二是做实"五篇大文章"，提高金融服务实体经济质效。提升科技金融工作质效。鼓励在沪金融机构 稳妥有序开展碳金融相关业务，打造国际绿色金融枢纽。大力发展普惠金融、养老金融和数字金融。 为深入贯彻落实党中央、国务院关于加快建设上海国际金融中心的决策部署，进一步增强上海国际 金融中心的竞争力和影响力，以金融高水平开放推动经济高质量发展，金融监管总局会同上海市人民政 府联合印发《关于支持上海国际金融中心建设行动方案》（以下简称《行动方案》）。金融监管总局、 上海市人民政府有关部门负责人就《行动方案》回答了记者提问。 党中央、国务院高度重视上海国际金融中心建设。2023年中央金融工作会议提出"增强上海国际金 融中心的竞争力和影响力"。党的二十届三中全会《中共中央关于进一步全面深化改革 推进中国式现代 化的决定》提出"加快建设上海国际金融中心"。2025年4月29日，驻沪中央金融机构支持上海建设国际 金融中心座谈会在上海召开，中共中央政治局委员、中央金融委员会办公室主任何立峰出席座谈会并讲 话，强调要认真学习深刻领会深入贯彻习近平总书记关于加快建设上海国际金融中心的重要指示批示精 神，全面落实中央金融委近期印发的《关于支持 ...

Group 1: Green Loan Growth - As of the end of Q2 2025, the balance of green loans in China reached 42.39 trillion yuan, marking a 14.4% increase from the beginning of the year, with an addition of 5.35 trillion yuan in the first half of the year [1] Group 2: Green Bond Market Expansion - In the first half of 2025, the issuance of green bonds in China totaled 490.50 billion yuan, representing a 90.18% increase compared to the same period in 2024, with 219 green bonds issued primarily for green industry projects [2] - Major banks, including China Construction Bank, have actively participated in issuing green bonds to support low-carbon industry development [2][3] Group 3: Policy Support for Green Finance - Financial regulatory bodies have collaborated with various government departments to implement policies that enhance support for green low-carbon development, including optimizing green bond standards and improving fundraising management [3][4] - The implementation of the "Guiding Opinions on Further Strengthening Financial Support for Green and Low-Carbon Development" aims to unify standards and enhance regulatory requirements for green bonds [3] Group 4: Carbon Finance Development - The carbon finance market in China has been developing since the launch of the national carbon emissions trading market in 2021, with cumulative trading volume reaching approximately 673 million tons and total transaction value exceeding 46.2 billion yuan by mid-July 2025 [5][6] - Banks are increasingly offering carbon performance-linked loans, where better compliance in carbon trading can lead to lower interest rates for borrowers [6] Group 5: Transition Finance - Transition finance has emerged to support industries with carbon reduction benefits, aiming to provide necessary funding for high-emission sectors to achieve low-carbon transitions [8][9] - Recent policies encourage financial institutions to utilize green or transition finance standards to enhance credit support for sectors like energy, industry, and transportation [9]

Core Viewpoint - The article emphasizes the growing importance of green finance in China, particularly under the guidance of the "dual carbon" goals, and highlights the role of the securities industry in supporting sustainable development through innovative financial products and services [1][2]. Green Finance Development - Dongfang Securities has been actively expanding its green finance business, focusing on green investment, financing, carbon finance, and research [2]. - The company has issued nearly 50 green bonds in recent years, raising approximately 200 billion yuan for various enterprises [6]. - From 2021 to 2024, Dongfang Securities has guided over 470 billion yuan into sustainable development, with an annual growth rate exceeding 10% [7]. Green Bond Innovations - The first green bond supporting sustainable aviation fuel (SAF) was issued by Henan Civil Aviation Development Investment Group, with Dongfang Securities acting as the sole green structuring advisor [3][4]. - The company has launched the "Dongfang Securities CFETS Common Classification Directory Green Bond Basket" to enhance liquidity and facilitate cross-border investment in green bonds [8]. Carbon Finance Initiatives - Dongfang Securities has obtained qualifications for carbon emissions trading and has completed its first carbon quota transaction in early 2023 [9][10]. - The company has developed a comprehensive carbon finance service model, integrating traditional financial services with carbon asset management [12][16]. ESG Leadership - Dongfang Securities has established itself as a leader in ESG (Environmental, Social, and Governance) practices, achieving an AA rating from MSCI and setting benchmarks for sustainable finance [18][20]. - The company has implemented a systematic governance structure for sustainable development, integrating ESG risk management into its financial operations [19][21]. Challenges and Strategic Responses - The company faces challenges in the nascent green finance market, including the need for standardized policies and the long-term nature of low-carbon products [13]. - Dongfang Securities has formed a green finance working group to develop strategic plans and enhance product innovation [13][14]. Digital Transformation - The company views financial technology as a crucial support for the development of green finance, aiming to improve operational efficiency and customer experience [14]. Conclusion - Dongfang Securities is committed to expanding its green finance footprint and acting as a pioneer in the ESG space, aligning its business strategies with sustainable development goals [17][23].

Core Insights - The national carbon market has been operating for four years, showing a healthy and orderly development with a cumulative trading volume exceeding 670 million tons and a transaction value of 46 billion yuan [1][2][3] - The introduction of the "Interim Regulations on Carbon Emission Trading Management" in 2024 provides a strong legal framework for the market, with the first expansion planned for 2025 to include steel, cement, and aluminum industries [2][3][9] - The market price has shown a positive trend, with the average closing price surpassing 100 yuan per ton in April 2024, and recent prices fluctuating between 70-80 yuan per ton [3] Market Development - The national carbon market has seen accelerated development in 2024, with the introduction of new trading methods such as single-direction bidding to enhance trading efficiency [2][3] - The trading system's continuous improvement has positively impacted market activity and price formation mechanisms, with trading prices remaining within a reasonable range [2] Regional Market Coordination - The implementation of the regulations on May 1, 2024, clarifies the boundaries between national and local carbon markets, preventing overlapping controls [4] - Shanghai's carbon market has introduced various carbon financial products, significantly increasing green electricity consumption and achieving a 72% growth in carbon reduction credits used for compliance [5][6] Financial Products and Innovations - Shanghai has launched multiple innovative carbon financial products, including carbon pledges, carbon repurchase, and carbon insurance, effectively mobilizing over 800 million tons of carbon assets [6][7] - The introduction of the carbon neutrality index and the upcoming capital market transformation index aims to enhance the synergy between carbon markets and financial markets [7] International Context and Challenges - The EU's Carbon Border Adjustment Mechanism (CBAM) poses challenges and opportunities for Chinese export enterprises, particularly in high-carbon industries [8] - Companies are encouraged to track domestic and international policies, build carbon data management systems, and enhance their low-carbon management practices to adapt to evolving trade rules [8][9]

Core Insights - The national carbon emissions trading market in China is set to expand its coverage to include the steel, cement, and aluminum smelting industries, which are significant carbon emitters, with an estimated total emissions coverage of approximately 80 billion tons [1][3][4] - The market has seen a cumulative trading volume of about 673 million tons and a total transaction value exceeding 46.2 billion yuan as of July 15, 2025, indicating a growing trading scale and stable price trends [1][6][12] - The introduction of the voluntary carbon emissions reduction trading market (CCER) has begun, with the first certified voluntary reduction units officially issued, further enhancing market activity [1][12] Market Expansion - The national carbon market is recognized as a major institutional arrangement to address climate change and promote green low-carbon transformation in the economy [2][4] - The expansion plan was outlined in the government work report for 2025, emphasizing the need to broaden the industry coverage of the carbon emissions trading market [2][4] - The newly included industries are expected to add around 1,500 key emission units, increasing the total to approximately 3,700 units, which will cover over 60% of the national carbon emissions [3][4] Trading Mechanism and Performance - The carbon trading system has adopted a single-sided bidding method to enhance trading efficiency [3] - The carbon price has fluctuated within a reasonable range, with the market price recently stabilizing between 70-80 yuan per ton after reaching a peak of over 105 yuan per ton in November 2024 [7][9] - The completion rate for the 2023 carbon quota was approximately 99.98%, indicating a strong compliance culture among key emission units [6][11] CCER Market Development - The CCER market has seen a cumulative trading volume of about 237,800 tons and a total transaction value of 200 million yuan as of July 15, 2025, reflecting its growing importance [13][12] - Various stakeholders, including national and local key emission units, project developers, and financial institutions, are participating in the CCER market, which is expected to further stimulate market activity [13][14] - The CCER price has remained higher than the carbon emissions allowance (CEA) price, indicating strong market demand and the potential for future price adjustments as supply increases [10][14]

Core Insights - The national carbon market in China is approaching its fourth anniversary, with significant progress in emissions reduction and market stability, achieving a cumulative transaction value exceeding 46.2 billion RMB and an average price of over 74 RMB per ton [1] - The market is evolving towards maturity, with ongoing improvements in regulatory frameworks and mechanisms to facilitate carbon pricing and trading [1][2] Market Expansion - The national carbon market has completed three compliance cycles and is expanding to include steel, cement, and electrolytic aluminum industries, which are significant contributors to emissions [2] - This expansion is designed to be gradual, allowing new sectors to adapt to the rules and enhance their participation in carbon trading [2] Financial Mechanisms - Carbon markets offer unique advantages over traditional financing methods, such as shorter financing cycles and better mobilization of private capital, particularly beneficial for developing countries [3] - The development of carbon financial products, including futures and derivatives, is expected to enhance market liquidity, risk management, and pricing mechanisms [6][7] Data Utilization - There is a need for improved carbon accounting and disclosure mechanisms, as many companies lack robust carbon data, which is crucial for financial institutions [4] - Financial institutions are increasingly engaging in carbon accounting and climate risk stress testing, with 535 institutions conducting carbon accounting and 134 performing climate risk assessments in 2022 [4] Regulatory Developments - The People's Bank of China is revising guidelines for environmental information disclosure to encourage innovation in sustainable reporting among financial institutions [5] - The introduction of sustainable development reporting guidelines by major exchanges aims to enhance the quality of corporate sustainability disclosures [5] Future Directions - Experts emphasize the importance of developing a diverse range of carbon financial products to support small and medium enterprises in their carbon reduction efforts [7] - Initiatives like carbon accounts and rating systems are being piloted to link corporate emissions reductions with financing costs, fostering a sustainable reduction mechanism [7]

Core Viewpoint - Financial institutions are encouraged to develop green financial products and services related to resource and environmental factors under the premise of legal compliance, risk control, and commercial sustainability, as outlined in the recent government opinion on enhancing the market-oriented allocation system for resource and environmental factors [1][4]. Group 1: Challenges in Carbon Financial Product Innovation - Financial institutions face three main challenges in designing innovative tools to enhance market liquidity and product attractiveness: the uncertainty of carbon credit prices influenced by policies, market demand, and technological developments; information asymmetry regarding green technology and project evaluations, particularly for small and medium-sized enterprises; and unclear green transition needs among industry participants [3][4]. - To address these challenges, financial institutions need to strengthen research and analysis of the carbon market, enhance carbon asset risk hedging mechanisms, and improve communication with clients to help them understand the long-term value of green financial products [3][4]. Group 2: Risk Prevention and Information Disclosure - The government opinion emphasizes the importance of establishing a robust risk prevention system while ensuring transparency in business operations to gain market trust and achieve sustainable development [4][5]. - Financial institutions should disclose information related to the use of funds from green financial products, environmental benefits of projects, and carbon reduction effects, as well as regularly report on carbon credit price trends, trading volumes, and market liquidity [5][6]. Group 3: Domestic and International Carbon Market Cooperation - Financial institutions can enhance carbon market liquidity and activity by providing customized green financing products, introducing carbon derivatives, and facilitating carbon credit pledge financing [6]. - As China progresses in building its carbon trading market, financial institutions are exploring international cooperation and mutual recognition with global carbon markets, facing challenges such as policy and regulatory differences, market access barriers, and information standard discrepancies [6].

Group 1 - The Fudan University Sustainable Development Research Center released the carbon price index for July 2025, including national carbon emission allowance (CEA) price indices and China Green Electricity Certificate (GEC) price index [1] - The expected buy price for national carbon emission allowances in July 2025 is 70.67 yuan/ton, with a sell price of 76.67 yuan/ton, resulting in a midpoint price of 73.67 yuan/ton [1] - The buy price index increased by 3.37% to 176.66, while the sell price index rose by 2.52% to 172.98, and the midpoint price index increased by 2.93% to 174.73 [1] Group 2 - In June, the carbon price continued to rise, starting from 68.34 yuan/ton at the beginning of the month and reaching 76.57 yuan/ton by the end, with a monthly increase of over 12% [2] - The average daily trading volume of carbon allowances in June was 781,000 tons, a 43.1% increase compared to May's 545,800 tons [2] - Global carbon markets showed varied performance in June, with different trading volumes and price trends across major carbon markets, and New Zealand's carbon market experienced the largest month-on-month price increase [2]

Core Insights - The national carbon market in China is developing steadily, with industry expansion, improved methodologies, and mature market operations, but recent declines in carbon emission allowance (CEA) prices have raised concerns [1] - As of June 27, the average transaction price of CEA was 74.96 yuan/ton, a decrease of approximately 30% from the peak in November of the previous year [1] - Multiple factors, including a significant drop in international energy prices and a loosening of policies, have contributed to the recent decline in carbon prices [2] Market Dynamics - Demand for carbon allowances has weakened due to a decline in thermal power generation, which is the main industry in the national carbon market, with total power generation growth of only 0.1% from January to April, significantly lower than the 6.1% growth in the same period last year [2] - The manufacturing PMI fell below 50% after April, leading to a slowdown in industrial electricity growth, while higher temperatures reduced residential electricity demand [2] - The launch of the national voluntary greenhouse gas reduction trading market (CCER) and the increase in supply expectations have also contributed to the downward pressure on carbon prices [3][4] Future Price Trends - Despite the current decline, experts believe that carbon prices are likely to stabilize and rise in the long term due to the ongoing push for carbon neutrality and the gradual implementation of industry expansion [1][5] - The carbon price is expected to rise as high-emission industries transition and the renewable energy sector grows, with a higher carbon price incentivizing companies to adopt disruptive technologies [5] Global Influences - China's carbon prices may be influenced by other major global carbon markets, such as the EU's carbon border adjustment mechanism (CBAM), which will impose fees on certain products based on carbon market price differences starting in 2026 [6] - The International Monetary Fund (IMF) has suggested that to meet the Paris Agreement goals, the global average carbon price should exceed $85 per ton by 2030, which could also impact China's carbon pricing [6] Market Structure and Regulation - The EU carbon market serves as a reference for improving the financial attributes of carbon markets globally, with a well-established legal framework and a diverse range of trading products [9] - Experts suggest that financial institutions should be gradually introduced into carbon market trading to enhance liquidity and market activity, while ensuring that carbon prices do not rise too quickly [8][10] - There are challenges in the development of carbon finance in China, including the need for clearer legal definitions regarding carbon emission rights and the limitations on financial institutions' direct participation in the carbon market [8]

Group 1 - The "Action Plan" aims to enhance the competitiveness and influence of Shanghai as an international financial center by promoting the aggregation of banking and insurance institutions in the city [1][2] - Financial institutions are encouraged to establish specialized entities or expand their authorization in Shanghai to seize opportunities in financial openness and gain policy innovation benefits [2][3] - The plan supports Shanghai's participation in international carbon financial pricing competition and aims to develop it into an international green finance hub [2][3] Group 2 - The "Action Plan" emphasizes the importance of improving financial services for the real economy and enhancing the quality of technology finance [2][3] - It proposes the establishment of a regulatory mechanism for financial innovation, focusing on risk management and prudent supervision [3] - The plan encourages the development of innovative financial products and services related to carbon finance, which is a crucial aspect of green finance [2][3]