每经记者｜徐肖逍 每经编辑｜张海妮 ESG发布 中国公布新一轮国家自主贡献目标 2025年9月24日，国家主席习近平在联合国气候变化峰会发表视频致辞，宣布中国新一轮国家自主贡献 目标：到2035年，中国全经济范围温室气体净排放量比峰值下降7%~10%，力争做得更好；非化石能源 消费占能源消费总量的比重达到30%以上，风电和太阳能发电总装机容量达到2020年的6倍以上、力争 达到36亿千瓦，森林蓄积量达到240亿立方米以上，新能源汽车成为新销售车辆的主流，全国碳排放权 交易市场覆盖主要高排放行业，气候适应型社会基本建成。 点评：中国此次宣布的新一轮气候行动目标，展现了其推动绿色低碳转型的坚定决心。这一全面规划不 仅为全球气候治理注入关键动力，更彰显了中国作为负责任大国的实际行动力。 "2025可持续全球领导者大会"将在上海召开 经国务院批准，"2025可持续全球领导者大会"将于10月16日至18日在上海市黄浦区世博园区召开。大会 以"携手应对挑战：全球行动、创新与可持续增长"为核心主题，汇聚全球智慧力量，共探可持续发展新 路径，为全球可持续治理注入澎湃的"中国动能"。 点评：此次大会选址上海世博园区，凸显中国以 ...

蔚来欧洲副总裁张晖说，中德两国在智能电动车、材料科技及循环利用领域合作潜力巨大，随着更 多创新项目进入测试与落地阶段，汽车产业循环利用与可持续发展前景广阔。 新华社德国杜塞尔多夫10月10日电（记者李函林）中德汽车产业代表9日在德国杜塞尔多夫举行研 讨会，围绕汽车回收与循环经济展开讨论，探索技术创新与跨国合作推动汽车产业绿色转型新路径。 此次研讨会在当地举办的一场国际性塑料与橡胶展期间举行。德国化工企业科思创公司副总裁约亨 ·哈尔特说，循环利用汽车零部件已成为全球汽车产业关注的前沿领域。汽车报废材料回收再利用不仅 要满足安全标准，还须在实践中证明其可规模化应用，为全球推广提供可行方案。为探索可持续发展路 径，公司已在中国与蔚来、大众等企业开展合作，共同推动材料循环利用和绿色创新。 大众汽车集团中国研发部可持续发展产品负责人西蒙·克雷默说，循环经济不仅是环保议题，更是 产业竞争力的重要组成部分。中国在再生材料应用、产业链协作及政策激励方面积累了丰富经验，欧洲 企业可借鉴相关模式，共同推动汽车行业脱碳与资源效率提升。 与会人员一致认为，从原材料创新到整车制造、从回收体系建设到认证标准完善，中国汽车产业在 塑料循环 ...

Core Viewpoint - The oil and chemical industry is at a critical juncture for transformation in response to the "dual carbon" goals, emphasizing proactive choices for future survival and competitiveness [1][3]. Group 1: Steps for Transformation - Step 1: Process Management - The company has established a dedicated environmental management department and a rigorous standardized assessment system to ensure that environmental and carbon reduction goals are integrated into every employee's responsibilities [1][2]. - Step 2: Product Development - The company focuses on developing green products, such as neutral fertilizers and bio-fertilizers, to address soil pollution and improve fertilizer efficiency, collaborating with research institutions to enhance crop yields [2]. - Step 3: Circular Utilization - The company is researching the comprehensive utilization of by-products like phosphogypsum, applying it in various fields such as cement and soil improvement, thus achieving effective resource utilization and environmental restoration [2]. Group 2: Industry Perspective - The green and low-carbon transformation in the chemical industry is a broad and profound systemic project that requires strategic foresight, innovation to break path dependence, and meticulous management to enhance operational efficiency [3].

Core Insights - The National Development and Reform Commission announced a new policy financial tool with a total scale of 500 billion yuan, aimed at supplementing project capital [1] - The funds are being rapidly deployed across various regions, targeting urban renewal, transportation, water management, logistics, energy, agriculture, heating networks, and environmental protection projects [1][6] - The financing terms for these new tools are relatively long, with some projects approved for financing periods of 15 to 20 years, addressing capital shortages in key areas [1][9] Group 1: Project Deployment - The first batch of funds has been allocated to projects such as the Wuxi to Yixing intercity rail project, which received 3.199 billion yuan, marking it as the largest project approved in Jiangsu province [3] - In Suzhou, a project received 384 million yuan, making it the largest single project approved among the first batch in the city [3] - The Yongjia County project in Zhejiang received 256 million yuan for urban renewal, with a total investment of 4.8 billion yuan [4] Group 2: Sector Focus - The new financial tools are primarily directed towards traditional infrastructure sectors such as transportation, energy, and urban renewal, with a significant portion of projects already in the pipeline [7] - Emerging industries like digital economy, artificial intelligence, and low-altitude economy are also key focus areas for the new financial tools, aiming to support economic transformation [8][9] - The tools are designed to ensure that at least 20% of the funding goes to private enterprises, promoting a balanced investment approach [9] Group 3: Investment Impact - The 500 billion yuan in new policy financial tools is expected to leverage approximately 2.5 to 3.3 trillion yuan in total investment, significantly boosting fixed asset investment growth [10] - It is estimated that the deployment of these tools could increase fixed asset investment growth by at least 4.9 percentage points if all projects are completed [10] - The tools are projected to drive infrastructure investment growth by 3 to 4 percentage points annually over the next three years, with a notable impact expected in the fourth quarter of this year [10]

Core Points - China aims to reduce its total greenhouse gas emissions by 7%-10% from peak levels by 2035, marking a significant shift from intensity control to total control of carbon emissions [1][2] - The new targets include increasing the share of non-fossil energy consumption to over 30%, expanding wind and solar power capacity to six times that of 2020, and achieving a forest stock of over 24 billion cubic meters [1][2] - The announcement reflects China's commitment to global climate governance and its role as a responsible major country [2][4] Group 1: National Contribution Goals - The "1+3+3" framework combines qualitative and quantitative targets, with the first goal being the reduction of total greenhouse gas emissions [2] - The three quantitative indicators represent an enhancement of previous 2030 targets, showcasing China's intensified efforts to combat climate change [2][3] - New qualitative indicators include making new energy vehicles the mainstream of new vehicle sales and establishing a nationwide carbon trading market covering major high-emission industries [2][3] Group 2: Global Climate Governance - The new national contribution is expected to boost international confidence in climate governance and enhance global cooperation [4] - China's renewable energy system is the largest and fastest-growing globally, providing over 80% of the world's photovoltaic components and 70% of wind power equipment [4] - The country has made significant progress in implementing its 2030 national contributions, with a continuous decline in carbon emissions per unit of GDP [4][5] Group 3: Challenges and Future Directions - Achieving the 2035 targets will require substantial efforts from China and a favorable international environment [6][7] - Experts emphasize the need for technological innovation and policy guidance to facilitate the transition to low-carbon energy sources [7] - The realization of national contribution goals depends on fair international conditions, stable cooperation, and secure supply chains [7]

Core Insights - The national carbon trading market in China is designed to convert emission reduction pressure into internal motivation, encouraging various sectors to participate in the green and low-carbon transition [1][2] - The market has become the largest in the world in terms of greenhouse gas emissions coverage, effectively managing over 60% of the national carbon dioxide emissions by including industries such as steel, cement, and aluminum [1][2] - The carbon market is expected to enhance trading vitality, with a projected transaction volume of 18.114 billion yuan in 2024, marking the highest level since its inception in 2021 [2] Group 1 - The carbon trading market allows companies to sell excess carbon emission allowances and reinvest the proceeds into energy-saving projects, creating a positive feedback loop [1] - The market aims to promote technological advancement and industrial upgrades by limiting carbon emissions in key sectors [2] - The establishment of a voluntary greenhouse gas reduction trading market broadens participation across various industries, complementing the mandatory carbon trading market [2] Group 2 - The construction of the carbon market is a significant institutional innovation that requires effective management mechanisms, comprehensive regulations, and reliable trading systems [3] - The government has issued guidelines to enhance the carbon market's effectiveness and international influence, aiming for a more vibrant and impactful system [3] - There is a focus on expanding the market's coverage and improving the quality of emission data while combating fraudulent activities [3]

Core Points - China aims to reduce its total greenhouse gas emissions by 7%-10% from peak levels by 2035, marking a significant shift from intensity control to total control of emissions [2][3] - The new targets include increasing the share of non-fossil energy consumption to over 30%, expanding wind and solar power capacity to over 360 million kilowatts, and increasing forest stock to over 24 billion cubic meters [2][3] - The initiative emphasizes the importance of a comprehensive approach to climate change, covering all sectors of the economy and including non-CO2 greenhouse gases [4][3] Summary by Categories National Contribution Goals - The new national contribution goals are described as a "1+3+3" framework, combining qualitative and quantitative targets [2][3] - The qualitative targets include making new energy vehicles the mainstream in new vehicle sales and establishing a nationwide carbon trading market covering major high-emission industries [2][3] Global Climate Governance - China's new contribution is expected to enhance global confidence in climate governance and strengthen international cooperation on climate change [4][3] - The announcement aligns with the 10th anniversary of the Paris Agreement, marking a critical phase in global climate governance [1] Renewable Energy and Emission Reduction - China has built the world's largest and fastest-growing renewable energy system, providing over 80% of global photovoltaic components and 70% of wind power equipment [6] - The average cost of wind and solar power generation has decreased significantly, with reductions of over 60% and 80% respectively over the past decade [6] Challenges and Future Directions - Achieving the 2035 targets will require significant efforts domestically and a favorable international environment [7][8] - Experts emphasize the need for technological innovation and policy support to facilitate the transition to low-carbon energy sources [8]

Core Insights - The article discusses the investigation into the asset quality of the Liuxiang Coal Mine, which is partially owned by a private entrepreneur with a diverse business background, including food processing and tourism [1][2]. Group 1: Asset Verification and Investment Opportunity - The project team identified the Liuxiang Coal Mine as a valuable asset, emphasizing the importance of verifying its coal mining qualifications and financial health [2]. - The major shareholder of Liuxiang Coal Mine is Huaneng Tongchuan Zhaojin Coal Power Co., Ltd., holding a 43% stake, which provides a unique advantage for the financial institution involved in the project [2]. - The mine has shown strong financial performance, with net profits exceeding expectations and a high cash flow, indicating a solid investment opportunity [4][5]. Group 2: Coal Quality and Production Efficiency - Liuxiang Coal Mine is noted for its high-quality coal, characterized by low ash and sulfur content, and high calorific value, making it competitive in the national coal market [4][5]. - The mine's operational efficiency is highlighted by its low production costs and high profit margins, ranking among the top in the industry [4][5]. - The mine has successfully maintained a high sales price for its coal, even amidst long-term supply agreements, demonstrating its market strength [5]. Group 3: Environmental and Technological Innovations - The article emphasizes the importance of environmental compliance and the implementation of green technologies in coal mining operations, particularly in response to increasing regulatory scrutiny [10][19]. - Liuxiang Coal Mine has adopted advanced technologies, including electric steam boilers and intelligent mining systems, to enhance operational efficiency and reduce environmental impact [19][20]. - The mine's commitment to sustainability is evident in its initiatives to utilize coal gangue for ecological restoration, contributing to land reclamation efforts [19]. Group 4: Regional Economic Impact - The development of the coal industry in the Yulin region has significantly contributed to local economic growth, with GDP increasing from 10 billion to 709.1 billion over 23 years [8]. - The region faces challenges related to environmental degradation and resource management, necessitating a shift towards sustainable practices in coal mining and energy production [9][10]. - Yulin has emerged as a key area for renewable energy development, leveraging its natural resources for wind and solar energy projects, thus transitioning from a coal-centric economy to a more diversified energy landscape [11][12].

- The report focuses on the regulatory dynamics, market trends, and product issuance in the ESG field, providing a systematic review of important information from the past month for investors' reference[1] - As of the end of September, there were 930 ESG-themed funds in the A-share market, with a total scale of approximately 1.03 trillion yuan, an increase of over 4% from the beginning of the year[4] - The newly issued ESG bonds in September amounted to 125.674 billion yuan, with green bonds dominating the market[81] - The report highlights the strategic shift of the Dutch pension fund PFZW towards active investment, ending cooperation with several institutions like BlackRock[51][52] - The report also discusses the launch of the "National Tea Carbon Footprint Digital Platform," exploring the carbon management system for agricultural products[43]

Core Viewpoint - The recent policy documents emphasize the importance of promoting green and low-carbon development in the livestock industry, highlighting the need for a modern production system that is environmentally friendly and resource-efficient [1][2]. Group 1: Policy and Strategic Framework - The central government has issued guidelines to stimulate societal motivation for green and low-carbon development, particularly in agriculture [1]. - The "Two Mountains" concept is highlighted as a guiding principle for ecological civilization and green transformation in the livestock sector [1]. - The transition to a green livestock industry is urgent due to environmental pollution and greenhouse gas emissions from livestock farming, particularly methane and nitrous oxide [1]. Group 2: Technological and Educational Initiatives - There is a need to enhance the adoption of pollution reduction and carbon reduction technologies, which are currently limited due to low awareness and outdated facilities among livestock farmers [1][2]. - Increasing investment in technological innovation and digitalization is essential for improving production efficiency and reducing greenhouse gas emissions [2]. - Educating farmers about pollution reduction and carbon reduction technologies is crucial for facilitating the green transition in the livestock industry [2]. Group 3: Implementation and Support Mechanisms - Establishing a comprehensive technical promotion system that considers regional characteristics and employs diverse strategies is necessary for effective implementation [3]. - Encouraging the development of low-carbon feed is vital for reducing greenhouse gas emissions and supporting the industry's green transformation [3]. - Financial incentives and simplified approval processes for low-carbon feed products can enhance industry participation and innovation [3].