environmental, Social & Governance (“ESG”) Capabilities of Foreign-related Enterprises in Shanghai (2024-2026) was released by the Shanghai Commission of Commerce to improve ESG principles among corporations operating in the city. It outlines 12 key measures across three major actions: improving ESG market efficiency, enhancing ESG enterprises and optimizing the ESG service system.
Some of the measures covered by the plan include providing ESG support to private enterprises and expanding the application of ESG principles in foreign-funded enterprises. The action plan would bolster international cooperation and exchanges in the nascent ESG field, nurture and grow ESG professional services companies, increase publicity around ESG concepts and encourage the development of innovative ESG financial products and services.
It would also create a mechanism to promote foreign-related companies that deal in ESG-related activities by cultivating ESG professionals and introducing ESG support policies.
Dell Technologies Group’s global senior vice president Wang Lijun notes that incorporating ESG principles into corporate practices incentivizes companies to boost research and development investments as well as adopt low-carbon or green technologies to improve their competitiveness and innovation.
On top of helping companies boost their performance, ESG principles are crucial to protecting the environment and ensuring sustainable economic development. In some cases, ESG considerations are turning into an important metric for measuring high-quality enterprise development, particularly in large enterprises that have international operations.
During its first Sustainability Strategy Research Conference in the Asia-Pacific, management consulting company PricewaterhouseCoopers (“PwC”) explored topics such as sustainable goal development, green-energy transition and how supply chains in various industries have been affected.
According to the company’s China sustainability managing partner Amy Cai, the differences in ESG regulations in the United States, China, other regions in the Asia-Pacific and Europe make cooperation and comparison between countries necessary to ensure the sector conducts better practices. PwC global sustainability markets leader Renate De Lange says some of the challenges facing the fledgling ESG sector include the work required to prepare for sustainability data disclosure as well as climate actions that focus on short-term benefits instead of setting up resilient long-term business.
Sustainability data disclosure may currently be challenging to standardize, but that isn’t stopping companies such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) from implementing these principles in their operations in order to reap the benefits that come with putting ESG at the core of everything a company does.
NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF
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