证券日报网讯12月4日，江苏国信（002608）在互动平台回答投资者提问时表示，现货交易机遇把握方 面，公司精准市场分析与预测，优化申报策略，加强机组灵活性改造，做好风险管控与应急响应；碳资 产管理机遇把握方面，公司搭建信息化系统，夯实数据基础，优化配额管理，统筹碳交易。推进减排技 术应用，探索碳金融工具。 ...

新华财经北京11月28日电据重庆市人民政府网站28日消息，重庆市人民政府日前印发《重庆市要素市场化配置综合改革试点行动方案》。其中 提到，深化天然气体制改革。支持重庆石油天然气交易中心扩大交易规模，建立油气产业链相关产品上线交易绿色通道，研究推动油气期货现 货市场联动。探索海外油气资源直接销售，开展油气大宗商品人民币跨境结算，发布并推广中国陆上天然气价格指数。支持年用量在1000万立 方米以上的天然气大用户自主选择供气路径，支持天然气（页岩气）勘探开发企业开展天然气销售业务。加快天然气管网设施独立运营和公平 开放，推动管输业务和销售业务分离，完善市内天然气管道运输价格机制。 深化电力市场改革。深化售电侧改革，建立保底售电公司运行机制，完善增量配网准入和退出机制。深化新能源上网电价市场化改革，构建绿 电直连政策体系并开展试点。在川渝毗邻地区探索"电力跨省域办理"一站式服务。完善"中长期+现货""电能量+辅助服务"体系，推动电力现货 市场转入正式运行。 推动碳市场提质增效。主动参与全国碳市场政策标准制定，建成温室气体全品类交易的地方碳市场，构建非二氧化碳温室气体市场化管控机 制。完善企业碳账户系统，集成建立碳金融 ...

Core Insights - The Shanghai Clearing House and Shanghai Environment and Energy Exchange held a seminar on the development of the Shanghai carbon market and forward carbon quota trading [1][2] - The Shanghai Municipal Ecology and Environment Bureau presented the "Action Plan for Comprehensive Deepening Reform of the Shanghai Carbon Market (2026-2030)", outlining the overall strategy, main goals, and key tasks for the next phase of market development [1] - The Shanghai Clearing House promoted the forward carbon quota central counterparty clearing business, emphasizing its business model, risk control measures, and service advantages to help market participants manage price volatility risks [1] Group 1 - The seminar included representatives from 76 institutions, including regulatory bodies, financial institutions, carbon asset management companies, and research institutions, with nearly a hundred experts in attendance [1] - The Shanghai Economic Information Center explained the core principles and methodologies of the carbon quota allocation scheme, enhancing market understanding of the allocation mechanism [1] - Financial institutions such as Guotai Junan Securities, Huatai Securities, and Dongfang Securities shared their experiences in participating in the Shanghai carbon market and forward trading [2] Group 2 - The forward carbon quota central counterparty clearing business has been operational since 2017, with a cumulative clearing amount of approximately 226 million yuan, serving as an important risk management tool [2] - The Shanghai Clearing House aims to continue optimizing clearing services and contribute to the construction of Shanghai as an international financial center and a hub for international green finance [2]

也要看到，在赋能新时代绿色发展方面，我国绿色金融仍面临一些问题和挑战。例如，绿色金融标 准体系不完善，国内外标准不统一、地方与行业标准差异大；碳市场交易规模低、行业覆盖范围有限、 价格发现功能较弱；绿色金融工具仍以传统信贷、债券为主，创新性产品不足。未来需要加快绿色金融 的发展和升级。 一方面，健全绿色金融标准体系。加强统筹协调，在建立完善绿色金融标准体系方面持续发力。加 快转型金融标准体系建设，制定出台统一的金融机构和金融业务碳核算标准。加强对金融机构的引导和 监督，促进标准实施。积极参与国际标准制定，提升我国在国际绿色金融标准制定中的话语权和影响 力。 另一方面，丰富绿色金融和转型金融产品及服务。金融机构要在扩绿、降碳、减污等方面不断丰富 产品和服务。发挥碳金融在全国碳市场建设中的助推作用。金融机构要规范开展碳质押融资业务，稳步 参与全国碳市场建设，稳慎探索开发"碳金融"产品和服务。 (本文来源：经济日报 作者系国家信息中心正高级经济师 李若愚) 绿色发展是高质量发展的底色，绿色金融在其中发挥了引领和支持作用。《中共中央关于制定国民 经济和社会发展第十五个五年规划的建议》明确提出，大力发展科技金融、绿色金 ...

Core Viewpoint - Green finance plays a leading and supportive role in achieving high-quality development and is essential for China's green transition and carbon reduction tasks [1][2]. Group 1: Development of Green Finance - Green finance has rapidly developed in China, effectively guiding social capital towards green low-carbon industries and promoting the green transformation of traditional industries [2]. - The People's Bank of China and other departments have issued the "Green Finance Support Project Directory (2025 Edition)" to standardize the flow of funds [2]. - Various national-level green finance reform and innovation pilot zones have been established in provinces such as Zhejiang, Jiangxi, Guangdong, and Guizhou to explore innovative practices [2]. Group 2: Achievements and Global Position - China has established a comprehensive green finance policy system and is a significant participant and leader in global green finance standard-setting [3]. - As of June 2023, the balance of green loans in domestic and foreign currencies reached 42.39 trillion yuan, an increase of 14.4% from the beginning of the year [3]. - The issuance scale of green bonds in China has grown at an average annual rate of 16.5% from 2016 to 2024 [3]. Group 3: Challenges and Future Directions - Challenges in green finance include an incomplete standard system, low trading scale in carbon markets, and a lack of innovative financial products [3]. - There is a need to enhance the green finance standard system and actively participate in international standard-setting to increase China's influence [4]. - Financial institutions should diversify green finance products and services, focusing on carbon finance and supporting the national carbon market [4].

Core Insights - The People's Bank of China reports rapid growth in green loans, highlighting the importance of green finance in supporting economic transformation and the construction of a beautiful China [1][2] - Financial institutions are enhancing the quality of financial supply for green transformation, with a focus on carbon reduction, pollution control, and expanding green initiatives [2][3] Credit Supply Increase - The green financial system in China is continuously improving, with the People's Bank of China encouraging financial institutions to increase credit supply to green sectors [2] - As of July, the balance of green loans at China Construction Bank exceeded 5.74 trillion yuan, accounting for over 20% of total loans [2] - By the end of Q3 2025, the balance of green loans reached 43.51 trillion yuan, a 17.5% increase from the beginning of the year [3] Product Innovation - Financial institutions are innovating in the carbon market, providing diverse green financial products to support low-carbon development [4] - The introduction of carbon pledge financing allows companies to use carbon emission quotas as collateral for loans, representing a significant financial innovation [4][5] Transition Finance - Transition finance is emerging to support high-carbon industries like steel and cement in their green transformation, addressing their unique financing needs [7][8] - The People's Bank of China has been actively developing transition finance standards to support traditional industries in their upgrade efforts [8][9] Information Disclosure - There is a need to improve the quality of information disclosure for transition entities, with clear requirements for sustainable planning and reporting [9]

Core Insights - The People's Bank of China reports rapid growth in green loans, highlighting the importance of green finance in supporting economic transformation and the construction of a beautiful China [1][2] Credit Supply Increase - China's financial institutions are enhancing the quality of financial supply for green transformation, with a focus on increasing credit supply to green and environmental protection sectors [2][3] - As of July, the balance of green loans at China Construction Bank exceeded 5.74 trillion yuan, accounting for over 20% of total loans [2] - The implementation of the "High-Quality Development Implementation Plan for Green Finance in the Banking and Insurance Industries" aims to optimize credit supply [2] Green Loan Growth - The balance of green loans in both domestic and foreign currencies reached 43.51 trillion yuan by the end of Q3 2025, marking a 17.5% increase from the beginning of the year [3] - The increase in green credit supply is expected to extend the coverage of green finance and promote low-carbon development in key industries [3] Product Innovation - Financial institutions are innovating in the carbon market, providing diverse green financial products to support low-carbon development [4][5] - The introduction of carbon pledge financing allows companies to use carbon emission quotas as collateral for loans, representing a significant financial innovation [4] Carbon Finance Integration - Carbon pledge financing is a key attempt to integrate carbon markets with financial markets, enhancing the financial functionality of carbon assets [5][6] - The participation of securities firms in carbon trading is expected to improve price discovery and market liquidity [6] Transition Finance - Transition finance is emerging to support the green transformation of high-carbon industries, which are crucial for China's industrial development [7][8] - Financial institutions are encouraged to explore new financing channels for traditional industries, such as using pollution rights as collateral [8] Standards and Disclosure - The establishment of a unified standard for green finance projects is crucial for promoting transition finance and achieving carbon neutrality goals [8][9] - Improving the quality of information disclosure for transition entities is essential for reducing financing costs and facilitating low-carbon transformation [9]

Core Insights - Sustainable finance is facing a critical turning point, serving as an important engine for achieving carbon neutrality goals and a key link for collaborative development in the Bay Area [2] - The establishment of a common language across sectors is essential for quantifying technological innovations, measuring environmental value, and assessing long-term risks in sustainable finance [4][5] Group 1: Current Developments in Sustainable Finance - As of the end of 2024, the balance of green credit in Shenzhen's banking sector has surpassed 1 trillion yuan, reaching 1,023.09 billion yuan, with a growth rate exceeding that of all loans by 17.99 percentage points [2] - The cumulative scale of green bonds issued on the Shenzhen Stock Exchange has reached 188.37 billion yuan [2] - Shenzhen plans to achieve full ESG disclosure coverage for state-owned enterprises and publicly listed companies by 2027, with a target disclosure rate of 60% for key sectors [2] Group 2: Challenges in Sustainable Finance - A significant challenge in sustainable finance is the need for a robust green finance data governance system to prevent "greenwashing" and "green drifting" risks [3][4] - The lack of reliable data hinders risk prevention and information disclosure, which is particularly urgent at the international level due to the upcoming implementation of the EU's Carbon Border Adjustment Mechanism (CBAM) [3] - Financial institutions primarily assess current profitability when making credit decisions, which misaligns with the cyclical nature of industry development, making it difficult for companies undergoing green transformation to secure financing [6] Group 3: Solutions and Initiatives - Professional institutions are working to cultivate "translators" in the sustainable finance sector to help companies communicate their green transformation achievements in a language understandable to financial institutions and stakeholders [5] - The establishment of new platforms is encouraged to facilitate effective communication between technology providers and financial backers, allowing for better integration of technical and financial languages [4]

Core Insights - Recently, Industrial Bank signed a "Supply Chain Collaborative Carbon Reduction Service Agreement" with Trina Solar, marking the first integration of "carbon finance + supply chain" in green finance, aimed at expanding green financing channels for enterprises and assisting cross-border companies in addressing overseas carbon tariffs [1][2] - The agreement allows several upstream suppliers of Trina Solar to receive green financing support due to their excellent carbon reduction performance, exemplifying innovative practices in green finance reform in the Yangtze River Delta region [1] Group 1 - The "Dual Carbon Management Platform" developed by Industrial Bank helps accurately measure and track the carbon footprint of Trina Solar's core products, providing a scientific basis for green financing [1] - Industrial Bank has established unified carbon accounts for Trina Solar and its upstream and downstream enterprises, quantifying carbon emissions across production, procurement, and transportation, and offering customized green financial services [1] - A "carbon performance-linked financing" mechanism is introduced, where financing rates are reduced if the company's carbon reduction performance meets certain standards, promoting low-carbon as a core competitive advantage in the supply chain [1] Group 2 - The "Dual Carbon Management Platform" also assists exporting companies in accurately measuring and disclosing product carbon footprints, enabling timely optimization of production processes and supply chain adjustments to comply with EU CBAM and new battery regulations [2] - The supply chain is identified as a key vehicle for achieving dual carbon goals, with Industrial Bank's innovative solutions addressing the funding challenges of upstream and downstream enterprises while standardizing and increasing transparency in low-carbon management [2] - As of June 2025, Industrial Bank's supply chain financial business under green scenarios is expected to reach nearly 75 billion, serving 126 green core enterprises across 83 dedicated green industries, with over 52 billion in green supply chain finance in clean energy sectors like photovoltaics and wind power [2]

Core Insights - The implementation of the "Green Finance Support Project Directory (2025 Edition)" accelerates China's economic green transformation [1] - The national carbon market has seen over 700 million tons of carbon emission allowances traded, with a clearing amount exceeding 100 billion [1] - The development of carbon finance is transitioning from concept to market practice, driven by market expansion and product innovation [1] Group 1: Market Dynamics - The green finance landscape is expanding, with national-level funds leading the way in equity investment, crucial for tackling transformation challenges [2] - The National Green Development Fund (initially 88.5 billion) and Baowu Carbon Neutral Equity Investment Fund (total scale of 50 billion) are at the forefront, supported by several local funds [2] - A shift in the role of large banks is noted, moving from debt providers to active equity participants, enabling a "loan-equity linkage" model [2] Group 2: Financial Instruments - Public REITs for green infrastructure are emerging as key financial tools to bridge investment and financing gaps [2] - As of May 2025, 66 public REITs have been issued, raising nearly 180 billion, with a secondary market value targeting 200 billion [3] - REITs facilitate the securitization of stable cash flow green infrastructure assets, attracting social capital for green infrastructure investment [3] Group 3: Precision in Green Finance - Green finance practices are evolving from a broad approach to a more precise and efficient model [4] - A case study highlights a bank providing a 100 million special green loan for a solar project using an "agriculture-solar complementary" model, linking environmental performance to loan pricing [4] - A 150 million transformation loan was issued to a paper company, adhering strictly to local transformation financial standards [4] Group 4: Standardization and Future Directions - The People's Bank of China is leading the development of transformation financial standards for key sectors, emphasizing a systematic approach [5] - The challenge lies in transforming traditional high-carbon industries, which are significant in GDP and employment [5] - Financial professionals express the need for carbon futures and enhanced transformation financial standards to prevent "greenwashing" [5]