绿色低碳转型离不开金融支持。当前，电力市场、碳市场的金融化进程在全球范围日益加快，我国绿色 金融逐步走向国际化。 在上个月举行的《联合国气候变化框架公约》第三十次缔约方大会（COP30）上，全球碳市场探索更进 一步，中国、欧盟和巴西发起成立了"碳排放权交易市场开放联盟"，建立全球统一碳市场的议题再度成 为焦点。 "'联盟'的主要目标是完善合规碳市场和碳定价政策，为应对气候变化提供关键的市场机制解决方案。 国际化方面，香港在CCER、碳配额、绿证国际互认方面，已经开始初步尝试。"近日，AEX控股公司 （香港）的创始人黄杰夫接受21世纪经济报道专访。从2010年到2016年，他任美国洲际交易所ICE（纽 约证券交易所母公司）大中华区董事总经理。也曾参与了CCX（芝加哥气候交易所）同中石油集团合 资组建的天津排放权交易所的谈判、创立和经营。 "通过碳远期合约电子交易模拟，我们发现，离岸金融机构期盼以合规方式参与内地碳市场交易。金融 机构的热情参与表明，'请进来'与'走出去'的双向互动，将以相对稳健的方式，推动中国碳资产走出国 门。"黄杰夫表示。 碳远期合约交易模拟已在香港实践 《21世纪》：碳期货、碳期权等衍生品在 ...

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市 公司传播ESG理念，提升ESG可持续发展表现。点击查看【 ESG评级中心服务手册】 （来源：易碳家） 11月16日，经济合作与发展组织（OECD）发布题为《2025年有效碳率：能源使用税与碳定价的最新趋 势》（Effective Carbon Rates 2025： Recent Trends in Taxes on Energy Use and Carbon Pricing）的报告指 出，近年来碳定价在各国与各行业之间继续扩大，设计方案日益多样化和灵活，以平衡减排、增加公共 收入、加强能源负担能力、增强能源安全和提升竞争力等各种政策目标。报告分析了2018—2023年79个 国家碳税、排放交易体系（ETS）与燃料消费税的演化特征，这些国家温室气体排放量占全球温室气体 排放总量的82%。报告的主要结论如下： 1 2018年以来，有效碳税率（Effective Carbon Rates， ECR）一直在上升。 ECR的分布并不均衡，2023年，约16%的温室气体排放征收的ECR超过30欧元/tCO₂e，约11%的温室气 体排 ...

12月5日，中华人民共和国和法兰西共和国关于合作应对全球气候和环境挑战的联合声明发布，声明提 出，两国继续就加快全球可再生能源部署加强合作，包括为以公正、有序和公平方式在能源系统逐步转 型脱离化石燃料的全球努力作出持续贡献，并积极推动经济社会绿色低碳转型。 两国继续在碳定价、气候投融资、甲烷、碳足迹方法学、适应等领域加强沟通。两国认识到控制和减少 甲烷排放的重要性，尤其是调动现有的技术和创新性解决方案。两国支持到2050年将全球核电装机容量 增加至三倍。 全文如下： 中华人民共和国和法兰西共和国关于合作应对全球气候和环境挑战的联合声明 应中华人民共和国主席习近平邀请，法兰西共和国总统埃马纽埃尔·马克龙于2025年12月3日至5日对中 国进行国事访问。两国元首深信，为寻求应对全球气候和环境挑战的持久解决方案，两国之间持续对话 至关重要，故决定加强中法在这些方面的合作： 5.两国承诺加强全球海洋治理。两国对《〈联合国海洋法公约〉下国家管辖范围以外区域海洋生物多样 性的养护和可持续利用协定》即将生效表示欢迎，鼓励各国尽早签署或批准该协定，并呼吁迅速有效地 实施该协定。两国将继续在《南极条约》体系各组织（南极条约协商 ...

Core Points - The Ministry of Ecology and Environment has released a roadmap for expanding the national carbon market, aiming to cover major industrial sectors by 2027 [1][2] - The national carbon market currently includes approximately 3,700 key emission units, covering around 8 billion tons of carbon emissions, which accounts for over 60% of the national total [2][3] - The eight key industries targeted for inclusion in the carbon market account for about 75% of China's carbon dioxide emissions [2][3] Summary by Sections Carbon Market Expansion - The Ministry has initiated preparatory work for expanding the carbon market to include the chemical, petrochemical, civil aviation, and paper industries [4] - The expansion will follow a principle of "mature one, include one," based on industry development status and carbon emission characteristics [1][4] Current Market Status - As of August 2025, 1,277 key emission units from newly included industries have opened trading accounts [5] - The carbon market has expanded to include three major industries: steel, cement, and aluminum smelting, with a total of 1,500 key emission units [6] Allocation and Pricing Mechanism - The allocation method for carbon quotas will be similar to that of the power generation sector, with free allocation based on carbon emissions per unit of output for 2024 and 2025 [6][7] - By 2027, a new mechanism combining total quota control and both free and paid allocation will be implemented, potentially raising carbon prices from around 50 yuan/ton to between 130 and 180 yuan/ton [7][10] Industry Impact - Different industries will experience varying impacts from the carbon market, with power, steel, cement, and aluminum sectors being better prepared compared to the more complex petrochemical and chemical industries [7][8] - The paper industry, primarily composed of small and medium-sized enterprises, may face significant cost pressures and management challenges [7] Data Quality and Management - Ensuring data quality is critical for the carbon market's success, with the Ministry planning to enhance the monitoring and verification (MRV) system [5][11] - The Ministry will also upgrade infrastructure to support the expanded carbon market, focusing on regulatory capacity and data security [4][11] Future Directions - The carbon market aims to establish a transparent and unified pricing mechanism by 2030, with a focus on effective emission reduction and a robust regulatory framework [10][12] - The transition to a paid allocation system and total quota control is a key focus for the upcoming "15th Five-Year Plan" period [12]

Core Viewpoint - The COP30 conference in Brazil marks a critical juncture in global climate governance, focusing on the urgent need for a new climate financing system that is sufficient, equitable, and accessible to meet the funding gap required to achieve the Paris Agreement's temperature control goals [1][2]. Climate Financing Transition - The past decade has seen developed countries fail to fulfill their annual commitment of $100 billion in climate funding, leading to a significant imbalance in funding structures, particularly in adaptation investments [2][3]. - COP30 signifies a new phase of systematic restructuring in climate financing, with discussions centered around the "Baku-Belém Climate Financing Roadmap" aimed at significantly increasing global climate funding targets [2]. Balancing Fairness and Efficiency - Key disagreements between developed and developing countries revolve around responsibility definitions, funding nature, and usage priorities [3]. - Developed nations emphasize mobilizing private capital and market mechanisms, while developing countries insist on the primary responsibility of developed nations to provide funding as per the Paris Agreement [3]. - There is a critical shortage of funds for vulnerable nations to adapt to climate change, and high-risk countries struggle to access favorable funding due to debt and credit issues [3]. Innovative Financing Approaches - A shift from "aid logic" to "investment logic" in global climate financing is emerging, characterized by three main trends [4]. - The integration of public and private sectors is becoming the dominant model, with emerging market countries leveraging sovereign funds to attract international capital [4]. - Regional cooperation mechanisms are accelerating, with initiatives led by countries in Latin America, Africa, and ASEAN to create localized financing solutions [4]. - The deep integration of market mechanisms and financial tools is evident, with initiatives like the "Global Carbon Market Alliance" aiming to standardize and enhance transparency in carbon credits [4]. China's Role in Climate Financing - As a major developing country, China advocates for multilateralism and equitable cooperation in addressing climate financing challenges [6]. - China proposes establishing a "Global South Climate Financing Coordination Mechanism" to enhance collective bargaining power among developing nations [6]. - Sharing experiences in green finance, such as green credit and bonds, can help improve project transparency and reduce financing costs for partner countries [6]. - China aims to promote market connectivity and activate carbon asset potential by aligning carbon market standards with BRICS and ASEAN countries [6]. Conclusion - Climate financing serves as a "glue" for uniting climate action consensus and a "catalyst" for accelerating green transitions, with COP30 indicating a historic evolution in the global climate financing system [7].

Core Viewpoint - The 30th UN Climate Change Conference (COP30) in Belém, Brazil, emphasizes the urgent need for global action to address climate change, particularly the 1.5°C target set by the Paris Agreement, which is now at risk of being exceeded [3][4]. Group 1: Climate Goals and Challenges - Johan Rockström highlights that humanity is "almost inevitably" entering a phase of overshooting the 1.5°C target, but there is still a chance to return to safety if immediate actions are taken to reverse emission trends and phase out fossil fuels [3][6]. - Current global emissions are still rising, with a scientific consensus that a minimum annual reduction of 5% is necessary to avoid severe climate impacts [6][7]. - Rockström stresses that 1.5°C is not merely a target but a critical limit, and exceeding it poses significant threats to both humanity and the Earth's systems [7][12]. Group 2: Role of Developed Countries - Developed nations must lead by example in reducing emissions and provide financial and technological support for green transitions in developing countries [4][8]. - The need to eliminate approximately $4 trillion in fossil fuel subsidies is crucial to redirecting funds towards risk-free green technology investments [8][9]. - Trust in global cooperation is contingent upon the actions of wealthy countries, which must accelerate their emission reductions and fulfill climate financing commitments [7][10]. Group 3: Technological and Policy Solutions - The transition to zero-carbon solutions in hard-to-abate sectors like aviation and shipping is becoming feasible, but policy incentives are essential for these technologies to compete fairly against fossil fuels [9][10]. - The importance of establishing a robust carbon pricing mechanism is highlighted to ensure sustainable choices are more accessible and affordable [10][11]. - The sixth article of the Paris Agreement regarding carbon markets is seen as necessary but must be implemented with strict accounting standards to prevent misuse [11][12].

Core Viewpoint - The Chinese government is promoting green trade as a new focus in international economic competition, with the release of the "Implementation Opinions on Expanding Green Trade" aimed at establishing a robust support system for green trade [1][2]. Group 1: Policy and Implementation - The new policy provides institutional support for Chinese foreign trade enterprises to address international green barriers and injects new momentum for upgrading the industrial chain towards green and low-carbon practices [1][2]. - The Ministry of Commerce has emphasized the need to accelerate the construction of a carbon footprint database for foreign trade products, which will help enterprises calculate their product carbon footprints [2][3]. Group 2: Industry Growth and Challenges - In the first three quarters of the year, exports of wind turbine components grew over 30%, while photovoltaic products have consistently exceeded 200 billion yuan in export value for four consecutive years [2]. - Despite the growth, challenges remain, including the need for a comprehensive carbon footprint management system and the establishment of a national carbon footprint factor database [3][4]. Group 3: Financial and Market Mechanisms - The carbon footprint data is evolving from a mere accounting tool to a foundational element for trade finance innovation, with encouragement for financial institutions to develop products based on carbon footprint assessments [4][5]. - The current carbon pricing mechanism in China is still in its early stages, with prices significantly lower than the marginal abatement costs for enterprises, which may limit the incentive for proactive emissions reductions [5][6]. Group 4: Corporate Strategies and Best Practices - Companies are encouraged to integrate green development into their core strategies, transforming external requirements into internal motivations for sustainability [8]. - The emphasis is on upgrading technology and service capabilities, with a focus on developing international competitiveness in energy-saving, carbon management, and green supply chain practices [8].

Core Insights - The global sustainable investment landscape is facing dual challenges, including rising costs of green transition due to geopolitical tensions and declining enthusiasm for ESG investments in certain markets [1][3][4] Group 1: Investment Challenges and Strategies - The primary challenge for Temasek is the mispricing of climate risk and the mismatch in investment time horizons, which complicates the pursuit of financial returns while addressing climate change [3][4][14] - Temasek aims to halve net carbon emissions from its portfolio by 2030 and achieve net zero by 2050, which is particularly challenging given the high emissions from key sectors like aviation and energy [4][14] - The company employs a multi-faceted approach to tackle climate change, including engaging with portfolio companies, integrating ESG assessments into investment decisions, and applying an internal carbon price that is expected to rise from $65 to $100 per ton by 2030 [4][17][18] Group 2: Sustainable Investment Initiatives - Temasek is investing in carbon-efficient businesses and decarbonization solutions, such as renewable energy platforms and advanced technologies like long-duration storage and green ammonia [18][19] - The company has increased its investments in sustainable solutions in China, with the net portfolio value of such investments growing from 1% in 2016 to 11% (approximately S$46 billion) by March 2025 [20] - Temasek collaborates with ecosystem partners to drive systemic change and advance climate technologies, including supporting sustainable aviation fuel trials and participating in initiatives to enhance carbon market integrity [23][25] Group 3: Governance and Engagement - As a shareholder, Temasek does not manage day-to-day operations of portfolio companies but engages with their management to encourage policies that enhance long-term performance, particularly in ESG areas [21][22] - The company utilizes various platforms for knowledge sharing and collaboration among portfolio companies, focusing on those with significant transformation potential [22][24] - Temasek conducts ESG due diligence on all new investments and employs frameworks to manage material risks, ensuring alignment with sustainability goals [30][32]

Core Viewpoint - The issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks a significant step towards the comprehensive deepening and acceleration of the national carbon market, providing direction for institutional innovation and operational optimization, which is crucial for achieving carbon peak and carbon neutrality goals [1] Group 1: Carbon Market Structure - The national carbon trading market consists of a mandatory carbon trading market and a voluntary emission reduction market, which are interconnected through quota clearing and offset mechanisms, each with its own focus and independent operation [2] - The carbon pricing mechanism is central to the carbon trading market policy, with quota allocation being a key factor influencing carbon pricing [2] Group 2: Quota Allocation and Control - Currently, carbon quotas are primarily allocated for free, based on carbon emission intensity and actual production, to avoid limiting production and impacting economic growth [2] - As more carbon emitters are included in the market, the focus will gradually shift from controlling carbon intensity to controlling total carbon emissions, transitioning from free allocation to a combination of free and paid allocation methods [2] Group 3: Monitoring and Verification - A robust monitoring, reporting, and verification (MRV) system is essential for accurately determining historical carbon emissions and their changes over time, which supports the effective implementation of the carbon market [3] - Improving the quality of carbon emission data through comprehensive regulation and automated monitoring is a key direction for enhancing carbon accounting and reporting management [3] Group 4: Green Technology and Economic Transition - Companies can promote green technology research and application through low-carbon production methods, creating a virtuous cycle of emission reduction, revenue generation, and reinvestment in research [4] - The transition to low-carbon industries can be facilitated by eliminating outdated production capacity and fostering the development of clean energy, low-carbon equipment manufacturing, and carbon consulting [4] - The establishment of a comprehensive voluntary certification methodology for emission reduction projects will provide stronger momentum for achieving green and low-carbon goals in the future [4]

Core Viewpoint - The national carbon emissions trading market in China has shown significant operational effectiveness since its launch in 2021, with a well-established system and smooth functioning of allocation, trading, and compliance processes [4][6]. Market Performance - As of August 2025, the cumulative trading volume of carbon allowances reached nearly 700 million tons, with a transaction value exceeding 47.8 billion yuan. The carbon price has increased from 48 yuan per ton at the start to over 100 yuan per ton, currently stabilizing around 60 yuan per ton [4][6][11]. Policy Impact - The recent issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" by the central government marks a systematic deployment for the future development of the national carbon market, providing a roadmap and objectives for market construction [4][8]. Market Expansion - The inclusion of the steel, cement, and aluminum smelting industries into the carbon market has added over 30 billion tons of annual emissions coverage, enhancing market activity and resilience [5][11]. Recommendations for Improvement - To address existing issues in the carbon market, it is recommended to establish a transparent carbon allowance management system, maintain policy stability, and implement a combination of free and paid allocation methods [5][12]. - The introduction of paid allocation is expected to enhance corporate awareness of carbon costs and benefits, promoting proactive management of emissions [9][10]. Future Directions - The carbon market aims to cover major industrial sectors by 2027 and expand the range of greenhouse gases included, with a focus on enhancing trading mechanisms and regulatory frameworks [8][11].