Abstract

Climate change is one of the highest-ranking issues on the political and social agenda. Corporations are one of the main actors that will play a major role in the decarbonization of the economy. They need to put forward a net zero strategy and targets, transitioning to net zero by 2050. Yet, an important but rather overlooked stakeholder group in the sustainability debates can pose a significant stumbling block in this transition: employees. Although climate action has huge benefits by ameliorating adverse environmental events and is expected to have an overall positive impact on employment, net-zero transition in companies, especially in the energy sector in certain regions, will cause substantial adverse employment effects for the workforce. This has the potential to slow down or even derail the necessary climate action in companies. In this regard, just transition is a promising concept, which calls for a swift and decisive climate action in corporations while taking account of and mitigating adverse effects for their workforce. If well implemented, it can accelerate net-zero transition in companies. This potential clash of environmental (E) and social (S) aspects of environmental, social and governance agenda, materialized in the companies’ net-zero transition, and its potential remedy, just transition, have important implications for corporate governance and finance, especially for directors’ duties and executive remuneration, sustainability disclosures, institutional investors’ engagement and green finance.

中文翻译：

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ESG 的“E”和“S”的冲突：刚刚过渡到净零的道路上以及对可持续公司治理和财务的影响

摘要

气候变化是政治和社会议程中排名最高的问题之一。公司是主要参与者之一，将在经济脱碳中发挥重要作用。他们需要提出一个净零战略和目标，到 2050 年过渡到净零。然而，在可持续发展辩论中一个重要但被忽视的利益相关者群体可能会在这一转变中构成一个重要的绊脚石：员工。尽管气候行动通过改善不利的环境事件具有巨大的好处，并且预计将对就业产生总体积极影响，但公司的净零转型，尤其是某些地区的能源部门，将对劳动力造成重大的不利就业影响。这有可能减缓甚至破坏公司必要的气候行动。在这方面，公正的过渡是一个很有前景的概念，它要求企业在考虑和减轻对其劳动力的不利影响的同时，迅速而果断地采取气候行动。如果实施得当，它可以加速公司的净零转型。这种环境、社会和治理议程的环境 (E) 和社会 (S) 方面的潜在冲突，体现在公司的净零转型及其潜在的补救措施，即公正转型，对公司治理和财务具有重要意义，尤其是董事职责和高管薪酬、可持续发展披露、机构投资者参与和绿色金融。这要求企业在考虑和减轻对其劳动力的不利影响的同时，迅速而果断地采取气候行动。如果实施得当，它可以加速公司的净零转型。这种环境、社会和治理议程的环境 (E) 和社会 (S) 方面的潜在冲突，体现在公司的净零转型及其潜在的补救措施，即公正转型，对公司治理和财务具有重要意义，尤其是董事职责和高管薪酬、可持续发展披露、机构投资者参与和绿色金融。这要求企业在考虑和减轻对其劳动力的不利影响的同时，迅速而果断地采取气候行动。如果实施得当，它可以加速公司的净零转型。这种环境、社会和治理议程的环境 (E) 和社会 (S) 方面的潜在冲突，体现在公司的净零转型及其潜在的补救措施，即公正转型，对公司治理和财务具有重要意义，尤其是董事职责和高管薪酬、可持续发展披露、机构投资者参与和绿色金融。