Attendees at the Second Sino-European Corporate ESG Best Practices Conference (Photo/Xinhua)

STUTTGART, Germany - The concept of ESG, short for environmental, social, and governance, plays such an important role for the climate target across the globe, and strengthened cooperation between China and Europe is a must for further ESG applications, a conference held here on Wednesday and Thursday highlighted.

Initiated by the Chinese General Consulate in Frankfurt and co-organized by Xinhuanet and other Chinese and German organizations, the second Sino-European Corporate ESG Best Practices Conference is held here with aim to pay tribute to the companies that have fared well in putting the ESG concept into practice and promote further cooperation between Chinese and European companies in this regard.

ESG is no longer an add-on, but a strategic element of modern corporate management. It helps identify risks early, set standards, and build long-term, stable partnerships, said Thorsten Giehler, head of Economy, Employment, Social Development of Deutsche Gesellschaft fuer Internationale Zusammenarbeit (GIZ) GmbH, a service provider for international cooperation for sustainable development and international educational work.

Giehler called on stakeholders to work on clear, practical rules which can provide guidance and planning security to facilitate the application of ESG.

Huang Yiyang, Chinese Consul General in Frankfurt, believed that the function of ESG should go well beyond a technical jargon and be considered as a solution for the future.

As staunch defenders of the ideas of multilateralism, open cooperation and green transformation, China and Europe should stand out and join hands to provide leadership and confidence for the global cause of ESG at a time of rising uncertainties, Huang stressed in a speech made on Wednesday night.

As a co-organizer of the conference, Xinhuanet intends to boost the dissemination and applications of the ESG concept among Chinese and European companies, Chu Xuejun, chairman of the board of Xinhuanet Co., Ltd. told Xinhua. It will not only be beneficial for China and Europe to achieve a win-win result in green transformation, but also set a solid stage for further and deeper economic and trade cooperation between the two sides, Chu added.

With a case detailing the joint initiative with Air China, the Sustainable Aviation Fuel (SAF) Technical Pathway Challenge for Chinese Universities, Airbus Germany turned out to be one of the winners at the conference.

"This recognition highlights both the project's impact and the strong partnership between China and the EU," said Anna Lisa Junge on behalf of Airbus Germany.

"Today's recognition inspires us to go further. We look forward to deepening our cooperation with Air China and other partners, advancing SAF and broader ESG practices -- in China, and for the globe."

ESG application cases in areas including environment protection, social responsibility, corporate management, scientific and technological innovation, education and training, and other ESG-related innovative practices, have been submitted to the conference for review by a committee consisting of Chinese and European experts.

The two-day event also featured CEO dialogues, application case study, discussions and roadshows, with leading Chinese and European companies looking to explore the possibility of putting the ESG concept into better mass practices.