欧盟ESG监管的双重路径及对华影响——可持续金融与可持续公司治理

EU Dual Approach to Regulating ESG and Its Impact on China—Sustainable Finance and Sustainable Corporate Governance

环境、社会和治理(ESG)体现了兼顾经济、环境、社会和治理效益的可持续发展价值观,自联合国全球契约组织2004年提出以来逐渐获得国际认可。欧盟对ESG的监管最为严格,已形成从企业自愿到法律强制的监管体系,采取了双重路径模式。在可持续金融战略下,ESG监管旨在打造可持续金融价值链,通过强制信息披露,促进金融价值链ESG数据流通。相比较而言,可持续公司治理战略下的ESG监管路径由价值链转向定义更为灵活的所谓“作业链”,不仅扩大了强制信息披露范围,更进一步要求企业对供应链中特定业务关系开展ESG风险自查自纠,通过衔接国际人权及环境保护类条约中的核心条文,明确企业损害赔偿责任。对欧盟ESG监管规则的有益借鉴,可助力中国构建中国特色ESG监管体系。与此同时,中国应密切关注欧盟委员会在执行阶段出台的实施细则及重要“软法”,警惕绿色贸易壁垒。

The concept of environmental,social and governance(ESG)embodies the value of sustainable development that takes into account economic,environmental,social and governance efficiency,which has gradually gained international recognition since it was first proposed by the United Nations Global Compact in 2004.The EU has adopted the most stringent approach to regulating ESG and formed a regulatory path divided into two directions.Under the framework of sustainable finance strategy,the EU's approach aims to build a sustainable financial value chain and to facilitate the flow of ESG data through mandatory information disclosure.In comparison,the EU's approach under the sustainable corporate governance strategy focuses on the so-called“chain of activities”,the statutory scope of which is more flexible than the terms of value chain or supply chain.This approach not only expands the scope of mandatory information disclosure,but requires the companies to exercise ESG due diligence along the“chain of activities”,and clarifies corporate liability for damages by its links with the core provisions of international human rights and environmental protection treaties.Taking the EU's ESG regulatory approach as a reference can help China build an ESG regulatory system which both meets international standards and embodies Chinese characteristics.