As we enter the early summer of 2026, the global governance landscape of sustainable finance is undergoing a profound restructuring. With the worldwide implementation of ISSB standards and the phased recalibration of the EU's regulatory framework, the market stands at a critical crossroads of "compliance reshaping" and "standard-setting rivalry." This quarterly issue delves into the evolving trends of sustainable information disclosure, the challenges in institutional implementation, and their far-reaching implications.

In the "Expert Insights" section, we present four in-depth articles that explore the trends and institutional impacts of sustainable information disclosure, ranging from macro to micro perspectives. The first article systematically outlines the major trends in mandatory global regulatory disclosures. The second article, from an institutional implementation standpoint, emphasizes the crucial role of climate information assurance and the application of digital technologies. The third article deeply examines the differences between sustainable information assurance and traditional financial auditing, analyzing the profound shift in the assurance paradigm from "verifying facts" to "evaluating processes." The final article showcases the latest updates and trends of the Greenhouse Gas Protocol as the foundational infrastructure for global sustainable information disclosure.

In the "Frontiers of Transition" section, the first article addresses the hot topic of energy transition minerals. It provides an in-depth analysis of the practical framework differences and characteristics arising from "goal-oriented" versus "conduct-oriented" perspectives, while also exploring the possibilities for their coexistence or integration. The second article focuses on the critical issue of emission reduction in the building sector, discussing the financing dilemmas of retrofitting existing buildings for low-carbon performance. By analyzing European practical experiences and typical cases, it offers theoretical and practical references for scaling up such retrofits in China.

The "Central Bank & Regulator Policy Tracker" section in this issue details the latest developments in sustainable finance and climate policy across major global economies from February to April 2026. These updates collectively outline the complex trajectory of global regulation as it moves forward amidst both "convergence" and "divergence."

We hope this issue of the quarterly continues to provide you with theoretical insights and practical inspiration!

（The full version of Quarterly Issue 014 is attached. Please note that it is currently available in Chinese only.）