Nine Shenzhen enterprises made it onto a list of China's most influential firms in terms of ESG development, according to the latest report by Fortune China.
Express delivery company SF Express, telecom equipment maker ZTE Corp and capital investment platform Shenzhen Investment Holdings have been on the list for three consecutive years, ranking seventh, 29th and 39th, respectively, among 70 enterprises on the list.
Some were newcomers, including electronics manufacturer Luxshare Precision Industry, lithium-ion battery maker Sunwoda Electronic, smartphone maker Honor and financial conglomerate Ping An Insurance Group.
ESG is a practice in which environmental, social and governance factors are considered by investors to evaluate a company, rather than focusing on its financial performance.
"China has been steadily implementing ESG practice. In a year when the macro economy faces serious challenges, ESG has become a course of action for companies to maintain their competitiveness," said Fortune China.
The performance of Shenzhen firms reflects how low-carbon development is gaining momentum in the Guangdong-Hong Kong-Macao Greater Bay Area.
According to a separate report by HSBC in collaboration with the CECEP Environmental Consulting Group, 28 enterprises in the Bay Area either established new emission reduction targets or committed to new initiatives under the Science Based Targets initiative in the first three months of the year, up 33 percent from the last quarter of 2023.
"As a national innovation hub, the GBA has seen swift advancements in emerging sectors, including electric vehicles, renewable energy and smart robotics," said Daniel Chan, head of the Greater Bay Area at HSBC. "The momentum created by the new quality productive forces initiative is setting the GBA on a solid path to meet its ambitious 'dualcarbon' targets."
The new quality productive forces initiative refers to the strategy advocated by the Chinese government to enhance productivity through technological innovation.
Vehicle battery maker Contemporary Amperex Technology grabbed the top spot on the ESG impact list, followed by polysilicon maker Tongwei and lender Industrial Bank.
China has been promoting ESG development as part of its push to drive sustainable economic growth. Guidelines on listed companies' sustainable development came into effect from the start of this month, requiring some public firms to make ESG-related disclosures no later than 2026.
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