证券公司践行ESG：绿色金融与CCER实践探讨

Core Insights - The transition to a green economy is a core direction for high-quality development in China, driven by the "dual carbon" goals, with financial institutions positioned as key players in this transformation [1][2] Green Finance Market - China's green finance market is experiencing rapid growth, with green credit reaching a new scale of 6.52 trillion yuan in 2024, and total outstanding loans exceeding 35 trillion yuan [2] - The green bond market is also active, with 477 products issued in 2024, totaling approximately 244.19 billion yuan, and cumulative issuance surpassing 4.16 trillion yuan [2] - The carbon market, however, is lagging, with carbon emission allowances (CEA) trading volume at 18.9 million tons and transaction value at 18.114 billion yuan, indicating a need for market activation [2] Role of Securities Companies - Securities companies are crucial participants in the green finance ecosystem, acting as connectors and innovators, particularly in the green bond sector where they underwrote 167.405 billion yuan of green bonds, accounting for 24.57% of total issuance [3] - They are also exploring carbon market participation, with 16 firms qualified for carbon trading, and are developing innovative products like green financial derivatives and sustainable asset-backed securities [3][4] CCER Market Participation - Securities firms are at an early stage in the CCER market, focusing on voluntary carbon emission reductions, which are essential for China's climate governance and future carbon market dynamics [4][5] - The CCER market has seen the introduction of six methodologies and public consultations for new methodologies, expanding the scope for project development across various sectors [5][6] Pathways for Securities Firms in CCER - Securities companies can engage in CCER through three main pathways: 1. Establishing proprietary trading and carbon asset management to capture market opportunities [6] 2. Innovating carbon financial derivatives to enhance market liquidity [7] 3. Directly participating in CCER project development to provide comprehensive services [8] International Integration and Long-term Value - The development of CCER projects aligns with China's transition from carbon peak to carbon neutrality, with potential for significant market activity post-peak [10] - There is a growing emphasis on aligning CCER with international carbon standards, particularly with the EU, which could enhance the value of domestic carbon assets significantly [10][11] Conclusion - Securities companies play a vital role in activating the CCER market and supporting the broader green finance landscape, with strategies focused on immediate market engagement and long-term international integration [12]