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ESG practices debated as brand equity forum touts high-quality development

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  • Apr 05 2024
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THE launch ceremony of “Brands Bring Better Future for the World — Global Forum for Brand Equity Strategists” was held in Shanghai yesterday.

The event brought together over a hundred exceptional brands from domestic and international markets, as well as professionals from government, industry, academia, and media to discuss ESG (Environmental, Social, and Governance) practices.

The aim was to explore issues like environmental protection, social responsibility, and governance to promote high-quality and sustainable development.

During the forum, the focus was on the theme of “Practice ESG Concept,” and both Chinese and foreign brands jointly launched the annual “Brands Bring Better Future for the World” initiative. The event also launched the global collection of outstanding ESG case studies.

In the past two years, the consensus across various industries has been made to practice ESG principles and achieve ESG transformation. An increasing number of Chinese and foreign brands have come to realize the positive value of green, low-carbon, and high-quality sustainable development.

Top Chinese and foreign brands engaged in discussions on this theme at the forum. China (Shanghai) Pilot Free Trade Zone Lujiazui Administration Bureau, Michelin, Castrol, L’Oréal, and UESG presented their ESG practice cases.

Wang Lei, director of Xinhua news agency’s News & Information Center, noted that ESG has evolved from a multiple-choice question to a new requirement and opportunity in the context of the times. It has become a question that more and more brands must answer. By playing a leading role in brands, while pursuing their own high-quality development, and actively contributing to global sustainable development in terms of the environment, society, and governance, brands can respond to global challenges with a more proactive stance. They can take on broader and far-reaching social responsibilities and global roles. This is the inherent meaning of “Brands Bring Better Future for the World.”

Xiao Jian, Party secretary and director of China (Shanghai) Pilot Free Trade Zone Lujiazui Administration Bureau, said that Lujiazui was the first nationally named development zone with a focus on finance and trade in China. After over 30 years of development, it has become an international financial center known for attracting both domestic and foreign firms, comprehensive functional elements, active market transactions, and a gathering of global talents.

Matthew Ye, president and CEO of Michelin China, stated that when looking ahead to 2030 and 2050, Michelin’s pursuit and dream is that everything in the future should be sustainable. This means that all of Michelin’s actions will take into account the factors of people, profits, and the environment in a balanced manner. This has already become the “first law of Newton” at Michelin, applied to all decisions and actions.

Min Huilin, vice president of Castrol Global and president of Castrol Greater China, pointed out that Castrol has always been committed to promoting sustainable high-quality development. It continuously researches and optimizes products and services to help customers achieve energy conservation and emission reduction.

Janet Sarah NEO, chief sustainability officer for North Asia and China at L’Oréal, observed that consumer behavior has the main impact on consumer products and the beauty industry. As an industry leader, L’Oréal believes it’s the brand’s responsibility to drive changes in sustainable consumer behavior.

Qu Tingxian, director and president of United Environmental Services Group (China), said in the process of China’s green and low-carbon transformation and development, ESG is becoming an internal driving force and lever for businesses. This makes ESG a huge opportunity in China, as it not only helps drive economic transformation but also contributes to strengthening international cooperation, working together to achieve global sustainable development.

In order to actively promote high-quality sustainable development and drive the construction of the ESG ecosystem, representatives from various brands, this time also including Fosun Pharma, lululemon, Nike China, Unilever, 3M China, PwC, Pinzhi Education, and Gaoxian Robotics, jointly launched the annual initiative of “Practicing ESG Concept” and “Brands Bring Better Future for the World” at the event.

The Sino-Foreign Brand Forum has been held for five straight years. It has fully leveraged its platform advantages, expanding the “circle of friends” for Chinese and foreign brands.

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