绿色金融趋势跟踪（202411）：应对气候变化的中国经验亮相COP29

Investment Rating - The report rates the non-bank financial sector as "Positive" [4] Core Insights - COP29 has set a new climate financing target of at least $300 billion per year by 2035 for developing countries, building on the previous commitment of $100 billion per year established in 2009 [1][13] - China showcased its climate change response achievements at COP29, including a total installed capacity of renewable energy reaching 1.516 billion kilowatts, accounting for 51.9% of the national power generation capacity by the end of 2023 [2][14] - The report highlights the increasing role of weather derivatives in risk management for weather-sensitive industries, with new indices being introduced to support innovation in this area [3][54] Summary by Sections Policy Dynamics - During COP29, China, the EU, and Singapore jointly released the Multilateral Common Green Finance Classification (M-CGT), which identifies 110 economic activities across 8 key industries that contribute to climate mitigation [12] - The International Organization for Standardization (ISO) published the first global ESG standard, ISO ESG IWA 48, aimed at ensuring consistency and reliability in ESG reporting and practices [12] Green Financial Products Dynamics - As of September 2024, the balance of green loans from financial institutions reached 35.8 trillion yuan, a year-on-year increase of 25.1% [25] - In November 2024, the issuance of green bonds amounted to 70.214 billion yuan, with a total of 588.797 billion yuan issued throughout the year [29][32] - The report notes that no new ESG public funds were established in November 2024, but a total of 121 ESG funds were created in the year, accumulating a scale of 82.552 billion yuan [35] Environmental Rights Financing Tools - In November 2024, the total transaction volume of water rights trading was 16,408.57 million cubic meters, with a total transaction amount of 16.7917 million yuan [42] - The report details the trading of pollution rights in various provinces, highlighting significant transaction volumes and amounts for different pollutants [46] Weather Derivatives - The report discusses the CME temperature index derivatives, which include various contracts for managing climate risk, indicating a growing demand for such products in the market [54][57] - New weather indices have been introduced in China, such as the Central Meteorological Station-Guangxi Futures Solar Weather Index, which reflects the impact of weather on solar power generation efficiency [63][64]