Power, heat production and supply ESG inventory: Rated A companies account for more than 72% of carbon emissions disclosures are still inadequate
Recently, the National Development and Reform Commission and other departments jointly issued the Notice on Doing a Good Job in the Full Coverage of Renewable Energy Green Electricity Certificates and Promoting Renewable Energy Electricity Consumption (hereinafter referred to as the "Notice") to revise and improve the renewable energy green power certificate system. According to the requirements of the Circular, the improvement of green electricity certificates will promote the development and utilization of renewable energy, guide green consumption in the whole society, and provide strong support for ensuring the safe and reliable supply of energy, achieving the goal of carbon peak and carbon neutrality, and promoting the green and low-carbon transformation and high-quality development of the economy and society.
As a lifeblood industry directly related to people's livelihoods, electricity must not only support the development of the national economy, but also shoulder the important task of promoting the green and low-carbon transformation of the whole society. Therefore, ESG practices in the power industry are essentially the premise and guarantee for the sustainable development of the entire industry.
According to the classification of national economic industries (GB/T4754-2017), the electric power and heat production and supply industries can be further divided into 10 sub-industries such as thermal power generation, wind power generation, nuclear power generation, solar power generation and hydropower generation. Each Brand Value Institute selects 5 representative listed companies in different sub-industries according to the classification standard of the A stock market value.
According to the statistics of the "ESG Action" data platform of China Finance University, as of June 30 this year, there were a total of 83 listed companies in the A-share power, heat production and supply industry, of which 50 disclosed ESG-related reports, with a disclosure rate of 60.24%, higher than the level of the whole industry. In terms of ESG ratings, among the 83 listed companies, the most companies rated A (including A+, A, A-) are the most, accounting for 60, accounting for 72.29%; The companies rated D (including D+, D, D-) were the least, with 5, accounting for 6.02%.
Among the 83 listed companies, 60 received an An ESG rating
As of June 30 this year, 50 of the 83 A-share listed companies in the power and heat production and supply industries have voluntarily disclosed ESG-related reports, accounting for 60.24%, higher than the industry's level of 33.72%.
In terms of ESG ratings, companies rated A (including A+, A, A-) have the most, with 60, accounting for 72.29%; There were 7 companies rated B (including B+, B, B-), accounting for 8.43%; The number of companies that obtained C (including C+, C, and C-) was 11, accounting for 13.25%; There were 5 companies rated D (including D+, D, and D-), accounting for 6.02%.
According to the classification of national economic industries (GB/T4754-2017), it can be further divided into 10 sub-industries. Each Brand Value Research Institute selects five representative listed companies in the industry from major sub-industries such as thermal power generation, wind power generation, nuclear power generation, solar power generation, and hydropower generation according to the value of the A stock market.
From the perspective of the above five companies, the layout of clean energy and renewable energy is a general consensus in the industry, and it has become a trend for many companies to extend to other clean energy fields on the basis of their main business.
For example, Huaneng International, a leading thermal power company, takes advantage of the favorable conditions for the centralized development of new energy in China's "three north", coastal, southwest and some central regions to build a base-type, clean, complementary, intensive digital and standardized "three types and three modernizations" energy base; Develop and build offshore wind power bases in Guangdong, Jiangsu, Zhejiang, Shandong, Liaoning, etc.; Actively plan a new model of decentralized distributed development, including county-wide promotion; Develop gas power and other clean energy power generation on a merit-based basis, steadily develop pumped storage, focus on combining the peak shaving demand of the receiving end of clean energy bases, and promote the development of pumped storage power stations.
Longyuan Power focuses on planning and promoting the development of large base projects for the integration of wind, solar and storage in deserts, Gobi and desert areas and the integration project of offshore scenery, solar and fishery, so as to comprehensively consolidate and expand the leading advantages of wind power. At the same time, accelerate the development and construction of photovoltaic power generation projects, and actively develop hydrogen energy, ammonia energy, energy storage and other projects. In 2022, the installed capacity of self-built new energy projects will be 2.4096 million kilowatts.
Three Gorges Energy pays attention to new business formats such as energy storage, hydrogen production, solar thermal, geothermal, source-grid load storage, multi-energy complementarity, pumped storage, advanced energy storage, solar thermal power generation, and renewable energy hydrogen production, forming a diversified pattern with "wind and solar" as the core and coordinated development of multiple formats.
In addition to generating electricity, CGN is also exploring and continuously promoting the comprehensive utilization of nuclear energy. The company has accumulated certain experience in nuclear energy heating in the Hongyanhe nuclear power base, and will be appropriately promoted and applied in the future. At the same time, the company is looking for development opportunities for pumped storage projects in the provinces where the nuclear power is located. As of the end of the reporting period, it has obtained the holding development rights of two pumped storage projects in Guangdong Province and participated in one approved pumped storage power station project, the main project of which started construction on December 23, 2022; In addition, the company also cooperates with other enterprises to jointly build a large-scale nuclear-storage complementary electrochemical energy storage demonstration project in Guangdong Province.
1 of the 5 leading companies disclosed carbon trading data
It is worth mentioning that as the main battlefield for the implementation of the "dual carbon" goal, electricity is the first batch of industries to be included in the national carbon market trading category. Judging from the ESG-related report disclosures of the above five companies, only one showed more detailed data.
Three Gorges Energy said in its 2022 ESG report that a large number of new energy and ecological environmental protection integration projects under the company actively joined the carbon market to achieve carbon asset development or carbon emission reduction benefits. For example, we have extensively collected information on the international carbon market, worked closely with trading institutions such as the Beijing Green Exchange and the Hong Kong Stock Exchange, continuously expanded sales channels, and continued to promote the development of new projects and reserve diversified carbon emission reduction project resources. In 2022, Three Gorges Energy achieved a cumulative emission reduction benefit of more than 30 million yuan in domestic and foreign carbon market transactions. Through the participation in green power transactions in 11 provinces and autonomous regions across the country, an additional revenue of about 121 million yuan was achieved.
Huaneng International participated in the national carbon market except for a few units and successfully completed the performance tasks of the first compliance cycle (2019~2020), and the overall energy consumption level of the company's units is in the leading position in the industry, and there is a partial surplus of carbon quotas after completing the compliance tasks. On March 15, 2023, the Ministry of Ecology and Environment issued the Notice on Doing a Good Job in the Allocation of National Carbon Emission Trading Quotas in 2021 and 2022 (Guo Huan Gui Climate [2023] No. 1), according to the quota allocation plan, the carbon emission benchmark value will be lowered, the quota issuance will be greatly tightened, and the company will complete the two-year transaction performance task by the end of 2023, and the performance cost will increase.
Regarding the specific transaction data, the company said that "the actual greenhouse gas emissions related data in 2021 and 2022 involve trade secrets and will not be disclosed for the time being." Disclose greenhouse gas emissions data for 2021 and 2022 after full compliance has been completed."
The remaining three companies did not make a statement about carbon trading in ESG-related reports.
In terms of specific greenhouse gas emissions data disclosure, only two companies presented in more detail.
Longyuan Power's total CO2 emissions in 2022 will be 10.23 million tons, of which Scope 1 emissions will be 10.2267 million tons and Scope 2 emissions will be 4037 tons. The company's note to this data is: "The main source of greenhouse gas emissions of the company is the carbon dioxide emissions of scope 1 of the two thermal power enterprises to which it belongs, and the scope of greenhouse gas emissions in this report is two thermal power business enterprises." ”
CGN announced its Scope 2 carbon emissions for the past three years, which were 522,300 tons, 407,800 tons and 371,200 tons from 2020 to 2022. In response, the company's remark reads: "As a clean energy, nuclear power does not involve greenhouse gas emissions in the main process of production, so we do not count the direct greenhouse gas emissions of Scope 1. Indirect Scope 2 energy greenhouse gas emissions are mainly derived from purchased electricity used in engineering construction, refueling overhaul, office and living areas. We do not yet count Scope 3 GHG emissions. ”
