The Golden Decade of Corporate Sustainable Development

From 2012 to 2022, China has made remarkable achievements.

Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the CPC and the country have undergone new historic changes in various undertakings. We have made new historic achievements in the reform and opening up and the Chinese path to modernization, built a moderately prosperous society in all aspects, and achieved the First Centenary Goal. Now, we are ready to embark on a new journey to build a modern socialist country on all fronts to achieve the Second Centenary Goal.

This decade is also a golden period for corporate sustainable development. The environment and space for corporate development have seen drastic changes. The corporate development has emphasized on establishing a new development concept, accelerating green and low-carbon transformation, and helping the country build a prosperous society.

The new concepts lead to the gradual formation of corporate governance mechanism. Since the 18th CPC National Congress, corporate social responsibility and sustainable development have been given high priority, and a series of policies have facilitated the formation of a governance mechanism in which the new development concept was adopted. The following examples can shed some light. First, in the Decision of the Central Committee of the Communist Party of China on Some Major Issues Concerning Comprehensively Administer a Country According to Law, "strengthening CSR legislation" has been included as one of the key tasks to improve China's legal system. Second, the five major development concepts, as in "innovation, coordination, green, openness, and sharing", have gradually developed into a value system leading the corporate development and have been integrated into the corporate governance mechanism. Third, concrete practice of comprehensively strengthening the Party building in state-owned enterprises has not only strengthened their glorious traditions and unique advantages but also built up the "root" and "soul" of enterprises. Finally, in stepping up the building of world-class enterprises, product and brand excellence, leading innovation and modern governance have become important symbols of corporate sustainable development.

The new missions have sped up the low-carbon transformation of enterprises. Since the 18th CPC National Congress, with the concept of "lucid water and lush mountains are invaluable assets" deeply embedded in people's hearts, the system of ecological civilization has been established. Furthermore, China has made a solemn commitment to achieve carbon peak by 2030 and carbon neutrality by 2060, and built a "1+N" policy system to facilitate this process. Enterprises are putting effort in energy saving, emission reduction, and environmental protection before shifting their focus on the development strategy and action plan of the "carbon peak and neutrality" goals. They have been participating in a profound economic and social transformation by accelerating green low-carbon innovation and transformation.

The new journey helps enterprises contribute to social development. In 2020, China has achieved an all-around victory in the fight against poverty, creating a miracle in the human history of poverty reduction. The victory has pushed the country towards a new stage of rural vitalization and a second centenary goal. In poverty alleviation, enterprises, as a driving force, have played a significant role, proving that they can build a harmonious ecological relationship with society as it progresses. In rural vitalization, there is more room for enterprises to exercise their capabilities. They continue to participate in rural vitalization and support the mutual progress of the cause and their own development by making full use of their advantages in resource and efficiency. In interaction with society, many enterprises continue to promote the innovation in social value and jointly explore ideas and practices of common prosperity.

This golden decade has seen tremendous changes in Chinese enterprises. Driven by new concepts, missions and journey, China, moving steadily forward, is adding momentum to sustainable development to contribute to China's progress and to the achievement of the United Nations Sustainable Development Goals (SDGs).

Source: China Sustainability Tribune