China ESG - Weekly News: China to set up Beijing Stock Exchange




TEESS closes first energy company green loan in China

TEESS, a 50/50 joint venture company established by TotalEnergies and Envision, has reached financial close of a first part of a total US$80 million non-recourse debt from BNP Paribas, Société Générale, Natixis, and Crédit Agricole Corporate and Investment Bank (CIB) for a 170 megawatts (MW) portfolio in China.


This is the first international non-recourse project financing in China’s renewable sector, and the first green financing project in the country’s industrial and commercial (I&C) solar industry. It is also the first to be certified by a third party, Sustainalytics, the world's leading environmental, social and governance (ESG) rating company.

TEESS has currently 140 MW in operation, supporting 65 I&C customers in China, including leading worldwide companies, and is targeting a portfolio of over 500MW of projects in operation in the next two years.


Source: The Asset


Singapore Exchange intends to require listed companies to compulsorily disclose climate-related information


The Singapore Exchange (SGX) announced a series of ESG disclosure proposals for issuers, including plans for mandatory climate and board diversity reporting. According to SGX, the climate disclosure proposals come amid “urgent demand” from lenders, investors and other key stakeholders.

The exchange is also consulting on proposals including requiring assurance for sustainability reports and sustainability training for company directors.

SGX announced on August 26 that it plans to require listed issuers to make climate disclosures in stages. Starting from the 2022 fiscal year, all listed issuers must adopt the “comply or explain” principle, that is, if they do not disclose climate-related information, they need to make corresponding explanations. Some industries will compulsorily disclose climate-related information from fiscal year 2023. By 2024, listed companies in most industries will require mandatory disclosure

Source: Caixin


China to set up Beijing Stock Exchange



China will set up a new stock exchange in Beijing to provide a major money-raising platform for innovative small and medium-sized enterprises, President Xi Jinping said, as Beijing tries to increase the role of equity funding in the financial system.

In a short speech via video at the opening Thursday of the China International Fair for Trade in Services, Xi vowed to overhaul the New Third Board, which refers to the National Equities Exchange and Quotations,an existing Beijing-based exchange serving small and medium-sized enterprises with low costs and simple listing procedures.

The new exchange will be in line with wider government support for smaller businesses as China’s recovery shows signs of losing momentum.


Source: Caixin


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