Core Viewpoint - The development of carbon finance is crucial for supporting China's dual carbon goals and enhancing the role of financial institutions in facilitating green transformation and innovation [1][5]. Group 1: Policy and Strategic Framework - In June 2025, the Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, emphasizing the importance of carbon finance [1]. - The regulatory framework for carbon finance in China has been established, including top-level design, product specifications, and market access guidelines [1][2]. - The China Securities Regulatory Commission (CSRC) has provided guidance for the development of carbon futures and carbon emission rights futures, encouraging brokerages to engage in carbon finance [1][2]. Group 2: Role of Shanghai Securities - Shanghai Securities has actively participated in the green finance sector, launching various initiatives since 2015, including the establishment of a carbon emission trading investment trust [2]. - The company has set up a Green Finance Research Center to support the development of green finance and has contributed to industry standards and ESG reports [2]. - Shanghai Securities aims to leverage its position to enhance resource allocation, risk management, and price discovery in the carbon finance market [2][3]. Group 3: Market Development and Opportunities - The carbon market in China is still in its infancy, with only 18 brokerages currently authorized to participate in carbon emission trading [2]. - There is a need for regulatory bodies to expand participation and relax market access to facilitate broader engagement in the national carbon trading market [2]. - The carbon finance market requires collaboration among regulatory authorities, market institutions, and enterprises to develop effectively [2]. Group 4: Financial Instruments and Services - Shanghai Securities is exploring various carbon finance instruments, such as carbon bonds and asset-backed financing, to support enterprises in their green transitions [3][4]. - The company is also focusing on risk management through carbon derivatives to help businesses hedge against price volatility in the carbon market [3]. - Enhancing liquidity and price discovery in the carbon market is essential, as evidenced by the low turnover rates compared to international markets [3]. Group 5: Integration and Innovation - The integration of carbon finance with investment banking and asset management is being pursued to create synergies and meet diverse corporate needs [4]. - Shanghai Securities has successfully facilitated green bond issuances for projects that contribute to significant carbon reductions, demonstrating its commitment to sustainable finance [4]. - The company is dedicated to advancing green low-carbon technology innovation and expanding its green financing capabilities [5].

Core Insights - The concept of "green mountains and clear waters are as valuable as mountains of gold and silver" has been proposed for 20 years, and the "dual carbon" goals have been set for 5 years, highlighting the importance of green finance in promoting high-quality economic development [1] - Carbon finance is emerging as a crucial tool for banks to implement the "dual carbon" goals, with commercial banks gradually building climate-adaptive financial service systems to assist high-carbon industries in reducing emissions [1] Group 1: Financial Support for High-Carbon Industries - Postal Savings Bank provided a 30 million yuan loan to Chizhou Conch Cement Co., Ltd. to facilitate the green upgrade of the cement industry [2] - Industrial Bank issued a 200 million yuan loan to an aluminum company in Shandong, helping to lower financing costs and incentivize self-reduction of carbon emissions [2] - The existing green finance system does not fully meet the financing needs of high-carbon industries like steel, cement, and chemicals, which require a gradual reduction in carbon emissions [2] Group 2: Innovative Financial Tools and Services - Industrial Bank's Huizhou branch issued over 8 billion yuan in credit support for a leading petrochemical group's core project, effectively reducing financing costs by 1.5% [3] - Shanghai Bank provided a 40 million yuan loan to Juneyao Airlines, linking the loan interest rate to the airline's carbon emission reduction performance [3] Group 3: Carbon Accounts and Financial Services - Carbon accounts are becoming essential for banks to provide financial services based on carbon emission data, helping companies manage their carbon footprint [4] - Banks like Industrial Bank and China Everbright Bank have initiated personal carbon credit and corporate carbon account services since 2010, enhancing green financial services [4] Group 4: Development of Carbon Financial Market - The reopening of the voluntary greenhouse gas emission reduction trading market (CCER) presents significant opportunities for the carbon financial market [6] - Several banks have launched innovative products linked to CCER, increasing liquidity in the carbon market and providing low-cost financing options for companies [6] - Industrial Bank has pioneered several market-leading carbon financial products, including the first CHUEE product and carbon-neutral bonds [6] Group 5: Future Directions for Carbon Finance - Financial institutions need to establish mature carbon finance operational models, focusing on strategic development and external collaborations with various stakeholders [7] - Banks should enhance their research on carbon reduction and trading policies and consider forming dedicated carbon finance departments [7]

Group 1 - The Shanghai government hosted a financing guarantee event aimed at addressing enterprise financing challenges, attracting over 130 participants from various sectors [1] - The China Securities Regulatory Commission approved the registration of futures and options for several commodities, marking the launch of the world's first cultural paper financial derivatives [2] - Shanghai's government released a comprehensive action plan to deepen carbon market reforms, aiming to establish a carbon pricing mechanism and enhance carbon financial products [3] Group 2 - New regulations for algorithmic trading require four types of traders to report before trading, enhancing market transparency [4] - The first clean energy real estate asset-backed security (ABS) was listed on the Shanghai Stock Exchange, showcasing innovation in green finance [5] - Measures were introduced to simplify the investment process for foreign central banks in China's bond market, promoting higher levels of openness [6] Group 3 - Guotai Junan successfully issued a 3-year offshore bond worth 2.3 billion RMB, marking its debut in the international capital market under a new brand [12] - The Shanghai Clearing House held a conference on foreign currency repurchase clearing, involving over 50 experts from various financial institutions [7] - The first unprofitable company since the introduction of the "Star Market Eight Rules" received approval for an IPO, indicating a shift in market acceptance [8] Group 4 - The Shanghai Stock Exchange released a report on 20 years of ESG practices, highlighting the progress made in sustainable finance [9] - A total of 63 high-growth industry bonds have been issued on the Shanghai Stock Exchange, amounting to 41.9 billion RMB [10] - The Shanghai Financial Regulatory Bureau approved the acquisition of shares in a property insurance company, increasing foreign ownership in the sector [11] Group 5 - KKR launched its first onshore RMB fund in the Shanghai Lingang New Area, marking a significant step in foreign investment in RMB funds [12] - A new financial leasing SPV project focused on smart manufacturing was established in the Lingang New Area, reflecting the expansion of financial leasing services [13] - The Agricultural Bank of China introduced a new product to support technology enterprises, demonstrating increased financial backing for innovation [15] Group 6 - The Shanghai Rural Commercial Bank executed its first government procurement loan guarantee business, providing financial support to a winning bidder [17] - Agricultural technology companies secured loans totaling 396 million RMB during a recent roadshow event, showcasing the financial sector's support for agricultural innovation [18] - The People's Bank of China reported a 6.7% year-on-year growth in the total loan balance by the end of July, indicating a stable credit environment [24]

Core Viewpoint - The issuance of the "Opinions" by the Guangdong Provincial High People's Court, the Guangdong Provincial Ecological Environment Department, and the People's Bank of China Guangdong Branch marks the first systematic judicial guarantee for carbon emission quota pledge financing at the provincial level in China, providing more institutional support for the monetization of "carbon indicators" held by enterprises in Guangdong [1] Group 1: Challenges and Solutions - Historically, the lack of clear regulations regarding the registration process and default handling for carbon emission quota pledges has led to a situation where financial institutions are hesitant to lend, and enterprises struggle to secure loans [2] - The "Opinions" address these pain points by proposing 13 specific regulations across various dimensions, effectively breaking through key bottlenecks in the financialization process of carbon assets [2] Group 2: Specific Measures - To reduce the dispute risk associated with carbon emission quota pledge financing, the "Opinions" legally define carbon emission quotas as legitimate pledge targets, which gain legal effect upon registration on the provincial trading platform [3] - A dual registration model combining the "People's Bank of China movable property financing unified registration public system" and the provincial trading platform is established to prevent asset transfer risks through real-time freezing functions [3] - The "Opinions" also emphasize judicial service and protection, ensuring the effectiveness of carbon emission quota pledge contracts, and establish a mechanism prioritizing pre-litigation negotiation, with judicial litigation as a fallback [3] Group 3: Encouragement for Financial Institutions - The "Opinions" encourage financial institutions to lend more actively to projects that meet carbon reduction support criteria, promoting a culture of "daring to lend" and "lending more" [3] - To address concerns regarding debtor default, innovative mechanisms such as competitive bidding on the trading platform and payment collection mechanisms are introduced to ensure priority repayment rights for financial institutions [3] - Financial institutions are encouraged to apply for carbon reduction support tools to provide low-cost funding for eligible green loans, with additional policy support and incentives for those excelling in green finance development [3] Group 4: Future Financing Opportunities - The "Opinions" aim not only to resolve current financing challenges but also to expand future financing avenues by encouraging financial institutions to explore diversified financing scenarios, including annual pre-allocated quota pledge financing, carbon sink future revenue rights pledges, carbon emission quota-backed bonds, and carbon asset securitization products [4] - The policy is expected to activate the carbon financial market in Guangdong, providing a replicable "Guangdong experience" for national carbon financial development and promoting green finance and the achievement of dual carbon goals [4]

Core Viewpoint - The Shanghai Carbon Market aims to enhance its resource allocation function to support the city's goal of reaching carbon peak by 2030 [3] Group 1: Action Plan and Market Coverage - On August 14, Shanghai issued the "Action Plan for Comprehensive Deepening Reform of the Shanghai Carbon Market (2026-2030)", which outlines measures for total quota control in stable carbon emission industries and reserves development space for strategic emerging industries [3][4] - The plan aims to gradually expand market coverage through a "lowering thresholds, expanding categories, and increasing varieties" approach [5] Group 2: Carbon Market Development - The Shanghai Carbon Market, along with the national carbon market covering the power and steel industries, currently accounts for approximately two-thirds of the city's total carbon emissions, significantly aiding in the reduction of emissions in the industrial sector [3] - As of June 30, 2025, the Shanghai Carbon Market has cumulatively traded 26.5 million tons of carbon, with a total transaction value of 5.521 billion yuan, ranking it among the top pilot carbon markets [3] Group 3: Financial Support and Innovation - The Action Plan emphasizes the importance of financial support in promoting green transformation in industries, encouraging companies to establish carbon footprint management systems and set greenhouse gas emission control targets [5][6] - The plan includes initiatives to enhance the carbon financial product and service system, allowing financial institutions to participate in voluntary greenhouse gas reduction activities and carbon trading [6][7] Group 4: Collaboration Between Industry and Finance - The synergy between industrial transformation and financial support is highlighted, aiming to create a strong impetus for the green development of the real economy [7]

Core Viewpoint - The joint issuance of the "Opinions" by Guangdong's High People's Court, the Provincial Ecological Environment Department, and the People's Bank of China aims to facilitate green finance development through carbon emission quota collateralization, marking a significant step in establishing a unified carbon financial market in Guangdong [1][4]. Group 1: Policy and Legal Framework - The "Opinions" provide a systematic judicial guarantee for carbon emission quota collateral financing at the provincial level, establishing that carbon emission quotas are legitimate collateral [1][4]. - The document introduces a "dual registration" model to confirm carbon asset ownership and sets up an effective default handling mechanism [1][5]. - Key innovations include the legal recognition of carbon emission quotas as collateral and the establishment of a registration system that prevents asset transfer risks [5] Group 2: Market Activity and Financial Services - Guangdong is the most active regional pilot carbon market in China, with significant trading volumes, including 230.85 million tons of quotas traded and a total transaction amount of 6.701 billion yuan by July 2025 [2]. - Despite the active market, only 31 cases of carbon quota collateral financing have been recorded, with a total of 5.6997 million tons pledged and a financing amount of 93.5281 million yuan, indicating a need for stronger institutional support [2][3]. - The "Opinions" encourage financial institutions to explore diverse financing scenarios, including annual pre-allocated quota financing and carbon asset securitization products, to meet the multi-layered financing needs of enterprises [5]. Group 3: Challenges and Solutions - The legal ambiguity surrounding the status of carbon emission quotas as collateral and the lack of unified operational standards hinder the expansion of carbon quota collateral financing [3][4]. - The "Opinions" address these challenges by clarifying the legal basis for carbon quota collateral contracts and outlining a clear process for handling defaults, which includes negotiation, bidding, and litigation [4][5]. - The document emphasizes the importance of judicial service and protection to maximize the effectiveness of carbon quota collateral contracts, thereby alleviating financial institutions' concerns about lending [5].

Group 1 - The Shanghai Municipal Government has issued the "Action Plan for Comprehensive Deepening Reform of the Shanghai Carbon Market (2026-2030)", aiming to enrich the carbon financial products and services system [1] - The carbon emission trading mechanism is a core policy tool for achieving China's "dual carbon" goals, guiding enterprises to control emissions through carbon price signals [1][2] - The current national carbon market is limited to spot market trading, primarily involving power companies, indicating a relatively closed market [1][2] Group 2 - There is a growing demand for expanding carbon trading product varieties, with suggestions to introduce carbon futures and forwards to optimize quota allocation and compliance mechanisms [2] - The futures market is seen as a means to discover prices, manage risks, and allocate resources, which can enhance market liquidity and efficiency in carbon trading [2][3] - The introduction of carbon futures is expected to strengthen China's voice and competitiveness in the international carbon market [2] Group 3 - Financial derivatives are viewed as amplifiers for market effectiveness, with significant potential for the development of carbon financial products in China [3] - The futures industry is actively focusing on industry needs and innovating services to contribute to the construction of carbon emission rights [3][4] Group 4 - The Guangzhou Futures Exchange has been developing strategic products related to carbon emission rights since its establishment, collaborating with various research institutions to enhance contract design [4] - The exchange has completed the design scheme for carbon emission rights futures contracts and is preparing for their listing [4] Group 5 - Futures companies are preparing for the green development trend, actively participating in the research and design of green low-carbon futures and options [5] - Training and promotional activities are being conducted to enhance enterprises' understanding of green low-carbon financial tools and improve risk management awareness [5]

近日，中国人民银行、国家金融监督管理总局等7部门联合印发《关于金融支持新型工业化的指导意 见》。《意见》针对绿色金融服务实体经济的难点和痛点，从绿色信贷、产品创新等不同方面鼓励金融 机构提升金融服务"含绿量"，助力新型工业化建设。 加大绿色信贷投入 绿色金融是中央金融工作会议提出的做好金融"五篇大文章"的重要组成部分。《意见》提出，完善绿色 金融激励约束机制，推动金融机构开发支持绿色制造的金融产品，加大对环保、节能、节水、清洁生 产、资源综合利用、绿色制造、低碳等领域的投入。 大力实施新型工业化建设、加快培育新质生产力的过程中，始终离不开绿色金融的支持。近年来，我国 绿色信贷供给加大，有力护航经济社会绿色低碳高质量发展。 数据显示，2025年二季度末，本外币绿色贷款余额42.39万亿元，比年初增长14.4%，上半年增加5.35万 亿元。分行业看，电力、燃气及水生产和供应业绿色贷款余额8.66万亿元，上半年增加6742亿元；交通 运输、仓储和邮政业绿色贷款余额7.64万亿元，上半年增加6397亿元。 金融监管总局局长李云泽在2025陆家嘴论坛上表示，我国坚定不移推进"双碳"目标，建成了全球最大、 最完整的新能源 ...

Core Viewpoint - The Shanghai Municipal Government has issued the "Action Plan for Comprehensive Deepening Reform of the Shanghai Carbon Market (2026-2030)" aimed at establishing a carbon pricing mechanism centered around the carbon market, with the goal of making Shanghai a significant international hub for carbon trading, finance, pricing, and innovation [1] Group 1: Carbon Market Development - The action plan emphasizes the enhancement of the carbon emission trading market, including the establishment of a total quota management system and a reserve quota adjustment mechanism [1] - It proposes a dual control system for carbon emissions, linking total emissions and intensity, and aims to reserve development space for strategic emerging industries [1] - The market coverage will be gradually expanded, with reduced thresholds for high-energy industries and public institutions starting from 2026 and 2028 respectively [1] Group 2: Voluntary Emission Reduction Initiatives - The plan encourages enterprises to establish product carbon footprint management systems and set greenhouse gas emission control targets to achieve net-zero emissions [2] - It aims to create a sustainable management mechanism for carbon inclusivity, focusing on areas like green travel and resource recycling [2] - The action plan also seeks to innovate carbon inclusivity incentive mechanisms, including the development of a personal carbon credit assessment system [2]

◎记者 宋薇萍 8月14日，《上海碳市场全面深化改革行动方案（2026—2030年）》（下称"行动方案"）正式发布。根 据行动方案，上海要建成规则完善、诚信透明、广泛参与的温室气体自愿减排管理体系，逐步形成以碳 市场为主体的碳定价机制，将上海碳市场打造成为具有一定国际影响力的碳交易、碳金融、碳定价和碳 创新中心。 行动方案明确，上海要实施碳排放权交易市场提质增效行动、温室气体自愿减排引导激励行动和碳市场 创新能力协同提升行动等三大行动，共提出16条具体举措。 一位碳市场行业资深人士对上海证券报记者表示，与今年3月发布的征求意见稿相比，行动方案在实施 细则上有了显著突破，不仅明确了纳管范围扩大的具体路径，还对有偿分配比例等关键指标设定了量化 的时间节点，特别是在退出行业配额结转管理等方面作出了更明确规定。这些制度性安排为上海碳市场 的长期稳健发展奠定坚实基础。 其中，围绕碳排放权交易市场提质增效，行动方案明确，上海将建立同碳排放总量与强度双控制度相衔 接的碳排放配额分配制度，对碳排放总量相对稳定的行业试点实施配额总量控制，为战略性新兴产业和 未来产业预留发展空间。同时，上海将稳妥有序提高有偿分配比例。到2027 ...