Industrial Bank

At a Glance


Financial Services and Insurance

Project Types

Financial Evaluation and Planning, Sustainability and Energy Management Strategy






Xuhong Liu joined China Industrial Bank Research’s ESG team to conduct research on ESG disclosure and ESG ratings.


In June 2023, the International Sustainability Standards Board (ISSB) issued its first two IFRS Sustainability Disclosure Standards, ushering in a new era of sustainability-related disclosures. ISSB has made Scope 3 emissions disclosure mandatory, with additional requirements and guidelines for financed emission accounting and disclosure for commercial banking.

To track the latest developments, CIB Research enlisted Xuhong Liu to conduct research on ISSB disclosures.


Xuhong Liu approached the challenge by engaging in three studies on Scope 3 accounting and reporting, ESG disclosure standards and ESG human capital development. She completed her first study through the following steps:

  • Researched mainstream standards and regulations on Scope 3 reporting: By studying the Scope 3 requirements in mainstream ESG disclosure standards and regulations, the project has outlined specific requirements and compared the similarities and differences between each standard.
  • Researched the process for Scope 3 calculation: By reviewing technical guidance for Scope 3 calculation and conducting case studies on the industry’s best practices, the project has drawn a roadmap for Scope 3 accounting and reporting.
  • Outlined the Scope 3 challenges for the banking sector: Through analyses of the domestic and international banking sector, the project identified the key challenges faced by the bank in Scope 3 disclosure.

Potential Impact

Xuhong Liu’s study presented a holistic landscape of current Scope 3 accounting and reporting standards. The proposed roadmap and identified challenges will inform the bank’s future plans for ESG management and disclosure. 

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