以碳金融为钥启绿色金融新局

Core Viewpoint - The development of carbon finance is crucial for supporting China's dual carbon goals and enhancing the role of financial institutions in facilitating green transformation and innovation [1][5]. Group 1: Policy and Strategic Framework - In June 2025, the Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, emphasizing the importance of carbon finance [1]. - The regulatory framework for carbon finance in China has been established, including top-level design, product specifications, and market access guidelines [1][2]. - The China Securities Regulatory Commission (CSRC) has provided guidance for the development of carbon futures and carbon emission rights futures, encouraging brokerages to engage in carbon finance [1][2]. Group 2: Role of Shanghai Securities - Shanghai Securities has actively participated in the green finance sector, launching various initiatives since 2015, including the establishment of a carbon emission trading investment trust [2]. - The company has set up a Green Finance Research Center to support the development of green finance and has contributed to industry standards and ESG reports [2]. - Shanghai Securities aims to leverage its position to enhance resource allocation, risk management, and price discovery in the carbon finance market [2][3]. Group 3: Market Development and Opportunities - The carbon market in China is still in its infancy, with only 18 brokerages currently authorized to participate in carbon emission trading [2]. - There is a need for regulatory bodies to expand participation and relax market access to facilitate broader engagement in the national carbon trading market [2]. - The carbon finance market requires collaboration among regulatory authorities, market institutions, and enterprises to develop effectively [2]. Group 4: Financial Instruments and Services - Shanghai Securities is exploring various carbon finance instruments, such as carbon bonds and asset-backed financing, to support enterprises in their green transitions [3][4]. - The company is also focusing on risk management through carbon derivatives to help businesses hedge against price volatility in the carbon market [3]. - Enhancing liquidity and price discovery in the carbon market is essential, as evidenced by the low turnover rates compared to international markets [3]. Group 5: Integration and Innovation - The integration of carbon finance with investment banking and asset management is being pursued to create synergies and meet diverse corporate needs [4]. - Shanghai Securities has successfully facilitated green bond issuances for projects that contribute to significant carbon reductions, demonstrating its commitment to sustainable finance [4]. - The company is dedicated to advancing green low-carbon technology innovation and expanding its green financing capabilities [5].