黄国平（中国社会科学院金融研究所研究员、国家金融与发展实验室科技金融与发展研究中心主任）： 绿色金融是指为支持环境改善、应对气候变化和资源节约高效利用，对环保、节能、清洁能源、绿色交 通、绿色建筑等领域的项目投融资、项目运营、风险管理等所提供的金融服务。 2021年中共中央、国务院印发的《关于完整准确全面贯彻新发展理念做好碳达峰碳中和工作的意见》提 出，积极发展绿色金融。2024年中共中央、国务院印发的《关于加快经济社会发展全面绿色转型的意 见》强调，研究制定转型金融标准，为传统行业领域绿色低碳转型提供合理必要的金融支持。今年初， 国家金融监督管理总局和中国人民银行联合印发《银行业保险业绿色金融高质量发展实施方案》，引导 银行业保险业大力发展绿色金融，加大对绿色、低碳、循环经济的支持。 发展绿色金融是金融体系为服务经济社会全面绿色转型而进行的系统性变革，通过市场化机制和制度化 安排，将生态环境要素深度融入资源配置全过程，实现经济增长与环境保护协同发展。发展目标上，绿 色金融既要支持环保、节能、清洁能源等绿色产业发展，也要防范气候变化和环境破坏带来的金融风 险，确保金融体系自身的稳健与可持续发展。运作机制上，绿 ...

Core Viewpoint - The traditional high-energy and high-emission industries in Guangdong are undergoing a significant green transformation, supported by targeted financial services from the China Construction Bank Guangdong Branch [1][2]. Group 1: Financial Support for Transformation - The China Construction Bank Guangdong Branch has launched a specialized service plan for transformation-linked loans to address the financing difficulties faced by traditional industries during their green transition [2][4]. - The bank has successfully implemented transformation financial services across various sectors, including thermal power, ceramics, steel, agriculture, paper, glass, and petrochemicals [2][4]. Group 2: Case Studies of Green Transformation - In Meizhou, the bank provided a loan of 98 million yuan to an agricultural enterprise for its low-carbon transformation, which is expected to reduce carbon emissions by approximately 4,000 tons annually [3][4]. - In Yangjiang, the bank supported a steel company with a loan of 65.4 million yuan for green technology upgrades, projected to save 2,331 tons of standard coal and reduce carbon emissions by about 5,809 tons per year [4][5]. - In Shaoguan, a paper company received a 30 million yuan unsecured loan to facilitate its low-carbon transition, addressing its raw material procurement needs [4][5]. Group 3: Institutional Support and Future Plans - The China Construction Bank Guangdong Branch is committed to enhancing its transformation financial services by optimizing financial products and participating in the establishment of industry standards [6]. - The bank aims to expand its services to more sectors, including chemicals and textiles, to further support the green transformation of traditional industries in Guangdong [6].

Core Insights - The report presents a comprehensive overview of the development of China's transition bond market, highlighting its significance as a financial tool supporting green and low-carbon transitions, with substantial achievements in policy guidance, market practices, and environmental benefits, indicating a promising future potential [1][2]. Group 1: Development Opportunities - China's transition bonds are positioned to benefit from significant development opportunities driven by national policies aimed at achieving carbon peak and carbon neutrality, as outlined in the 20th National Congress report [11]. - The G20 Transition Finance Framework provides international standards and guidelines for transition activities, while domestic policies have established clear standards, product systems, and incentive mechanisms for transition finance [12][13]. Group 2: Market Growth - The transition bond market in China has steadily grown over four years, with a total of 244 bonds issued from 2021 to 2024, amounting to a total scale of 220.8 billion yuan, and the number of issuers increasing to 59 [2][19]. - The product categories have diversified, with both linked and non-linked bonds, and corporate bonds and medium-term notes becoming the primary issuance types [21]. - The geographical distribution of issuers shows a concentration in regions with strong transition demands, with Beijing and Shanghai accounting for nearly 40% of the total issuance [24]. Group 3: Environmental Benefits - Transition bonds have demonstrated significant environmental benefits, with funds primarily directed towards energy-saving and carbon-reduction projects, accounting for over 80% of total investments [2][34]. - Quantitative data indicates that from 2021 to 2024, linked transition bonds are expected to achieve annual carbon reductions of over 48.06 million tons of CO2 equivalent and save over 15.8 million tons of standard coal [37]. Group 4: High-Quality Development - To promote high-quality development of the transition bond market, several strategies are recommended, including the establishment of a "ladder-type" transition bond planning framework, encouraging product innovation, and enhancing information disclosure mechanisms [40][41]. - Strengthening international cooperation and aligning Chinese standards with international standards are also emphasized to support the continuous expansion of the transition bond market [43].

新华财经北京12月1日电 政策精准发力与市场内生动力共振，让我国绿色债券在全球ESG退潮中逆势崛 起，成为全球可持续金融的新引擎。根据英国伦敦证券交易所集团最新数据，截至2025年10月下旬，我 国绿色债券发行总额同比增长92%至1018亿美元，在全球绿色债券发行总额中占比达20%，成为全球最 大的绿色债券市场。 这一成绩的取得正值全球绿色债券发行总体降温之际——全球绿色债券发行总额同比下降11%至5060亿 美元。我国绿债市场的逆势上扬，彰显出宏观政策的独特发展韧性与战略远见。从《绿色金融支持项目 目录》的统一标准，到中欧《共同分类目录》的接轨国际。从清洁能源债券的兴起，到转型金融框架的 搭建，一条从"规模扩张"到"质效提升"的路径清晰可见。 与此同时，相关部门积极推动国内标准与国际接轨，进一步提升了市场规范性和国际认可度。近年来， 国家发展改革委、工业和信息化部、财政部、生态环境部等部门出台了一系列政策。 例如，《关于进一步强化金融支持绿色低碳发展的指导意见》明确提出，持续优化我国绿色债券标准， 统一绿色债券募集资金用途、信息披露和监管要求。国家金融监督管理总局和中国人民银行发布的《银 行业保险业绿色金融 ...

21世纪经济报道记者卢陶然、李德尚玉 湖州报道 十一月，湖州西山漾湿地公园的秋色渐深。沿湖而行，处处可见绿色金融的支持痕迹：智能环境监测设 备、生态修复工程…… 今年是"绿水青山就是金山银山"理念提出二十周年。我国"十五五"规划建议提出，加快经济社会发展全 面绿色转型，建设美丽中国。 湖州市是"两山"理念诞生地，从2015年自主探索，到2017年成为全国首批绿色金融改革创新试验区，这 十年间，湖州绿色金融改革怎样支持产业绿色转型中的技术瓶颈和资金难题？如何让绿色金融从概念走 向落地实践？ 带着这些问题，近日，21世纪经济报道记者深入湖州一线调研走访。从湿地公园到虚拟电厂，从绿色标 准推出到碳中和银行试点，湖州正在用绿色金融赋能自身全域发展。 湖州绿色金融改革的政策，正在转化落地为企业层面的实际动能，吴兴国控数字能源的虚拟电厂正是受 益者之一。 记者走进吴兴国控数字能源公司，看到技术人员正在三维可视化平台上查看"三网融合"的实时动态。 "得益于工行湖州分行等金融机构的8.4亿元贷款支持，虚拟电厂的建成恰逢其时。"吴兴国控数字能源 企划投资部赵挺表示。 作为吴兴区首家获得售电牌照的国企，虚拟电厂则成为其布局电力市 ...

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 Viewpoint - The article emphasizes the necessity for companies to develop and implement transformation plans in response to climate change and the global shift towards net-zero emissions, highlighting that such plans are essential for survival, compliance, and future value creation in a competitive landscape [1]. Group 1: Governance and Strategy - High-quality transformation plans must integrate climate goals, such as net-zero emissions, into the core of corporate strategy, supported by a robust governance framework where the board and executives are accountable for climate strategies [2]. Group 2: Setting Goals - Companies should establish clear, measurable, and scientifically-backed mid- to long-term emission reduction targets, with specific milestones to ensure transparency and verification of progress, thereby mitigating greenwashing risks and building stakeholder confidence [3]. Group 3: Implementation Steps - Transformation plans should be broken down into actionable steps across various dimensions, including finance, operations, supply chain, and technology, with clear resource allocation and accountability mechanisms [4]. Group 4: Data Disclosure and Performance Management - High-quality data disclosure enhances corporate transparency, and tracking key performance indicators (KPIs) can link performance assessments and incentives to transformation goals, facilitating a shift from compliance-driven to value-creating approaches [5]. Group 5: Collaboration and Industry Engagement - Individual companies cannot achieve systemic transformation alone; collaboration with supply chain partners, industry organizations, financial institutions, and regulatory bodies is essential to establish unified standards and methodologies for systemic decarbonization [6]. Group 6: Global Trends and Local Initiatives - Over 60% of major economies have policies promoting transformation plans, with more than half of listed companies incorporating these plans into governance and disclosing climate strategies according to international standards. Over 140 countries have set net-zero targets, emphasizing the need for fair transitions and international cooperation [9]. Group 7: Financial Sector's Role - The financial sector is increasingly recognizing the importance of transition planning as a means to manage risks and unlock new value opportunities, with a focus on integrating transition goals into investment and risk management processes [10][12].

Core Viewpoint - Allianz Investment emphasizes that Asian markets, particularly the Chinese stock market, are key diversification choices for investors who are currently overexposed to US equities [1][4]. Group 1: US Federal Reserve and Interest Rates - Allianz's Chief Investment Officer for Fixed Income, Zeng Zheng, predicts further interest rate cuts by the US Federal Reserve, with a terminal rate of around 3.5% by mid-2026 [2]. - Zeng notes that the likelihood of the Fed choosing to cut rates is greater than maintaining the current rates, although the exact timing remains uncertain [2]. - Fixed income is highlighted as a core tool for capital preservation amid macroeconomic volatility, with a shift in return drivers expected from credit spreads to interest rate spreads by 2026 [2][3]. Group 2: Investment Opportunities in Asia - Zeng Yonghui, Chief Investment Officer for Asia Pacific equities, points out that many investors are overly concentrated in US stocks, particularly in large tech sectors, and are now reallocating to Asian assets [4]. - The current low allocation of global investors to Asian stocks presents a significant opportunity, especially as Asian stocks have a low correlation with US stocks [4]. - Four key themes driving investment opportunities in Asian stocks include innovation in technology, corporate reforms in major Asian economies, supply chain diversification, and emerging consumer trends [5]. Group 3: China's Economic Strategy - Allianz's Senior Economist, Tang Jicheng, identifies two main focuses of China's economic strategy: continued investment in advanced manufacturing and boosting domestic consumption [7]. - The "14th Five-Year Plan" outlines five strategic areas for attention, including modern industrial systems, technological breakthroughs, a unified domestic market, human-centered urbanization, and international cooperation [8]. Group 4: Multi-Asset Investment Strategies - Allianz's Head of Growth Multi-Asset, Hartwig Kos, notes that risk assets remain attractive, with a shift towards more diversified global allocations beyond US equities [10]. - The traditional "60/40" stock-bond portfolio remains viable, but flexibility and inclusion of non-core risk exposures like emerging market bonds and gold are essential for resilience [10]. - Gold is reaffirmed as a strategic asset, increasingly driven by geopolitical uncertainties and de-dollarization, making it a crucial component of a diversified investment portfolio [10]. Group 5: Sustainable Investment Trends - Allianz's Head of Sustainable and Impact Investing, Matt Christensen, indicates that sustainable investment regulation is entering a new phase, with a shift from mere disclosure to clearer product classifications in the EU [11]. - Impact investing is maturing, with growing recognition of achieving market-level returns, particularly in private markets, supported by clearer standards for outcomes and reporting [12].

Group 1: Climate Financing - The UN Conference on Trade and Development emphasizes the need for better climate financing support for developing countries, highlighting a significant gap between the $100 billion climate financing commitment achieved in 2022 and the $1.3 trillion target set for 2024 COP29 [2] - The report calls for systemic reforms in the international financial architecture to increase non-debt financing and improve the operations of multilateral development banks, enabling developing countries to become co-creators of rules rather than mere rule-takers [2] Group 2: Carbon Reduction Pathways - The Beijing Green Finance and Sustainable Development Research Institute released a study outlining carbon reduction pathways for six high-carbon industries from 2020 to 2060, providing a reference for financial institutions and third-party evaluations of corporate transformation plans [3] - The study suggests using a 2-degree scenario as a benchmark for assessments, aligning with China's "3060" dual carbon strategy goals, and aims to mitigate the risk of "false transformation" being included in financial support [3] Group 3: Blue Economy Financial Support - The Guangdong Province has opened a public consultation for the "Blue Industry Financial Support Guidelines," which aims to support sustainable development in marine industries, including fisheries, tourism, and marine renewable energy [4] - The guidelines provide operational principles for government, financial institutions, and enterprises, promoting standardization in blue finance and addressing challenges in identifying, quantifying, and qualifying blue economic activities [4] Group 4: Carbon Market Activity - The national carbon market reported a highest price of 62.48 yuan/ton and a closing price increase of 4.12% over the previous week, with a total trading volume of 16,774,989 tons and a total transaction value of approximately 1 billion yuan [5] - Cumulative trading volume in the national carbon market reached 795,940,642 tons with a total transaction value of approximately 53.29 billion yuan as of November 14, 2025 [5] Group 5: Green Financial Instruments - Shanghai Pudong Development Bank issued its first green financial bond of the year, totaling 20 billion yuan with a fixed interest rate of 1.73%, indicating market confidence in green financial instruments [6] - The issuance aims to provide long-term funding support for green projects, reflecting the growing recognition of green finance in the market [6] Group 6: Biodiversity Financing - The first biodiversity-linked loan in Ya'an, Sichuan Province, was issued for 478 million yuan, utilizing a combination of policy-based financial tools and market financing to meet project funding needs [7] - This loan integrates biodiversity impact assessments to monitor ecological effects, promoting a win-win scenario for ecological protection and industrial development [7]