Analysis of the Impact of Enterprise Environmental, Social and Governance Performance on High-quality Development: Taking Industrial and Commercial Bank of China as an Example

Abstract

ESG (Environmental, Social and Governance) advocates the transformation of enterprises from the pursuit of their own interests to the pursuit of social value maximization, which is highly consistent with the high-quality development goals, and is an effective starting point for enterprises to practice the new development concept and promote high-quality development. Under the “Dual Carbon” target, China has successively issued a series of measures to support the development of ESG. However, due to the short development time, the current domestic ESG standards are not unified, and the degree of improvement also needs to be improved. The mechanism of how to use ESG performance to promote high-quality development is not clear. This paper discusses the mechanism of the ESG performance on high-quality development in the three dimensions of environment, society and governance. Research shows that in the financial industry, for large financial institutions such as industrial and Commercial Bank of China, social responsibility has the highest weight of social responsibility, indicating that the performance of banks and financial institutions in the social level is much attention. The weight of environmental and corporate governance dimensions is relatively low, but still important. Financial institutions need to consider their environmental impact and sustainability while pursuing economic benefits. Corporate governance responsibility involves the internal governance structure, transparency, compliance, and risk management of the company, which are key factors in maintaining long-term stability and trust.