广东省三部门出台全国首份省级碳排放配额担保意见

Core Viewpoint - The joint issuance of the "Opinions" by Guangdong's High People's Court, the Provincial Ecological Environment Department, and the People's Bank of China aims to facilitate green finance development through carbon emission quota collateralization, marking a significant step in establishing a unified carbon financial market in Guangdong [1][4]. Group 1: Policy and Legal Framework - The "Opinions" provide a systematic judicial guarantee for carbon emission quota collateral financing at the provincial level, establishing that carbon emission quotas are legitimate collateral [1][4]. - The document introduces a "dual registration" model to confirm carbon asset ownership and sets up an effective default handling mechanism [1][5]. - Key innovations include the legal recognition of carbon emission quotas as collateral and the establishment of a registration system that prevents asset transfer risks [5] Group 2: Market Activity and Financial Services - Guangdong is the most active regional pilot carbon market in China, with significant trading volumes, including 230.85 million tons of quotas traded and a total transaction amount of 6.701 billion yuan by July 2025 [2]. - Despite the active market, only 31 cases of carbon quota collateral financing have been recorded, with a total of 5.6997 million tons pledged and a financing amount of 93.5281 million yuan, indicating a need for stronger institutional support [2][3]. - The "Opinions" encourage financial institutions to explore diverse financing scenarios, including annual pre-allocated quota financing and carbon asset securitization products, to meet the multi-layered financing needs of enterprises [5]. Group 3: Challenges and Solutions - The legal ambiguity surrounding the status of carbon emission quotas as collateral and the lack of unified operational standards hinder the expansion of carbon quota collateral financing [3][4]. - The "Opinions" address these challenges by clarifying the legal basis for carbon quota collateral contracts and outlining a clear process for handling defaults, which includes negotiation, bidding, and litigation [4][5]. - The document emphasizes the importance of judicial service and protection to maximize the effectiveness of carbon quota collateral contracts, thereby alleviating financial institutions' concerns about lending [5].