Climate Disclosure: Are Chinese Companies Rising to the Net Zero Challenge?
Our Privacy Policy has been updated! The Conference Board uses cookies to improve our website, enhance your experience, and deliver relevant messages and offers about our products. Detailed information on the use of cookies on this site is provided in our cookie policy. For more information on how The Conference Board collects and uses personal data, please visit our privacy policy. By continuing to use this Site or by clicking "OK", you acknowledge our privacy policy and consent to the use of cookies.  Our Privacy Policy has been updated! Detailed information on the use of cookies on this site is provided in our cookie policy and our privacy policy. 
TCB Tourch
Loading...
  • logoImage
  •  
    • US
    • EUROPE
    • ASIA
  • 2

    Close
    • Insights
        • Insights
        • Explore by Center
          • Explore by Center
          • CED
            Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

        • Explore by Content Type
          • Explore by Content Type
          • Reports

          • Upcoming Webcasts

          • On Demand Webcasts

          • Podcasts

          • Charts & Infographics

        • Trending Topics
          • Trending Topics
          • Artificial Intelligence (AI)

          • Navigating Washington

          • Geopolitics

          • US Economic Forecast

          • Sustainability

          • Future of Work

    • Events
        • Events
        • Upcoming Events
          • Upcoming Events
          • People First: Opportunity and Access

          • CHRO Summit: Navigating through a Tsunami of Change

          • Future: People Asia

          • Executive Compensation in a Disruptive World

          • CED Distinguished Leadership Awards Celebration

          • The 2025 IBI/Conference Board Health and Productivity Forum

          • Explore all Upcoming Events

        • Member-Exclusive Programs
          • Member-Exclusive Programs
          • Center Briefings

          • Experts Live

          • Roundtables

          • Working Groups

          • Expert Briefings

    • Data
        • Data
        • Consumer Confidence Index

        • Data Central

        • TCB Benchmarking

        • Employment Trends Index

        • Global Economic Outlook

        • Leading Economic Indicators

        • Help Wanted OnLine

        • Labor Markets

        • Measure of CEO Confidence

        • Human Capital Benchmarking &
          Data Analytics

        • CMO+CCO Meter Dashboard

    • Centers
        • Centers
        • Our Centers
          • Our Centers
          • Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

        • Center Membership
          • Center Membership
          • What Is a Center?

          • Benefits of Center Membership

          • Join a Center

    • Councils
        • Councils
        • Find a Council
          • Find a Council
          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

        • Council Membership
          • Council Membership
          • What is a Council?

          • Benefits of Council Membership

          • Apply to a Council

    • Membership
        • Membership
        • Why Become a Member?
          • Why Become a Member?
          • Benefits of Membership

          • Check if Your Organization is a Member

          • Speak to a Membership Associate

        • Types of Membership
          • Types of Membership
          • Council

          • Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

          • Insights

        • Already a Member?
          • Already a Member?
          • Sign In to myTCB®

          • Executive Communities

          • Member-Exclusive Programs

    • About Us
        • About Us
        • Who We Are
          • Who We Are
          • About Us

          • In the News

          • Press Releases

          • Our History

          • Support Our Work

          • Locations

          • Contact Us

        • Our Community
          • Our Community
          • Our Leadership

          • Our Experts

          • Trustees

          • Voting Members

          • Global Counsellors

          • Careers

          • This Week @ TCB

    • Careers
    • This Week @ TCB
    • Sign In to myTCB®
      • US
      • EUROPE
      • ASIA
    • Insights
      • Insights
      • Explore by Center
        • Explore by Center
        • CED
          Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

      • Explore by Content Type
        • Explore by Content Type
        • Reports

        • Upcoming Webcasts

        • On Demand Webcasts

        • Podcasts

        • Charts & Infographics

      • Trending Topics
        • Trending Topics
        • Artificial Intelligence (AI)

        • Navigating Washington

        • Geopolitics

        • US Economic Forecast

        • Sustainability

        • Future of Work

    • Events
      • Events
      • Upcoming Events
        • Upcoming Events
        • People First: Opportunity and Access

        • CHRO Summit: Navigating through a Tsunami of Change

        • Future: People Asia

        • Executive Compensation in a Disruptive World

        • CED Distinguished Leadership Awards Celebration

        • The 2025 IBI/Conference Board Health and Productivity Forum

        • Explore all Upcoming Events

      • Member-Exclusive Programs
        • Member-Exclusive Programs
        • Center Briefings

        • Experts Live

        • Roundtables

        • Working Groups

        • Expert Briefings

    • Data
      • Data
      • Consumer Confidence Index

      • Data Central

      • TCB Benchmarking

      • Employment Trends Index

      • Global Economic Outlook

      • Leading Economic Indicators

      • Help Wanted OnLine

      • Labor Markets

      • Measure of CEO Confidence

      • Human Capital Benchmarking & Data Analytics

      • CMO+CCO Meter Dashboard

    • Centers
      • Centers
      • Our Centers
        • Our Centers
        • Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

      • Center Membership
        • Center Membership
        • What is a Center?

        • Benefits of Center Membership

        • Join a Center

    • Councils
      • Councils
      • Find a Council
        • Find a Council
        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

      • Council Membership
        • Council Membership
        • What is a Council?

        • Benefits of Council Membership

        • Apply to a Council

    • Membership
      • Membership
      • Why Become a Member?
        • Why Become a Member?
        • Benefits of Membership

        • Check if Your Organization is a Member

        • Speak to a Membership Associate

      • Types of Membership
        • Types of Membership
        • Council

        • Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

        • Insights

      • Already a Member?
        • Already a Member?
        • Sign In to myTCB®

        • Executive Communities

        • Member-Exclusive Programs

    • About Us
      • About Us
      • Who We Are
        • Who We Are
        • About Us

        • In the News

        • Press Releases

        • This Week @ TCB

        • Our History

        • Support Our Work

        • Locations

        • Contact Us

      • Our Community
        • Our Community
        • Our Leadership

        • Our Experts

        • Trustees

        • Voting Members

        • Global Counsellors

        • Careers

        • This Week @ TCB

    • Careers
    • Sign In to myTCB®
    • Download TCB Insights App
  • Insights
    Insights

    Our research and analysis have helped the world's leading companies navigate challenges and seize opportunities for over 100 years.

    Explore All Research

    Economic Indicators

    • Explore by Center
    • CED
      Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    • Explore by Content Type
    • Reports
    • Upcoming Webcasts
    • On Demand Webcasts
    • Podcasts
    • Charts & Infographics
    • Trending Topics
    • Artificial Intelligence (AI)
    • Navigating Washington
    • Geopolitics
    • US Economic Forecast
    • Sustainability
    • Future of Work
  • Events
    Events

    Our in-person and virtual events offer unmatched opportunities for professional development, featuring top experts and practitioners.

    See Everything Happening This Week

    Sponsor a Program

    • Upcoming Events
    • People First: Opportunity and Access

      June 12 - 13, 2025

      CHRO Summit: Navigating through a Tsunami of Change

      June 24, 2025

      Future: People Asia

      September 04 - 05, 2025

    •  
    • Executive Compensation in a Disruptive World

      September 16 - 17, 2025

      CED Distinguished Leadership Awards Celebration

      October 08, 2025

      The 2025 IBI/Conference Board Health and Productivity Forum

      October 16 - 17, 2025

    • Member-Exclusive Programs
    • Center Briefings
    • Experts Live
    • Roundtables
    • Working Groups
    • Expert Briefings
    • Explore by Type
    • Events
    • Webcasts
    • Podcasts
    • Member-Exclusive Programs
    • Center Briefings
    • Experts Live
    • Roundtables
    • Working Groups
    • Expert Briefings
  • Data
    Corporate Disclosure Data

    TCB Benchmarking

    Real-time data & analytical tools to benchmark your governance, compensation, environmental, human capital management (HCM) and social practices against US public companies.

    Economic Data

    All Data

    See current direction and trends across key indicators

    Consumer Confidence Index

    US consumers' thoughts on the economy, jobs, finances and more

    Data Central

    One-stop, member-exclusive portal for the entire suite of indicators

    Labor Markets

    Covering all aspects of labor markets, from monthly development to long-term trends

    Measure of CEO Confidence

    Examines the health of the US economy from the perspective of CEOs

     

    Recession & Growth Trackers

    See the current and future state of 16 economies.

    Global Economic Outlook

    Track the latest short-, medium-, and long-term growth outlooks for 77 economies

    Leading Economic Indicators

    Track the state of the business cycle for 12 global economies across Asia and Europe

    Help Wanted OnLine

    Track the status of job markets across the US through online job listings

    Other Featured Data

    Human Capital Analytics Tools

    Tools to understand human capital management and corporate performance

    CMO+CCO Meter Dashboard

    Tracks the impact, resources, and satisfaction of CMOs and CCOs

  • Centers
    Centers

    Centers offer access to world-class experts, research, events, and senior executive communities.

    Our Centers
    • Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    Center Membership
    • What Is a Center?
    • Benefits of Center Membership
    • Join a Center
  • Councils
    Councils

    Councils are invitation-only, peer-led communities of senior executives that come together to exchange knowledge, accelerate career development, and advance their function.

    Find a Council
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    Council Membership
    • What Is a Council?
    • Benefits of Council Membership
    • Apply to a Council
  • Membership
    Membership

    Membership in The Conference Board arms your team with an arsenal of knowledge, networks, and expertise that's unmatched in scope and depth.

    • Why Become a Member?
    • Benefits of Membership
    • Check if Your Organization is a Member
    • Speak to a Membership Associate
    • Types of Membership
    • Council
    • Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    • Insights
    • Already a Member?
    • Sign in to myTCB®
    • Executive Communities
    • Member-Exclusive Programs
  • About Us
    About Us

    The Conference Board is the global, nonprofit think tank and business membership organization that delivers Trusted Insights for What's Ahead®. For over 100 years, our cutting-edge research, data, events and executive networks have helped the world's leading companies understand the present and shape the future.

    Learn more about Membership

    • Who We Are
    • About Us
    • In the News
    • Press Releases
    • Our History
    • Support Our Work
    • Locations
    • Contact Us
    • Our Community
    • Our Leadership
    • Our Experts
    • Trustees
    • Voting Members
    • Careers
    • This Week @ TCB
Check if You're a Member
Create Account
Forgot Your Password?

Members of The Conference Board get exclusive access to the full range of products and services that deliver Trusted Insights for What's Ahead ® including webcasts, publications, data and analysis, plus discounts to conferences and events.

Climate Disclosure: Are Chinese Companies Rising to the Net Zero Challenge?

06 March 2024 / Report

Download Report  
  • Report
  • Email
  • Linkedin
  • Facebook
  • Twitter
  • Copy Link

Trusted Insights for What’s AheadTM

  • Chinese companies are at a nascent stage in their net zero journey. Barely a quarter of China’s 100 largest publicly listed companies (by revenue) declared a net zero emissions target in 2022 (compared with 43% across Asia, 59% in the US, and as much as 71% in the UK). Only 5% set verifiable targets in line with the Paris Agreement. Pressure from the government, investors, and other key stakeholders will continue building to accelerate not only the implementation but also transparent disclosure of concrete, corporate climate commitments.  
  • Companies are making meaningful progress on reporting their greenhouse gas (GHG) emissions, but not on reducing them. More than two-thirds of China’s largest listed companies (68%) disclosed their GHG emissions in 2022, close to leading markets such as France and Japan. However, except for a short-lived decline during the COVID-19 pandemic, median emissions of reporting companies have continued increasing. Going forward, efforts must now shift from emissions measurement to developing, executing, and reporting on emission reduction strategies. Domestically, pressure to do so will intensify markedly for large-cap companies via newly proposed mandatory ESG reporting guidelines (to come into force in 2026). 
  • Scope 3 emissions, also referred to as value chain emissions, are largely missing from corporate disclosures in China. In 2022, only 14% of China’s 100 largest listed companies reported them. Given the Chinese economy’s heavy reliance on industrial production and its position as a key node in global supply chains, pressures on Chinese companies to extend their emission reporting obligations, especially along their upstream value chains will increase, both inside and outside of China. 
  • Most companies are not disclosing their renewable energy use. Less than a quarter of China’s 100 largest listed companies did so in 2022, compared with 40% across the Asia region and more than 60% percent in advanced economies. Stepping up efforts to utilize green energy to improve carbon intensity-related performance and reporting will matter greatly in the coming years; in lockstep with this, reporting on renewable energy use will also become mandatory under the new ESG stock exchange guidelines. Once more Chinese companies start setting net zero targets and with it strategically explores access to renewables, we should see an increase in corporate disclosure. 
  • Internal carbon pricing is underleveraged as a strategic tool. Just 3 percent of China’s 100 largest listed companies disclose the use of internal carbon pricing, putting China at the bottom of the disclosure scale compared to other economies (South Korea tops the scale with 52%). Companies that fall behind in this area not only risk financial exposure but also face competitive disadvantages and operational inefficiencies due to hidden costs and missed opportunities. 
  • There is no data on the scale of carbon offsetting. The prevalent view that carbon offsetting is a compliance or cost burden, rather than a strategic tool for emissions reduction, is likely why disclosure is so limited. Given the forthcoming changes to China’s domestic carbon markets, as well as growing restrictions via cross-border regulations, understanding, adequately leveraging, and transparently reporting on offsetting strategies will rise as a strategic issue for businesses operating in China, especially those in emission-heavy industries and with global market exposure.

Trusted Insights for What’s AheadTM

  • Chinese companies are at a nascent stage in their net zero journey. Barely a quarter of China’s 100 largest publicly listed companies (by revenue) declared a net zero emissions target in 2022 (compared with 43% across Asia, 59% in the US, and as much as 71% in the UK). Only 5% set verifiable targets in line with the Paris Agreement. Pressure from the government, investors, and other key stakeholders will continue building to accelerate not only the implementation but also transparent disclosure of concrete, corporate climate commitments.  
  • Companies are making meaningful progress on reporting their greenhouse gas (GHG) emissions, but not on reducing them. More than two-thirds of China’s largest listed companies (68%) disclosed their GHG emissions in 2022, close to leading markets such as France and Japan. However, except for a short-lived decline during the COVID-19 pandemic, median emissions of reporting companies have continued increasing. Going forward, efforts must now shift from emissions measurement to developing, executing, and reporting on emission reduction strategies. Domestically, pressure to do so will intensify markedly for large-cap companies via newly proposed mandatory ESG reporting guidelines (to come into force in 2026). 
  • Scope 3 emissions, also referred to as value chain emissions, are largely missing from corporate disclosures in China. In 2022, only 14% of China’s 100 largest listed companies reported them. Given the Chinese economy’s heavy reliance on industrial production and its position as a key node in global supply chains, pressures on Chinese companies to extend their emission reporting obligations, especially along their upstream value chains will increase, both inside and outside of China. 
  • Most companies are not disclosing their renewable energy use. Less than a quarter of China’s 100 largest listed companies did so in 2022, compared with 40% across the Asia region and more than 60% percent in advanced economies. Stepping up efforts to utilize green energy to improve carbon intensity-related performance and reporting will matter greatly in the coming years; in lockstep with this, reporting on renewable energy use will also become mandatory under the new ESG stock exchange guidelines. Once more Chinese companies start setting net zero targets and with it strategically explores access to renewables, we should see an increase in corporate disclosure. 
  • Internal carbon pricing is underleveraged as a strategic tool. Just 3 percent of China’s 100 largest listed companies disclose the use of internal carbon pricing, putting China at the bottom of the disclosure scale compared to other economies (South Korea tops the scale with 52%). Companies that fall behind in this area not only risk financial exposure but also face competitive disadvantages and operational inefficiencies due to hidden costs and missed opportunities. 
  • There is no data on the scale of carbon offsetting. The prevalent view that carbon offsetting is a compliance or cost burden, rather than a strategic tool for emissions reduction, is likely why disclosure is so limited. Given the forthcoming changes to China’s domestic carbon markets, as well as growing restrictions via cross-border regulations, understanding, adequately leveraging, and transparently reporting on offsetting strategies will rise as a strategic issue for businesses operating in China, especially those in emission-heavy industries and with global market exposure.

Authors

Anke Schrader

Anke Schrader Anke Schrader

Former Research Director, Asia
The Conference Board

Read Bio

Minji Xie

Minji Xie Minji Xie

Senior Researcher, China Center for Economics and …
The Conference Board

Read Bio

This publication is only available to Members. Please sign in to your myTCB® account to access it. To learn more about becoming a Member, click here. To check if your company is a Member, click here
  • Sign In
  • Create An Account

Forgot Password?

 

Keep my computer signed in



 

By Clicking 'Create Account',
You Agree To Our Terms Of Use

Create Account  

Members of The Conference Board get exclusive access to Trusted Insights for What’s Ahead® through publications, Conferences and events, webcasts, podcasts, data & analysis, and Member Communities.

Great News!

You already have an account with The Conference Board.

Please try to login in with your email or click here if you have forgotten your password.

Other Related Resources

Essay

The Cost of Soaring Uncertainty: What Uncertainty Means for the US Outlook

The Cost of Soaring Uncertainty: What Uncertainty Means for the US Outlook

April 22, 2025

Report

CBAM 2.0: Implications of Proposed Changes to the EU’s Carbon Tariff

CBAM 2.0: Implications of Proposed Changes to the EU’s Carbon Tariff

March 14, 2025

Quick Take

Carbon Emissions Continue to Rise Despite Massive Clean Energy Investments

Carbon Emissions Continue to Rise Despite Massive Clean Energy Investments

April 17, 2024

Report

Decarbonizing Buildings: Understanding the Urgency and Strategizing for Success

Decarbonizing Buildings: Understanding the Urgency and Strategizing for Success

February 27, 2024

Report

EU CBAM’s Global Reach: A Ripple Effect

EU CBAM’s Global Reach: A Ripple Effect

February 21, 2024

Article

China’s Carbon Markets: Implications for Business

China’s Carbon Markets: Implications for Business

October 18, 2023

Report

Navigating Europe’s Carbon Tariff

Navigating Europe’s Carbon Tariff

September 28, 2023

Report

The Impact of Europe's Carbon Border Adjustment Mechanism on Non-EU Businesses

The Impact of Europe's Carbon Border Adjustment Mechanism on Non-EU Businesses

May 05, 2023

Report

EU Carbon Border Adjustment Mechanism: A Primer for Stakeholders

EU Carbon Border Adjustment Mechanism: A Primer for Stakeholders

November 07, 2022

Chart

Journey to Net Zero: Key Words You Need to Know

Journey to Net Zero: Key Words You Need to Know

November 14, 2021

Podcasts

From Business Unit Manager to Chief Sustainability Officer an Integration Journey

From Business Unit Manager to Chief Sustainability Officer an Integration Journey

March 03, 2021

Report

Internal Carbon Pricing: A Key Element of Climate Strategy

Internal Carbon Pricing: A Key Element of Climate Strategy

January 08, 2021

Brief

Science Based Targets – What Is It All About?

Science Based Targets – What Is It All About?

May 21, 2018

Report

Managing for a Carbon-Concerned Future<br /> A Decision-Making Framework

Managing for a Carbon-Concerned Future
A Decision-Making Framework

May 10, 2007

Essay

The Cost of Soaring Uncertainty: What Uncertainty Means for the US Outlook

The Cost of Soaring Uncertainty: What Uncertainty Means for the US Outlook

April 22, 2025

Report

CBAM 2.0: Implications of Proposed Changes to the EU’s Carbon Tariff

CBAM 2.0: Implications of Proposed Changes to the EU’s Carbon Tariff

March 14, 2025

Quick Take

Carbon Emissions Continue to Rise Despite Massive Clean Energy Investments

Carbon Emissions Continue to Rise Despite Massive Clean Energy Investments

April 17, 2024

Conference Board Sample Web Chat
chatbot-Icon TCB Logo
chatbot-Icon
Navigating Washington - Sign up to receive the latest business insights related to executive orders, new laws, and changing regulations.
ABOUT US
  • Who We Are
  • Annual Report
  • Our History
  • Our Experts
  • Our Leadership
  • In the News
  • Press Releases
MEMBERSHIP
  • Become a Member
  • Sign In to myTCB®
  • Access Experts
  • Member-Only Events
  • Data & Benchmarking
  • Manage Account
EXPLORE
  • Centers
  • Councils
  • Latest Research
  • Events
  • Webcasts
  • Podcasts
  • This Week @ TCB
CONTACT US
  • Americas
    +1 212 759 0900
    customer.service@tcb.org
  • Europe/Africa/Middle East
    +32 2 675 5405
    brussels@tcb.org
  • Asia
    Hong Kong | +852 2804 1000
    Singapore | +65 8298 3403
    service.ap@tcb.org
CAREERS
  • See Open Positions
Terms Of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.
Terms of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all data from The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.

Thank you for signing up. You will now receive CEO Insights for What's Ahead every Wednesday morning. You can unsubscribe at any time or manage your preferences to receive more content from The Conference Board.

Announcing The Conference Board AI Virtual Conference Series

Explore the Impact of AI on Your Business

Members receive complimentary registration - Learn more >>