中国人民银行拓展碳减排支持工具支持领域，推动经济社会发展全面绿色转型

Core Insights - The total number of ESG bonds issued in China has reached 3,911, with a total outstanding amount of 5.76 trillion RMB, where green bonds account for the largest share at 62.28% [1][3] - In the current month, 58 ESG bonds were issued, amounting to 34 billion RMB, while in the past year, 1,267 ESG bonds were issued with a total value of 1,372 billion RMB [1][3] Domestic Developments - The People's Bank of China is expanding the carbon reduction support tool to include projects with direct carbon reduction effects, such as energy-saving renovations and green upgrades, with an annual operation limit of 800 billion RMB [2] - The quarterly operation volume will be determined based on monetary policy needs and the loan issuance by financial institutions [2] International Developments - Starting January 1, 2026, the EU will implement a carbon border adjustment mechanism (CBAM), requiring importers to pay carbon taxes on high-carbon products, which necessitates compliance from non-EU exporters [2] - Chinese exporters must provide necessary information regarding carbon emissions and third-party verification to facilitate customs clearance [2] ESG Product Tracking - There are currently 955 ESG products in the market with a total net asset value of 1,173.33 billion RMB, where ESG strategy products represent the largest share at 45.01% [3] - In the past year, 189 ESG public funds were issued, totaling 71.178 billion units [3] - The market has 1,221 ESG bank wealth management products, with pure ESG products making up 53.48% [3] Index Tracking - As of January 16, 2026, most major ESG indices have underperformed compared to the market, with the Wind All A Sustainable ESG index showing the highest increase of 0.1% [4] - Over the past year, major ESG indices have generally increased, with the Wind All A Sustainable ESG index rising by 28.99% [4] Expert Opinions - An expert from the University of International Business and Economics emphasizes the need to understand the upgraded ESG regulatory requirements, highlighting the competitive pressures faced by Chinese supply chains due to stricter international rules [5][6] - The expert notes that the evolution of ESG regulations reflects a normal competitive balancing mechanism among nations, with historical precedents in trade standards [6]