On March 1, 2024, the International Institute of Green Finance (IIGF) at the Central University of Finance and Economics (CUFE), in collaboration with the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women), organized a salon event named “Sustainable Financing for Gender Equality: Practices, Strategies, and Innovations in ESG Framework” at the Shanghai office of Zhonglun Law Firm. The salon aimed to facilitate the exchange of gender-friendly financial practices among diverse institutions and to explore the incorporation of gender considerations into ESG management, investments, and financial product innovation. Experts from both domestic and international financial institutions, multilateral development banks, corporations, and research institutions participated in extensive discussions on current ESG disclosure practices, with a particular emphasis on social and gender inclusion aspects. This salon provided an invaluable opportunity for stakeholders to gain insight into how various institutions are meeting ESG disclosure requirements and served as a platform for discussing strategies to enhance corporate sustainable development within the ESG framework.
In February 2024, the Trial Guidelines for Sustainable Development Reporting released by China’s three major stock exchanges emphasized that companies should disclose the gender distribution of their employees, accelerating the integration of a gender perspective into the ESG framework. As we approach the 30th anniversary of the Beijing Declaration and Platform for Action, reflecting on the initiatives outlined in the Beijing Declaration and the United Nations Sustainable Development Goals, particularly Goal 5 concerning gender equality and the empowerment of all women and girls, underscores the significance of integrating gender considerations into investment and financing activities as a crucial means of further empowering women through financial means. Furthermore, in February of this year, the executive meeting of the Shanghai Municipal People’s Government endorsed the “Action Plan for Enhancing the Environmental, Social, and Governance (ESG) Capacities of Foreign-related Enterprises in Shanghai (2024-2026).” This move strengthens the viability of integrating a gender perspective into Shanghai’s ESG framework, aiming to advance the gender equality agenda by encouraging companies to prioritize gender considerations and implement initiatives for enhancing gender equality conditions. However, in practice, both businesses and financial institutions often struggle with a limited understanding of ESG principles and the associated disclosure criteria, hindering their ability to integrate gender considerations into daily management and decision-making processes. Therefore, it is crucial to assist financial institutions and companies in better understanding ESG and to share best practices for integrating gender factors into ESG frameworks.
During this salon event, Mr. Lv Jianzhong, a Board Member of the Global Reporting Initiative (GRI), Ms. Bao Jie, Co-Director of the ESG Center at the International Institute of Green Finance of the Central University of Finance and Economics, and Ms. Zhang Yu, Financing for Gender Equality Analyst at UN Women China, discussed ESG guidelines and disclosure practices. They shared insights into the current implementation of ESG guidelines in domestic enterprises in China.
At the ESG practice exchange session, specialists from both local and global financial institutions, multilateral development banks, and businesses shared their individual experiences with ESG practices. All participants collectively acknowledged the crucial role of past experiences and practical applications in deploying ESG frameworks for forthcoming sustainable development efforts, with a specific emphasis on the substantial influence of gender equality in attaining sustainable development objectives. Attendees extensively deliberated on the integration of a gender perspective within corporate ESG frameworks and disclosures, examining the potential for integrating forthcoming ESG metrics and associated business opportunities.
The recent salon event held by the International Institute of Green Finance at Central University of Finance and Economics marked International Women’s Day and aimed to highlight the importance of promoting inclusive development within the financial sector. This was achieved through facilitating communication among stakeholders, sharing best practices, and exchanging innovative financial solutions. Looking ahead, the International Institute of Green Finance plans to strengthen its collaboration with UN Women, focusing on exploring new ideas and approaches in gender finance. Their goal is to raise awareness of gender finance principles and best practices within the Chinese financial market and foster the growth of gender finance initiatives in China. Meanwhile, both entities will jointly organize more events on women’s issues, establishing platforms for communication and sharing, and looking forward to collaborating with experts to explore how financial means can be leveraged to promote women’s development, thus creating opportunities to advance the Sustainable Development Goals.