邱慈观专栏 | 颠覆性碳中和技术创新：利用公共资本撬动市场化资本

Core Viewpoint - The article emphasizes the necessity of developing disruptive carbon-neutral technologies to achieve significant reductions in carbon emissions in high-carbon industries such as electricity, steel, cement, and aluminum smelting, which currently rely on traditional processes that do not meet carbon neutrality standards [1][2]. Group 1: Disruptive Carbon-Neutral Technologies - Approximately half of carbon-neutral technologies have not yet reached commercial scale, particularly in "hard tech" and "deep tech," which are crucial for significant carbon emission reductions [2]. - Disruptive technologies related to "hard tech" include efficient photovoltaic cells, green hydrogen, and new energy storage systems, while "deep tech" encompasses electrochemical ironmaking, silicon-magnesium cement, and inert anode aluminum smelting [2]. - These technologies face market investment challenges due to high capital intensity and long investment cycles, often requiring decades to scale from prototypes to commercial viability [2][3]. Group 2: Public Capital to Leverage Market Capital - Public capital is essential for supporting the development of disruptive carbon-neutral technologies, as it can alleviate some financial constraints, but its scale is limited [4]. - The main challenge for market capital is obtaining risk-adjusted returns, which can be addressed by using public capital to reduce field risks and attract diverse investors [4]. - Public capital can catalyze market capital by improving the risk-return profile through donations, guarantees, and other financial structures, thereby accelerating the development of tech startups [5][4]. Group 3: Case Studies of Public Capital Leveraging Market Capital - Boston Metal and Sublime Systems are examples where public capital provided grants for prototype validation and technology scaling, successfully attracting market investments for further development [8][11]. - Elysis and Zhongchu Guoneng are cases where public capital was used to co-invest with market capital during the demonstration and early commercialization stages, effectively filling funding gaps [11][12]. - The article outlines various international and domestic cases where public capital has successfully attracted market capital, demonstrating effective mechanisms for leveraging investments in disruptive carbon-neutral technologies [10][12]. Group 4: Future Outlook - To further promote the innovation and development of disruptive carbon-neutral technologies, public capital should focus on supporting tech startups, establishing clear financing policies, and exploring financing mechanisms suitable for carbon-neutral tech [13][14]. - The transition from merely providing funds to achieving tangible outcomes for enterprises is crucial for unlocking economic potential and achieving climate goals [14].