Research On Construction Of Esg Information Disclosure In Oil And Gas Industry Based On Building Blocks

ESG is a responsible investment strategy and a major non-financial disclosure system,has been paid more and more attention by the market.Capital markets,organizations,enterprises,etc.have launched research on ESG,and the concept of ESG has gradually taken root.The development of ESG has led to the continuous improvement of ESG disclosure.In the context of the international trend and the increasingly urgent demand of investors,it is particularly important to form an ESG disclosure system with Chinese characteristics.However,the operating conditions and the external effects of different industries are quite different.Therefore,the industry characteristics need to be taken into account when constructing the ESG disclosure system.Oil and natural gas are important resources in China.The development of the oil and gas industry will not only affect China’s energy transformation,climate change,low-carbon economy and other environmental issues,but also affect social issues such as health and safety,and have a profound impact on the sustainable development of human society.However,the ESG information disclosure of enterprises in the oil and gas industry has some problems,such as non-standard disclosure,low disclosure quality and poor comparability.Therefore,this paper selects the oil and gas industry as the research object to construct the ESG information disclosure framework.Based on the building blocks approach this paper constructs the ESG basic disclosure framework of listed companies in China’s oil and gas industry through the superposition of different levels of disclosure requirements.First of all,guided by the information use needs of investors and creditors,and through in-depth analysis of the disclosure requirements of China’s main board and Hong Kong Stock Exchange for the environment,society and corporate governance,the second level-basic disclosure framework has been constructed.Secondly,taking into account the information use needs of a wider range of stakeholders,three compilation guidelines with wide use frequency and industry characteristics at home and abroad were selected for comparative analysis,and indicators were improved to build a third level-ESG information disclosure framework for the oil and gas industry that is suitable for China’s national conditions.Finally,the determined disclosure framework was finally confirmed through a questionnaire survey.Secondly,this paper takes PetroChina,a leader in petroleum and gas industry,as an example,to study the form and state of disclosure of its sustainable development report in the past three years,summarize the reasons for the disclosure of Petro China,and compare it with the new framework.It is found that its disclosure structure needs to be optimized,the disclosure framework needs to be supplemented,and the quantitative and effect indicators are not sufficiently disclosed.After comparing the ESG report of Petro China with the new framework,it is found that under the new framework,the ESG information disclosed is more complete,the indicator division is clear and reflects the industry characteristics.At the same time,the ESG report quality has been improved due to the addition of quantitative and effect indicators.Finally,this paper draws the conclusion that the ESG information disclosure norms of oil and gas industry enterprises need to be strengthened,the disclosure quality needs to be improved,and the "green" behavior needs to be vigilant.And get inspiration,and make some suggestions on how to raise the awareness of disclosure,improve the ESG system management system,and establish a database from the enterprise perspective;From the government and the society,it suggests that the ESG disclosure system should be unified,the ESG information management system should be perfected,and the third part audit should be strengthened.On the one hand,this paper supplements the theoretical study of ESG information disclosure in China’s oil and gas industry,and analyzes the contents of the CSRC,the exchange,and the domestic and foreign standard documents;On the other hand,this paper constructs ESG information disclosure based on the hierarchical superposition method proposed by ISSB,and analyzes it with a case,hoping to provide some help for the development of ESG information disclosure in China and promote the integration of China’s ESG disclosure standards with international standards.