On December 4th, the Sustainable Stock Exchange Roundtable (SSER) was successfully held.
The Sustainable Stock Exchange Roundtable (SSER) is co-hosted by China SIF, the UN Sustainable Stock Exchanges Initiative (UN SSE), the IFC-supported Sustainable Banking and Finance Network (SBFN) and CDP China. Speakers and participants included capital market regulators, stock exchanges, and key stakeholders worldwide. This Roundtable took place in conjunction with the 2024 China SIF Week flagship events from December 2nd to 6th 2024. The following topics were discussed in detail:
- Adoption of ISSB Standards (IFRS S1 and S2), particularly on climate-related disclosures, and how exchanges integrated these standards globally.
- Measuring the Financial Impact of Sustainability Issues, with i nsights into investor expectations and regulatory trends.
- Data Collection from SMEs, addressing the complexities of Scope 3 data disclosure with extended supply chains.
Ms. Nan Li Collins, Chair of the United Nations Sustainable Stock Exchanges Initiative (UN SSE) and Senior Director of the Division on Investment and Enterprise at the UN Trade and Development (UNCTAD) opened the session by acknowledging the importance of this roundtable. She said that the roundtable underscores the critical role of stock exchanges and regulators in supporting sustainable economies and addressing the climate challenge. Through standardization, regulation, and education, the adoption of vital disclosure frameworks is accelerated. By empowering market participants and fostering collaboration, we can build resilient, inclusive markets for a thriving future.
The next guest to deliver an opening remark was ISSB Member Mr. Leng Bing. He mentioned that the International Sustainability Code Council has prioritized supporting the implementation of the S1 and S2 Codes as its top priority. The implementation of the International Sustainability Code in various countries and regions is being supported through the work of the Transition Implementation Group (TIG) and the publication of educational materials.
Dr. Guo Peiyuan, Chairman of China SIF and SynTao Green Finance said that experiences indicate that mandatory disclosure of sustainability-related information is an unavoidable trend, making today's discussion very timely.
In the following keynote speech session, Ms. Kris Nathanail, Director, Standards Development, Standards Development Division, IOSCO emphasized in her video speech that with standards in place for sustainability reporting, the time for action is now. Jurisdictions and market participants must all gear up towards implementing the ISSB standards, every effort counts, and IOSCO is seeking to play its part by helping jurisdictions on their journey. Countries like China will be important in leading by example. Ms. Ralitza Germanova, IFC’s Global Lead on Sustainability Reporting, also provided a keynote speech, including updates on the global partnership between IFC and the IFRS Foundation, and with UN SSE, to strengthen sustainable capital markets by improving sustainability and climate reporting. Followed by Ms Eliane Si, Regulatory Affairs Manager for Asia, IFRS Foundation. She stated that as of now, about 30 highly representative countries and regions have announced their adoption of the International Sustainability Code. These include not only developed countries but also developing countries and emerging economies, as well as Asian, African and European countries. This shows the good applicability of the International Sustainability Code. Last to give a keynote speech was Mr. Zhu Ling, Country Lead of Capital Markets at CDP China, who mentioned that CDP is one of the channels for corporates to disclose climate-related information required by ISSB. In 2024, there are more than 24,800 companies globally disclosed via CDP, among which the total capitalization of the listed companies accounts for two-thirds of global market capitalization. Especially, the number of Chinese listed companies disclosing via CDP almost doubled in 2024.
The panel discussion session is moderated by Ms. Fiona Quinlan-Wells, Training Officer at the SSE Academy. Panelists from several stock exchanges around the world discussed the adoption and integration of the ISSB IFRS S1 and S2 standards across various markets. Ms. Elaine Ng, Associate Director of International Affairs and Sustainable Finance at Hong Kong Securities and Futures Commission (SFC) emphasized the essential roles of exchanges in successfully implementing consistent and comparable sustainability disclosures that meet capital market needs. The Sustainable Stock Exchange Initiative has been leading this work and their support will be instrumental to the adoption of the ISSB Standards internationally. Mr. Jon Edwards, Chief Representative of the London Stock Exchange Plc Beijing Office commented on China’s significant commitment to sustainability and transparency. The exchange's new climate disclosure guidelines further bolster the commitment, ensuring that climate-related risks and opportunities are transparently communicated. The new guides from the Shanghai, Shenzhen, and Beijing Stock Exchanges are particularly noteworthy as they provide practical tools and clear guidelines for companies to follow. This not only helps in standardizing reporting practices but also in fostering a culture of accountability and transparency. Mr. Iman Rachman, CEO of the Indonesia Stock Exchange pointed out in his speech that IDX is proud to contribute to advancing sustainability disclosure standards in alignment with global benchmarks, such as the ISSB Standards. In delivering this, IDX collaborates with OJK and other national regulatory bodies, as well as other stock exchanges and international organizations, to promote and implement sustainability and climate-related disclosures. Through education and training programs as well as strategic initiatives, such as the development of the ESG metric reporting platform and IDX Net Zero Incubator program, we aim to enhance transparency, comparability, and ESG performance of our listed companies while promoting responsible investment in our capital market while driving progress towards Indonesia’s Net Zero commitments. Ms. Jessica Zhang, Manager at the International Cooperation Department of the Shenzhen Stock Exchange also participated and commented on the topic.
Fiona rounded up the panel discussion by stating that the event brought together leading experts to share i nsights on sustainability reporting, regulatory perspectives, and the challenges faced by stock exchanges in implementing these standards. Together, we aim to foster a deeper understanding and collaboration to promote sustainable finance globally.
Wei Yuan, Asia Coordinator of the Sustainable Banking and Finance Network (SBFN) noted in her closing remark that SBFN supports this event with the aim to help build capacity among SBFN members in Asia to advance sustainability reporting practices.
We would like to thank our strategic partners Moody's, AXA SPDB Investment Managers, and partners Sungent Urban Development, Huatai Securities for their support of the 12th China SIF Annual Conference. The supporting organisations: include Bank of Jiangsu; SynTao Consulting; Beijing Enterprise Confederation; CDP China; Global Environmental Institute (GEI); Climate Bonds Initiative (CBI); FAIRR Initiative; Asia Investor Group on Climate Change (AIGCC). The media partners include Sina Finance; The Economic Observer; Caijing Magazine; Stockstar; China Fund News; Jiemian News; Weekly on Stocks; WallStreetCN; Caixin Global; NetEase Finance; Huxiu; qeubee LIVE; Wind 3C Conference; iFinD. China SIF received support from Shanghai Cailian Press; China Climate Engagement Initiative (CCEI); Sustainable Banking and Finance Network (SBFN); Beijing Credit Association; Institute of Finance and Sustainability (IFS); Principles for Responsible Investment (PRI); Aegon Industrial Fund; Yuze Charity; Gems of Wisdom Consulting; BNP Paribas ABC Wealth; CCM CSR Promotion Centre; School of Management and Economics, Chinese University of Hong Kong, Shenzhen; CUEB China ESG Institute; Shenzhen Finance Institute, etc. We extend our heartfelt thanks for their support.
Please feel free to follow the China SIF WeChat official account (ChinaSIF), as well as the official account of the organizer, SynTao Green Finance (syntaogf).
For inquiries regarding cooperation intentions with China SIF or requests for information, please contact the organizer at: contact@syntaogf.com.
About China SIF
China Sustainable Investment Forum (China SIF), established in Beijing as a non-profit organisation in 2012, is dedicated to promoting responsible investment and providing an internationalised platform for exchanging and sharing ideas on issues concerning sustainable development, with focus on facilitating Environmental, Social and Governance (ESG) integration, advocating green finance, and contributing to a responsible capital market in China as well as its sustainability.
As a member of the Global SIFs Network, China SIF organises Annual Conferences, Summer Summits, SIF Weeks and a series of featured seminars and webinars annually, convening policymakers as well as domestic and foreign experts to share their views, research, and good practice. Professionals and practitioners from research institutes, financial institutions, listed companies, government agencies, and media representatives have joined our discussion and endeavour to explore multiple ways to promote and practice responsible investment and green finance.
China SIF keeps launching a series of landmark research reports, such as China Sustainable Investment Review, supporting the Dissertation Competition on ESG and Sustainable Finance and developing the "ESG Online Classes" series of educational videos together with partners and industry experts to promote ESG investment concepts and practices. Over the years, China SIF has become one of the most influential responsible investment forums in the region.
Please visit https://en.chinasif.org/ for more information.
