时值《巴黎协定》签署10周年，2025年9月24日，中国新一轮国家自主贡献（NDC）目标在联合国气候 变化峰会上公布。本轮NDC目标锁定全经济范围的温室气体减排，中国力争到2035年全经济范围温室 气体净排放量比峰值至少下降7%至10%。早在2025年7月，中欧曾发表联合声明，将在《联合国气候变 化框架》第30次缔约方大会（COP30）前提交2035年国家自主贡献目标，COP30将对收集的所有NDC 目标进行整合、评估，判断是否符合《巴黎协定》设定的气温升幅控制目标。全球气温增幅控制迫在眉 睫。联合国环境规划署发布的《2024年排放差距报告》显示：全球气温已比工业革命前高出1.3℃，当 前的行动和政策将导致21世纪内全球气温上升2.6℃至3.1℃。中国气象局于2025年6月发布的《中国气候 变化蓝皮书2025》显示，气候系统变暖趋势仍在持续，2024年我国气候风险指数为1961年以来最高，年 平均气温、沿海海平面、天山乌鲁木齐河源1号冰川消融损失量等监测指标均创下新高。气候风险将严 重影响人类福祉，特别是弱势群体。中国普惠金融研究院于2022年发布的社会责任投资报告指出，气候 变暖对缺乏风险认知和风险管理工具 ...

Kieran Brophy LSEG 主权气候研究负责人 LSEG第五版《净零排放地图 集》（《 Net Zero Atlas》） 为投 资者提供了大量关于G20国家所面临 的转型风险和物理风险的数据与洞察。 我们转型风险分析的关键发现 我们对气候物理风险分析的关键发现 Jaakko Kooroshy LSEG 全球可持续投资研究主管 Alan Meng LSEG 可持续固定收益 研究主管 Edmund Bourne LSEG SI 研究主管 95%的国家未能在联合国规定的2月截止日期前提交新的国家自主贡献（NDCs 3.0）。然而，主要排 放国的最新宣布意味着已有15个二十国集团（G20）经济体——覆盖了G20排放量的71%——设定了 2035年目标。 伦敦证券交易所集团（LSEG）的分析显示，这些2035年目标显著加快了2030年之后的减排步伐：有 目标的G20国家在2030至2035年间的年度减排率提升至-2.6%至-3.5%（相比之下，在NDCs 2.0框架 下，2023至2030年间仅为-0.5%至-0.7%），这意味着在2030目标基础上额外实现五年间13%至18% 的减排。 对于企业和投资者而言 ...

Core Viewpoint - The article discusses the evolving climate risks impacting agricultural companies, highlighting both the significant losses faced by major players like ADM and Bunge due to extreme weather and supply chain disruptions, as well as the new opportunities arising for companies investing in drought-resistant crops and plant-based products [3][4]. Group 1: Impact of Extreme Weather - Extreme weather events are causing substantial damage to crops, livestock, and supply chains, potentially leading to losses of up to $720 million for ADM due to property damage, transportation disruptions, and increased shipping costs [4]. - The agricultural sector has faced severe losses, with Argentina experiencing $20 billion in agricultural export losses from 2022 to 2023 due to drought and heat [4]. - A new market is emerging for drought-resistant crops and digital tools aimed at improving water efficiency, with companies like BayWa identifying opportunities worth €70 million [4]. Group 2: Regulatory Changes and New Opportunities - Major agricultural companies such as Bunge, Cargill, and ADM are investing heavily in the plant-based protein sector, including alternative meat and dairy products, with Bunge investing $550 million in a new soybean protein plant in Indiana [6]. - Stricter environmental regulations related to greenhouse gas emissions are creating new opportunities for climate-friendly biofuels and "deforestation-free" certified products, with Bunge expecting an additional $4.5 million in sales from "zero deforestation" certified soybeans in high-risk areas like Brazil [6]. - ADM has launched a biostimulant product aimed at significantly improving nutrient use efficiency and corn yields, with R&D spending increasing from $256 million to $269 million in 2024 [6]. Group 3: Greenhouse Gas Emission Challenges - Agricultural companies are facing increasing pressure to reduce emissions of nitrous oxide (N2O) and methane, which are significant contributors to global warming [7]. - The EU and Germany have implemented stricter nitrogen fertilizer regulations, directly impacting agricultural revenues for companies like BayWa [7]. - Companies like Olam are training rice farmers in their supply chain to optimize water, fertilizer, and waste management, aiming to reduce methane emissions by up to 70% [8].

Core Insights - The article discusses various studies related to the insurance industry, focusing on climate risks, employer insurance, reinsurance, and directors' and officers' liability insurance, highlighting their impacts on risk management and corporate performance. Group 1: Climate Risk - Climate risks significantly increase claim ratios for property-casualty insurers in China, with both short-term and long-term risks contributing to this effect [6][7] - There is no substantial evidence that climate risks lead insurers to enhance their risk management practices, such as increasing reinsurance ratios or adjusting geographic business distribution, resulting in a notable negative impact on performance [6][7] - The adverse effects of climate risks are more pronounced in smaller insurers, those with lower reinsurance coverage, or those with a high concentration of business in specific regions [6][7] Group 2: Employer Insurance - Companies that implement supplementary pension insurance programs (SPIPs) and invest heavily in them exhibit significantly lower operational risks compared to those that do not or invest less [9][10] - The risk-reducing effect of SPIPs is more significant in firms with higher-educated employees, primarily through improved employee retention [9][10] - The study highlights the importance of SPIPs not only as a form of retirement insurance but also as a crucial factor in reducing operational risks [9][10] Group 3: Reinsurance - The duration of the insurer-reinsurer relationship is positively correlated with underwriting performance, with insurers realizing benefits from these relationships only after approximately three years [8][17] - Long-term reinsurance relationships are essential for underwriting, suggesting strategies for sustainable development in the insurance sector [8][17] - Reinsurance is associated with reduced absolute values of actual and target leverage deviations, indicating that it helps insurers align their actual leverage with target levels [16][17] Group 4: Directors' and Officers' Liability Insurance - Companies with directors' and officers' liability insurance (D&O insurance) are more likely to capitalize R&D expenditures, with management's risk appetite being a key factor in this process [12][13] - The effect of D&O insurance on R&D capitalization is stronger under high financing and performance pressures but weaker when effective monitoring mechanisms are in place [12][13] - D&O insurance significantly enhances corporate social responsibility (CSR) performance in state-owned enterprises, functioning as a policy-embedded accountability mechanism [13][14]

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on sustainable development and ESG (Environmental, Social, and Governance) practices [1] Group 1: Event Overview - The conference is co-hosted by the World Green Design Organization (WGDO) and Sina Group, with support from the Shanghai Huangpu District Government [1] - The event includes a forum where GRESB's China Chief Representative, Deng Yaohua, will discuss the application of ESG evaluation standards [1] Group 2: GRESB's Role in ESG Management - GRESB operates as an active rating system, focusing on the perspective of stakeholders, with $150 billion in capital influenced by its ratings for investment decisions [3] - The organization emphasizes the importance of balancing risk and return, particularly in the context of climate risks, including physical, transition, and policy risks [3][4] Group 3: Investment Considerations - Investors are increasingly concerned about climate change impacts, such as flooding, which can erode property value if not considered during investment negotiations [4] - GRESB provides quantifiable metrics for ESG performance, which helps companies set specific goals and KPIs for their strategic planning [5] Group 4: ESG Strategy Implementation - The organization highlights the need for a structured approach to ESG strategy, with approximately 60 different indicators to guide companies in optimizing their performance [5] - GRESB's standards not only serve as a rating system but also as a disclosure standard, assisting companies in achieving excellence in ESG performance [5]

Group 1 - The core theme of the upcoming lecture is "Progress in Climate Finance Research," scheduled for October 10, 2025 [3] - The event is organized by Tsinghua University Wudaokou School of Finance and hosted by the Green Finance Research Center (CGFR) [2][3] - The lecture aims to explore the role of green finance in sustainable development and climate change, discussing market mechanisms and policy incentives [2] Group 2 - The guest speaker, Ji Qiang, is the Executive Director of the Academic Discipline Research Support Center at the Chinese Academy of Sciences and has extensive research experience in energy strategy management and climate finance [5][6] - Ji Qiang has published over 220 papers in SCI/SSCI journals and holds several prominent positions in energy finance organizations [5][6] - The lecture will include a keynote speech followed by a Q&A session, promoting dialogue between academic research and industry practices [3]

Core Viewpoint - The impact of Typhoon "Haikashan" has disrupted travel plans and caused significant cancellations in flights and train services, leading to a sharp decline in tourism orders in popular destinations like Hainan and the Pearl River Delta region [2][3][4]. Group 1: Impact on Travel and Tourism - As of September 24, 2023, a total of 3,489 flights were canceled across airports in Shenzhen, Zhuhai, Hong Kong, Guangzhou, and Macau due to the typhoon [2]. - The typhoon has led to the complete suspension of train services in Hainan and the cancellation of all high-speed and regular trains in Guangdong province [3]. - Popular tourist destinations are experiencing a "cliff-like" drop in bookings, with many tourists reconsidering their travel plans just days before the National Day holiday [3][4]. Group 2: Effects on Businesses - The typhoon has severely affected the hospitality sector, with hotel prices in Hong Kong plummeting and a surge in cancellation rates for accommodations [4]. - The storm caused physical damage to hotel facilities, exemplified by the flooding of the Hong Kong Ocean Park Hotel due to storm surges [4]. - Small and medium-sized tourism enterprises are facing significant challenges, marking the second major disruption this year after summer floods in northern regions [4]. Group 3: Industry Challenges and Adaptation - The tourism industry is currently lacking risk mitigation mechanisms, heavily relying on last-minute bookings, which makes it vulnerable to weather disruptions [5]. - Data indicates an 86.5% increase in activity interruptions globally due to storms and floods, with weather changes becoming a primary reason for cancellations [5]. - There is a call within the industry for the establishment of a multi-party risk-sharing mechanism, improved cancellation policies, and the development of specialized insurance products to better prepare for extreme weather events [6].

Core Viewpoint - The conference highlighted the critical role of finance in supporting sustainable development, emphasizing the integration of ESG risk management into the banking sector's overall risk management framework to address climate risks [1][4]. Group 1: Sustainable Development in China's Financial Sector - China's financial industry has shown significant commitment to sustainable development, with a clear strategic direction and consistent practices [2]. - The scale of green loans in China has surpassed 40 trillion yuan, maintaining a year-on-year growth rate of over 20% for the past five years, positioning China as the global leader in this area [2]. - China has also emerged as a major player in the green bond market, ranking first in issuance volume for 2022 and 2023, and is the second-largest market for green bonds globally [2]. Group 2: Carbon Finance and Market Development - China has established the world's largest carbon market, covering approximately 8 billion tons of carbon emissions across key industries, which is six times larger than the EU's carbon market [3]. - The financial sector is actively developing carbon financial products such as carbon pledge financing, carbon repurchase, and carbon bonds to support enterprises in their low-carbon transitions [3]. - China's green finance initiatives are gaining international recognition, with several green finance standards led or participated by China being widely accepted [3]. Group 3: ESG Risk Management Integration - The banking sector has incorporated ESG risk management into its comprehensive risk management system to enhance the identification and management of climate risks [4][5]. - Key strategies include promoting a green low-carbon asset structure, integrating climate risk factors throughout the business process, and conducting climate risk stress tests to assess risk tolerance [5][6]. - The future focus for the banking industry includes supporting the establishment of zero-carbon industrial parks, which aim to minimize carbon emissions to near-zero or net-zero levels [6].

Core Viewpoint - The article emphasizes the significant role of green finance in China's economic transformation towards sustainability, highlighting its contribution to global green governance and the achievement of carbon neutrality goals. Group 1: Green Finance as a Key Driver - Green finance is a crucial component of China's strategy to build a financial powerhouse and is essential for promoting a comprehensive green transformation of the economy and society [1] - Financial institutions are pivotal in this process, acting as key players in facilitating the transition to a green economy [1] Group 2: Support for Green New Momentum - Financial institutions are increasingly adopting systematic approaches to support green new momentum, providing initial funding through green industry funds, private equity financing, and green credit for emerging green technology companies [2] - During the growth phase, they assist companies in accessing direct financing through IPO underwriting and sponsorship, directing funds towards R&D, capacity expansion, and market development [2] - For mature companies, they offer tools like green corporate bonds and asset-backed securities to ensure ongoing development and market position [2] Group 3: Innovation in Green Finance - Financial institutions are innovating to create a modern green finance ecosystem, focusing on product diversification to meet the varied needs of different market participants [3] - New financial products include green notes, green supply chain finance, ESG-themed investment products, carbon-neutral bonds, and sustainability-linked loans [3] - The use of digital technology is enhancing the efficiency and precision of green finance services, with AI and big data improving green identification and blockchain ensuring transparency in fund allocation [3] Group 4: Risk Management and International Cooperation - Financial institutions are integrating climate risk into their risk management frameworks, enhancing their ability to identify and respond to climate-related risks [4] - They are also engaging in international cooperation to share best practices and tackle global climate challenges collectively [4] - By strengthening risk management and fostering international collaboration, financial institutions are positioning themselves as responsible players in global climate governance [4]

Core Viewpoint - Climate risks are increasingly impacting rural energy systems, necessitating enhanced infrastructure and targeted policy recommendations to mitigate these effects [1][4]. Rural Energy Infrastructure Status - The government is placing significant emphasis on rural energy infrastructure, supported by policies and financial assistance such as low-interest loans and subsidies [2]. - Notable progress has been made in rural energy infrastructure, with increased investment in rural power grids and a significant expansion in coverage [2]. - The rapid development of renewable energy, particularly through initiatives like the photovoltaic poverty alleviation program, has led to a substantial increase in installed capacity [2]. Future Development Focus - Future development will prioritize renewable energy, especially distributed energy systems, and smart grid construction to enhance resilience against climate risks [3]. - The share of fossil fuels in rural energy systems is decreasing, with a broad outlook for renewable energy development [3]. Impact of Climate Risks - Climate risks directly damage energy infrastructure, increasing operational risks for rural energy systems [4][5]. - The costs associated with adapting rural energy infrastructure to climate risks are rising, leading to increased operational burdens [4][6]. - Climate risks contribute to decreased stability and efficiency in energy transportation, impacting overall effectiveness and increasing costs [6]. Strategies to Address Climate Risks - Selecting appropriate locations for energy infrastructure to enhance resilience against climate risks is crucial [7]. - Establishing a climate warning mechanism to improve preemptive capabilities against extreme weather events is necessary [8]. - Promoting advanced energy technologies and improving the smart management of rural energy infrastructure will bolster resilience [9]. - Training energy personnel on climate risk awareness is essential to reduce failure rates in energy infrastructure [10].