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二十载资本润泽 绿水青山流淌金山银山

Core Viewpoint - The concept of "lucid waters and lush mountains are invaluable assets" has deeply influenced the development of China's capital market, leading to the transformation of ecological value into economic value through various financial instruments and practices [1] Green Finance - Since the introduction of the "green finance system" in 2015, China has implemented numerous policies to promote green finance, effectively directing funds towards energy conservation, environmental protection, and clean energy sectors [2] - Green credit, as the most mature financing model in China's green finance system, has seen a market size expansion of 28.37 trillion yuan over six years, with a compound annual growth rate of 28.24%, maintaining the largest balance globally [2] - By the end of 2024, the balance of green loans in China is expected to reach 36.6 trillion yuan, a year-on-year increase of 21.7%, with over 60% of funds directed towards carbon reduction projects [2] Green Bond Market - The green bond market has experienced significant growth, with an average annual issuance scale of 1.11 trillion yuan from 2021 to 2024, which is 3.94 times that of the "13th Five-Year Plan" period [3] - The issuance of green bonds has expanded from financial institutions to real enterprises, with notable examples including Ninghu Expressway and Baosteel, which issued green bonds at lower interest rates compared to ordinary bonds [3] - Since 2005, 68 ecological protection and environmental governance companies have been listed on A-shares, raising over 120 billion yuan through various financing methods, with an average annual financing of 56.84 billion yuan from 2021 to 2024, a 32.78% increase from 2016 to 2020 [3] ESG Investment - The concept of sustainable development has led to the rapid growth of ESG investments, with 133 institutions joining the UN PRI by mid-August, up from 19 in 2018, and the number of ESG funds reaching 911 with a total scale exceeding one trillion yuan [4] - Over 70% of fund companies have launched ESG fund products, with leading firms like Huatai-PB, GF Fund, and others actively engaging in ESG investment practices [4][5] ESG Disclosure - A series of policies have been introduced to enhance ESG disclosure among listed companies, with 2,502 A-share companies disclosing ESG reports by August 14, 2024, marking a 15.14% year-on-year increase and a disclosure rate of 46.68% [7] - The average score of A-share companies in the environmental dimension has continuously improved, with a 75.18% increase expected by 2025 compared to 2020 [8] - Companies in high carbon-emission industries have shown a higher commitment to greenhouse gas reduction, indicating positive progress in quantifying ecological outcomes [7][8]