On May 13, the 2024 ESG Impact List by Fortune China was announced, and CIB became the only commercial bank to be included for two consecutive years. This recognition follows CIB’s achievement last year as one of the first domestic banks to receive an MSCI ESG AA rating, marking another significant honor in the international ESG field.
In recent years, as a pioneer in the domestic ESG sector, CIB has deeply implemented the political and people-oriented nature of financial work, continuously strengthening the ESG governance structure and management system. The bank has explored ways to achieve a win-win development of economic, social, and environmental benefits, carving out an ESG practice path that balances international standards with Chinese characteristics.
Regarding Governance (G) aspects, CIB adheres to the concept of sustainable development and innovates its “benefit with righteousness” ESG practice model. ESG factors are incorporated into its development strategy and operational tactics, promoting ESG management from the corporate governance level. In 2023, CIB’s board of directors formulated the ESG Policy of the Industrial Bank Co., Ltd and drafted the annual ESG management system construction work priorities. These priorities cover optimizing the customer base, enhancing customer service, building green financial assets, innovating Green Banking products, developing rural finance, protecting consumer rights, and ensuring data security. Additionally, the bank developed an annual ESG training implementation plan, creating a series of ESG-related courses. Using the “5+N” training framework, CIB conducted ESG cultural training from top to bottom, achieving an 85.48% coverage rate of ESG knowledge learning activities among all employees.
Regarding Environmental (E) aspects, as the first commercial bank in China to explore Green Banking, CIB integrates the development of Green Banking and the “dual carbon” strategy with its sustainable development. The bank collaborates to support “carbon reduction, pollution control, greening, and growth”, actively promoting a green and low-carbon economic and social transition, making CIB a model in supporting carbon peaking and carbon neutrality. By the end of 2023, CIB’s green finance balance reached 1.89 trillion RMB, a year-on-year increase of 16.14%. Of this, the balance of green loans, as defined by the People’s Bank of China, reached 809.019 billion RMB, a 26.99% increase from the previous year. The supported green projects are projected to save 9.52 million tons of standard coal annually, reduce carbon dioxide emissions by 22.92 million tons annually, and save 10.55 million tons of water annually.
Regarding Social (S) aspects, CIB continuously enriches its supply of inclusive finance products, accelerates its digital transformation, and consistently enhances the professionalism of financial services for SMEs. The bank fully supports the high-quality development of the real economy and builds a differentiated inclusive finance service model. By the end of 2023, the balance of inclusive small and micro loans reached 500.965 billion RMB, a 23.95% increase from the previous year. The number of inclusive small and micro loan accounts reached 231,900, a 16.90% increase from the previous year. The balance of agricultural loans reached 664.76 billion RMB, a 21.59% increase from the beginning of the year, with the balance of inclusive agricultural loans reaching 56.084 billion RMB, a 42.63% increase from the beginning of the year. CIB believes that human resources are the company’s most valuable asset, and a high-quality talent team is the bank’s most treasured resource. CIB has set clear goals for the total number, structure, and capabilities of its talent team, building a scientific human resources management system. Additionally, the bank continually increases investment in employee training, enhancing employees’ lifelong learning capabilities. In 2023, the total expenditure on training reached 211 million RMB, with a training coverage rate of 96.36%. That same year, CIB was recognized as one of the top 100 employers in China by Zhaopin.
The selection for this year’s ESG Impact List by Fortune China marks the third consecutive year that the magazine has compiled the list. The review panel noted that China’s ESG practices are progressing steadily, becoming a guiding principle for companies to build lasting competitiveness. The listed companies have made outstanding efforts in improving the environment, protecting employees, and supporting communities, achieving sustained and inclusive growth through economic cycles and gaining market respect.