Reporter: Huang Zongyan Editor: Chen Junjie
Recently, the Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange issued the "Guidelines for Sustainability Reporting of Listed Companies" (hereinafter referred to as the "Guidelines"), which will be implemented from May 1, 2024.
The reporter of "Daily Economic News" noticed that in the "Social Information Disclosure" in Chapter 4 of the "Guidelines", new quality productivity was mentioned for the first time in the field of ESG information disclosure - enterprises were required to disclose "the role of scientific and technological innovation achievements and their application in promoting the development of new quality productivity". Previously, the new quality productivity was written into this year's government work report and was listed as the first of the top ten tasks in 2024.
What needs to be considered is, what is the endogenous relationship between new quality productivity and ESG? What is the role of the former in ESG disclosure? How can companies quantify and evaluate relevant information when disclosing relevant information?
In an interview with National Business Daily, Xie An, President of Deloitte China Institute for Sustainable Development and Climate Change, said that the new quality of productivity emphasizes innovation-driven, and sustainable development is inseparable from the leading role of innovation-driven in production development, and through scientific and technological innovation and structural adjustment, we will build a more sustainable, efficient and fair future economic system. Therefore, the two have common goals and mutually reinforcing roles in promoting high-quality economic development, realizing green transformation, assuming social responsibility, and optimizing corporate governance.
Shi Yichen, senior academic advisor of the International Institute of Green Finance at the Central University of Finance and Economics and chief economist of Zhongcai Green Index, believes that enterprises can reflect and measure the level of new quality productivity to a certain extent by disclosing energy efficiency data in detail.
New quality productivity and ESG promote each other to promote high-quality development
Chapter 4 of the Guidelines, "Social Disclosure", reads, "The role of scientific and technological innovation achievements and their applications in promoting the development of new quality productive forces, as well as the impact on the economy, society, environment and stakeholders." ”
There is no doubt that new quality productivity is the core driving force for the current high-quality economic development, which emphasizes scientific and technological innovation as the leading factor to promote industrial upgrading and economic structure optimization. This reflects the transcendence of traditional productive forces, not only focusing on the innovative development of production factors, but also attaching importance to the innovation of the combination of production factors, so as to give birth to new industries, new forms of business and new models. What is the intrinsic relationship between it and ESG?
In an interview with National Business Daily, Xie An, President of Deloitte China Institute for Sustainable Development and Climate Change, said that the new quality of productivity emphasizes innovation-driven, and sustainable development is inseparable from the leading role of innovation-driven in production development, and through scientific and technological innovation and structural adjustment, we will build a more sustainable, efficient and fair future economic system. Therefore, the two have common goals and mutually reinforcing roles in promoting high-quality economic development, realizing green transformation, assuming social responsibility, and optimizing corporate governance.
"Specifically, the innovation emphasized by the new quality productivity plays a leading role, which means higher technical level, better quality, higher efficiency and stronger sustainability than the traditional productivity, which is consistent with the green and low-carbon production model advocated by E (environment) in ESG. In other words, the development of new quality productivity requires green and low-carbon development, harmonious coexistence between man and nature, protection of the environment is the protection of productivity, and improvement of the environment is the development of productivity, so new quality and green can be said to be very close. Xie An further analyzed and said.
He also believes that new quality productivity needs the support of new production relations, which is consistent with the G (governance) dimension in ESG from the perspective of optimizing corporate structure and governance. Improving the level of governance for sustainable development, including the support and guarantee of the E and S (social) dimensions, promotes the comprehensive green and low-carbon transformation of the economy by integrating environmental, social and governance factors, and meets the inherent requirements of new quality productivity to promote high-quality development.
The new quality of productivity will have a profound impact on the labor market
The importance of new quality productivity runs through multiple dimensions of E, S and G, why does the "Guidelines" disclose it in the social dimension?
Xie An believes that in the "Social Information Disclosure" in Chapter 4 of the Guidelines, the issues involved in rural revitalization, social contribution, innovation-driven, and science and technology ethics are closely related to China's people's livelihood and social development, and are ESG issues with Chinese characteristics. "Scientific and technological innovation is not only a technological change, but also emphasizes that scientific and technological innovation can also play an important role in promoting social progress and achieving sustainable development. This reflects China's emphasis on scientific and technological innovation and ESG system with Chinese characteristics, which can better respond to national strategies and strengthen the practice and promotion of ESG concepts. ”
In addition, from the perspective of the integrity of information disclosure, Xie An believes that the inclusion of technological innovation and other aspects in social information disclosure as a separate topic is also conducive to the integrity of information disclosure, allowing investors and stakeholders to more accurately evaluate the ESG performance of enterprises. In his view, innovation-driven is closely related to social welfare, and putting it in the social information chapter is conducive to improving people's livelihood and social well-being on the one hand, and on the other hand, it is also to enhance the public's awareness of ESG concepts and promote the transmission of ESG value.
Xie An further analyzed that the development of new quality productivity will bring about qualitative changes in laborers, labor materials, labor objects and their optimal combinations, and the demand for workers will also be correspondingly transformed into the demand for new talents, and the focus on production relations and workers will improve total factor productivity. "At present, the global market, social needs and government policies are all promoting a comprehensive green and low-carbon transition. As climate governance accelerates, it has led to inequalities in different regions, industries and job markets. Therefore, the concept of a 'just transition' related to employment, people's livelihood and social equality will receive widespread attention. ”
According to the 2021 Deloitte Employment Vulnerability Index, agriculture, traditional energy, heavy and manufacturing, transportation, and construction are the sectors most vulnerable to climate change and the transition to net zero. Some 800 million jobs worldwide are highly vulnerable, especially in the Asia-Pacific region, where more than 40% of the workforce is currently employed in these "vulnerable" sectors.
At the same time, Deloitte believes that the global transition to net-zero climate is expected to drive stronger economic growth and create more jobs if the transition strategy is right.
The quantitative disclosure of new quality productivity can start with energy efficiency data
According to the Guidelines, scientific and technological innovation achievements are closely related to new quality productivity. So, what are the specific elements or indicators that fall within the scope of disclosure of new quality productivity? In addition to scientific and technological innovation, what other issues or dimensions may be related to new quality productivity?
Shi Yichen, senior academic advisor of the International Institute of Green Finance of the Central University of Finance and Economics and chief economist of Zhongcai Green Index, analyzed to the reporter of "Daily Economic News" that from the previous supply-side reform and high-quality development to the current new quality productivity, the connotation is actually the same, that is, it is hoped that the input-output ratio proposed by economics will be improved, or the marginal output of production factors will be more and more demanding. "For example, consuming one kilowatt-hour of electricity or one ton of water corresponds to more production value. And, now with carbon trading, the emission of one ton of carbon also means higher output. ”
Shi Yichen believes that from the perspective of ESG, green and low-carbon technology is a manifestation of new quality productivity, which can improve the input-output ratio of enterprises, and can be directly reflected in performance and product gross profit. In addition, increasing employee benefits, strengthening the sustainable management of suppliers, and the entire management process of the company are all part of the new category of improving the company's productivity to some extent.
It should not be too difficult for enterprises to understand and grasp the definition and connotation of new quality productivity, as well as its importance in ESG, but how to quantify and evaluate the specific disclosure in ESG reports will still face certain challenges.
Shi Yichen believes that taking ESG as the foothold and using data to speak is a better way to achieve quantitative evaluation of new quality productivity. One of the most straightforward and readily available data is the energy efficiency of enterprises. "Improvements in energy efficiency are part of the new quality of productivity: when a company succeeds in reducing energy consumption and increasing efficiency, it is also productive."
In addition to energy efficiency data, Shi Yichen also believes that all production factors of enterprises, such as machinery and equipment, manpower, AI, data assets, etc., can be regarded as quantitative indicators of new quality productivity.
National Business Daily