CBIMC recently released the “List of Top 20 Banks by Comprehensive ESG Performance 2024” at the “ESG Development Forum of the Banking Industry 2024”. With its achievements in areas such as ESG information disclosure, inclusive finance, green finance, consumer protection and social welfare in recent years, ICBC topped the list for the second year running and was selected into the “Model ESG Case in the Banking Industry of the Year 2024” .

On the basis of the 2023 ESG evaluation indicator system, the List of Banks by Comprehensive ESG Performance 2024 has added indicators such as technology finance, digital finance and pension finance in the “Five Priorities” of financial work and further expanded the scope of samples being evaluated. On the basis of last year’s scope that covers large state-owned commercial banks, joint-stock commercial banks, city commercial banks and private banks, it has included rural commercial banks that are listed among top 100 by asset size and have released an ESG report, CSR report or environmental information disclosure report. All data used in the evaluation were from the banks’ publicly disclosed reports, the government’s public data and other public channels. Based on data accessibility and completeness, 200 valid samples were obtained.

CBIMC is a news media enterprise administered by the National Financial Regulatory Administration (NFRA). Its China Banking and Insurance News is the only daily work newspaper supervised by the NFRA. Currently, it has basically formed a “seven-dimensional” communication pattern that comprises newspaper, journal, internet, official WeChat account, official Weibo account, mobile phone newspaper client-side and APP client-side.


Case 1 of ICBC selected into the “Model ESG Case in the Banking Industry of the Year 2024” 

Build a “Three-dimensional” ESG Information Disclosure System

I. Background

In 2023, ICBC followed the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implemented the guiding principles from the 20th National Congress of the Communist Party of China (CPC), and found its correct position in serving Chinese modernization and helping build a strong financial sector. ICBC adhered to its original aspiration, took serving the real economy and the people as the foundation of its business operations, gave prominence to risk control, and saw reform and innovation as key drivers of development. It integrated its own development into the great cause of national rejuvenation, national progress and people’s wellbeing. To celebrate its 40th anniversary of founding, the Bank took solid steps to serve Chinese modernization, earnestly fulfilled ESG responsibility, and actively explored a development path in which the Bank’s economic, social and environmental benefits are coordinated, mutually beneficial and sustainable, contributing its bit to promoting high-quality economic development, meeting the people’s aspiration for a better life, and guarding the harmony between man and nature.

II. Characteristics

ICBC has established a “three-dimensional” ESG information disclosure system that comprises annual ESG reports, interim ESG reports and green finance reports, and regular ESG information disclosure, to build a good market image.

First, focusing on painting a comprehensive, multi-dimensional, and ongoing ESG portrait. ICBC has released annual ESG reports for 17 consecutive years. In 2020, the Bank was the first to adopt the stable three-chapter structure of “Environment, Social, and Governance”, and has since then refined and solidified the reporting framework. The topics of the report are generally stable and comprehensively cover important information of strategy, governance, and environmental and social aspects, helping investors and stakeholders form a comprehensive portrait of ICBC’s sustainable competitiveness. 

Second, thoroughly implementing the guiding principles from the Central Financial Work Conference and dynamically integrating ESG work into the “Five Priorities” of technology finance, green finance, inclusive finance, pension finance and digital finance. On March 27, 2023, ICBC released the 2023 Corporate Social Responsibility (ESG) Report of Industrial and Commercial Bank of China Limited. On the basis of implementing the guiding principles from the Central Financial Work Conference and ICBC’s strategic plan, the report combined ESG work and the efforts to advance the “Five Priorities” of technology finance, green finance, inclusive finance, pension finance and digital finance, further aligned itself with regulatory requirements, international standards, the UN SDGs and the topics of concerns of mainstream ESG rating agencies and investors, presented ICBC’s achievements in operation management and CSR practices, and effectively echoed with the annual report and the green finance information disclosure report released on May 8.

Third, actively responding to topics of international concern and telling Chinese ESG stories well using the world language. Since 2021, ICBC has responded to topics that mainstream ESG rating agencies are concerned about. ICBC was the first listed company in the Chinese mainland to issue an interim ESG report. So far, ICBC has released such interim ESG report for three consecutive years and has formed a stable structure. Meanwhile, as the first bank in the Chinese mainland that adopts the TCFD framework to disclose green finance and climate risk information, ICBC has released green finance information disclosure reports for six consecutive years.

Fourth, creating a channel and window for high-frequency communication with the market. ICBC regularly discloses ESG information. It has created the “ESG Information” sub-column under the “ESG” column on its portal website, which releases ICBC’s ESG management effect and work achievements at real time. Since it was opened in January 2021, “ESG Information” released more than 100 articles, making ESG information disclosure an important channel and window for ICBC to communicate with the market.

Fifth, adhering to standardized disclosure and treating all types of investors equally. After long-term practice, ICBC’s ESG information disclosure has formed the characteristics of attaching importance to materiality analysis, engaging an external auditor to provide third-party assurance, and disclosing information that comprehensively reaches all stakeholders. ICBC has determined detailed topics being disclosed through materiality analysis and responded to stakeholders’ concerns. It has engaged an external institution to provide third-party assurance of periodical ESG reports, which has effectively improved the credibility of the reports. It has synchronously released Chinese and English versions of ESG reports on the Shanghai Stock Exchange and the Stock Exchange of Hong Kong, which have received widespread attention and recognition of domestic and foreign investors and rating agencies.

III. Achievements

In recent years, ICBC has made outstanding contributions to serving the real economy, developing green finance, supporting the development of the private sector, serving micro and small businesses, promoting financial innovation, preventing financial risks, and promoting public welfare, for which it has been awarded nearly 100 important CSR awards by domestic and foreign institutions, organizations and media including the Central Committee of the Communist Young League, CBIMC, CCTV Finance, Southern Weekly, China Newsweek and The Economic Observer. ICBC has launched the brand “ICBC Green Bank+” and its green finance case won CCTV’s “Outstanding ESG Case of the Year”. Currently, ICBC’s MSCI ESG Rating is AA and it’s the first listed bank in the Chinese mainland to get an AA, which is also the highest rating among listed banks in the Chinese mainland.

Case 2 of ICBC selected into the “Model ESG Case in the Banking Industry of the Year 2024” 

Support Integrated Development of Agricultural Industries with “Agricultural Matchmaking” Comprehensive Services

I. Background

“Industrial revitalization is the top priority of rural revitalization.” Agricultural industries, as core driving forces of rural revitalization, are of great significance to increasing rural incomes, enhancing the competitiveness of agriculture, and promoting common prosperity. However, the agricultural industries in China still face some prominent problems in development such as information asymmetry in rural industrial markets, low levels of technicalization and digitalization, and a poorly functioning socialized services system. In order to put in place the strategic plan of accelerating efforts to build a strong agricultural sector and steadily advance revitalization of rural industries, in 2021 the Ministry of Agriculture and Rural Affairs, together with the Ministry of Finance, launched the integrated development program of agricultural industries aimed at vigorously supporting the development of national modern agricultural industrial parks, advantaged and characteristic industrial clusters, and strong agricultural industrial towns. In August of the same year, the Ministry of Agriculture and Rural Affairs and ICBC officially launched the “Agricultural Matchmaking” campaign, which, by fully leveraging ICBC’s advantages in customer resources, FinTech and channel layout, provides investment attraction service, supply-demand matchmaking service and comprehensive financial services to the integrated development program of agricultural industries and their business entities and aims to achieve big breakthroughs through dedicated services and provide pragmatic solutions for the high-quality development of rural industries.

II. Characteristics

First, rolling out a dedicated service platform to build a “new bridge” between supply and demand of “Sannong” (agriculture, rural areas and farmers). The “Agricultural Matchmaking” platform that was independently developed by ICBC provides a dedicated page for the entities of the integrated development program of agricultural industries, guides business entities to post their product, demand and investment attraction information via the platform, accurately and vividly display and promote their products with images and text, and seek partners, realizing online supply-demand matchmaking. Meanwhile, the platform has strengthened application of FinTech achievements and provided more immersive and interactive scenarios with new functions such as cloud exhibitions and metaverse digital exhibition halls.

Second, holding matchmaking events to activate “new growth drivers” for industry integration. Together with government departments of agriculture and rural affairs at various levels, ICBC has, centering around topics such as purchase and sale of agricultural products, building of cultural and tourist industry chains and “BRICS Plus” cross-border economic and trade cooperation in agricultural products, explored new forms of matchmaking events such as “online + offline” “cloud exhibition hall + cloud launch” “roadshow + matchmaking conference” and “live-streaming e-commerce”, to help participants expand supply and sales channels and realize broad communication and cooperation. In 2023, with a focus on nearly 20 characteristic rural industries, ICBC held “Agricultural Matchmaking · Characteristic Industry Trip” series events, which covered nearly 60 industrial clusters in 31 provinces (including municipalities directly under the central government), found out more than 700 “local specialty” brands, promoted the “good products” and “good scenery” of nearly 3,500 villages, and helped achieve 36 thousand cooperation intention agreements.

Third, integrating financial services and providing financing support for rural revitalization. Based on types of agribusinesses and the development stages of industries, ICBC has launched five financial service models, namely, credit support for construction of agricultural infrastructure, fiscal funds and credit combined support, comprehensive services for characteristic rural industries, cooperation expansion relying on industry leaders, and new, characteristic products designed to drive industrial development, and it has provided nearly RMB200 billion intentional financing support to areas relating to integrated development of agricultural industries.

Fourth, integrating the characteristic resources of various parties to jointly build a “new ecosystem” of rural revitalization. ICBC has, together with the Ministry of Agriculture and Rural Affairs, selected and awarded “Agricultural Matchmaking” model cases. They co-held the release event of top 10 cases during the 25th China Agricultural Products Processing Industry Investment and Trade Fair, systematically summed up the experiences of the event, and promoted the cases nationwide. ICBC has actively carried out the “Rural Industry Leader” campaign and creatively adopted the mode of “production-sale matchmaking + financing and promotion + on-site observation and study” to promote communication and learning between local government departments administering advantaged and characteristic industrial clusters, key enterprises and ICBC institutions. By cooperating with service platforms such as JD, cnhnb.com, Flush Info and Tencent, ICBC has established connection to key links such as e-commerce, information, logistics and communications and it has jointly held investment attraction, communication and marketing campaigns with them by leveraging their professional capability and resources. Meanwhile, ICBC has actively guided agricultural industry organizations, scientific research institutes, universities and leading enterprises to participate in “Agricultural Matchmaking” events, to form an agricultural ecosystem that integrates factors such as finance, talent, technology and information.

III. Achievements

“Agricultural Matchmaking” dynamically integrates creative thinking and frontline business practices under the “platform + matchmaking + finance” model and aims to address the pain points and blockages in the integrated development of agricultural industries. Its achievements mainly include: first,  through “matchmaking”, it has built the “commercial service” model of financial institutions, enhanced mutual trust as a service intermediary, increased matchmaking success rate, and helped the integrated development program of industries expand business and value; second, by empowering agriculture with digital means, it has enhanced the effect of “consulting services” for rural revitalization, pooled the resources of governments, agricultural leaders and third-party service platforms, provided diversified and professional services, and made rural financial services more accessible, broad and convenient; third, through collaboration with finance, it has given play to the strength of commercial banks in “financing”, it has explored new ways to improve the inclusiveness, suitability and effectiveness of rural financial services based on agribusinesses’ actual demand.

So far, “Agricultural Matchmaking” has served more than 390 thousand agribusinesses, organized more than 230 specific-topic matchmaking events, and facilitated more than 40 thousand cooperation intentions. With its outstanding service capacity, “Agricultural Matchmaking” has received awards from media such as Hong Kong Commercial Daily, China Banking and Insurance News, The Banker and “Service Cases of China” of China International Fair for Trade in Services and has been successfully included into the Ministry of Agriculture and Rural Affairs’ “Eight Innovative Models” of financial services for agriculture. “Agricultural Matchmaking” cases were named and praised in the Large People’s Banks Put the People First and Better Serve the People’s Financial Needs released by the National Financial Regulatory Administration.