ESG动态跟踪月报（2025年11月）：碳市场新增行业配额方案落地，国际政策分化下绿色金融保持活跃-20251209

Quantitative Models and Construction Methods Model 1: Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient - Model Name: Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient - Model Construction Idea: The model aims to allocate carbon quotas based on the deviation of a company's carbon emission intensity from the industry average, incentivizing companies to reduce emissions. - Model Construction Process: - The carbon emission intensity deviation (X) is calculated as the difference between a company's unit product carbon emission and the industry average, divided by the industry average: $X = \frac{I - BP}{BP}$ where $I$ is the company's unit product carbon emission, and $BP$ is the industry average. - The carbon emission intensity coefficient (α) is determined based on the deviation (X): $\alpha = \begin{cases} -3\% & \text{if } X \leq -20\% \\ 15\% \times X & \text{if } -20\% < X \leq 20\% \\ +3\% & \text{if } X > 20\% \end{cases}$ - The quota amount (A) is calculated as: $A = E \times (1 + \alpha)$ where $E$ is the company's verified emissions for the year. - Model Evaluation: This model ensures that differences in emission control levels among companies are reflected in their quota allocations, providing positive incentives for emission reduction while maintaining overall quota stability.[8][9][11] Model Backtesting Results - Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient: - The model's implementation is expected to significantly expand the coverage of the national carbon market, enhancing the price discovery function of carbon prices and reflecting marginal abatement costs more clearly.[12][13] Quantitative Factors and Construction Methods Factor 1: National Certified Voluntary Emission Reduction (CCER) Methodology - Factor Name: National Certified Voluntary Emission Reduction (CCER) Methodology - Factor Construction Idea: The factor aims to provide a quantifiable method for voluntary emission reduction projects, converting emission reductions into tradable environmental credits. - Factor Construction Process: - The methodology includes three key scenarios: offshore oilfield associated gas recovery, onshore gas field test gas recovery, and onshore oilfield low-gas-volume associated gas recovery. - Each scenario has specific mechanisms for emission reduction, monitoring, and accounting requirements. - For example, the offshore oilfield associated gas recovery scenario involves recovering gas that would otherwise be flared, converting it into usable products, and reducing methane emissions. - Factor Evaluation: This methodology provides clear technical specifications and market incentives for methane emission reduction projects in the oil and gas industry, supporting the achievement of methane control targets.[14][15] Factor Backtesting Results - National Certified Voluntary Emission Reduction (CCER) Methodology: - The implementation of this methodology is expected to lead to the initiation of more associated gas recovery projects, contributing to the achievement of China's dual carbon goals and supporting the green and low-carbon transition of the oil and gas industry.[14][15]