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绿色金融月报（202409）：绿色低碳转型相关立法逐步健全，大规模设备更新和消费品以旧换新有助于重点行业节能降碳和绿色化升级
Minmetals Securities·2024-10-17 07:08

Investment Rating - The report rates the non-bank financial sector as "Positive" [3] Core Insights - The gradual improvement of legislation related to green and low-carbon transformation provides legal guarantees for comprehensive economic and social development [1] - Large-scale equipment updates and the replacement of consumer goods are significant decisions made by the central government to promote high-quality economic development, driving demand for green financing [2] - Financial institutions are encouraged to innovate green financial products to meet the funding needs arising from equipment updates and consumer goods replacement [2] Summary by Sections Policy Dynamics - International and domestic policies are increasingly focused on green finance, with various agreements and regulations being established to support low-carbon development and investment opportunities [9][10] - The introduction of new regulations, such as the "Military Ecological Environment Protection Regulations" and local laws in Guangdong and Zhejiang, aims to enhance the legal framework for green transformation [10][15] Green Financial Products Dynamics - As of June 2024, the balance of green loans reached 34.8 trillion yuan, with a year-on-year growth of 28.5%, primarily directed towards infrastructure and clean energy sectors [16] - In September 2024, the issuance of green bonds totaled 548.38 billion yuan, with a cumulative issuance of 4.69 trillion yuan for the year [20] - The establishment of ESG funds saw a significant increase, with 23 new public funds launched in September 2024, totaling 22.46 billion yuan [25] Environmental Rights Financing Tools - Water rights trading in September 2024 recorded a total transaction volume of 6.946 million cubic meters, with a total transaction amount of 720.57 thousand yuan [38] - In September 2024, pollution rights trading in various provinces showed significant activity, with transaction volumes and amounts varying widely across different pollutants [42]