24 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 MAY 2024 如果说2020年9月“双碳”目标 的提出推动中国进入了“ESG时代” ，2023年，中国则迎来了“ESG标准 年”。从国资委，到证监会及各大证券 交易所，针对不同类型企业的ESG披 露、管理等规定不断出台，促使“ESG 从选择题变成了必答题”。 观韬中茂（上海）律师事务所合伙 人蒋则谢律师已为客户提供多年ESG 相关法律服务，他观察到：“ESG是一 个比较大的概念，近几年由于相关政 策和法规的持续推动，逐渐形成了一 个单独领域。”由于入局早、ESG服 务布局广泛，观韬中茂面对的客户及 其行业也较为多元化，而就蒋律师涉 及的绿色减排交易而言，“客户会相 对集中在如能源、科技和金融行业”。 伴随行业性ESG规则逐渐落 地、ESG服务日益成熟，律师们观察 到，ESG法律服务领域也逐渐出现“ 行业化”趋势，“主要原因在于ESG包 括环境、社会、治理三大议题，而这些 议题对不同行业的影响侧重不同，客 户开始要求律师根据自身行业特点， 提供更有针对性的ESG报告、合规等 服务”，通商律师事务所合伙人万兴 律师解读道。 石林、王晓栋律师是世辉律师事 务所服务于ESG领域的合伙人，他们 也观察到，随着ESG理念和实践不断 发展，“各行业在ESG领域的探索和 实践逐渐呈现与行业发展特点相结 合的差异化趋势，相应的，世辉提供 的ESG法律服务也根据客户所处行 业略有差异”。 凸显创新性 在ESG这一较新的法律服务领域，律 师们坦言，他们经常会陪伴客户遇到“ 市场首创性”项目或交易，这对律师的 能力提出挑战，也是他们服务于ESG 领域的乐趣所在。 2023年，中国在六年停滞后 重启自愿碳减排市场，相关新法规 密集落地，中国核证自愿减排项目 （Chinese Certified Emission Reduction，CCER）再次成为备受 市场关注的话题。 这让观韬中茂的蒋则谢律师回 忆起在此前的市场停滞期，他和团 队帮助客户应对的一项挑战。“2017 年发改委实质暂停CCER项目审批 后，境内不少开发机构转型成为境外 标准——如VCS（Verified Carbon Standard，核证碳标准）和GS（Gold Standard，黄金标准）的开发者，当 时我们顺应市场需求，开始应对不同 标准甚至是不同法域的问题。” 2023年初，VCS的管理组织突然 停用水稻方法学并暂停签发水稻项 目，引发一系列项目违约。当时，大量 ESG a prevalent information asymmetry in the market; companies often perceive the ‘Big Four’ accounting firms as the primary providers of ESG services. Therefore, the legal industry needs to proactively communicate to the market our strengths, such as our capabilities, experience, and comprehensive understanding of domestic and international compliance and regulatory frameworks. This will help us to highlight the unique advantages we offer in delivering ESG services,” Wan explains. Jiang reflects on the strategic approach to business development within law firms. “Large firms tend to advocate for early entry into emerging sectors as a method for carving out new market opportunities. Drawing a parallel, consider the field of data compliance; while immediate returns may be modest, a long-term bullish outlook on ESG and green economy services justifies current investments as future gains.” Shi and Wang outline Shihui Partners’ commitment to continued investment in the ESG arena, with strategic measures to align investment with returns: “Firstly, we aim to strategically position ourselves in the market, delivering specialized services with a focus on particular industries, such as stateowned enterprises and the Internet and high-tech sectors, to enhance revenue. Secondly, we plan to revamp our partner compensation structure, incentivizing market development through specific performance metrics and rewards.” “Thirdly, we intend to forge partnerships to jointly advance ESG and green economy services with other professional service firms, industry groups, and NGOs. Through collaborative efforts, we aim to broaden our market impact, elevate brand recognition, and draw in more prospective clients,” the partners assert. questionnaires. Eighth, we offer ESG training and maintain current ESG policy and regulation databases. Lastly, we facilitate green financial services, such as assisting with the issuance of green corporate bonds and serving carbonneutralization companies.” PROMISING FIELD The ESG sector is experiencing swift growth, and the demand for specialized legal services is on the rise. Yet, lawyers acknowledge that the current demand from clients is somewhat fragmented, leading to inefficiencies in business development. Consequently, ESG practices still represent a minor share of a law firm’s total revenue. “As a nascent area, lawyers often have more leverage, and clients are generally more inclined to pay. However, in the short term, the actual volume of demand for ESG services doesn’t match that of traditional practice areas,” Jiang observes. Despite this, lawyers remain positive about the long-term growth potential of ESG legal services. Wan analyzes the situation from the perspective of market demand, noting that ESG requirements are expanding across various market participants. “Firstly, public companies are increasingly subject to ESG disclosure and reporting obligations. Secondly, state-owned enterprises are poised to be frontrunners in ESG development. Thirdly, private enterprises are starting to encounter more intense ESG compliance pressures abroad, particularly as more Chinese companies expand internationally.” Moreover, Wan points out that PE/ VC investors are progressively integrating ESG factors into their investment decisions, necessitating ESG due diligence in investment and M&A activities. Financial institutions are also engaging in more green finance initiatives, like issuing green bonds. “China’s targets for carbon peaking and carbon neutrality by 2030 and 2060, as well as international goals and commitments, are indicators of a long-term strategy. We anticipate that ESG-related legal services will experience steady growth. Additionally, there’s
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