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1、An investor initiative in partnership with UNEP Finance Initiative and UN Global CompactIn collaboration withINVESTING FOR A JUST TRANSITION:PROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINAINVESTING FOR A JUST TRANSITION2PREAMBLE TO THE PRINCIPLESAs institutional investors,we have a dut

2、y to act in the best long-term interests of our beneficiaries.In this fiduciary role,we believe that environmental,social,and governance(ESG)issues can affect the performance of investment portfolios(to varying degrees across companies,sectors,regions,asset classes and through time).We also recognis

3、e that applying these Principles may better align investors with broader objectives of society.Therefore,where consistent with our fiduciary responsibilities,we commit to the following:THE SIX PRINCIPLESWe will incorporate ESG issues into investment analysis and decision-making processes.1We will be

4、 active owners and incorporate ESG issues into our ownership policies and practices.2We will seek appropriate disclosure on ESG issues by the entities in which we invest.3We will promote acceptance and implementation of the Principles within the investment industry.4We will work together to enhance

5、our effectiveness in implementing the Principles.5We will each report on our activities and progress towards implementing the Principles.6The information contained on this document is meant for the purposes of information only and is not intended to be investment,legal,tax or other advice,nor is it

6、intended to be relied upon in making an investment or other decision.All content is provided with the understanding that the authors and publishers are not providing advice on legal,economic,investment or other professional issues and services.PRI Association is not responsible for the content of we

7、bsites and information resources that may be referenced.The access provided to these sites or the provision of such information resources does not constitute an endorsement by PRI Association of the information contained therein.PRI Association is not responsible for any errors or omissions,for any

8、decision made or action taken based on information on this document or for any loss or damage arising from or caused by such decision or action.All information is provided“as-is”with no guarantee of completeness,accuracy or timeliness,or of the results obtained from the use of this information,and w

9、ithout warranty of any kind,expressed or implied.Content authored by PRI AssociationFor content authored by PRI Association,except where expressly stated otherwise,the opinions,recommendations,findings,interpretations and conclusions expressed are those of PRI Association alone,and do not necessaril

10、y represent the views of any contributors or any signatories to the Principles for Responsible Investment(individually or as a whole).It should not be inferred that any other organisation referenced endorses or agrees with any conclusions set out.The inclusion of company examples does not in any way

11、 constitute an endorsement of these organisations by PRI Association or the signatories to the Principles for Responsible Investment.While we have endeavoured to ensure that information has been obtained from reliable and up-to-date sources,the changing nature of statistics,laws,rules and regulation

12、s may result in delays,omissions or inaccuracies in information.Content authored by third partiesThe accuracy of any content provided by an external contributor remains the responsibility of such external contributor.The views expressed in any content provided by external contributors are those of t

13、he external contributor(s)alone,and are neither endorsed by,nor necessarily correspond with,the views of PRI Association or any signatories to the Principles for Responsible Investment other than the external contributor(s)named as authors.PRI DISCLAIMERPRIs MISSIONWe believe that an economically ef

14、ficient,sustainable global financial system is a necessity for long-term value creation.Such a system will reward long-term,responsible investment and benefit the environment and society as a whole.The PRI will work to achieve this sustainable global financial system by encouraging adoption of the P

15、rinciples and collaboration on their implementation;by fostering good governance,integrity and accountability;and by addressing obstacles to a sustainable financial system that lie within market practices,structures and regulation.PROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|20223Th

16、is report has been produced in collaboration with SynTao Green Finance.SynTao Green Finance(STGF)SynTao Green Finance is a Beijing-based ESG service provider that provides ESG data,sustainability bond verification,and sustainable finance advisory services.The core team was founded in 2009.STGF ESG d

17、ata and research on ESG key issues are widely employed to support investment decisions,risk management,policy making,and sustainable finance product innovation.STGF STR ESG Data Platform and STGF ESG Risk Radar System cover all A-share market and Hong Kong stocks in the stock connect schemes.STGF PA

18、NDA Climate Data Platform provides carbon emission data of Chinese entities based on GHG protocol.More information:EXECUTIVE SUMMARY1.INTRODUCTION2.A JUST TRANSITION AND THE POLICY CONTEXT IN CHINA3.POTENTIAL SOCIAL AND ECONOMIC EFFECTS OF TRANSITION4.ACTIONS ARE BEING TAKEN TO ADDRESS A JUST TRANSI

19、TION5.WHY A JUST TRANSITION MATTERS TO INVESTORS6.THE NEED FOR A JUST TRANSITION DISCLOSURE FRAMEWORK7.RECOMMENDATIONS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK FOR CHINAAPPENDIX:DISCLOSURE ON RELEVANT SOCIAL INDICATORS BY CSI 300 COMPANIESCONTENTS468101315161727INVESTING FOR A JUST TRANSITION4As C

20、hina moves towards a low-carbon society and increasingly pursues a strategy of high-quality development,issues around a just transition have become unavoidable for Chinese companies and investors.Recent policies in China,such as the 14th Five-Year Plan,the Working Guidance for Carbon Dioxide Peaking

21、 and Carbon Neutrality and the Action Plan for Carbon Dioxide Peaking Before 2030,emphasise the importance of a steady and orderly transition towards carbon neutrality that addresses social fairness and justice issues.This provides a rich context for the concept of a just transition to be applied in

22、 China.To achieve social justice and development goals in the low-carbon transition,joined-up efforts by governments,companies and investors will be required.On the one hand,the low-carbon transition will benefit people by creating green jobs,providing new green energy and commodities,developing new

23、 business partnerships and unlocking new development opportunities.On the other hand,unless effective measures are adopted,workers in carbon-intensive sectors,and communities and regions that rely on these sectors,face the loss of jobs,a potential lack of access to affordable green energy,hardship a

24、mong small and medium-sized enterprises,fewer development opportunities and increased inequality.Countries around the world,including China,and investors have begun taking action to tackle the social impacts of the low-carbon transition.China has been working towards a just transition by seeking to

25、address issues of unemployment and energy security,with more effort thus far from government than among investors.A systematic approach to a just transition,bringing together government,investors and companies,is not yet in place.EXECUTIVE SUMMARYA just transition matters to investors.Investors can

26、use a just transition lens to better understand and influence systemic and systematic risks,uncover investment opportunities,identify material drivers of long-term value,fulfil their fiduciary duty and align with economic,social and ecological development goals.Investors can take action on just tran

27、sition issues across five areas:investment strategy,corporate engagement,capital allocation,policy advocacy and partnerships,and learning and review.To effectively integrate just transition issues into their decision-making,investors will need companies to provide clear,consistent and comprehensive

28、information about the social issues they face during the low-carbon transition.However,few widely applied climate-related disclosure frameworks currently address these issues.To fill this gap,this report sets out a proposed disclosure framework for companies to disclose their recognition of and comm

29、itments to addressing a just transition,including around their strategies,actions and policy advocacy.The just transition disclosure framework proposed in this report has been developed in alignment with other just transition and reporting frameworks/recommendations,such as those from the Organisati

30、on for Economic Co-operation and Development(OECD),the Task Force on Climate-related Financial Disclosures(TCFD),Climate Action 100+,World Benchmarking Alliance and the Just Transition Declaration.It has also been designed for incorporation into leading environmental,social and governance(ESG)disclo

31、sure frameworks in China,including the annual reporting rules for listed companies from the China Securities Regulatory Commission and the ESG disclosure rules from Hong Kong Exchanges and Clearing(HKEX).PROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|202251 Acknowledgement and commitm

32、ent1.1 Responsibilities of the board of directors1.2 Responsibilities of senior management1.3 Commitment to a just transitionTable 1:A proposed just transition disclosure framework2 Strategy2.1 Social impact identification and assessment2.2 Social impact management3 ActionSocial dialogue and stakeho

33、lder engagement3.1 Social dialogue and stakeholder engagementWorkers3.2 Protection of workers rights3.3 Skills development3.4 Green and decent job creationClients/customers3.5 Provision of resilient,affordable clean energy/green commoditiesCommunities and regions3.6 Support to affected communities a

34、nd regionsSupply chain3.7 Support to supply chains4 Policy advocacy4.1 Just transition policy advocacyINVESTING FOR A JUST TRANSITION6As the global economy shifts to align with the goals of the Paris Agreement,the need to ensure a just transition for workers and communities is rising up the agenda.T

35、his is acknowledged in the Paris Agreement itself,which notes that participating parties shall take into account“the imperatives of a just transition of the workforce and the creation of decent work and quality jobs in accordance with nationally defined development priorities”.1 A just transition is

36、 understood as one that protects workers and communities that stand to lose out from the shift to a low-carbon economy,and which ensures that the benefits of and opportunities from that transition are widely shared.For China,these objectives are directly aligned with the national goals of pursuing c

37、ommon prosperity with high-quality development,and its stated strategies for pursuing a steady and orderly transition towards carbon neutrality.These global and national trends present clear risks and opportunities for both companies and investors.The achievement of net-zero greenhouse gas emissions

38、,as envisaged by the Paris Agreement,will require companies in emissions-intensive sectors to undergo major changes.Society more broadly will also be affected in terms of changing patterns of employment and issues around energy security,supply chain integrity and local development opportunities.By a

39、ddressing these issues proactively and deliberately through a just transition framework,negative impacts for society can be reduced and positive ones increased,contributing to social inclusiveness and equality,as well as supporting a strong and stable economy.The concept of a just transition therefo

40、re aims to balance environmental protection,economic development and social welfare.As China moves towards its carbon neutrality goals and a stage of development that focuses on well-being and high-quality development,the concept of a just transition can provide a helpful framework for companies and

41、 investors.In the G20 Sustainable Finance Working Group Input Paper,the International Labour Organization identified a range of financial ecosystem players that are key to a just transition.The list includes governments and regulators,capital providers(including private sector financial institutions

42、),trade unions,civil society and private sector companies.2In China,for a just transition to be successful,it must be achieved through joint actions of central and local governments,investors and companies,based on social dialogue among these three key types of actors,as well as other key stakeholde

43、rs such as workers.Each of the three key types of stakeholders has an important role to play.Central and local governments will need to develop policies to support companies,communities and regions through the low-carbon transition and create a supportive environment within which investors and compa

44、nies can act.Companies will need to develop and implement just transition plans,creating green and decent jobs,reskilling workers,providing affordable clean energy,helping their supply chains adjust and advocating for policy support.Investors will have an important role to play in stewarding compani

45、es in which they invest through these changes and allocating capital accordingly.To help investors understand these emerging dynamics in the Chinese context and respond to the risk and opportunities they present,clear information from investee companies will be essential.Currently,however,the disclo

46、sure frameworks that are commonly used by Chinese companies to address voluntary and mandatory reporting expectations do not tend to recognise the linkages between social and climate issues and the measurement of social justice impacts.1.INTRODUCTION1 United Nations(2015),Paris Agreement2 Internatio

47、nal Labour Organization(2022),G20 Sustainable Finance Working Group Input Paper:Finance for a Just Transition and the Role of Transition FinancePROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|20227Figure 1:Roles of governments,investors and companies in addressing just transition issue

48、sGovernmentInvestorsCompaniesKey stakeholders afected by companies actionsWorkersSupply chainClients/customersCommunities and regionsPolicyadvocacyPolicyadvocacyDisclosure and reportingInvestment and engagement National and regional polices on low-carbon transition Just transition plans and arrangem

49、ents Investment and financing policiesAs a first step in helping investors integrate just transition issues and analysis in their investment and stewardship decision-making,this report therefore proposes key components of a potential disclosure framework for companies that is specifically tailored t

50、o the Chinese market and which companies can use to provide relevant information to investors.Better-quality disclosures about companies commitments,strategies,actions and policy advocacy regarding a just transition will help close the current information gap,as well as enable investors to better ma

51、nage risks and opportunities and fulfil their own role in supporting a strong and sustainable Chinese economy.The second chapter of this report provides background on the just transition concept and potential alignment with the current policy landscape in China.Chapter 3 summarises the possible soci

52、al and economic costs of transition for different actors.Chapter 4 identifies actions being taken globally and in China to support a just transition.Chapter 5 sets out why considerations about a just transition are seen to be increasingly important to investors,and Chapter 6 discusses why an effecti

53、ve disclosure framework is important to them.Finally,Chapter 7 offers specific recommendations for a just transition disclosure framework for China.Acknowledgement and commitment Strategy ActionINVESTING FOR A JUST TRANSITION83 International Labour Organization(2015),Guidelines for a just transition

54、 towards environmentally sustainable economies and societies for all4 London School of Economics,Grantham Research Institute,University of Leeds,PRI and Trades Union Congress(2019),Financing inclusive climate action in the UK:An investor roadmap for the just transition5 Scottish Government(2021),Jus

55、t Transition Commission:A National Mission for a fairer,greener Scotland6 PRI(2021),Consultation response People-centred just transition:discussion paper by Natural Resources Canada7 China Daily(October 2021),Xi Focus:Leading China on its new journey8 Ministry of Foreign Affairs(October 2021),Xi Jin

56、ping Attends and Delivers a Keynote Speech at the Leaders Summit of the 15th Meeting of the Conference of the Parties to the Convention on Biological Diversity9 Chinese Government(2021),中華人民共和國國民經濟和社會發展第十四個五年規劃和2035年遠景目標綱要 10 China Daily(October 2021),Xi Focus:Leading China on its new journey11 Econ

57、omic Daily(August 2021),經濟日報金觀平：先立后破糾正運動式“減碳12 State Council of China(2021),關于完整準確全面貫徹新發展理念 做好碳達峰碳中和工作的意見 13 State Council of China(2021),2030年前碳達峰行動方案 14 State Council of China(2021),2030年前碳達峰行動方案15 See also National Development and Reform Commission and National Energy Administration(2022),關于完善能源綠

58、色低碳轉型體制機制和政策措施的意見The concept of a“just transition”in the Paris Agreement focuses on issues around employment.However,since the agreement was struck in 2015 and signed by China in 2016 it has been recognised by many researchers and international institutions that a just transition also concerns broad

59、er issues,including access to affordable energy,the resilience of business partnerships and the economic development opportunities of communities and regions that rely on carbon-intensive industries.3,4,5,6This broader notion of a just transition aligns closely with Chinas high-level goal of pursuin

60、g common prosperity with high-quality development,7 which envisions the attainment of“ecological civilisation”as one of its guiding principles.8 In the outline of the 14th Five-Year Plan(2021-2025)for National Economic and Social Development and Vision 2035 of the Peoples Republic of China,9 the gov

61、ernment emphasises that China has moved to a stage of development with a focus on quality rather than quantity.The idea of high-quality development requires economic growth to be balanced,green and inclusive,promoting social fairness and justice as well as environmental protection.10 At the same tim

62、e,Chinas policy makers acknowledge that there are still disparities in development between urban and rural areas and between regions,and that there is a long way to go to protect the environment and strengthen social governance.Similarly,Chinas plan of“orderly transition”towards carbon neutrality is

63、 also aligned with just transition objectives.Since China announced its goal to reach carbon neutrality before 2060,some officials and experts have raised concerns about pursuing carbon reductions in a disorderly manner,11 risking the security of energy supply and economic stability.In key policy do

64、cuments,12,13 the State Council highlights its plan to work“in a steady and orderly manner to safely reduce carbon emissions”,responding appropriately to any economic,financial and social risks that may arise during the green and low-carbon transition.It states that the transition to carbon neutrali

65、ty shall“keep national energy security and economic development as the bottom line”and actions shall be taken alongside the transition to safeguard“Chinas energy security,food security and the security of industrial and supply chains,and to keep ordinary citizens living and working as normal”.14,15

66、These statements show that issues associated with a just transition are a high priority for Chinese policy makers.The just transition concept is also closely linked to the UN Sustainable Development Goals(SDGs).A just transition would require meeting SDG 8(decent work and economic growth)and SDG 13(

67、climate action).It is also closely linked with SDG 1(no poverty),SDG 7(affordable and clean energy),SDG 9(industry,innovation and infrastructure)and SDG 10(reduced inequalities).Figure 2 illustrates the relationships between SDGs and a just transition.2.A JUST TRANSITION AND THE POLICY CONTEXT IN CH

68、INAPROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|20229Figure 2:A just transition and SDGs.Source:Climate change and the just transition:A guide for investor action Wider foundationsCritical linkagesImmediate connectionsCore goalsINVESTING FOR A JUST TRANSITION1016 Xinhua Net(Septembe

69、r 2020),習近平在第七十五屆聯合國大會一般性辯論上的講話 17 Climate Action Tracker(2021),Climate Action Tracker:China18 China Academy of Social Sciences(2010),Study on Low Carbon Development and Green Employment in China 19 Goldman Sachs(2021),Carbonomics China Net Zero:The clean tech revolutionIn September 2020,China commi

70、tted to reaching peak carbon emissions by 2030 and carbon neutrality by 2060.16 In its Nationally Determined Contribution,made as part of the Paris Agreement process,China has also pledged to lower carbon dioxide emissions per unit of GDP by“over 65%”,increase the share of non-fossil fuels in primar

71、y energy consumption to“around 25%”and bring its total installed capacity of wind and solar power to over 1.2 billion kilowatts,all by 2030.17 Meeting these goals will have a wide range of social and economic impacts,including for companies,their workers and customers,along supply chains and across

72、communities and regions.As Chinas national and local governments develop policy guidance for the transition towards carbon neutrality,some companies will need to change their business development paradigms,shift to new energy consumption models or restructure.Their responses will create a significan

73、t number of new green jobs for example,in renewable energy and other low-carbon sectors.Recent research by the China Academy of Social Sciences concludes that phasing out coal could create more jobs than are lost.18 Goldman Sachs estimates the number of jobs created in China could reach 40 million.1

74、9Companies will also provide their customers with green products and services,including green electricity,green transportation and green infrastructure.The benefits of the low-carbon transition will also likely extend to companies along supply chains.All these positive impacts could contribute to th

75、e economic development of the communities and regions concerned,especially if steps are taken to ensure that green jobs are also high-quality and provide decent conditions and living standards.At the same time,however,the transition of companies in carbon-intensive sectors will necessarily lead to s

76、ome loss of employment,and some companies may have to shut down.Workers facing unemployment will need to be reskilled.Over the course of the transition,consumers in certain regions may lose access to affordable energy,unless an orderly approach is taken.Small and medium-sized enterprises(SMEs)will a

77、lso be affected.In addition,inequality across different regions may worsen,as certain regions may face greater impacts due to concentrations of companies and workers in carbon-intensive sectors.These dynamics are discussed in further detail below.3.POTENTIAL SOCIAL AND ECONOMIC EFFECTS OF TRANSITION

78、Figure 3:Social and economic effects of the low-carbon transitionCompaniesWorkersGreen anddecent jobsJob lossesNew businesspartnershipsSMEs struggling,job lossesSupply chainClean energy/greencommoditiesLack of accessto afordableclean energyClients/customersCommunitiesand regionsCommunityand regional

79、developmentopportunitiesLoss of economicdevelopmentopportunities,increasinginequalityPositiveNegative Acknowledgement and commitment Strategy Action Disclose transition plans Provide training and reskilling Ensure workers rights Ensure social compensation(Engage with government on provision of affor

80、dable energy)Disclose transition plans Manage supply chain environmental and social issues to ensure suppliers and workers rights and social compensation Empower local and SME suppliers PROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|20221120 State Council of China(2021),“十四五”節能減排綜合工作方

81、案21 National Development and Reform Commission,Ministry of Industry and Information Technology,Ministry of Ecology and Environment and National Energy Administration(2022),高耗能行業重點領域節能降碳改造升級實施指南(2022年版)22 China National Radio(November 2016),山西去產能關閉首座煤礦，全部礦工轉型農民無人失業23 China Academy of Social Sciences(

82、2010),Study on Low Carbon Development and Green Employment in China24 Shanghai Petroleum and Natural Gas Exchange(2021),“煤改氣”是碳達峰的重要一環，需求有望超預期 25 State Council of China(2013),大氣污染防治行動計劃26 National Development and Reform Commission(2017),關于印發北方地區冬季清潔取暖規劃（2017-2021年）的通知WORKERSAs the transition progres

83、ses,workers may be laid off when companies shut down or certain jobs disappear.This will particularly be the case in sectors that produce and process fossil fuels,or which rely heavily on fossil fuels in their products and services.Such sectors may include coal mining,oil and gas,electricity product

84、ion,utilities and steel;other sectors,such as agriculture and forestry,may also be affected.20,21Ideally,jobs will be created to directly re-employ laid-off workers,and workers will be trained to fit new positions.For example,many coal workers in Shanxi Province have worked in the coal sector their

85、entire lives.In 2016,Shanxi province closed the Shigajie Coal Mine,which employed more than 2,400 workers,to reduce over-capacity.22 These workers faced unemployment.While more than 1,000 workers found jobs in other mines,the senior management of the Shigajie Coal Mine began a new agricultural busin

86、ess and employed the remaining workers in positions including plant cultivation,food processing and product sales.During the process,the Shigajie Coal Mine actively engaged with the local government on potential subsidies for transition.By avoiding labour displacement,the shutdown and transition of

87、Shigajie Coal Mine was considered a success.Alongside this example,there are many other mines and carbon-intensive companies that may face closure or major transition,resulting in job losses.Some studies have indicated that the closure of small thermal power generation units alone will leave around

88、600,000 people directly unemployed.23 As positive employment effects are mainly expected through indirect job creation,governments,companies,investors and workers organisations will all have a role to play in ensuring that workers rights are protected,that the risks of worker and community displacem

89、ent are managed,if newly created jobs are in different regions,and that reskilling and upskilling programmes are in place to support the transition to decent jobs for workers in affected sectors.CLIENTS AND CUSTOMERS In addition,clients and customers may lack access to affordable clean energy when l

90、ocal coal power plants shut down,or when they are required to switch from cheap coal-based heating and electricity to more expensive sources of energy.The“coal-to-gas switching”policy in China provides an example.Coal-to-gas switching has been promoted to improve air quality.While reliance on gas wi

91、ll also need to be reduced over time,it is considered an essential interim step towards carbon neutrality,as a comprehensive switch from coal to gas could help reduce CO2 emissions from the power sector by 41%.24 As the cost of gas-based heating is currently much higher than that of using coal,the g

92、overnment has so far taken a phased approach to gradually transition from coal,and provided subsidies to gas consumption.25 The subsidy programme is aimed at significantly increasing the penetration of clean energy heating in Northern China,from 34%in 2016 to 70%in 2021.26 Considering that the trans

93、ition from coal to low-carbon and clean energy will occur more widely in many regions and sectors,and as China transitions from other carbon-intensive commodities to green ones,further action will be needed at both the public and private levels to ensure the accessibility,affordability and resilienc

94、e of clean energy and other green commodities.INVESTING FOR A JUST TRANSITION12SUPPLY CHAINS The low-carbon transition will significantly impact entire supply chains across the fossil fuel industry,in particular in coal-dependent sectors.A 2010 study suggested that the closure of small thermal gener

95、ator units alone will lead to the loss of more than 2 million jobs among their suppliers.27 Considering the scale of the transition needed to meet Chinas carbon neutrality goals,the loss of jobs across fossil fuel supply chains is likely to be significantly higher than that suggested by the 2010 stu

96、dy.Moreover,many companies are taking action to directly reduce supply chain emissions.SMEs in these supply chains will likely have relatively limited resources available to transition their business or retrain and support workers.Larger companies may therefore need to engage with their business par

97、tners to make sure that more green and decent jobs are created or secured and fewer workers dismissed.COMMUNITIES AND REGIONSThe Intergovernmental Panel on Climate Change has noted that“people who are socially,economically,culturally,politically,institutionally or otherwise marginalised are especial

98、ly vulnerable to climate change and also to some adaptation and mitigation responses This heightened vulnerability is the product of intersecting social processes that result in inequalities in socioeconomic status and income,as well as in exposure.Such social processes include,for example,discrimin

99、ation on the basis of gender,class,ethnicity,age and(dis)ability.”28 For example,women and older workers in carbon-intensive sectors may be more likely to be laid off by some employers;low-income households will be more vulnerable to rising energy prices.Deliberate consideration of such issues will

100、be needed to mitigate and avoid worsening existing social and economic inequalities.Meanwhile,regions in which carbon-intensive industries are concentrated may not be able to rely on previous development models and may face different regional economic challenges,including to their tax base.29 Consid

101、ering that many of the regions that rely on oil or coal mining as drivers of local economic development,including Shanxi,Inner Mongolia and Heilongjiang,are already relatively poor provinces,the loss of economic development models may worsen inequality.New green and well-paying business opportunitie

102、s will need to be explored from a regionally specific perspective,involving local stakeholders and with their needs considered as much as possible.27 China Academy of Social Sciences(2010),Study on Low Carbon Development and Green Employment in China28 International Labour Organization(2017),Gender,

103、labour and a just transition towards environmentally sustainable economies and societies for all29 For example,over 40%of tax revenue in Shanxi,30%in Inner Mongolia and 20%in Shaanxi comes from the mining and power sectors.Weekly CN Stocks(March 2021),中金彭文生：電力是未來10年最有碳減排潛力的行業，光伏、風電成本的綠色溢價已在20%以內PROP

104、OSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|202213GLOBAL ACTIONSINTERNATIONAL/NATIONAL LEVEL At the 26th UN Climate Change Conference of the Parties(COP26)in Glasgow,more than 30 countries,including Canada,all 27 EU member states,New Zealand,Norway,the UK and the US,signed up to the Ju

105、st Transition Declaration.30 In this declaration,the signatories made commitments to support workers,businesses and communities during the transition to greener economies.Among other things,they committed to:supporting workers,communities and regions that are vulnerable to the transition away from c

106、arbon-intensive economies;promoting social dialogue between social partners,including governments,employers and workers representatives and other affected groups;using economic strategies that support clean energy,create income and decent jobs,reduce poverty and inequality,and driving sustainable ec

107、onomic growth;creating decent jobs for workers and implementing reskilling,training and social protections to help workers secure those jobs;ensuring that decent jobs for all are created along supply chains.In addition to the declaration,Canada,Germany and Scotland have established task forces speci

108、fically dedicated to developing strategic national-level policy frameworks focused on a just transition.In Canada and the US,regional and local policy processes have also been initiated in areas heavily reliant on coal production.These initiatives mainly focus on economic and skills development for

109、coal communities,and health and retirement security for miners and their families.31,32In many countries and regions,policy makers,companies and investors are taking action to address social issues linked with the low-carbon transition,seeking to ensure the transition happens in an inclusive and equ

110、itable way.4.ACTIONS ARE BEING TAKEN TO ADDRESS A JUST TRANSITIONINVESTOR LEVELBesides actions by governments,investors are also taking action to address just transition issues.In 2020,more than 40 financial institutions in the UK,including Barclays,CDC Group and HSBC,formed the Financing a Just Tra

111、nsition Alliance.33 Working with universities,civil society and trade unions,the alliance urged the UK government to develop just transition definitions and priorities to support investment in areas that would benefit workers and communities currently dependent on carbon-intensive economic activity.

112、The alliance concentrates its work on three areas:financing a just transition by business,financing place-based needs across the UK,and national actions and policy frameworks.In a further example,more than 160 investors representing US$10.2 trillion in assets have endorsed the PRIs Statement of Inve

113、stor Commitment to Support a Just Transition on Climate Change.In doing so,they have committed to integrating workforce and social dimensions in their climate practices,laying out expectations for businesses to achieve a just transition to a net-zero and climate-resilient economy.30 UN Climate Chang

114、e Conference(2021),Supporting the conditions for a just transition internationally31 The James Hutton Institute and SEFARI Gateway(2020),Just Transitions:a comparative perspective32 Scottish Government,Just Transition Commission33 London School of Economics and Grantham Research Institute on Climate

115、 Change and the Environment(2021),Financing a Just TransitionINVESTING FOR A JUST TRANSITION14ACTIONS IN CHINAIn China,regulators,local governments,academics,non-governmental organisations(NGOs)and other stakeholders have identified a number of social issues,such as unemployment and energy security,

116、related to the low-carbon transition and have begun developing measures to address them.The focus so far has been primarily on employment and access to energy.Regarding employment,in 2018 Chinas National Development and Reform Commission(NDRC)and 16 other ministries published Guiding Opinions on Vig

117、orously Developing the Real Economy,and Actively Stabilising and Promoting Employment,34 which highlighted the importance of helping workers transfer to other jobs and industries in the transition and the upgrading of traditional industries.In 2021,a senior official at the China Banking and Insuranc

118、e Regulatory Commission argued for the need to create eco-friendly jobs for rural residents.35 Similarly,the vice-governor of the Peoples Bank of China(PBoC)has said green finance and inclusive finance must be promoted together to help groups vulnerable to climate and environmental changes.36 Exchan

119、ges of experience regarding a just transition in mining regions have also been organised between key stakeholders in Germany and Shanxi Province,with a focus on employment.37 NGOs,research institutes,Shanxi Financial Investment Holdings(which is wholly owned by the provincial government)and an offic

120、er at Chinas Ministry of Ecology and Environment(MEE)were all involved.As for energy security,the NDRC has been providing guidance on ensuring energy security and accessibility in its regular guiding policies on energy.38,39,40 These policies address urgent challenges in the energy transition,highli

121、ghting the need to diversify electricity generation with renewable sources while reducing coal production.Despite these examples,action has not yet been taken in a systematic way and the need for a just transition has not been acknowledged by all key market players.For example,since China announced

122、its ambitious climate targets,financial institutions in the country have been increasing their support for the low-carbon transition and more financial resources are being funnelled towards green projects.The latest Green Bond Endorsed Projects Catalogue(2021 Edition)41 also takes climate change int

123、o consideration,by excluding coal and other fossil fuels and promoting renewable energy and low-carbon industries.The recently updated Green Finance Guidelines for Banking and Insurance Sectors42 address the need for a gradual and orderly transition to ensure energy security and supply chain securit

124、y.However,within these developments,issues around a just transition have not been given widespread and comprehensive consideration by investors or companies.34 National Development and Reform Commission(2018),關于大力發展實體經濟積極穩定和促進就業的指導意見35 UNDP China(June 2021),United Nations in China organises a policy

125、 dialogue on Finance for Sustainable Development and Carbon Neutrality36 China Finance(2022),劉桂平：金融系統要堅定不移踐行新發展理念 37 Climate Transparency,Greenovation:Hub and Institute of Finance and Sustainability(2021),以公正轉型邁向碳中和未來38 National Development and Reform Commission and National Energy Administration(20

126、20),關于做好2020年能源安全保障工作的指導意見 39 National Development and Reform Commission(2021),關于做好2021年能源迎峰度夏工作的通知40 National Development and Reform Commission and National Energy Administration(2022),關于完善能源綠色低碳轉型體制機制和政策措施的意見41 Peoples Bank of China,National Development and Reform Commission and China Securities R

127、egulatory Commission(2021),Green Bond Endorsed Projects Catalogue(2021 Edition)42 China Banking and Insurance Regulatory Commission(2022),銀行業保險業綠色金融指引PROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|2022155.WHY A JUST TRANSITION MATTERS TO INVESTORSSome actions to support a just transit

128、ion have to be taken at the government level,such as providing renewable energy subsidies and stabilising energy prices.However,investors and companies can contribute as well.Doing so effectively can help investors mitigate risks and seize opportunities associated with the transition.For example,Chi

129、na International Capital Corporation estimates that Chinas power sector alone will need 6.74 billion yuan in green investment by 2060.43 In mobilising and deploying this capital,just transition issues will become an increasingly important consideration.Investors have a number of strategic motivation

130、s to take just transition issues into consideration in their decision-making.44 Doing so will help them:Better understand and influence systemic and systematic risks from climate change,by factoring in issues such as social exclusion and increasing inequality.Just transition framing can help investo

131、rs understand how financial risks not only come from single-factor environmental or social issues,but also come from the intersection of these issues.Social issues related to tackling climate change may pose risks to the stability and functioning of the financial system.Factoring social issues into

132、analysis and decision-making helps investors address climate change-related risks in a more systematic way.Uncover investment opportunities that combine climate and social goals,such as inclusive growth.Increasing momentum for a just transition will provide advantages to companies that address both

133、climate and social goals.For example,companies that provide green and decent jobs,social safety nets,affordable clean energy or economic development opportunities may obtain stronger support from governments,investors and customers.Through the lens of a just transition,investors can identify these c

134、ompanies and benefit from their growth.Identify material drivers of long-term value,including the implications of corporate practice in the workplace and a wider social licence to operate.Broad support for an effective just transition may increase the materiality of social issues in driving long-ter

135、m value.A combined analysis of climate and social factors can help generate a more complete picture of long-term performance in relation to these key trends.43 China International Capital Corporation(2021),“綠色銀行”路徑及政策建議44 London School of Economics,Grantham Research Institute on Climate Change and t

136、he Environment,Initiative for Responsible Investment,Harvard Kennedy School,PRI and International Trade Union Confederation(2018),Climate change and the just transition:A guide for investor action45 Investor Group on Climate Change(2021),Empowering communities:How investors can support an equitable

137、transition to net zero Reinvigorate fiduciary duty.Fiduciary duty requires that investors look to capture the interrelated environmental and social drivers of long-term performance and,at the same time,take better account of beneficiary interests in sectors,communities and regions affected by the tr

138、ansition.Align with economic,social and ecological development goals.By providing financial services and products to companies and sectors that align with the just transition concept,investors can align with and better contribute to broader public policy goals,helping generate wider economic and soc

139、ial value.In practice,investors endorsing the PRIs Statement of Investor Commitment to Support a Just Transition on Climate Change are mainly taking action in five areas:Investment strategy:integrating workplace and community issues into climate change policies and investment beliefs,dialogue with s

140、takeholders and investment mandates;Corporate engagement:including workforce and community issues in climate-related engagement on corporate practices,scenarios and disclosures,expressing investor expectations,requesting disclosure,benchmarking performance and pressing for improvement;Capital alloca

141、tion:designing investment mandates across asset classes that link decarbonisation,climate resilience,decent work and inclusive growth;Policy advocacy and partnerships:supporting the inclusion of a just transition in regional,national and international policies and contributing to place-based partner

142、ships;Learning and review:developing systems to review and communicate progress on just transition activities as well as sharing best practice.The increasing interest among the international investor community in relation to how companies are aligned with just transition issues indicates that the su

143、bject will become increasingly material to investment practices.45INVESTING FOR A JUST TRANSITION166.THE NEED FOR A JUST TRANSITION DISCLOSURE FRAMEWORK To assess portfolio exposure to risks and impacts associated with the social aspects of the transition to carbon neutrality,as well as to identify

144、opportunities to connect green assets with positive social effects and make better-informed investment decisions that align with fiduciary duty and economic,social and ecological development goals,investors will need companies to provide clear,consistent and comprehensive information about these iss

145、ues.Currently,few widely applied climate-related disclosure frameworks address both the social and economic sides of the low-carbon transition.Many ignore the linkages between climate issues and social issues altogether.For example,the recommendations developed by the Task Force on Climate-related F

146、inancial Disclosures(TCFD)focus on climate issues and their financial impacts on both investors and companies,but do not take into account social issues that may result from climate change.In China,the PBoCs Guidance on Environmental Information Disclosure for Financial Institutions46 asks financial

147、 institutions to disclose the financial impacts of environmental and climate issues on themselves as well as the impacts of their investment activities on the environment,but it does not mention the social and economic dimensions.Broader cross-issue ESG disclosure frameworks,such as the Global Repor

148、ting Initiative(GRI)Standards47 and the ESG Reporting Guide from Hong Kong Exchanges and Clearing(HKEX)48 comprehensively outline what companies should disclose on sustainability performance and impacts,but generally fail to address the intersection of social and climate issues.49 This is also the c

149、ase for the environmental and social disclosure requirements of the Shanghai and Shenzhen stock exchanges.50,51,52 A number of international organisations have started to develop frameworks and recommendations to address just transition issues in recent years.For example,the Climate Action 100+initi

150、ative has developed a Just Transition indicator,composed of sub-indicators,to encourage companies to disclose their acknowledgement of and commitments,engagement and actions on a just transition.53 The indicator is currently in beta form.The World Benchmarking Alliance has also developed a set of ju

151、st transition indicators to support a benchmark initiative.54 The indicators focus on the procedures companies put in place to address social issues in transition and can potentially be used as a guide for companies to take action.In addition,the Investor Group on Climate Change has made recommendat

152、ions for just transition disclosure by suggesting the inclusion of social metrics in the TCFD framework.55As the importance of a just transition becomes increasingly clear and investors continue to face challenges in analysing and tracking companies comparative performance related to a just transiti

153、on,just transition disclosure frameworks should become more focused on the relevant actions companies take and the impact of those actions on other stakeholders.The examples above should provide a useful starting point for just transition disclosures.To provide a comprehensive basis for reporting on

154、 relevant risks,actions and impacts in a way that is tailored to the Chinese market,we propose below the foundations of a possible just transition disclosure framework for China.46 Peoples Bank of China(2021),金融機構環境信息披露指南47 Global Reporting Initiative(2021),GRI Standards48 Hong Kong Exchanges and Cl

155、earing(2022),Appendix 27:Environmental,Social and Governance Reporting Guide49 The GRI Sector Standards Project for Coal Exposure Draft(not yet finalised)does propose several just transition-related reporting elements.50 Shenzhen Stock Exchange(2022),深圳證券交易所上市公司自律監管指引第1號主板上市公司規范運作51 Shanghai Stock E

156、xchange(2010),公司履行社會責任的報告編制指引52 Shanghai Stock Exchange(2022),上海證券交易所上市公司自律監管指引第1號規范運作53 Climate Action 100+(October 2021),Net-Zero Company Benchmark 54 World Benchmarking Alliance(2021),Just Transition Methodology55 Investor Group on Climate Change(2021),Empowering Communities:How investors can sup

157、port an equitable transition to net zeroPROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|2022177.RECOMMENDATIONS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK FOR CHINATaking into account the principles and disclosure frameworks discussed above,this section sets out a proposed just transit

158、ion disclosure framework that aligns with the analytical framework in Chapter 3 and reflects the Chinese context.The proposed disclosure framework brings together relevant elements of the key principles and disclosure frameworks developed by major organisations in the field of sustainable developmen

159、t,including the OECD,the TCFD,Climate Action 100+(CA 100+)and World Benchmarking Alliance.It also draws on the Just Transition Declaration agreed at COP26.The disclosure framework consists of a variety of elements,including:the extent to which there is an acknowledgement of,and commitment to address

160、,just transition issues by firms;how they have addressed these issues in their strategy;and any actions they are taking to address these issues.It includes key qualitative and quantitative metrics and is designed to be complementary to existing climate-related or broader ESG disclosure frameworks th

161、at might be adopted in China.56 State Council of China(2021),“十四五”節能減排綜合工作方案57 National Development and Reform Commission,Ministry of Industry and Information Technology,Ministry of Ecology and Environment and the International Energy Agency(2022),高耗能行業重點領域節能降碳改造升級實施指南（2022年版）SCOPEThe disclosure fra

162、mework is designed to apply to all listed companies.We suggest that the general disclosure requirements are incorporated into existing disclosure frameworks in China(for details,see the section entitled“Potential incorporation into existing disclosure frameworks”lower down).In their disclosure pract

163、ice,companies can refer to the specific examples listed in the“Recommended disclosures and metrics”column in Table 2 most likely,companies in the carbon-intensive sectors identified by the State Council,56 the NDRC and three other ministries,57 namely:coal mining,oil and gas,utilities,materials and

164、chemical engineering,infrastructure,transportation,steel and agriculture.Table 2:Proposed just transition disclosure framework for companies1 Acknowledgement and commitmentGeneral disclosure requirementsRecommended disclosures and metricsReferences1.1 Responsibilities of the board of directors(BoD)1

165、.1.1 The BoDs overall responsibility for oversight of just transition issues1.1.1(a)The BoDs overall responsibility for just transition oversight,including in relation to social impacts,risks and opportunities and its role in developing relevant policies that respect,protect and promote workers righ

166、tsOECD Just Transition Principles(OECD JTP)(Principle 1)TCFD recommendations(TCFD)(Governance a)1.2 Responsibilities of senior management1.2.1 Senior managements role in developing just transition strategies and plans1.2.1(a)Senior managements role in developing just transition strategies and plans,

167、including in relation to assessing and managing climate-related social impacts,risks and opportunities,and developing strategies,administrative procedures and accountability mechanisms for the implementation of relevant policiesOECD JTP(Principle 1)TCFD(Governance b)PROPOSED DISCLOSURE FRAMEWORKINVE

168、STING FOR A JUST TRANSITION182 StrategyGeneral disclosure requirementsRecommended disclosures and metricsReferences2.1 Social impact identification and assessment2.1.1 The social impacts,risks and opportunities associated with climate change and transition over the short,medium and long term,in rela

169、tion to:(1)the companys business,strategy and financial planning;(2)workers and other key stakeholders;(3)society and the economy2.1.1(a)Explanation of any risks of unemployment associated with transition and the scale of exposure within the company and its supply chain,including the number of possi

170、ble layoffs,job position transitions,new jobs created,percentage of SMEs in the supply chain affected and number of sites exposed to transition risks or facing closure or rehabilitationOECD JTP(Principles 3&4)CA 100+Benchmark(Indicator 9 Just Transition 9.1 Acknowledgement a)WBA JTI(JTI 3 b,JTI 5 b)

171、TCFD(Strategy a&b,Risk Management a,Metrics&Targets a)2.1.1(b)Explanation of any positive and negative social impacts on local communities,including the number of people expected to receive/lose energy access or be affected by any changes in energy costsOECD JTP(Principles 3&4)CA 100+Benchmark(Indic

172、ator 9 Just Transition 9.1 Acknowledgement a)WBA JTI(JTI 3 b,JTI 5 b)TCFD(Strategy a&b,Risk Management a,Metrics&Targets a)1 Acknowledgement and commitmentGeneral disclosure requirementsRecommended disclosures and metricsReferences1.3 Commitment to a just transition1.3.1 The companys commitments and

173、/or policies on decarbonisation/the low-carbon transition and its intention to consider just transition issues1.3.1(a)Information about just transition-related policies,including commitments to retain,retrain,redeploy and/or compensate workers affected by the low-carbon transition,with reference to

174、the International Labour Organizations guidelines for a just transitionOECD JTP(Principle 1)CA 100+Net-Zero Company Benchmark v1.1(CA 100+Benchmark)(Indicator 9 Just Transition 9.1 Acknowledgement a&b;Indicator 9 Just Transition 9.2 Commitment a&b)World Benchmarking Alliance Just Transition Indicato

175、rs(WBA JTP)(JTI 3 a,JTI 4 a)PROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|2022192 StrategyGeneral disclosure requirementsRecommended disclosures and metricsReferences2.2 Social impact management2.2.1 Information on managing social impacts,risks and opportunities associated with clima

176、te change and transition2.2.1(a)The processes for managing social impacts,risks and opportunities associated with climate change and transition,and how they are integrated into the companys decision-making,operations and management processesOECD JTP(Principles 3&4)WBA JTI(JTI 2 b,c&d,JTI 5 c&d)TCFD(

177、Risk Management b&c)2.2.1(b)Information about any just transition plans that have been developed,including any indicators used to help assess impacts on workers,local communities(including vulnerable groups)and supply chain partnersOECD JTP(Principles 3&4)WBA JTI(JTI 2 b,c&d,JTI 5 c&d)TCFD(Risk Mana

178、gement b,Metrics&Targets a)2.2.1(c)Timeframes for the just transition planOECD JTP(Principles 3&4)WBA JTI(JTI 2 b,c&d,JTI 5 c&d)TCFD(Risk Management b&c)2.2.1(d)Costs associated with any just transition plans,including measures of compensation(including compensation for unemployment,social security,

179、re-employment and reskilling education),and affordable energy delivery plansOECD JTP(Principles 3&4)WBA JTI(JTI 2 b,c&d,JTI 5 c&d)TCFD(Strategy a&b,Risk Management b,Metrics&Targets a)2.2.1(e)Total monetary value of financial provisions made by the company for closure and rehabilitation,including po

180、st-closure and rehabilitation monitoring,and aftercareOECD JTP(Principles 3&4)WBA JTI(JTI 2 b,c&d,JTI 5 c&d)TCFD(Strategy a&b,Risk Management b,Metrics&Targets a)INVESTING FOR A JUST TRANSITION203 ActionGeneral disclosure requirementsRecommended disclosures and metricsReferences3.1 Social dialogue a

181、nd stakeholder engagement3.1.1 Information on the social dialogue and stakeholder engagement conducted on social impacts associated with climate change and transition conducted by the company3.1.1(a)Information on engagement with workers,unions,communities and suppliers while developing and implemen

182、ting any just transition plan,including the geographic scale of engagementCOP26 Just Transition Declaration(COP26 Declaration)(“2.Support and promote social dialogue and stakeholder engagement”)OECD JTP(Principle 2)CA 100+Benchmark(Indicator 9 Just Transition 9.3 Engagement a,9.4 Action b)WBA JTI(JT

183、I 1,JTI 2 a)TCFD(Risk Management b,Metrics&Targets a)3.1.1(b)Information on any advance notice given to the potentially affected stakeholders regarding any transition plan to be implementedCOP26 Declaration(“2.Support and promote social dialogue and stakeholder engagement”)OECD JTP(Principle 2)CA 10

184、0+Benchmark(Indicator 9 Just Transition 9.3 Engagement a)WBA JTI(JTI 1,JTI 2 a)TCFD(Risk Management b)3.1.1(c)Categories of stakeholders the company identifies and engages with on climate-related social issuesCOP26 Declaration(“2.Support and promote social dialogue and stakeholder engagement”)OECD J

185、TP(Principle 2)CA 100+Benchmark(Indicator 9 Just Transition 9.3 Engagement a)WBA JTI(JTI 1 b)TCFD(Risk Management b,Metrics&Targets a)3.1.1(d)Forms of communication(e.g.public hearings or seminars,separate or combined with other meetings)COP26 Declaration(“2.Support and promote social dialogue and s

186、takeholder engagement”)OECD JTP(Principle 2)CA 100+Benchmark(Indicator 9 Just Transition 9.3 Engagement a)WBA JTI(JTI 1 c)TCFD(Risk Management b,Metrics&Targets a)3.1.1(e)Frequency of communication with stakeholdersCOP26 Declaration(“2.Support and promote social dialogue and stakeholder engagement”)

187、OECD JTP(Principle 2)CA 100+Benchmark(Indicator 9 Just Transition 9.3 Engagement a)WBA JTI(JTI 1 c)TCFD(Risk Management b,Metrics&Targets a)3.1.1(f)Aspects of just transition discussed with stakeholders and actions taken in response to any material issues raised by stakeholdersCOP26 Declaration(“2.S

188、upport and promote social dialogue and stakeholder engagement”)OECD JTP(Principle 2)CA 100+Benchmark(Indicator 9 Just Transition 9.3 Engagement a)WBA JTI(JTI 1 d)TCFD(Risk Management b,Metrics&Targets a)PROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|2022213 ActionGeneral disclosure re

189、quirementsRecommended disclosures and metricsReferencesWorkers3.2 Protection of workers rights3.2.1 Information on social protection afforded to workers,including income security,social security,health care insurance etc3.2.1(a)Information on social protection for job losses and displacement,especia

190、lly on income security and social compensationCOP26 Declaration(“4.Local,inclusive and decent work”)OECD JTP(Principle 6)WBA JTI(JTI 5 a,c,d)TCFD(Risk Management b,Metrics&Targets a)3.2.1(b)Number and percentage of layoffs and projected number of layoffs under the companys just transition strategyCO

191、P26 Declaration(“4.Local,inclusive and decent work”)OECD JTP(Principle 6)WBA JTI(JTI 3 b)TCFD(Risk Management b,Metrics&Targets a)3.3 Skills development3.3.1 Information on training programmes targeting knowledge and skills needs in a low-carbon future3.3.1(a)Measures taken to re-and/or up-skill wor

192、kers,taking gender equality and vulnerable groups into considerationCOP26 Declaration(“1.Support for workers in the transition to new jobs”,“4.Local,inclusive and decent work”)OECD JTP(Principles 5&7)WBA JTI(JTI 4 c)TCFD(Risk Management b,Metrics&Targets a)3.3.1(b)Number of workers that have receive

193、d training,with breakdown by gender,and number of workers from ethnic minority groups,if relevantCOP26 Declaration(“1.Support for workers in the transition to new jobs”,“4.Local,inclusive and decent work”)OECD JTP(Principles 5&7)WBA JTI(JTI 4 d)TCFD(Risk Management b,Metrics&Targets a)3.3.1(c)Number

194、 and percentage of workers retained and/or redeployedCOP26 Declaration(“1.Support for workers in the transition to new jobs”,“4.Local,inclusive and decent work”)OECD JTP(Principles 5&7)TCFD(Risk Management b,Metrics&Targets a)INVESTING FOR A JUST TRANSITION223 ActionGeneral disclosure requirementsRe

195、commended disclosures and metricsReferencesWorkers3.4 Green and decent job creation3.4.1 Information on the measures taken to create and provide,or support access to,green and decent jobs3.4.1(a)Measures taken to create and provide,or support access to,green and decent jobs within the company and it

196、s supply chain,taking gender equality and vulnerable groups into considerationCOP26 Declaration(“1.Support for workers in the transition to new jobs”,“4.Local,inclusive and decent work”)OECD JTP(Principle 5)WBA JTI(JTI 3 c,d)TCFD(Risk Management b,Metrics&Targets a)3.4.1(b)Number of green and decent

197、 jobs created within the company,with breakdowns by gender,and number of workers from ethnic minority groups,if relevantCOP26 Declaration(“1.Support for workers in the transition to new jobs”,“4.Local,inclusive and decent work”)OECD JTP(Principle 5)WBA JTI(JTI 3 c,d)TCFD(Risk Management b,Metrics&Ta

198、rgets a)3.4.1(c)Number of green and decent jobs created within the companys supply chainCOP26 Declaration(“1.Support for workers in the transition to new jobs”,“4.Local,inclusive and decent work”)OECD JTP(Principle 5)WBA JTI(JTI 3 c)TCFD(Risk Management b,Metrics&Targets a)Clients/customers3.5 Provi

199、sion of resilient,affordable clean energy/green commodities3.5.1 Information on the measures taken to support vulnerable clients/customers that are adversely affected by the companys transition strategy3.5.1(a)Measures taken to provide resilient clean energy/green commoditiesOECD JTP(Principle 4)CA

200、100+Benchmark(Indicator 9 Just Transition 9.4 Action a&c)3.5.1(b)Information on the clean energy/green commodities provided at an affordable priceOECD JTP(Principle 4)CA 100+Benchmark(Indicator 9 Just Transition 9.4 Action a&c)TCFD(Metrics&Targets a)3.5.1(c)Number of households that benefit from ren

201、ewable energy/green commodities generatedOECD JTP(Principle 4)CA 100+Benchmark(Indicator 9 Just Transition 9.4 Action a&c)TCFD(Metrics&Targets a)PROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|2022233 ActionGeneral disclosure requirementsRecommended disclosures and metricsReferencesCom

202、munities and regions3.6 Support for affected communities and regions3.6.1 Information on support provided in communities/regions affected by the low-carbon transition3.6.1(a)Support provided in communities/regions affected by the low-carbon transition,such as technical training for local communities

203、 and vulnerable groupsCOP26 Declaration(“1.Support for workers in the transition to new jobs”,“4.Local,inclusive and decent work”)OECD JTP(Principle 4)CA 100+Benchmark(Indicator 9 Just Transition 9.4 Action a)WBA JTI(JTI 4 c)TCFD(Metrics&Targets a)Supply chain3.7 Support for supply chain3.7.1 Inform

204、ation on the measures taken to address climate-related social impacts on the companys supply chain to protect and promote worker rights,to support companies supply chains and to support local and small suppliers3.7.1(a)Measures taken to address climate-related social impacts on the companys supply c

205、hain to protect and promote workers rightsCOP26 Declaration(“5.Supply chains”)OECD JTP(Principle 4)WBA JTI(JTI 5 d)3.7.1(b)Measures taken to support the companys supply chain within the broader context of climate change and transition to carbon neutrality,including related skills development program

206、mesCOP26 Declaration(“5.Supply chains”)OECD JTP(Principle 4)WBA JTI(JTI 4 c)3.7.1(c)Measures taken to support SMEs that may be affected by transitionCOP26 Declaration(“5.Supply chains”)OECD JTP(Principle 4)TCFD(Risk Management b,Metrics&Targets a)3.7.1(d)Number and percentage of SMEs in the companys

207、 supply chainCOP26 Declaration(“5.Supply chains”)OECD JTP(Principle 4)TCFD(Risk Management b,Metrics&Targets a)INVESTING FOR A JUST TRANSITION2458 China Securities Regulatory Commission(2021),公開發行證券的公司信息披露內容與格式準則第2號 年度報告的內容與格式（2021年修訂）59 China Securities Regulatory Commission(2022),上市公司投資者關系管理工作指引60

208、 Shanghai Stock Exchange(2010),公司履行社會責任的報告編制指引61 Shanghai Stock Exchange(2022),上海證券交易所上市公司自律監管指引第1號規范運作62 Shenzhen Stock Exchange(2022),深圳證券交易所上市公司自律監管指引第1號主板上市公司規范運作63 Hong Kong Exchanges and Clearing(2022),Appendix 27:Environmental,Social and Governance Reporting Guide64 Ministry of Ecology and En

209、vironment(2021),企業環境信息依法披露管理辦法65 Yicai(September 2021),相關人士：滬深交易所正在制定ESG指引，ESG信披力度將加強POTENTIAL INCORPORATION INTO EXISTING DISCLOSURE FRAMEWORKSThe development of the just transition disclosure framework considers the possibility of disclosures being incorporated into existing broader ESG disclosure

210、 frameworks.The most widely applied climate and ESG disclosure frameworks in China include:The China Securities Regulatory Commission(CSRC)Standards for the Contents and Formats of Information Disclosure of Companies Publicly Issuing Securities No.2 Contents and Formats of Annual Reports(revised in

211、2021)(voluntary for all listed companies,with only certain environmental indicators mandatory for key pollutant-emitting companies);58 The CSRCs Guidelines on Investor Relations Management of Listed Companies(voluntary for all listed companies);59 The Shanghai,60,61 Shenzhen62 and Hong Kong63 stock

212、exchanges guidelines on ESG disclosure(guidelines on social responsibility reporting from the Shanghai Stock Exchange are mandatory only for companies that are part of the SSE Corporate Governance index;guidelines on ESG reporting from the Shenzhen Stock Exchange are mandatory only for SZSE 100 Inde

213、x component companies;as for HKEXs requirements,some of them are mandatory while others apply on a“comply or explain”basis);The Administrative Measures for the Disclosure of Environmental Information by Enterprises from the Ministry of Ecology and Environment(MEE)(mandatory for certain types of comp

214、anies,including key pollutant-emitting entities specified in the administrative measures).64The current guidelines from the Shanghai and Shenzhen stock exchanges are too general to map potential disclosures against;however,the exchanges are working on more concrete ESG disclosure frameworks.65 The m

215、apping against the CSRCs standards can be used as a reference to see how just transition disclosures could be incorporated into these two exchanges guidelines.As for the MEEs requirements,it is challenging to incorporate just transition disclosures into them as the ministry focuses on environmental

216、disclosure by key polluters.The information to disclose only covers environmental licences,emissions of carbon and other pollutants,emergency response plans and environmental violations.Adding social indicators would go beyond the MEEs jurisdiction.The table below shows how the proposed framework co

217、uld potentially be incorporated into the CSRCs and HKEXs ESG disclosure frameworks.4 Policy advocacyGeneral disclosure requirementsRecommended disclosures and metricsReferences4.1 Just transition policy advocacy4.1.1 Information on engagement with governments to support the inclusion of just transit

218、ion concerns into local policies4.1.1(a)Engagement with governments for just transition policies and regulations that enable the generation of green and decent jobs,the retention and reskilling of workers and provision of social protection to workers and other affected stakeholdersOECD JTP(Principle

219、 8)WBA JTI(JTI 6 d)TCFD(Risk Management b,Metrics&Targets a)PROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|202225Table 3:Potential incorporation into existing disclosure frameworksIndicator in the proposed frameworkCSRC annual reporting rules for listed companiesHKEX Guide1.1 Responsi

220、bilities of boards of directors1.2 Responsibilities of senior management1.3 Commitment to just transitionMission in fulfilling social responsibility2.1 Social impact identification and assessmentEnvironmental protection and sustainable developmentA4 Climate change2.2 Social impact management3.1 Soci

221、al dialogue and stakeholder engagementPublic relationships,protection of shareholders and creditors rights and interests3.2 Protection of workers rightsProtection of workers rights and interestsB1 Employment3.3 Skills developmentB3 Development and training3.4 Green and decent job creationB1 Employme

222、nt3.5 Provision of resilient,affordable clean energy/green commoditiesProtection of clients and customers rights and interestsB6 Product responsibilityB8 Community investment3.6 Support to affected communities and regionsPublic relationshipsB8 Community investment3.7 Support to supply chainSupply ch

223、ainB5 Supply chain management4.1 Just transition policy advocacyOther key disclosure frameworks to consider include the recent exposure drafts of the International Financial Reporting Standards Foundation Sustainability Disclosure Standards,published by the International Sustainability Standards Boa

224、rd(ISSB)in March 2022.Building on existing frameworks,including those from the Climate Disclosure Standards Board,the TCFD,the Sustainability Accounting Standards Board,as well as the Value Reporting Foundations Integrated Reporting Framework,the two exposure drafts contain a set of general requirem

225、ents for sustainability-related financial information and a set of climate-related information disclosure requirements.The ISSBs proposed standards and the ISSB overall aim to create a global baseline for sustainability reporting.In this regard,the ISSB is engaging with various jurisdictions to ensu

226、re compatibility between a global baseline and jurisdictional initiatives.Chinas Ministry of Finance and the CSRC are also undertaking research on the potential implementation of the ISSB standards in China.INVESTING FOR A JUST TRANSITION26LIMITATIONS AND NEXT STEPSThe proposed framework is based on

227、 the potential actions that could be taken by companies to address just transition impacts with reference to existing relevant disclosure frameworks.However,there is currently a lack of support from regulators and a lack of clear demand from investors for such disclosures.There is currently no polic

228、y in place in China that directly responds to the need for a just transition or which holistically addresses the social implications of transition.No concrete policy goals or definitions regarding a just transition have been determined to serve as the basis of disclosure.Without policy support,compa

229、nies are not likely to be motivated to disclose on just transition indicators,or even to recognise the negative social and economic effects the low-carbon transition may have.In addition to the lack of policy support,another driving force expectations of investors on just transition information disc

230、losure is not clear.The needs of international investors and the awareness and attitude of domestic investors on this topic remain unassessed.In addition,the current proposed framework fails to address social and regional biases.Green and decent jobs may emerge in different sectors and/or regions fr

231、om those most affected,making it challenging to address unemployment among those directly impacted.The limitations of the proposed framework point towards work that needs to be done.There is a need to engage with policy makers and industrial associations to seek support and reach agreement on defini

232、tions and priorities regarding a just transition in China.An investor survey could clarify investors needs regarding just transition data and collect feedback on the effectiveness of the indicators proposed.Also,engagement with and consultation among target companies and their key stakeholders shoul

233、d be undertaken.A pilot disclosure programme with large listed companies in the most affected sectors might be considered.In terms of the scope of the disclosure framework,the current proposal targets only companies.As a next step in the near future,a framework for investors own disclosure could be

234、developed to help drive wider behaviour change.PROPOSALS FOR A JUST TRANSITION DISCLOSURE FRAMEWORK IN CHINA|202227APPENDIX:DISCLOSURE ON RELEVANT SOCIAL INDICATORS BY CSI 300 COMPANIESAccording to SynTao Green Finances ESG Database,the disclosure rates of indicators related to a just transition by

235、companies in the CSI 300 index are generally low but are rising.Among the 12 social indicators selected,only three were disclosed by 50%or more companies in 2021,although the disclosure rates for 11 indicators saw an increase from 2019 to 2021.Companies actively disclosed their practices in employee

236、 training,anti-discrimination,and the number of female employees,which are associated with indicators 3.3(Skills development)and 3.4(Green and decent job creation)in the proposed just transition disclosure framework.Table 4:Disclosure rates of social indicators by CSI 300 companies66 The disclosure

237、rate for 2019 is based on companies disclosures relating to calendar year 2018.Likewise,the 2021 disclosure rate reflects the disclosure of practices in the 2020 calendar year.Indicator in proposed just transition disclosure frameworkSocial indicatorDisclosure rate 201966Disclosure rate 20213.1 Soci

238、al dialogue and stakeholder engagement3.2 Protection of workers rightsFreedom of association3.90%7.67%Collective bargaining25.20%46.33%3.2 Protection of workers rightsEmployee turnover rate13.20%21.33%Proportion of informal workers14.50%10.00%3.2 Protection of workers rights3.5 Provision of resilien

239、t,affordable clean energy/green commodities 3.6 Support to affected communities and regions3.7 Support to supply chainHuman rights12.30%17.33%3.3 Skills developmentNumber of employees receiving training annually,and duration of training66.10%70.67%3.2 Protection of workers rights3.3 Skills developme

240、nt3.4 Green and decent job creationEqual pay24.50%28.00%Anti-discrimination42.30%62.00%Enhancing diversity17.40%47.33%Number of female employees35.50%51.00%3.7 Support to supply chainResponsible supply chain management13.20%38.00%Supply chain supervision system25.20%37.33%Source:SynTao Green Finance

241、INVESTING FOR A JUST TRANSITION28CREDITSAUTHORS:Peiyuan Guo,SynTao Green Finance Yujun Liu,SynTao Green Finance Xinyi Ye,SynTao Green Finance Daniel Wiseman,PRI Di Tang,PRICONTRIBUTORS:Susanne Draeger,PRI Remi Fernandez,PRI Adams Koshy,PRI Bettina Reinboth,PRI Jasna Selih,PRI Ren Van Merrienboer,PRI

242、EDITOR:Mark NichollsDESIGN:Alessandro Boaretto,PRI Alejandro De la Peza,PRIThe PRI is an investor initiative in partnership withUNEP Finance Initiative and the UN Global Compact.United Nations Global CompactThe United Nations Global Compact is a call to companies everywhere to align their operations

243、 and strategies with ten universally accepted principles in the areas of hu-man rights,labour,environment and anti-corruption,and to take action in support of UN goals and issues embodied in the Sustainable Development Goals.The UN Global Compact is a leadership platform for the development,implemen

244、tation and disclosure of responsible corporate practices.Launched in 2000,it is the largest cor-porate sustainability initiative in the world,with more than 8,800 companies and 4,000 non-business signatories based in over 160 countries,and more than 80 Local Networks.More information:www.unglobalcom

245、pact.orgUnited Nations Environment Programme Finance Initiative(UNEP FI)UNEP FI is a unique partnership between the United Nations Environment Programme(UNEP)and the global financial sector.UNEP FI works closely with over 200 financial institutions that are signatories to the UNEP FI Statement on Su

246、stainable Development,and a range of partner organisations,to develop and promote linkages between sustainability and financial performance.Through peer-to-peer networks,research and training,UNEP FI carries out its mission to identify,promote,and realise the adoption of best environmental and susta

247、inability practice at all levels of financial institution operations.More information:www.unepfi.orgThe Principles for Responsible Investment(PRI)The PRI works with its international network of signatories to put the six Principles for Responsible Investment into practice.Its goals are to understand

248、 the investment implications of environmental,social and governance(ESG)issues and to support signatories in integrating these issues into investment and ownership decisions.The PRI acts in the long-term interests of its signatories,of the financial markets and economies in which they operate and ul

249、timately of the environment and society as a whole.The six Principles for Responsible Investment are a voluntary and aspirational set of investment principles that offer a menu of possible actions for incorporating ESG is-sues into investment practice.The Principles were developed by investors,for inves-tors.In implementing them,signatories contribute to developing a more sustainable global financial system.More information:www.unpri.org