专访黄杰夫：试水碳衍生品，让绿色金融“走出去”

Group 1: Carbon Market Development - The establishment of the "Carbon Emission Trading Market Open Alliance" by China, the EU, and Brazil aims to create a unified global carbon market, enhancing compliance carbon markets and pricing policies to address climate change [1] - The Chinese carbon market has been expanding since its launch in 2021, with 16 brokerages approved by the China Securities Regulatory Commission to participate in spot trading [4] - The trading volume of carbon futures and options is crucial for price discovery and risk management in emission rights markets, as evidenced by successful implementations in the US and EU [2][3] Group 2: Role of Financial Institutions - Financial institutions are eager to participate in the mainland carbon market, indicating a robust interaction between domestic and international markets [1] - The role of brokers in the carbon market is to help companies manage carbon price volatility using regulated financial instruments [4] - The participation of offshore financial institutions in carbon trading through Hong Kong demonstrates a growing interest in Chinese carbon assets [6] Group 3: Green Certificate Market - China's green certificate market has seen rapid growth, with 4.7 billion certificates issued last year, surpassing the total of developed economies [7] - The demand for green certificates is driven by policy requirements, supply chain demands, and increasing corporate social responsibility [7] - Effective pricing and liquidity are essential for the green certificate market to realize its value, necessitating more trading institutions' involvement [7] Group 4: International Integration of Green Certificates - To promote the international recognition of Chinese green certificates, it is essential to enhance communication with foreign counterparts and understand their systems [8] - The matching of "hourly-level" green energy attributes is a future trend, allowing for more precise carbon emission tracking [9] - Successful pilot projects in Hong Kong demonstrate China's capability to align its green certificate system with international standards [10]