Suzhou, 21–22 April 2025: ERIA, in collaboration with Xi’an Jiaotong-Liverpool University’s International Business School Suzhou (XJTLU-IBSS), convened an international workshop titled ’Impacts and Interlinkages of ESG Investments on Net Zero Economy Transition.’ Held at XJTLU's Suzhou campus, the workshop brought together global scholars, policymakers, and financial experts to explore the dynamic relationship between Environmental, Social, and Governance (ESG) investments and low-carbon development across the ASEAN+ region, including ASEAN Member States (AMS), the European Union, the United States, and select East Asian countries.

Setting the Stage for ESG-Driven Transitions

In his opening remarks, Professor Jörg Bley, Dean of IBSS, emphasised the increasing importance of ESG in corporate strategies: ‘Sustainability should not be about doing less, but about achieving more with less.’ He called for a shift from traditional shareholder value maximisation toward holistic ESG integration.

Nimesh Salike, Associate Dean of Learning and Teaching at IBSS, highlighted the school’s commitment to ESG research, underscored by its recognition as a UN PRME Champion School – a testament to IBSS’s leadership in responsible management education aligned with the Sustainable Development Goals (SDGs).

Insights from Global Experts

The 2-day workshop featured keynote addresses and thematic sessions exploring ESG investments through country case studies and regional policy frameworks.

Sabrina Li of S&P Global provided an overview of the Corporate Sustainability Assessment (CSA), stressing the importance of transparency in ESG data, particularly amongst Chinese companies and sectors such as mining where environmental risks are significant.

Venkatachalam Anbumozhi, Senior Research Fellow for Innovation at ERIA, introduced ERIA’s ESG study, examining correlations between ESG investments and financial performance. He proposed that ESG practices not only mitigate reputational and financial risks but also foster cross-sector collaboration to develop sustainable taxonomies across ASEAN.

Regional Reflections on ESG Progress

Country-specific sessions highlighted regional variations:

1. Republic of Korea: Refining its ESG regulatory framework, with its National Pension Service playing a pivotal role.
2. China: Strong top-down policy momentum, though corporate-level ESG integration remains uneven.
3. Japan: Steady ESG investment growth driven by stakeholder expectations despite the absence of a formal taxonomy.
4. ASEAN:
• Malaysia: Linking ESG with innovative financing and calling for better alignment between national and ASEAN taxonomies.
• Singapore: Advancing standardised ESG data frameworks under the leadership of the Monetary Authority of Singapore (MAS).
• Indonesia, Thailand, Vietnam: Offering insights into ESG’s influence on firm performance amid challenges in disclosure, governance, and profitability.

ESG’s Role in Financing and Innovation

Yao Fu of XJTLU presented research on the positive impact of ESG ratings on corporate financing and risk reduction amid market uncertainties.

Additional plenary sessions addressed energy transitions in China, sustainable finance challenges, and the role of personality traits in pro-environmental behavior, with contributions from Rong Xu (Suzhou Industry Park Urban Development Institute Co. Ltd.), Nakaya Kakuda (IBSS), and Tianshu Li and Yameng Zhang (IBSS).

Pathways Forward

The workshop concluded with closing remarks from Venkatachalam Anbumozhi (ERIA) and Yameng Zhang (XJTLU), emphasising three key takeaways:

1. Stronger alignment between ASEAN and global ESG standards;
2. Broader stakeholder engagement in the development of sustainable taxonomies;
3. Greater empirical substantiation of ESG–finance linkages.

On the second day, participants visited the Suzhou ESG Innovation Center to explore innovative models promoting green development.

ERIA and XJTLU also announced plans to publish the study’s outcomes as a discussion paper series and an edited volume, scheduled for release in late 2025.