On 16 May 2023, the “Sino- British Symposium on Corporate ESG” was held at Baowu Group in Shanghai’s northern district of Baoshan. It was initiated by the Shanghai Overseas Returned Scholars Association (SORSA) and hosted by SORSA’s UK and Baosteel Chapters. The British Chamber of Commerce Shanghai was invited as a co-organiser based on its initiatives in the ESG space over the last few years.
The conference aimed to promote in-depth exchanges between China and the UK in the field of ESG with the ultimate goal of achieving collective progress. More than 70 government officials, business representatives, experts and scholars from Baowu Group, the British Consulate General Shanghai, the British Chamber of Commerce Shanghai, SORSA, Smiths Group, HSBC, Linklaters, and Huazhu Group attended the event.
Ray Chisnall, Chair of the British Chamber of Commerce Shanghai, remarked in his opening address that although “ESG” is just three small letters, it is hugely significant to everyone on this planet. Ray added, “That’s why our Chamber organises ESG summits and ESG awards in China, which are open to all companies and recognise outstanding contributions in the field. Last year over a hundred companies participated in the awards and we selected some outstanding cases.”. Ray ultimately saw events like the symposium as being very important for businesses and government to come together and share information for the common good.
Xiao Guodong, Assistant General Manager of China Baowu Group and Chief Representative of Carbon Neutral gave positive statements on the promotion of the practice of ESG in enterprises and inject new vitality into the sustainable development of Shanghai, a city which is tolerant to diversity. Mr. Xiao emphasised Baowu Group’s long-term adherence to sustainable development and continuous improvement of its social responsibility practices to maximise the integration of economic, social, and environmental values and to better reward society.
The ESG Development Report for Chinese Listed Companies (2022) shows that 1,431 listed companies have released ESG-related reports for 2021, accounting for 31.34%. The ESG report disclosure rate of CSI 300 constituent companies exceeded 90% for the first time. Xiong Jian, Vice President of the SORSA, explained in his speech that in recent years, a large number of leading enterprises in China have closely combined their business development with their social responsibilities, either by reducing carbon emissions; by promoting green finance; or by strengthening corporate governance, to achieve a win-win situation for all parties, including corporate entities, individual employees and upstream and downstream enterprises.
In the free exchange session, experts from both countries had an in-depth exchange on the current situation of the ESG field in China and the prospect of cooperation between the two sides.
If you have any questions, please contact the Chamber at Lily.Shi@britishchambershanghai.cn
