公用事业行业ESG周报：国家能源局发布2024年7月全国可再生能源绿色电力证书核发及交易数据

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [2] Core Insights - The report highlights the significant growth in renewable energy certificate issuance and trading in China, with 182 million green certificates issued in July 2024, of which conventional hydropower accounted for 56.07% [16][19] - China's energy transition investment reached $676 billion in 2023, making it the largest investor in global energy transition [19] - The report emphasizes the importance of ESG (Environmental, Social, and Governance) performance, with a focus on the leading position of China Yangtze Power Co., Ltd. in the industry [20][25] Summary by Sections 1. Hotspot Focus - Domestic: In July 2024, the National Energy Administration issued 182 million green certificates, with wind power contributing 40.25 million (22.09%) and solar power 31.48 million (17.28%). Cumulatively, 889 million green certificates have been issued by the end of July 2024 [16][19] - International: The SIX Swiss Exchange launched the SIX 1.5°C Climate Equity certification, allowing companies to demonstrate their commitment to limiting global warming to 1.5°C [18] 2. Policy Dynamics - The "China's Energy Transition" white paper states that China contributed significantly to global energy transition, with 2023 investments reaching $676 billion [19] - The implementation guidelines for digital and green collaborative transformation were jointly issued by ten departments, emphasizing the integration of digital technology and green development [19] 3. ESG Performance Research - China Yangtze Power Co., Ltd. is recognized for its strong ESG performance, with an AA rating in the iFind ESG rating system, ranking in the top 2.38% of the industry [20][22] - The report identifies 49 material issues affecting the company, categorized into environmental, social, and governance topics [22][25] 4. ESG Financial Product Tracking - As of August 30, 2024, China has issued 4,728 ESG bonds with a total scale of 13.33 trillion RMB, and 138 bonds were issued in the current month alone [29] - The total net value of ESG public funds reached 521.98 billion RMB, with environmental protection products making up the largest share at 38.81% [32] 5. Expert Opinions - Experts suggest further research on carbon market allocation systems and the exploration of carbon financial innovations to enhance market collaboration [36]