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Water in China Please Click to Access Sections ISSUES FOR RESPONSIBLE WATER INVESTORS IN CHINA FEB 2010 Lucy Carmody Editor Research by: Dave Doré Guo Peiyuan Anna-Sterre Nette Jiali An SPONSORED BY COMMISIONED BY RESEARCH PARTNER CONTENTS WATER IN CHINA PLEASE CLICK TO ACCESS SECTIONS 4 Key Insights Responsible Research is an independent provider of sectoral and thematic Asian environment, social 7 Introduction and governance (ESG) research, targeted at global institutional investors. Many of these fund managers and asset owners now find that traditional investment banking reports, financial models and public 19 Investment Risks information sources can no longer be relied on to cover all risks to earnings and deliver superior Physical returns. Companies who do not monitor and report on this ‘non-financial’ performance not only risk financial penalties for non-compliance with stricter regulatory environments but are also denied access Regulatory to substantial pools of global capital which are managed according to sustainable principles. Economic Management Our approach is based on analysis of material ESG factors, which change according to sector and Social market. We provide our clients with local market knowledge of important regulatory landscapes in Asia, along with a fresh perspective on local operational and sectoral issues. We offer an annual subscription model for our monthly sectoral or thematic reports and give our clients access to the 49 Intensive Water Users underlying data. Reports can also be commissioned (by investors or foundations) and kept for internal Household Water Use and Waste use or be offered for general distribution, as part of an general effort to promote ESG integration into Drinking and Bottled Water the Asian investment process. Our analysts conduct seminars and webinars to discuss findings, often Agriculture with contributions from experts, companies and policy-makers. Banking Responsible Research was founded in 2008 by our Board who have been instrumental in promoting Beverages Corporate Social Responsibility (CSR) and SRI practices in Asia for over 10 years and have significant Basic Materials and Construction experience in the regions emerging investment markets. This team of five works in collaboration with Hospitality our full time Asian-based responsible investment analysts and the Responsible Research Alliance, a Hydroelectric Power group of consultants with subject matter expertise. Together they provide a valuable balance of market Metals and Mining and ESG knowledge, academic rigour, process management, data management, customer relationship management and senior level contacts. Paper and Forest Products Textiles, Footwear and Apparel Many of our clients are signatories to the UN backed Principles of Responsible Investment (PRI), an investor initiative. As signatories they commit to incorporate ESG issues into their investment analysis 82 The Water Industry in China and to support the development of ESG tools, metrics and methodologies. As a signatory to the PRI we voluntarily contribute time and resources to the Emerging Markets Disclosure Project and other collaborative initiatives. Responsible Research is also a strong supporter of independence in research, 89 Corporate Policies, Practices without which conflict and bias can deliver investment risk. The company is one of the founding and Reporting members of the Asian Association of Independent Research Providers and also of the Asian Water Project, which commissioned this work. 103 Investing in Water in China 115 Solutions and Conclusions 130 Appendix Authors Notes: Exchange Rates: 131 References The exchange rates used in the body of the report are RMB6.80 = US$1; RMB10 = €1; and S$1.42 = US$1 Market capitalisations: Based on the market close of 13 November 2009, unless otherwise stated. For more information, please contact Responsible Research: Coverage: We exclude the Special Admin- Email: [email protected] istrative Regions of Hong Kong Tel: +65 9386 6664 and Macau as well as Taiwan in www.responsibleresearch.com this report. Stock Codes shown as follows: <Bloomberg ticker> KEY INSIGHTS This report was commissioned by ADM Capital Foundation for the Asia Water Project as part Top-down reforms will combine with grass roots activism to strengthen regulation of their special series on China. It focuses on the rapidly developing importance of water as a 5.The Ministry of Environmental Protection (MEP) is focusing on sophisticated financial regulations, material factor in investment analysis and action within China. It draws on the latest findings from such as screening companies pre-IPO and mandating banks to open ‘green’ lines of credit. The the Chinese government and civil society institutions, linking these to investment considerations MEP will concentrate on macro-level policies to regulate companies that have a national presence such as market opportunities and risks to earnings. The key findings are as follows: and face national environmental regulatory scrutiny. Meanwhile, the Environmental Information Disclosure Regulations took effect in May 2008. These regulations ensure that disclosure of Global investors, business groups and civil society will begin to challenge the issue of environmental information by enterprises becomes mandatory over time and places responsibility water pollution in China with multi-lateral engagement of government and industry for the environment with various levels of the administration. It also has begun to gently promote 1. 70% of China’s rivers and lakes are significantly contaminated, 50% of China’s cities have the rights of citizens and other organizations to obtain environmental information and to encourage polluted groundwater and over 30% of China is affected by acid rain. Despite the 2008 Water the public’s involvement in environmental protection. Pollution Prevention and Control Law, a concerted effort is needed to prevent the water quality from worsening. The most recent version of this law was the first environmental law in China to Companies will become more conscious of water issues, water-saving initiatives and levy fines on individuals within polluting companies. Corporate fines under this law can be up to 6.technologies 50% of income. This legal development creates a more immediate incentive for plant managers Companies can only manage what they measure. In China, as in much of the world, measuring to reduce pollution; previous fines were small and it was easier to pay the fine than address the corporate water use and discharge is in its infancy. The measurement of the direct impact issue of pollution. A strategic and collaborative focus by global investors, business associations business operations have on water is only the first step in comprehensive water footprinting. and civil society is the most impactful way to ensure progress on these issues and prevent a Further measures involve helping to measure and manage supply chain and end-user water return to bad habits during periods of rapid ecnomic growth. use and discharge. Some industries and companies in China are more advanced in terms of water disclosure than others, for example Baoshan Iron & Steel. Companies in certain sectors Water shortages will begin to clearly reduce economic growth forecasts, resulting in are becoming increasingly aware of this issue as their global competitors and customers push trade-offs between clean water access and growth for the incorporation of environmental performance data. This is normally due to the ecological 2. At the national level water shortages and droughts dampen China’s economic development. Water and community impact of their operations. For these companies, more comprehensive water shortages are responsible for direct economic losses of US$35bn every year, about 2.5 times reporting should be expected. Companies providing water measurement services in China will be the average annual losses due to floods. Recently newspapers reported that the “August 2009 in high demand. drought left nearly 5 million people and 4.1 million livestock short of drinking water, damaging 8.7 million hectares of cropland”. The winter 2009 drought in Northern China, one of the worst Analysts and portfolio managers will require more and better data on corporate water in 50 years, impacted almost 10 million hectares of crops and left almost 4 million people and 2 issues in China million livestock with out adequate drinking water supply. Approximately RMB1.5bn was spent 7.Standards of water data collection and reliability in China vary and require intense scrutiny. on short-term relief efforts. For example, at the national level, publicly available Chinese government statistics on water consumption distinguish only between ‘Households and Services’, ‘Industry,’ ‘Agriculture’ and Industry associations will collaborate to deal with China’s water challenges ‘Others’. These categories fail to give a measure of domestic water consumption, as the data does Our research has found few examples of industry-wide activity and collaborative projects to not distinguish information from the domestic vs service sectors. Similarly, further analysis and 3. address China’s water challenges. However, notable exceptions exist. The Chinese pulp and due diligence is usually necessary to determine company-level water performance data, when paper industry recently held a sustainable development forum and, in January 2009, the China available. New global initiatives such as the Water Disclosure Project and the CEO Water Mandate Banking Association issued CSR
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