国泰海通 · 环保｜降碳减污协同推进，绿色转型全面提速

Core Viewpoint - The government work report for 2026 emphasizes accelerating the comprehensive green transition, focusing on the dual control of carbon emissions and the expansion of carbon markets alongside ecological protection efforts [2][3]. Summary by Sections Green Transition and Carbon Control - The report outlines a "carbon reduction - pollution reduction - green expansion - growth" methodology, aiming for a 3.8% reduction in carbon emissions per unit of GDP this year, indicating a shift from single-point governance to a collaborative governance model under the dual carbon framework [3]. - The dual control of carbon emissions and intensity will drive local and industry-level actions through a closed-loop system involving target decomposition, project access, energy/carbon constraints, and trading/accounting mechanisms [4]. Ecological Environment Management - The report highlights the need for continuous improvement in air quality, with ongoing governance and compliance assessments [3]. - It calls for the management of black and odorous water bodies in rural areas, benefiting companies with regional delivery and operation capabilities in comprehensive water environment management [3]. - Emphasis is placed on new pollutant management and solid waste governance, promoting compliance and reducing illegal disposal, which favors leading companies in solid waste management [3]. Development of Low-Carbon Economy - The report advocates for the development of a green low-carbon economy, urging key industries to enhance quality while reducing costs and carbon emissions, which benefits energy efficiency management and low-carbon technology firms [4]. - Establishment of a national low-carbon transition fund is proposed to foster growth in hydrogen energy and green fuels, benefiting leading companies in these sectors [4]. - The report stresses the need for effective control of high energy-consuming and high-emission projects, indicating a continued demand for compliance investments in energy-intensive industries [4]. New Power System and Green Energy - A new power system will be constructed, accelerating smart grid development and expanding green energy applications, which is crucial for achieving carbon neutrality [4]. - The flexibility and capacity of the power grid are identified as hard constraints for carbon reduction, benefiting companies involved in grid, storage, and green energy applications [4]. Investment Recommendations - The report suggests that the acceleration of the comprehensive green transition and ongoing pollution prevention efforts will benefit various segments within the environmental protection industry [5].