金鹏辉：可持续金融为上海国际金融中心勾勒新前景

Core Viewpoint - The 2025 Sustainable Global Leaders Conference highlights the importance of sustainable finance as a manifestation of sustainable development principles, covering areas such as green finance, transition finance, and biodiversity finance [1][3]. Group 1: Challenges in Sustainable Finance - Sustainable finance faces significant challenges compared to traditional finance, including a lack of market mechanisms and information asymmetry [3][6]. - Companies undergoing green transitions may experience short-term operational difficulties due to high technology upgrade costs, leading to conflicts of interest that hinder effective market incentives [6][7]. - The absence of clear quantitative indicators and evaluation methods for most ESG factors contributes to insufficient information disclosure by financial institutions and companies, exacerbating issues of information asymmetry [6][7]. Group 2: Achievements in Sustainable Finance - China has established a diversified development framework for sustainable finance, with a focus on green finance, supported by transition finance and biodiversity finance [6][7]. - The Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange have released guidelines for sustainable development reporting, with some A-share companies required to disclose ESG reports starting in 2026, covering 450 companies that represent 51% of total market capitalization [7][8]. Group 3: Future Opportunities in Sustainable Finance - Sustainable finance is expected to present significant growth opportunities and become a major driving force for the transformation of the global financial system, particularly for Shanghai as an international financial center [3][6]. - Key areas for Shanghai to focus on include enhancing the internationalization of green finance, supporting the development of carbon trading markets, strengthening the implementation of transition finance, and promoting the deep integration of technology and green finance [8][9][10].