曾 刚，上海金融与发展实验室首席专家、主任 陈小辉，上海金融与发展实验室特聘研究员 来 源：《中国银行业》2025年第1期 【引言】气候变化带来的物理风险和转型风险对商业银行的资产质量和业务稳定性构成威胁。商业银行 应建立气候风险评估体系，将气候相关风险纳入全面风险管理框架中。同时，商业银行在开展气候投融 资时，应严格审查项目的环境和社会影响，确保资金投向符合可持续发展原则。 【正文】 随着温室气体排放诱发的气候风险日益加剧，缓解和适应气候变化成为现实而紧迫的任务。在此背景 下，以缓解和适应气候变化为目的的气候投融资成为落实这一任务的重要机制。在实践中，这一应对气 候变化的重要手段，也为商业银行实现可持续发展提供了重要机遇。 我国气候投融资发展初见成效 气候投融资，国际层面也常常称之为气候金融（ClimateFinance）。联合国环境规划署（UNEP）将气候 投融资定义为"与气候变化相关，用于减少碳排放的投融资活动"。2020年10月，生态环境部和国家发展 改革委等联合印发了《关于促进应对气候变化投融资的指导意见》（以下简称《气候投融资指导意 见》），该文件将气候投融资界定为"为实现国家自主贡献目标和低碳发 ...

Core Viewpoint - The event focused on promoting the advanced manufacturing industry in Wanqingsha Town, aiming to establish a new high ground for intelligent manufacturing in the Guangdong-Hong Kong-Macao Greater Bay Area, with a specific emphasis on strategic emerging industries such as semiconductors, artificial intelligence, and new materials [1][2]. Group 1: Event Overview - The "Gravitational Pull, Heartfelt Collaboration" promotional event was held in Shenzhen, organized by the People's Government of Wanqingsha Town, with support from various institutions [1]. - The event highlighted the unique geographical advantages and extensive development space of Wanqingsha Town, promoting a three-in-one solution of "space + policy + service" to address the capacity expansion challenges faced by Shenzhen enterprises [1]. Group 2: Policy and Financial Support - Representatives from the Nansha Development Zone Investment Promotion Bureau provided a comprehensive introduction to the overall industrial layout, supporting facilities, and policy support in the Nansha District, showcasing a favorable business environment and development opportunities [2]. - The Guangzhou Nansha Greater Bay Area Climate Investment and Financing Center representatives explained the "Nansha Financial 30 Measures," clarifying the policy implementation paths to facilitate investment in Nansha [2]. Group 3: Investment Opportunities - Two high-growth, technology-leading manufacturing companies presented their project plans and financing needs, aligning with the key focus of Wanqingsha on developing new material industry clusters, providing potential investment targets for attending financing institutions [2]. - Wanqingsha Town is actively promoting the creation of a 22 square kilometer "Golden Inner Bay" benchmark intelligent manufacturing cluster, focusing on attracting third-generation semiconductor applications and advanced manufacturing enterprises [3].

Group 1 - The core viewpoint is that China's climate investment and financing efforts are significantly increasing, enhancing the green functions of the capital market [1][2] - By the end of 2024, the balance of green loans in China is expected to reach 36.6 trillion yuan, a year-on-year increase of 21.7%, which is 14.5 percentage points higher than the growth rate of other loans [1] - The green bond market is showing strong growth, with over 4 trillion yuan in cumulative green bonds issued, including innovative products like carbon-neutral bonds and transition bonds [1] Group 2 - China's central enterprises are actively exploring new models and mechanisms for climate investment and financing, contributing to the green low-carbon future industry [2] - The National Development Investment Corporation has established a 5 billion yuan new energy industry investment fund, focusing on renewable energy and environmental protection sectors [2] - These innovative practices not only inject new momentum into the development of central enterprises but also provide valuable references for the green low-carbon transformation of the entire economy [2]

Core Viewpoint - Climate investment and financing is a crucial component of green finance, significantly contributing to global emission reduction and China's dual carbon goals. The pilot projects initiated in 23 regions, including Beijing's Miyun District, have yielded notable results and established replicable models for local green and low-carbon transitions [1][2]. Group 1: Achievements of Climate Investment and Financing Pilot Projects - The pilot regions have developed a robust working framework, accumulating replicable mechanisms and financing models that support local green transitions [2][3]. - As of the end of 2024, over 5,400 climate investment and financing projects have been registered, with total investments exceeding 3 trillion yuan (approximately 430 billion USD) [2][3]. - Innovative financial tools and investment models have emerged, including climate-themed loans, bonds, insurance, and mixed financing, tailored to projects with climate attributes [2][3]. Group 2: Policy and Mechanism Development - Significant progress has been made in policy coordination and mechanism establishment, with pilot regions creating a "government-led, department-coordinated, market-participated" working mechanism [2][3]. - Specific incentive measures have been introduced in various regions, such as Guangzhou and Shenzhen, to promote climate investment and financing [3][4]. Group 3: Financial Product Innovation - Financial product innovation has been a focus, with regions developing a range of financial products to support climate-related projects, including carbon-linked loans and carbon pledge financing [6][7]. - For instance, Shenzhen has launched 293 climate investment projects from 2022 to 2024, with a financing demand of 63.8 billion yuan (approximately 9.1 billion USD), aimed at reducing carbon emissions by about 9.93 million tons annually [5][6]. Group 4: Future Directions for Climate Investment and Financing - A systematic approach to climate investment and financing is essential, emphasizing the integration of policy, market, and technology [7][8]. - The establishment of a comprehensive standard system covering project identification, benefit assessment, and data disclosure is necessary for effective climate investment and financing [8][9]. - Technological innovation is identified as a core driver, with the promotion of low-carbon technologies expected to support climate investment and financing efforts [9][10]. Group 5: Importance of Climate Information Disclosure - Enhancing climate information disclosure is vital for building market trust and promoting sustainable development [11]. - Measures to improve disclosure quality and transparency include establishing a standardized disclosure system and dedicated platforms for climate information [11].

Core Viewpoint - Beijing aims to establish its urban sub-center as an international benchmark city for green economy by 2027, focusing on enhancing green innovation capabilities, increasing the number of green enterprises, and boosting the output value of green industries [1][2]. Group 1: Green Innovation and Technology - The city plans to achieve an annual growth of approximately 20% in effective green technology invention patents and establish an international green technology concept verification center [1]. - The administrative office area has achieved 100% green electricity supply, and a new energy system experimental base has been established [2]. Group 2: Green Industry Development - The urban sub-center will support the development of over 300 green enterprises and establish a green industry cluster [1]. - The focus will be on cultivating specialized green industries, including carbon professional services and ESG (Environmental, Social, and Governance) services, to create a carbon market ecosystem and attract international ESG rating agencies [3]. Group 3: Investment and Future Energy - The sub-center will foster green investment and support the development of various green industry investment institutions, particularly in future energy sectors such as superconducting materials and vacuum systems [4]. - There will be an emphasis on enhancing existing green industries, including ecological environment protection and pollution control, as well as the development of carbon capture, utilization, and storage (CCUS) technologies [4]. Group 4: Smart and Connected Vehicles - The urban sub-center will enhance the smart connected new energy vehicle industry, focusing on vehicle electronics and core components to create a comprehensive supply system [5]. - The aim is to attract low-carbon, ultra-low energy consumption, and nearly zero energy consumption building enterprises to strengthen the green construction industry [5].

Core Insights - The "Nansha Financial 30 Measures" was recently released to enhance financial support for Nansha, focusing on developing specialized financial services and promoting cross-border financial innovation [1][2] Group 1: Financial Innovation and Support - Nansha has been recognized as a national pilot area for climate investment and financing since August 2022, leveraging its strategic advantages to address financing challenges for local enterprises [1] - The establishment of the Guangzhou Nansha Guangdong-Hong Kong-Macao Greater Bay Area Climate Investment and Financing Center aims to create a platform for global investment and financing connections [1][2] Group 2: Policy Advantages and Incentives - Nansha benefits from favorable policies, including a reduced corporate income tax rate of 15% for eligible industries in the Nansha pilot zone, as outlined in the November 2022 notification [2] - The implementation of the "Nansha Financial 30 Measures" is expected to further energize economic development through the continuous rollout of multiple incentive policies [2]

Core Insights - The recent forum on "Progress and Challenges of Carbon Markets in Supporting Low-Carbon Transition" highlighted the significant advancements in China's carbon market, which has shown stable growth and operation in recent years [1][3]. Carbon Market Development - China's carbon market consists of two main components: the national carbon emission trading market launched in July 2021 and the national voluntary greenhouse gas reduction trading market initiated in January 2024, forming a comprehensive carbon market system [3]. - The carbon emission trading market saw a notable increase in quotas, trading volume, and transaction value in 2024, with carbon prices exceeding 100 [3]. - The overall compliance rate for 2024 reached an impressive 99.98%, indicating enhanced market vitality [3]. Data Quality and Management - Significant improvements have been made in carbon data quality management, which is crucial for the healthy operation of the market. This includes the implementation of a three-tier review mechanism and the use of big data for carbon management [3][4]. - The current data quality is deemed sufficient to support the market's operational needs [3]. International Recognition and Collaboration - The carbon market has effectively enforced carbon reduction responsibilities among key industries, promoting low-carbon transformation and new productive forces, gaining recognition from countries like the UK, Brazil, and Turkey [4]. - The carbon market serves as a platform for China to showcase its proactive climate change strategies to the international community [4]. Climate Financing and Future Directions - The Ministry of Ecology and Environment has been actively promoting climate financing development, establishing a collaborative framework involving multiple departments and sectors [4]. - The carbon market is becoming a primary mechanism for carbon pricing in China, providing price signals that influence corporate investment decisions towards green and low-carbon development [4][5]. - Future efforts will focus on enhancing the national carbon market's design, managing data, and expanding trading participants and methods to further boost market vitality [5].

Core Viewpoint - The conference emphasized the crucial role of financial institutions in climate investment and financing, highlighting the need for a robust framework to support green low-carbon development and the transition to a sustainable economy [1] Group 1: Top-Level Design - Strengthening top-level design is essential for establishing a solid foundation for climate investment and financing, which serves as a bridge between capital and the real economy [2] - The China Bank has implemented a three-tier structure involving the board, management, and professional teams to enhance green finance and climate governance [2] - A comprehensive "1+1+N" green finance policy system has been developed, with the 2024 revision of the "14th Five-Year Plan for Green Finance" aimed at optimizing measures and increasing quantitative targets [2] Group 2: Business Innovation - There is a need to diversify the product matrix to meet the varied and personalized demands of climate investment and financing projects [2] - The China Bank aims to become the preferred bank for green financial services, launching numerous green financial products covering deposits, loans, bonds, and comprehensive services [2] Group 3: Risk Management - Climate investment and financing involve complex risk factors, including environmental, policy, and technological risks, necessitating comprehensive risk assessment and dynamic monitoring [3] - The China Bank has integrated ESG risk into its overall risk management framework, applying environmental and social risk management requirements across various industries [3] - A full-process management system for risk identification, measurement, assessment, monitoring, reporting, control, and mitigation has been established to manage ESG risks effectively [3] Group 4: International Cooperation - Climate change is a global challenge that requires international collaboration, with climate investment and financing being a key area for financial cooperation [4] - The China Bank actively participates in international cooperation in climate investment and financing, contributing to the development of international standards and enhancing China's influence [4] - The bank has joined the Natural Capital Financial Disclosure Working Group and supported large-scale offshore wind power projects, showcasing its commitment to global climate initiatives [4] Group 5: Green Operations - Promoting green development is increasingly recognized as a necessity and responsibility for financial institutions [5] - The China Bank is exploring new methods for green development, achieving reductions in energy consumption and carbon emissions across its operations [5] - The bank is committed to deepening its exploration and practice in climate investment and financing, aiming to contribute to global green low-carbon development [5]

Core Insights - The event "Government-Finance-Enterprise Synergy for a Zero-Carbon Future" was held to promote climate investment and financing in Shenzhen, highlighting the collaboration between the People's Bank of China Shenzhen Branch and the Shenzhen Ecological Environment Bureau [1] - As of March 2025, Shenzhen's green loan balance reached 1.27 trillion yuan, with over 720 billion yuan in green bonds issued, ranking among the top in first-tier cities [1] - A total of 293 climate investment projects have been included in the project library, with a total financing demand exceeding 63.8 billion yuan [1] Group 1: Financial Support Mechanisms - The People's Bank of China Shenzhen Branch utilizes technological innovation and financial tools such as re-loans for technological upgrades and carbon reduction support tools to aid green low-carbon transitions [3] - The Shenzhen Ecological Environment Bureau offers financial support of up to 1 million yuan for eligible climate investment projects, covering 50% of financing costs [3] - Local departments provide additional support through credit risk sharing and tax incentives for qualifying climate investment projects [3] Group 2: Project Financing and Collaboration - Nine banks, including Industrial and Commercial Bank of China, signed financing agreements with nine companies based on the "carbon reduction loan" model, while seven banks engaged in concentrated signing with seven companies for "green climate loan series products" [1] - The on-site financing agreements reached an intended amount exceeding 1.7 billion yuan [1] - Project roadshows were conducted by companies such as Shenzhen Zhongjieneng Renewable Energy Co., Ltd., with financing advice provided by experts from various financial institutions [3][4] Group 3: Future Directions - The Shenzhen Ecological Environment Bureau plans to continue advancing climate investment financing through financial model innovation, information disclosure, and supportive policies [4] - The efforts have received recognition from national ministries, indicating a strong governmental backing for green finance initiatives [4]

Investment Rating - The report emphasizes the importance of developing carbon finance in the banking and insurance sectors to support green, low-carbon, and circular economies, aligning with national dual carbon goals [2][7]. Core Insights - The report outlines a comprehensive plan for enhancing green finance, focusing on carbon market construction and innovative financial services related to carbon accounts [2][8]. - It highlights the necessity of integrating climate investment and financing into the financial system, addressing both mitigation and adaptation strategies for climate change [14][15]. Summary by Sections Section 1: Supporting Carbon Market Construction - The report discusses multiple measures to support the construction of carbon markets, which are essential for achieving dual carbon goals. It emphasizes the need for financial institutions to actively support carbon trading markets and develop relevant financial services [8][9]. - The implementation of a carbon account system is identified as a foundational task for developing carbon finance, which will facilitate the trading of carbon emissions rights and enhance climate investment [9][10]. Section 2: Innovating Financial Services Around Carbon Accounts - Carbon accounts are becoming a key reference for financial pricing, with banks encouraged to utilize carbon account data to innovate financial products such as "carbon loans" and sustainable development-linked loans [10][11]. - The report highlights successful case studies, such as the collaboration between Minsheng Bank and State Grid Yingda Group, which developed a credit product to support low-carbon transitions for SMEs based on carbon emissions monitoring [11][12]. Section 3: Climate Investment and Financing - The report defines climate investment and financing as crucial for achieving national low-carbon development goals, focusing on both mitigation and adaptation strategies [14][15]. - It outlines specific areas for climate investment, including the development of non-fossil energy, carbon capture technologies, and enhancing agricultural resilience to climate change [16][17].