从全球碳市场建设进度来看，所谓的全球碳市场共识、多经济体形成的联盟对后续各项工作的开展是一 个积极信号，有望促进各项工作开展。但是也要注意到，全球碳市场建设面临诸多困难与挑战，并非一 朝一夕就能解决。 近日，在贝伦气候峰会期间，中国与欧盟、巴西共同发起建立"碳排放权交易市场开放联盟"，以进一步 推动碳市场领域国际交流与合作。根据巴西政府在《联合国气候变化框架公约》第三十次缔约方大会 (COP30)主办方网站及欧盟委员会联合声明，该联盟旨在建立一个跨国合作框架，协调各国碳定价机 制、排放交易体系及相关政策，实现"互通、透明与可信"的全球合规碳市场网络。 这一联盟令人期待。"联盟参与方呈现鲜明特征：欧盟在碳治理领域起步早、经验丰富，拥有成熟技术 与机制；中国凭借自主转型成果，在新能源产业、绿色金融发展方面都取得了积极进展，在碳市场建设 方面初见成效；巴西等发展中国家则面临治理资金短缺的现实困境。"中央财经大学绿色金融国际研究 院首席经济学家刘锋在接受《金融时报》记者采访时表示，这些国家的合作和经验交流很有价值。 碳市场的全球协作之路 对于碳市场的全球协作，各界早有期待。在2024年的《联合国气候变化框架公约》第二 ...

Core Points - The European Union (EU) is negotiating a legally binding climate target for 2040, aiming for a 90% reduction in net greenhouse gas emissions by that year [1][3] - Ongoing negotiations have not reached a consensus, with some member states resisting green measures and expressing concerns about balancing low-carbon transition financing with priorities like defense and industrial revitalization [3][4] - A compromise proposal suggests a mechanism for reviewing the 2040 target every two years, allowing for adjustments based on the performance of carbon absorption by forests and the development of carbon removal technologies [3] Group 1 - The EU's 2040 climate target remains unchanged at a 90% reduction, with discussions ongoing about allowing up to 3% of this reduction to be achieved through purchasing overseas carbon credits [3] - The EU Commission has promised to modify other green measures to address the concerns of skeptical governments, including price controls in the transport fuel carbon market at the request of Poland and the Czech Republic [3] - There is potential for the EU to relax regulations on the ban of internal combustion engine vehicles by 2035 due to pressure from Germany and Italy [3][4] Group 2 - Leaders at the recent EU summit discussed conditions for achieving green targets without increasing electricity costs for citizens and while supporting businesses affected by cheap imports from China and U.S. tariffs [4] - EU ambassadors are set to negotiate the proposal next week, followed by climate ministers attempting to approve the target on November 4 [4]

Domestic Highlights - Xiamen has launched the "ESG Report Verification Cost Compensation Insurance," aiming to enhance ESG disclosure and verification coverage in the region[12] - The Xiamen Free Trade Zone has introduced 632 innovative measures, with 153 being national firsts, to promote ESG standards and practices[12] International Developments - The European Commission proposed amendments to the European Climate Law, targeting a 90% reduction in greenhouse gas emissions by 2040 compared to 1990 levels[3] - The proposal includes mechanisms like carbon credit allowances to alleviate pressures in achieving these reduction targets[3] ESG Financial Products Tracking - As of July 5, 2025, China has issued 3,605 ESG bonds, with a total outstanding amount of 5.52 trillion RMB, where green bonds account for 61.53% of the total[22] - In the past month, 41 ESG bonds were issued, raising 39.8 billion RMB, while the total issuance over the past year reached 1,007 bonds worth 1.1758 trillion RMB[22] Public Fund Insights - The market has 902 existing ESG products, with a total net asset value of 1,055.066 billion RMB, where ESG strategy products represent 52.98% of the total[34] - No new ESG public funds were issued in the past month, but 236 funds were launched in the last year, totaling 170.639 billion units[34] Banking Wealth Management - There are 965 existing ESG products in the banking sector, with pure ESG products making up 55.85% of the total[40] - In the last month, 12 new ESG products were issued, primarily focused on pure ESG and environmental protection[40] Index Performance - As of July 4, 2025, major ESG indices, except for the Wind All A Sustainable ESG, outperformed the market, with the 300 ESG Leading Index showing the highest increase of 1.87%[41] - Over the past year, the Huazheng ESG Leading Index had the largest growth at 17.59%, while the Shenzhen ESG 300 Index increased by 13.3%[41] Expert Opinions - UNEP FI's Butch Bacani emphasized the insurance industry's role in managing climate-related risks and supporting sustainable industrial transitions[8] - The need for a comprehensive asset-liability perspective was highlighted to align insurance and investment efforts towards building resilient and carbon-neutral communities[8] Risk Factors - Potential risks include slower-than-expected ESG development, delays in the dual carbon strategy, and insufficient policy advancements[43]

Core Viewpoint - The European Commission has proposed amendments to the European Climate Law, setting a target to reduce greenhouse gas emissions by 90% compared to 1990 levels by 2040 [1] Group 1: Legislative Changes - The proposed amendments include the introduction of carbon credit mechanisms to alleviate pressure on Europe in achieving its emission reduction targets [1] - The European Climate Law establishes a long-term goal for the EU to achieve climate neutrality by 2050 and sets a mid-term target to reduce emissions by 55% by 2030 compared to 1990 levels [1] Group 2: Member State Reactions - Some EU member states oppose the 2040 target, arguing that it is unrealistic [1]

Core Viewpoint - Africa is facing "carbon plunder," where foreign companies purchase carbon credits at significantly lower prices than in Europe, hindering economic development [1][3]. Group 1: Carbon Credit Market - The cost of obtaining carbon credits in Europe can reach up to €200 per ton, while in Africa, it is as low as $3 per ton, leading to a loss of natural resources [1]. - The average price of carbon credits in Africa was $4.8 per ton last year, down from $6 per ton the previous year, indicating a declining market [1]. Group 2: Economic Valuation and Resources - The African Development Bank President advocates for a revised GDP calculation that includes natural capital, which could allow African nations to borrow at more reasonable rates [3]. - Africa possesses significant resources, including oil, gas, and biodiversity, which are undervalued and not reflected in GDP calculations, amounting to trillions of dollars [3]. Group 3: Financial and Trade Dynamics - Africa must adapt to a world with less aid and more trade friction, emphasizing the need for self-sustained development through trade and investment rather than reliance on foreign goodwill [4]. - The African Development Bank is working on establishing a financing stability mechanism to support African governments facing debt crises [4]. Group 4: Rating Agencies and Financial Reform - The current international rating agencies are criticized for misassessing African risks, and there is a call for the establishment of an African rating agency [4]. - The international financial system is said to exaggerate the risks associated with Africa, necessitating structural reforms to better reflect the continent's realities [4].