Code and data for "Value chain carbon footprints of Chinese listed companies"

Measuring the value chain carbon footprints of listed companies is essential for cumulative climate actions and climate-efficient capital allocation. We trace the carbon emissions embodied in the value chains of listed companies in China and find that there is an increasing trend in terms of the carbon footprints of listed companies over the period 2010-2019. In 2019, the direct emissions from these companies reached 1.9 billion tonnes, accounting for 18.3% of national emissions. The indirect emissions were well over twice as large as the direct emissions from 2010 to 2019. Energy, construction and finance companies tend to have a greater volume of value chain carbon footprints, yet the distribution of their carbon footprints varies significantly. Finally, we apply the results to evaluate the financed emissions of leading asset managers' equity portfolio investment in China's stock market.

测算上市公司的价值链碳足迹（value chain carbon footprints），对于推进累计气候行动、实现气候高效型资本配置至关重要。本研究追踪了中国上市公司价值链中的隐含碳排放，发现2010至2019年间，上市公司的价值链碳足迹整体呈上升趋势。2019年，上述上市公司的直接碳排放达19亿吨，占全国碳排放总量的18.3%。2010年至2019年期间，其间接碳排放规模远超直接碳排放的两倍。能源、建筑及金融行业的上市公司往往拥有更高的价值链碳足迹规模，但其碳足迹的分布却存在显著差异。最后，本研究将所得结果应用于评估头部资产管理机构在中国股票市场的股权组合投资所产生的融资碳排放（financed emissions）。