Every reporter Song Kejia, Li Shaoting, every intern editor Yang Xia

There is a kind of "green", which is the green that listed companies yearn for.
There is also a kind of "green", which is deliberately made by enterprises.
When enterprises begin to practice the concept of protecting green water and green mountains, and gradually implement the "double-carbon goal", the market is pursuing ESG concept enthusiastically, and green and low-carbon are gradually becoming new challenges and new yardsticks for enterprise development, so environmental risks can not be underestimated.
On April 22nd — — On the occasion of Earth Day, national business daily specially launched the environmental risk list of A-share listed companies in 2021, deeply analyzing the environmental risks of A-share companies last year. Through continuous data mining and accumulation, the reporter found that many A-share listed companies as industry leaders are not so "green" in environmental performance.
According to the data of A-share green report project, in 2021, among more than 4,000 A-share listed companies, 730 listed companies exposed their own or their subsidiaries’ environmental risks, resulting in more than 2,700 environmental supervision records, including over 2,300 environmental protection fines, and the total amount of fines and confiscations was about 304 million yuan.
Since February, 2021, national business daily, together with Environmental NGO Public Environment Research Center (Blue Map), has screened and monitored the environmental performance of listed companies and their subsidiaries (including branches, shareholding companies and holding companies) based on authoritative environmental monitoring data, and made a scientific evaluation model analysis, and launched the first environmental risk list of A-share listed companies in China with full coverage of A-shares, multi-dimensional data and strict information verification, which is still continuously updated.
"We try to quantify the complicated and professional environmental risk data into easy-to-understand figures and rankings through this intuitive list. We expect more ordinary investors and the public to penetrate the information fog and see the stains and highlights of the green and low-carbon development of A-share listed companies. We also expect more and more enterprises, especially listed companies as public companies, to practice green and low carbon and fulfill their environmental trust responsibilities from the little efforts of environmental risks. " Yue Qi, the initiator of A-share green report project and editor-in-chief of national business daily Company Channel, said.
Environmental risk list of A-share listed companies TOP50• 2021 • Geographical distribution of industries

From environmental fines to environmental crimes, looking back at 2021, the intensity of punishing environmental violations has not diminished. According to the Ministry of Ecology and Environment, from January to December in 2021, a total of 132,800 environmental administrative punishment decisions were issued nationwide, with a total amount of fines and confiscations of 11.687 billion yuan. Compared with 2020 — — The national ecological environment system issued 126,100 environmental administrative punishment decisions, with a total fine of 8.236 billion yuan, and the data increased significantly.
How many A-share listed companies are involved in hundreds of thousands of environmental protection tickets? Which companies are deliberately "greenwashing"? Which companies have unsatisfactory ecological environment protection?
The statistics of A-share green report project, which includes various environmental supervision records of A-share listed companies and their shareholding, holding and branches, show that in 2021, among more than 4,000 A-share listed companies, 730 listed companies exposed their own or their shareholding and branches to environmental risks, resulting in more than 2,700 environmental supervision records, including more than 2,300 environmental fines, with a total amount of fines of about 304 million yuan.
These companies show different levels of environmental risks. Among them, the cumulative environmental risk value of listed company China Construction (Note 1) exceeds 3,000 points, ranking first in the A-share environmental risk list in 2021, while the annual environmental risk value of listed company Xianyu Pharmaceutical is 0.03, ranking at the bottom of the list — — 730th place.
Corresponding to the environmental risk value exceeding 3,000 points, various companies under China Construction have received hundreds of environmental protection tickets in the past year.
According to the data disclosed by China Construction, in 2021, there were 206 construction projects in which subsidiaries of China Construction were subject to administrative penalties for environmental problems such as construction noise, dust, sewage and solid waste, involving a total fine of about 7.765 million yuan.
The A-share Green Report Project shows that most of the environmental protection fines received by subsidiaries of China Construction are related to noise and dust pollution, and there are many cases of repeated fines. In the short term, the environmental risks of buildings in China have not decreased significantly. From January to March this year, China Construction itself and its subsidiaries have accumulated more than ten ecological environment-related penalties again.
Xianju Pharmaceutical, the listed company with the lowest environmental risk value on the list, was listed on the environmental risk list of A shares in 2021 because the online monitoring data of the participating companies showed that it exceeded the standard, so the environmental risk value was only 0.03.
Between the environmental risk values that differ by more than 3000 points between the top and bottom of the list, the environmental risk levels exposed by the remaining 728 listed companies also show different trends. More than half of the listed companies have a cumulative environmental risk value of less than 37.49 a year, but the environmental risk value of the top ten listed companies on the list has increased rapidly, which has opened a gap with other listed companies. It is worth noting that among the top ten listed companies, except Zhengbang Technology, the market value of other listed companies is above 60 billion yuan (note the closing price data on April 18).

On the whole, there are 357 listed companies with a market value of 10 billion yuan or less, but the average cumulative environmental risk value is the lowest; On the other hand, there are 59 listed companies with a market value of more than 100 billion yuan, but the average cumulative environmental risk value is the highest.
From the perspective of industry distribution, in 2021, the average cumulative environmental risk value of listed enterprises in coal, building decoration, agriculture, forestry, animal husbandry and fishery, steel and real estate industries was higher.
In terms of plate distribution, among the listed companies exposed to environmental risks in 2021, 641 are listed on the main board, 77 are listed on the Growth Enterprise Market, and the remaining 11 are listed in science and technology innovation board and 1 is listed on the North Stock Exchange.
It is worth noting that with the reform of environmental trust system, listed companies with "previous record" of environmental problems are facing new requirements for corporate environmental information disclosure compliance. The relevant provisions of the Administrative Measures for the Legal Disclosure of Enterprise Environmental Information (hereinafter referred to as "Administrative Measures"), which came into effect on February 8 this year, show that some listed companies and bond-issuing enterprises are included in the scope of disclosure, and these enterprises are mainly the subjects who were investigated for corresponding legal responsibilities for ecological environmental violations in 2021.
2021 A-share environmental risk list ·TOP50

"Receiving complaints from the masses, central environmental supervision, and being arrested by the Minister of Ecology and Environment … …” For "fake green" and "not green" companies, with the tightening of environmental supervision policies, environmental risks are everywhere.
It is also difficult for listed companies with large scale and high compliance requirements to avoid environmental risks. Among all kinds of environmental protection issues, which should listed companies pay attention to? In this regard, the A-share green report project classifies different environmental violations into several categories: water, atmosphere, solid waste, heavy metals, noise, nuclear and radiation, energy conservation and emission reduction, others, ecology (forest and grass) and so on. The environmental risk data of A-shares in 2021 shows that listed companies often have air-related problems.

Due to atmospheric problems alone, in 2021, listed companies and their subsidiaries received over 900 punishments and reforms. Along with it, there are not only fines, but also penalties such as warnings, seizure and seizure, and implementation of production suspension and rectification.
In 2021, the listed company with the largest amount of penalties in the atmosphere was Hegang.
An unannounced visit by the Minister of Ecology and Environment to check the implementation of emergency response to heavy polluted weather exposed all kinds of environmental violations of Tangshan steel enterprises in March last year to the sun.
Among them, Tangshan Medium Plate Co., Ltd. (hereinafter referred to as "Medium Plate Company") controlled by Hegang Co., Ltd. was found to have failed to implement Class II emergency response to heavy polluted weather and air pollution control requirements in autumn and winter, discharged air pollutants by evading supervision, and the online monitoring data exceeded the air pollutant discharge standard, thus accumulating several environmental protection fines of 1 million yuan.
According to the semi-annual report of Hegang in 2021, in the first half of last year alone, the plate company received 36 environmental penalties, with a total fine of 19.75 million yuan.
In addition to the fine, at the beginning of this year, a special centralized verdict was presented to the public. Forty-seven defendants from four companies, including Tangshan Medium Plate Co., Ltd., were sentenced and fined on January 27, 2022 for committing environmental pollution.
The strictest "Environmental Protection Law" in history "Teeth" appeared. In fact, from the compliance risk of environmental trust to the criminal risk of environmental protection, listed companies should pay attention to them.
In 2021, listed companies related to atmospheric punishment were not only concentrated in the steel industry, but also listed companies in the coal, building decoration and real estate industries received more atmospheric environmental protection tickets and were ordered to make corrections. In addition, listed banks have accumulated a lot of air tickets due to investment project factors.
In addition to atmospheric problems, water-related environmental problems have brought many large fines of several million yuan to some listed companies. Many of these fines come from continuous daily punishment.
Guozhong Water is the listed company that is most familiar with such punishment in 2021. In the past two years, this environmental protection enterprise has received more than one ticket for continuous daily punishment, all of which are related to water problems. Among them, the biggest fine was as high as 9 million yuan, which came from Guozhong (Qinhuangdao) Sewage Treatment Co., Ltd., a subsidiary of Guozhong Water. This sewage treatment company was fined for refusing to correct the excessive discharge of water pollution.
It is not uncommon for sewage treatment plants to be fined for exceeding the standard, but outside sewage treatment plants, listed companies involved in water pollution mainly focus on building decoration and agriculture, forestry, animal husbandry and fishery industries. Among them, most listed companies in agriculture, forestry, animal husbandry and fishery industries have exceeded the standard because of their enterprises’ aquaculture wastewater. Listed companies in the architectural decoration industry are mostly due to water pollution in engineering projects.
Noise is a "stubborn disease" that some subsidiaries of listed companies are difficult to correct. A large number of noise fines and corrections are mostly concentrated in the architectural decoration and real estate industries, and the representative companies are China Construction and Greenland Holdings — — In 2021, both industry giants experienced excessive noise during the construction of many subordinate enterprises. Although the amount of noise fines is relatively small, the average penalty amount is about 15 thousand yuan. But at the end of last year,People’s Republic of China (PRC)Noise pollution prevention and control law》(hereinafter referred to as the "new noise law") passed and will be implemented on June 5 this year. The new noise law divides and controls all kinds of noise pollution, and increases the punishment. Among them, the places, facilities, equipment, tools and articles that emit noise can be sealed up and detained by the competent department of ecological environment or other departments responsible for the supervision and management of noise pollution prevention and control if they are ordered to correct the serious pollution caused by noise emission and refuse to correct it.
In addition, in the category of "other" environmental problems listed in the A-share green report project, illegal acts related to environmental impact assessment, such as building without approval and investing before inspection, are mainly involved, and these environmental impact assessment problems are concentrated in the subordinate enterprises of listed companies in building decoration, agriculture, forestry, animal husbandry and fishery, and petroleum and petrochemical industries.
In addition to the four categories of environmental violations mentioned above, such as atmosphere, water, noise and environmental impact assessment, listed companies and their subsidiaries often trigger many different types of environmental problems at the same time, which brings many environmental risks to enterprises.
The concept of green and low-carbon development goes deep into all walks of life, and it is very important for outstanding representatives in the economic field — — For listed companies, even those in high-pollution and high-carbon emission industries, there are many slogans calling for green transformation and low-carbon development. But what is the actual situation? In which industries are listed companies still facing the challenge of "not being green enough"?
board2021yearAIndustry distribution of listed companies in the environmental risk list (only industries with accumulated environmental risk value greater than 1000 are listed)

According to Shenwan’s industry classification, 730 enterprises listed on the environmental risk list are distributed in 31 industries. Over the past year, the industry with the highest cumulative environmental risk value has unexpectedly fallen behind the architectural decoration industry, with 47 listed companies in the industry on the list, accounting for 30.32% of the number of A-share architectural decoration companies. However, although the cumulative environmental risk value of the industry as a whole is the highest, the rankings of the 47 listed companies are quite different, and five of them rank in the top ten of the A-share environmental risk list in 2021, namely China Construction (ranked first), China Railway Construction, China Railway Construction, China MCC and China Power Construction.

In terms of the number of listed companies, the basic chemical industry is "riding the dust", with 73 — — The proportion of 10% has become the "hardest hit" in industries that expose environmental risks.
On the other hand, the basic chemical industry has a wide range and a large number of listed companies. According to the classification of Shenwan industry, there are 367 listed companies in this industry in A shares. In 2021, the listed companies in the basic chemical industry only accounted for 19.89% of the A-share companies in this industry.
In contrast, in the coal industry, only 22 companies are on the list, but this figure has included nearly 60% of coal enterprises in A shares. In addition, the cumulative environmental risk value of these 22 listed coal companies in one year has exceeded the cumulative figure of 73 listed companies in basic chemical industry.
The image that coal is not "green" has long been deeply rooted in people’s hearts. As the leading enterprises in the industry, the 22 coal enterprises on the list have not been able to play a better leading role in the process of changing coal from "black" to "green". In 2021, these 22 listed coal companies produced more than 160 environmental protection fines, involving air, water, solid waste and other environmental violations, and the accumulated fines exceeded 37 million yuan. Among them, the listed company ranked first in the coal industry is China Coal Energy. In 2021, the cumulative environmental risk value of this enterprise reached 1455.06 points. According to the 2021 annual report of China Coal Energy, last year, the key pollutant discharge units of the company were punished by the environmental protection administrative department of the ecological environment for 15 times, with a total penalty of 3.675 million yuan, including 9 times with a single penalty of 100,000 yuan or more, totaling 3.216 million yuan.

Similar to the high environmental risk of coal industry is its downstream power industry. Based on Shenwan’s secondary industry classification of 2021, 730 companies are distributed in 115 sub-industries, among which 5.2% are concentrated in the power industry, ranking first in all sub-industries, and the listed companies in the power industry account for 40% of the total, that is to say, 4 out of 10 listed companies in the power industry have had environmental problems in 2021.
Behind the environmental risk exposure of coal and electric power, with the energy transformation in China under the goal of double carbon, there is a contradiction between the rising energy demand and environmental constraints in the process of promoting the low-carbon energy transformation based on coal as the main energy.
However, there are many sub-sectors with a higher proportion than listed companies in the power industry, among which there are eight industries with more than half of the industries on the list.
List rules: the scientific model is dynamically released, and the A-share environmental risk list is continuously updated.
It should be noted that, as a professional financial media deeply involved in the field of listed companies for a long time, national business daily is committed to promoting the healthy development of the capital market and listed companies. Since September, 2020, national business daily has launched "A-share Green Weekly" jointly with the Public Environment Research Center of environmental NGOs (Blue Map).
On the basis of the data checked and collected in each issue of "A-share Green Weekly", we screened out the data such as environmental administrative punishment when the regulatory record was released in 2021, and the automatic monitoring of pollution sources in 2021 showed that it exceeded the standard. This means that the list covers thousands of A-share listed companies in China, and includes the environmental risks of tens of thousands of companies associated with A-share listed companies (including listed companies’ branches, holding subsidiaries and shareholding companies).
Because the list data comes from authoritative data such as environmental quality, environmental emissions and pollution source supervision records released by 31 provinces and municipalities and 337 prefecture-level cities, facing huge data sources and diverse data information, data collection inevitably has a certain lag. Therefore, the environmental risk list of A-share listed companies published on a regular basis adopts the method of continuously accumulating data, and this ranking only represents the environmental risk ranking of listed companies based on the published environmental risk information collected so far.
The list continuously accumulates new data and dynamically updates the environmental risk ranking of listed companies, aiming at helping listed companies and investors to understand the overall environmental risk status of the company more clearly through such a dynamic list with rigorous fact checking and scientific evaluation model, and providing reference for listed companies to dynamically track the effectiveness of environmental investment and improve the level of green development.
In order to more reasonably reflect the environmental risk with listed companies as the main body of evaluation, the project team accurately verified and classified the equity relationship and equity types between listed companies and affiliated companies. According to the different types of rights and interests of listed companies to their subsidiaries, the list gives different conversion coefficients to calculate the impact of environmental risks of affiliated enterprises of listed companies on listed companies.
The list is based on the dynamic environmental credit evaluation system developed by the Public Environmental Research Center, and the data after further verification are assigned environmental risks; At the same time, according to the feedback, disclosure and disposal of environmental risk events by listed companies, listed companies and their subsidiaries can give timely feedback on environmental risk issues or continuously disclose environmental information, so as to repair environmental risks. The project team hopes to encourage listed companies to enhance information transparency and strengthen environmental risk disposal.
Note 1: See "List Rules" for the calculation method of environmental risk value.
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