环境、社会和治理（ESG）在投融资、并购交易中的重要性正不断凸显，并对交易洽谈、交割、后期运营等环节产生重大影响。在中国，服务于ESG这一新兴领域的律师队伍因此不断壮大，他们分享了中国企业在海内外常遇到的ESG挑战，以及该领域律师应如何“修炼内功”。
越来越多国家的政府、监管机构、投资者开始赋予环境、社会和治理（ESG）愈发重要的意义，因此近年来，许多商业主体将ESG标准内化到企业运营和发展策略之中，中国企业也不例外。
ESG概念肇始于发达国家，伴随中国企业全球化脚步不断加快，不可否认的是，许多企业正是在海外市场收获了自己的“ESG第一课”。
“根据《2021年度中国对外直接投资统计公报》，总量上看，中国已连续四年位于全球对外直接投资流量前三。”金诚同达律师事务所高级合伙人贺国良、郑寰律师如此告诉ALB。
“全球ESG监管加强是基本趋势。在如此巨大的海外投资规模下，中国企业确实在出海之路上更加频繁地受到了ESG挑战。”
— 贺国良、郑寰，金诚同达律师事务所
“新兴市场国家和发达国家市场的ESG合规管理重点存在明显差异，但全球ESG监管加强是基本趋势。因而，在如此巨大的海外投资规模下，中国企业确实在出海之路上更加频繁地受到了ESG挑战。”他们说。
海外投资中的ESG挑战
贺国良、郑寰律师在许多出海项目中为中国企业提供服务，他们观察到，“现阶段中国企业面临的ESG挑战主要发生在欧盟成员国之中，以德国、法国等为代表”。
“从行业细分上看，矿业和能源行业的出海企业面临挑战较大。例如锂电池行业‘非洲采矿，欧洲建厂’的商业模式，因其原材料供应链较为复杂，其在欧洲投资过程中需要面对较高的供应链ESG合规风险。”
具体到欧盟监管机构适用的法规，他们指出：“具体包括欧洲理事会公布的《公司可持续发展报告指令》、欧盟的《关于在欧盟市场禁止使用强迫劳动制造的产品的条例》、德国的《供应链尽责义务法》、法国的《母公司和承包商的警惕义务法》等，都对企业提出了完备的人权与环保保障标准。”
德恒律师事务所管理合伙人、跨境专委会负责人陈巍律师对于近年中国企业在海外投资时遭遇的ESG挑战也有类似观察，“挑战主要发生在一些发达国家和地区，如欧洲、北美和澳大利亚等”。
“以欧洲为例，中国企业特别是在涉及环境保护、劳工权益和公司治理方面的要求上面临挑战。例如欧盟对于能源行业的环保要求较为严格，中国企业在收购欧洲能源公司时可能面临环境标准的调整和合规要求。”陈律师说。
与此同时，“中国企业在澳大利亚的矿业和能源行业投资中则会涉及到环境保护、土地使用权和原住民权益等问题，中国企业需遵守相关法规和规定”。
风险较高的能源、矿业领域之外，汽车制造、电子产品等制造业的跨境投资和并购也会遭遇ESG挑战，“特别需要关注劳工权益、供应链透明度和环境责任等ESG问题”，陈律师说。
如前所述，全球对ESG问题的重视程度依市场发达水平而存在极大差异，ESG三大分支领域各自的规制程度也有所不同，陈律师因此举出了一些经常会导致中国企业“触雷”的海外ESG法规。
“在环境方面，各国和地区制定了环境保护法律法规，要求投资者和企业减少污染、提高资源利用效率等。例如欧洲透明度指令（EU Transparency Directive）中要求上市公司披露与环境和社会相关的信息；美国证券交易委员会的相关规定要求上市公司披露与ESG相关的信息等。”
“在社会劳工方面，各地区存在涉及劳动力权益保护、安全与健康、劳工关系等方面的法规，例如在海外设立分支机构时需要符合国际劳工组织核心公约中涉及劳工权益、工作条件和社会保护等方面的国际标准。”
最后，“在治理标准方面，则包括公司治理、透明度、反腐败等方面的法律法规和标准，例如英国的《公司治理准则》（Corporate Governance Code）提供了关于公司治理、独立董事、报告透明度等方面的指导等”，陈律师分享道。
值得注意的是，实际上，与发达市场相比，近年来中国的投资重点主要集中在亚洲区域，而“东南亚多个国家也正在推行可持续报告强制披露制度”，贺国良、郑寰律师说。
“一些中国企业已经将环境和社会风险纳入投资决策，并且加强与当地社区和利益相关方的沟通与合作。”
— 陈巍，德恒律师事务所
“可以预见，未来ESG议题必定成为中国企业‘走出去’的核心焦点，中国企业应将 ESG 因素纳入自身的海外投资并购战略，并确保所并购的目标公司或项目能够在持续运营的同时，能够应对 ESG风险，其中也包括与监管合规和声誉风险管理相关的风险。”他们建议道。
在陈巍律师看来，不少中国企业在海外投资的“涉ESG事项”上已经变得愈发成熟了。“一些中国企业已经将环境和社会风险纳入投资决策，并且加强与当地社区和利益相关方的沟通与合作。这些议题包括低碳经济、节能减排、劳工权益、文化尊重、透明度和披露，向利益相关者公开ESG信息，以及环境指标、社会绩效和治理结构等各个方面。”
律师扮演重要角色
当然，面临海外投资ESG挑战的中国企业并不孤单——不断成长的中国ESG律师已经能够在多元、复杂的文化及监管环境中为他们提供贴心服务。
陈巍律师告诉ALB：“德恒跨境业务部团队在帮助客户应对ESG挑战方面已经积累了丰富的经验，我们能够有针对性地为客户提供法律服务和建议。”
陈律师分享了一个令他难忘的案例。德恒团队曾协助一家中国企业在海外收购一家加拿大矿业公司，“加拿大矿业项目有个特点，矿业公司通常会与矿区当地的原住民就项目开发和运营达成一些安排，常见的包括原住民权益分成、对其进行补偿、提供雇佣和培训机会、优先由原住民提供运输等辅助服务等。还有一点比较特殊：矿业公司申请新的权证和许可时，原住民可能有权进行审查，并提出减轻对环境影响的方案。”
德恒团队协助客户处理的项目就遇到了水资源短缺的问题。“矿业公司提出了短、中、长期三种解决方案，需要充分咨询监管部门、原住民社区及其他利益相关者的意见。而监管部门对于批准长期取水计划，主要关注于其对周围自然资源、野生动物栖息，以及对原住民权益的影响，因此原住民的意见将起到关键性作用。”
正是基于对当地ESG问题所处具体语境的深刻分析，最后，德恒团队在交易过程中协助客户对该风险进行了充分揭示、评估，并提出了可行的风险缓释措施，促进了交易的顺利推进。
跨境投资作为金诚同达的传统优势领域之一，过去几十年，伴随越来越多中国客户走出国门，“金诚同达在数十个海外投资并购项目中，为中国交建、中国铁建、中能建等大型国有及民营企业客户提供法律服务，见证了中国企业海外投资中的ESG合规逐渐受到重视的发展过程”，贺国良、郑寰律师说。
在此过程中，金诚同达团队特别有感于通过不断贴合ESG标准，中国企业也在逐渐实现“自我重塑”。“以我们的重点客户河钢集团全球化为例，河钢集团分别在南非、中欧塞尔维亚和西欧瑞士乃至全球进行投资，而其在面临投资后的ESG合规要求上经历了逐步强化的过程。”
“特别是近两年，河钢集团内部开始向‘绿色钢铁’‘环保生产’‘绿色低碳产品’转型，包括寻求绿色低碳钢铁原材料（直接还原铁）；与美国TMS集团合资成立废钢加工中心、打造废钢加工及利用的综合平台等，积极寻求为世界钢铁行业减少碳足迹作出更大贡献。”贺国良、郑寰律师说。
伴随ESG对客户的重要性日渐提升，在服务ESG的过程中，律师所扮演的角色也在不断凸显。
“作为律师个体，我们可以为企业跨境交易提供ESG专项尽职调查；为企业日常运营提供ESG合规咨询服务；我们还能对ESG合规体系建设以及相关诉讼等方面提供服务。”贺国良、郑寰律师总结道。
陈巍律师也指出，中国律师的ESG服务正在变得愈发系统化。“我们能够提供专业的法律咨询和可行性分析，帮助客户制定符合ESG要求的投资策略和执行计划；我们可以协助客户评估潜在的ESG风险和合规问题，进行社会沟通和治理建设，并提供解决方案；此外，我们还可以帮助企业建立风险管理框架，为企业的可持续发展战略规划提供法律支持，确保企业在ESG方面遵循最佳实践和国际标准。”
除了具体业务，贺国良、郑寰律师指出，律所和法律行业甚至能够利用自身独特价值，为ESG评价标准的制定提供意见。他们举了个例子：“如富而德律师事务所与联合国支持的负责任投资原则、世代基金会和联合国环境规划署金融倡议的合作伙伴关系，审查全球范围内大公司的ESG情况，并以此为基础制定更加合理、清晰的ESG治理框架。”
国内投资强化对ESG的考量
与此同时，在中国国内，伴随ESG风潮的影响和中国“双碳目标”的提出，境内投资也越来越多对ESG因素展开考量。
“目前，私募/风投（PE/VC）机构在中国投资时确实越来越多地纳入了ESG考量，ESG理念与中国新绿色发展理念不谋而合。”协力律师事务所高级合伙人张内律师观察到，“在‘2030碳达峰、2060碳中和目标，促进中国高质量、绿色低碳的可持续经济发展’目标推助下，ESG投资在国内正蓬勃发展，更加全面的ESG评估愈发获得投资者的关注。”
“新能源（可再生能源发电、智能电网、风电等），绿色交通（电动汽车、充电基础设施和能源服务、下一代电池等），农业改良（农业创新和提产），新基建（西气东输、绿色建设）等产业，都已成为ESG重点领域。”张律师补充道。
由于中国相关规则制定尚未完善，PE/VC机构在国内投资中进行ESG评估时，需要同时参考国内外法律法规和指南，如 “联合国可持续发展目标；全球报告倡议组织《可持续发展报告指南（2016）》；国际标准化组织《社会责任指南》；中国社会科学院《中国企业社会责任报告指南》”，张律师说。
此外，三大证券交易所的ESG相关规则也有极高重要性，包括港交所的《环境、社会及管制报告指引》《企业管制守则》；深交所的《上市公司业务办理指南第2号--定期报告披露相关事宜》《上市公司社会责任报告披露要求》《上市公司规范运作指引》；以及上交所的《编制指引》《上市公司环境信息披露指引》。
张内律师指出，在PE/VC机构展开ESG评估的过程中，律师扮演着举足轻重的作用，包括“根据ESG投资有关的国内外法律规定提供法律建议；根据国外机构和组织提出的ESG投资行为规定和准则，根据机构的实际情况提出合理优化方案；以及协助机构进行ESG投资过程中的相关文件管理和审核”等。
协助PE/VC机构的评估之外，张律师观察到，近年中国的绿色债券等绿色金融产品逐渐增多，不少客户利用此类产品加速转型，这也成为ESG律师重要服务的领域之一。
“例如一些能源行业客户使用绿色债券来促进可再生能源项目的投资，一些电力行业客户使用绿色债券更新设施或布局绿色发电项目等；此外，一些制造业企业使用绿色金融产品来推动生产流程的绿色转型；最后，金融机构也积极发行绿色产品，来促进绿色金融的发展。”
张律师坦言，服务于这类项目，律师除了要熟悉各种融资融券法规，还要结合客户的实际情况，理解绿色金融的特点并进行有效合规，为客户设计最佳结构。
“比如客户发行绿色债券，律师需要了解绿色债发行规则，熟悉绿色发债、绿色保险等相关市场情况，并能够分析发债后的影响，做出实质性的内容、文书草案。客户发行绿色金融产品的，律师可以帮助建立绿色公司治理、筹集资金，并分析投融资结构、财务管理结构及其合规性等。”
大有可为的领域
国内或海外，企业投融资、并购交易中对ESG因素不断提升的重视程度都在帮助中国第一代ESG律师实现快速成长。过程中，律师们也观察到服务于ESG事项对于自身不同以往的要求。
“ESG作为一个新兴焦点问题，涉及企业风险管理、企业声誉、企业法律合规和诉讼工作，是一个多维法律的交叉问题，因此律师更应当具备多样化背景。”金诚同达的贺国良、郑寰律师说。
他们具体解释道：“其一，律师需要具备环境法背景，尤其对企业碳排放交易、环境保护等方面有一定涉猎；其二，律师还应具有跨境交易知识；其三，不同行业的ESG治理差异较大，律师还需在某个行业领域深耕，对特定行业的发展方向和现状有充足的了解。”
德恒的陈巍律师同样指出，ESG律师除了要有全面而基础坚实的ESG知识和法律背景、持续跟踪ESG领域的发展和变化，也要具备商业、环境等领域的综合性知识。此外他还强调，“由于ESG事务通常涉及多方利益相关者，包括投资者、社区、政府和非政府组织等，律师需要具备跨领域合作的能力，与环境、社会和治理专家、咨询公司和其他相关方进行合作，为客户提供综合性解决方案”。
协力的张内律师则进一步补充道，ESG律师还应具备较强的社会责任意识，不断追踪行业趋势并及时向客户输出最新规则变化。他看到，ESG律师的服务范畴正不断从国内扩展到国外，未来期待中国律师在国际ESG领域的前沿讨论中也扮演相应的角色。
律师个体能力不断成熟之外，也有越来越中国律所设立了全新的ESG业务组，立志于更为深入地服务这一领域。对此陈巍律师坦言：“相对于欧美律所，中国律所在ESG业务领域的成熟度还有提升的空间。随着中国企业对ESG的认识和需求不断增长，我相信中国律所将会继续加大投入，并不断提升自身的专业能力和服务水平，以满足客户的需求。”
贺国良、郑寰律师也指出，中国律所的ESG业务起步虽较晚，但“包括金诚同达在内，我们看到诸多头部律所都在近几年纷纷踏入了ESG领域……未来，金诚同达研究院ESG研究中心将继续致力于研究和推广ESG理念，力求提供兼容国际标准与中国实践、兼顾通用性与行业特性的ESG法律服务”。
ESG : INVESTING IN THE FUTURE
The importance of environmental, social, and governance (ESG) factors in investment, financing, and M&A deals is gaining prominence and exerting significant influence on transaction negotiations, post-transaction operations, and more. In response, the number of lawyers specialising in this emerging field has been growing in China. In an interview with ALB, these lawyers discuss the ESG challenges that Chinese companies often face both domestically and abroad, as well as how lawyers in this field can enhance their expertise.
Governments, regulators, and investors in an increasing number of countries have started to recognise the significance of environmental, social, and governance (ESG) factors. As a result, many businesses have integrated ESG standards into their operations and development strategies, and Chinese companies are no exception.
“The tightening of ESG regulations is a global trend. Therefore, with significant overseas investment, Chinese companies face frequent ESG challenges as they expand abroad.”
— He Guoliang, Zheng Huan, Jincheng Tongda & Neal
The concept of ESG originated in developed markets, and as Chinese enterprises accelerate their pace of globalisation, they have inevitably encountered their "first ESG lesson" in overseas markets. According to He Guoliang and Zheng Huan, senior partners at Jincheng Tongda & Neal, "China has been ranked among the top three in terms of total volume of outward foreign direct investment globally for four consecutive years, as stated in the 2021 Statistical Bulletin of China's Outward Foreign Direct Investment. Despite differences in the focus of ESG compliance management between emerging market countries and developed countries, tightening ESG regulations is a global trend. Therefore, with significant overseas investment, Chinese companies face frequent ESG challenges as they expand abroad."
OVERSEAS ESG CHALLENGES
He and Zheng have advised Chinese companies on numerous overseas investment projects and have observed that "currently, the ESG challenges faced by Chinese companies mainly occur in EU member states, such as Germany and France." Industries investing in overseas mining and energy sectors encounter greater challenges. For example, the lithium battery industry operates with mining activities in Africa and factories in Europe, resulting in complex raw material supply chains and higher ESG compliance risks.
He and Zheng highlight the comprehensive human rights and environmental protection standards imposed on enterprises by regulations applied by EU regulators. These include the European Council's Corporate Sustainability Reporting Directive, the EU Regulations on Prohibiting Products Made with Forced Labour, Germany's Supply Chain Due Diligence Act, and France's Corporate Duty of Vigilance Law.
David Chen, managing partner of DeHeng Law Offices and head of its cross-border committee, shares similar observations. "ESG challenges faced by Chinese companies overseas mainly come from developed countries and regions such as Europe, North America, and Australia." Chen cites environmental protection, labour rights, and corporate governance as key areas of challenge in Europe. For instance, the EU has stringent environmental protection requirements for the energy industry, requiring Chinese companies to navigate environmental standards when acquiring European energy companies.
Investing in Australia's mining and energy sectors presents environmental protection, land use rights, and aboriginal rights challenges, necessitating compliance with relevant laws and regulations. ESG challenges are also present in cross-border investments and M&As in automobile manufacturing, electronic products manufacturing, and other manufacturing industries. Chen highlights the importance of addressing ESG issues like labour rights, supply chain transparency, and environmental responsibility in these sectors.
ESG regulations vary globally based on market development levels, and the degree of attention given to the three major sub-categories of ESG differs. Chen provides examples of ESG regulations that often pose challenges for Chinese companies overseas. In terms of the environment, countries and regions have formulated laws and regulations for environmental protection, pollution reduction, and resource utilisation efficiency. For instance, the EU Transparency Directive requires listed companies to disclose information on environmental and social matters. At the same time, the US Securities and Exchange Commission mandates ESG-related information disclosure for listed companies.
Social labour-related laws and regulations cover labour rights protection, occupational health and safety, labour relations, and more. When establishing branches overseas, companies must adhere to international labour standards outlined in the core conventions of the International Labour Organization, focusing on labour rights, working conditions, and social protection.
Governance standards encompass laws, regulations, and standards regarding corporate governance, transparency, and anti-corruption measures. For example, the UK's Corporate Governance Code provides guidance on corporate governance, independent directors, reporting transparency, and more. Chen emphasises that Chinese investment in recent years has primarily concentrated in Asia compared to developed markets. However, many Southeast Asian countries are implementing mandatory disclosure systems for sustainability reporting.
“Many Chinese companies have matured in terms of ESG-related matters in overseas investments and have already incorporated environmental and social risks into their investment decision-making.”
— David Chen, DeHeng Law Offices
ESG issues are expected to be at the core of Chinese enterprises' global expansion in the future. Therefore, Chinese companies should integrate ESG factors into their overseas investment and M&A strategies, ensuring that target companies or projects they acquire address ESG risks, including regulatory compliance and reputational risk management.
According to Chen, many Chinese companies have matured in terms of ESG-related matters in overseas investments. Some have already incorporated environmental and social risks into their investment decision-making and have enhanced communication and cooperation with local communities and stakeholders. These initiatives cover areas such as a low-carbon economy, energy conservation and emission reduction, labour rights, cultural respect, transparency and disclosure, stakeholder communication, environmental indicators, social performance, governance structures, and more.
VITAL ROLE OF LAWYERS
Chinese companies facing ESG challenges in overseas investments are not left unsupported. Chinese ESG lawyers, who have gained experience over the years, are well-equipped to provide bespoke services in a diverse and complex cultural and regulatory environment. Chen states, "DeHeng's cross-border team has accumulated rich experience in helping clients deal with ESG challenges and can provide targeted legal services and advice."
Chen shares a memorable deal where the DeHeng team assisted a Chinese company in acquiring a Canadian mining company overseas. Mining companies in Canada often establish agreements with local indigenous populations in mining areas. These agreements involve sharing project rights and interests, compensating the indigenous population, providing employment and training opportunities, and prioritising indigenous communities for transportation and auxiliary services. Indigenous communities may also have the right to review mining companies' applications for certificates and permits, proposing solutions to mitigate environmental impact.
During this project, the client faced water shortage issues. The mining company proposed short-term, mid-term, and long-term plans and extensively consulted with regulatory authorities, indigenous communities, and other stakeholders. When approving the long-term water withdrawal plan, regulatory authorities primarily focused on the plan's impact on natural resources, wildlife habitats, and aboriginal rights. Therefore, the views of the aboriginal residents played a crucial role.
By conducting in-depth analyses of local ESG issues, the DeHeng team successfully identified and assessed relevant risks, proposed feasible risk mitigation measures, and facilitated the smooth progress of the deal.
Cross-border investment is one of JT&N's traditional strengths. Over the past few decades, the firm has advised large state-owned and private enterprises, including China Communications Construction Company, China Railway Construction Corporation, and China Energy Engineering Corporation, in numerous overseas investment and M&A projects. He and Zheng have witnessed the increasing importance of ESG compliance in overseas investments by Chinese enterprises. As their key client, Hesteel Group Company expanded globally; it reinforced its ESG compliance requirements after investment.
He and Zheng highlight how Hesteel Group has transitioned to "green steel," focusing on environmentally-friendly production and low-carbon products. This involves seeking green and low-carbon steel raw materials, establishing joint ventures for scrap steel processing, and building an integrated platform for processing and utilisation. Hesteel Group aims to reduce the carbon footprint of the global steel industry.
With the growing importance of ESG factors, the role of lawyers in serving ESG-related needs is becoming more prominent. He and Zheng state that lawyers can provide enterprises with ESG-specific due diligence for cross-border deals, ESG compliance advisory services for daily operations, and assistance in ESG compliance system construction and related litigation. Chen adds that Chinese lawyers' ESG services are becoming more systematic. They offer professional legal advice and feasibility analysis to help clients develop investment strategies and implementation plans that meet ESG requirements. Lawyers can assess potential ESG risks and compliance issues, assist in building social communication and governance structure, and provide solutions. They can also help companies establish risk management frameworks, support sustainable development strategic planning, and ensure compliance with best ESG practices and international standards.
In addition to these specific services, He and Zheng note that law firms and the legal industry can play a role in formulating ESG evaluation standards. For example, Freshfields Bruckhaus Deringer has been appointed to review the ESG situations of large companies worldwide and develop a more reasonable and clearer ESG governance framework. This demonstrates how law firms can contribute to developing ESG evaluation standards.
DOMESTIC FOCUS
ESG factors are increasingly considered in domestic investments due to the ESG wave and China's carbon peaking and neutrality goals. Zhang Nei, senior partner at Co-effort Law Firm, states that private equity (PE) and venture capital (VC) firms in China incorporate ESG considerations into their investments. ESG investment aligns with China's green development philosophy, which aims to achieve carbon peaking by 2030 and carbon neutrality by 2060. Comprehensive ESG assessments are gaining greater attention from investors.
ESG investments in China are booming in key areas such as new energy (renewable energy, smart grids, wind power), green transportation (electric vehicles, charging infrastructure), agricultural improvement (innovation and capacity increase), and new infrastructure (green construction). PE/VC firms conducting ESG assessments in domestic investments must refer to Chinese and foreign laws, regulations, and guidelines. These include the United Nations Sustainable Development Goals, the Global Reporting Initiative's Sustainability Reporting Standards, the International Organization for Standardization's Guidance on Social Responsibility, and the Chinese Corporate Social Responsibility Reporting Guidelines.
Zhang emphasises the pivotal role of lawyers in ESG assessments conducted by PE/VC firms. Lawyers provide legal advice based on domestic and foreign laws and regulations related to ESG investment, offer optimal solutions according to regulations and standards promulgated by foreign institutions and organisations, assist with documentation management and review, and more.
Furthermore, green bonds and other green financial products have recently seen increased adoption in China as clients leverage these products to accelerate their transformation. This has become another important service area for ESG lawyers. For example, energy industry clients use green bonds to promote investment in renewable energy projects. In contrast, power industry clients utilise such bonds to upgrade facilities or establish green power generation projects. Manufacturers tap into green financial products to advance environmentally friendly transformations in their production processes. Financial institutions actively issue green products to drive green finance development.
Advising on such projects requires lawyers to know not only margin trading and securities lending laws and regulations but also the characteristics of green finance. They must implement effective compliance measures based on each client's circumstances and design optimal deal structures.
PROMISING FIELD
The increasing emphasis on ESG factors, both domestically and internationally, has fueled the rapid growth of the first generation of Chinese ESG lawyers. During this process, lawyers have realised the unique requirements they must meet when advising on ESG matters. He and Zheng emphasise the need for diverse backgrounds among ESG lawyers. They should have expertise in environmental law, cross-border deal-making, and specialised knowledge of specific industries to understand their development directions and current status.
Chen of DeHeng points out that, besides comprehensive ESG knowledge and legal backgrounds, ESG lawyers must possess a broad understanding of business, the environment, and other fields. They should be able to work across disciplines with environmental, social, and governance experts, consulting firms, and other stakeholders to provide integrated solutions to clients.
Zhang adds that ESG lawyers should have a strong sense of social responsibility continually monitor industry trends, and promptly update clients on the latest rule changes. He foresees the service coverage of ESG lawyers expanding to overseas markets and expects Chinese lawyers to play a significant role in international ESG discussions.
In addition to enhancing their individual capabilities, more Chinese firms are establishing new ESG practice teams and becoming more deeply involved in this field. Chen notes that Chinese firms have room for improvement compared to European and US firms regarding the maturity of ESG practices. However, as the awareness and demand for ESG continue to grow among Chinese companies, he is confident that Chinese firms will increase investment, improve their professional capabilities, and elevate service levels to meet client needs.
He and Zheng believe that although Chinese firms entered the ESG field relatively late, many leading firms, including JT&N, have ventured into this domain in recent years. The ESG Research Center of the JT&N Research Institute will continue its dedication to ESG research and promotion, striving to provide ESG legal services aligned with both international standards and Chinese practices.
