本报告系统介绍了气候风险的定义与各类情景，探讨了气候变化背景下的ESG投资，并以2022年中国A股和中国香港H股的5000余家国内上市公司发布的ESG报告与TCFD气候相关财务信息披露报告为样本，评估了中国上市企业的气候相关财务信息披露质量和表现。研究发现：①中国企业的气候相关财务信息披露仍处于起步阶段，但并无大幅落后。②资本市场行业企业是气候相关财务信息披露领域的先行力量。③中国上市企业气候相关的战略和风险信息披露与机制建设有待完善。本报告进行气候相关披露研究的同时，也介绍了银行业开展气候风险评估、压力测试的实践案例与相关评估工具，为企业与金融机构提供了气候风险下完善ESG投资体系的理论框架与实践参考。
This report systematically introduces the definition and various scenarios of climate risk，discusses ESG investment in response to climate change，and evaluates the quality and performance of climate-related financial disclosure of China’s A-share and Hong Kong’s H-share listed mainland companies，with the ESG and TCFD reports issued by more than 5，000 domestic listed mainland companies as samples，for the year 2022. The research finds that：1）climate-related financial disclosures of Chinese companies are still in their infancy，but not significantly lagging behind；2）capital market sector companies have a pioneering power in climate-related financial disclosures；and 3）climate-related strategic and risk information disclosures and mechanism development of Chinese listed companies need to be enhanced. In this paper，the research on climate-related disclosures also introduces the cases of climate risk assessment，stress testing in the banking industry，and related assessment tools，which provides a theoretical framework and practical reference for enterprises and financial institutions to improve the ESG investment system under climate risk.
| Keywords： | ESG investmentClimate-related RiskClimate Stress-testingClimate Scenario AnalysisTask Force of Climate-related Financial Disclosure |
