An Institutional Exploration of ESG Information Disclosure Model from the Perspective of Environmental Rules

In the context of worldwide crises such as climate change and epidemics, environmental, social and governance (ESG) has become a powerful tool for green financial innovation. Among the three ESG dimensions, environmental elements are gaining increasing policy attention and social concern. The current three models of ESG disclosure, namely self-regulation, mandatory regulation and public-private partnership and the typical representatives are examined from the perspective of environmental rules. China's ESG information disclosure mainly adopts a combination of mandatory regulation and self-regulation. Within the environmental rules, there are more rules on pollution prevention and control, resource conservation and ecological protection, but the rules on information disclosure on climate change and biodiversity are still weak. The real problems such as fragmentation of environmental rules, green washing of disclosed information and lack of authority of disclosed information platforms need to be solved by measures such as rule integration, behavioral regulation and breaking information silos.