The Chinese and Foreign Chambers of Commerce Salon in Shanghai was unveiled on April 12 with the theme “ESG Capabilities of Enterprises and International Development.”

As one of the key activities of the Shanghai Private Economy High Quality Development Service Month, it attracted more than 180 senior executives, including business consuls from the consulates general in Shanghai, representatives of Chinese and foreign chambers of commerce, officials with associations of industry and commerce from other districts in the city, the chambers of commerce of the municipal federation of industry and commerce, chambers of commerce from other provinces and cities and the Yangtze River Delta City Chamber of Commerce Association.

Representatives of private entrepreneurs, professional service institutions, and heads of government agencies of the city also gathered in Changning to share ESG practical experience, exchange sustainable development thinking, and explore a wider range of international development paths around the theme of enhancing enterprise ESG capabilities and high-quality international development.

Amid growing global recognition of ESG, Shanghai released a comprehensive ESG-improvement plan for foreign-related enterprises to enhance their advantages in global competition. 

The Action Plan for Accelerating the Improvement of Environmental, Social, and Governance (ESG) Capabilities of Foreign-related Enterprises in Shanghai (2024-2026) was released earlier last month by the Shanghai Commission of Commerce.

To create an ESG ecosystem for foreign-related enterprises by 2026, the plan includes 12 key measures in three major actions: the enhancement of the ESG capacity of enterprises, the improvement of the ESG market efficiency, and the optimization of the ESG service system.

Detailed measures include supporting private enterprises in actively practicing ESG concepts, giving full play to the leading roles of ESG practices in foreign-funded enterprises, and broadening the application of ESG in the cross-border business of foreign-funded enterprises.

The program would also strengthen international exchanges and cooperation in the field of ESG, innovate ESG financial services and products, cultivate and expand ESG professional service organizations, and increase the publicity of ESG concepts.

In addition, a mechanism to promote ESG work in foreign-related enterprises would be established, with the introduction of ESG-related support policies and the cultivation of ESG professionals.

Edited by Shanghai Daily