"某发电集团靠出售富余碳排放配额赚了2000万元""家门口的工厂因减排成效显著，贷款利率下降 了30%"……如今，越来越多企业尝到绿色转型的甜头，而碳定价这只"看不见的手"已悄然渗透到经济 社会多个场景。 "总的来说，这并非一个简单的计算题，而是在寻求一个动态平衡。"一位业内人士如是解释。 发达国家的"先行者红利" 作为全球碳中和浪潮的核心政策工具，碳定价通过碳税或碳排放权交易体系让污染者为碳排放付 费，既催生了千亿级"绿色财政收入"，也在重塑各国经济发展格局。这笔钱该如何收、如何花？对不同 发展阶段的国家意味着怎样的机遇与挑战？中国又该如何走出特色碳定价之路？这早已不仅是环保问 题，更是关乎经济发展与社会公平的核心议题。 碳定价的"双刃剑" 碳定价的核心逻辑简洁明了——给二氧化碳等温室气体标上价格，通过市场机制倒逼企业减排，同 时为政府创造新的财政收入来源。世界银行数据显示，2023年，全球碳定价产生的财政收入达创纪录的 1040亿美元，这笔"绿色巨款"正成为推动能源转型、技术创新的关键资金支撑。 但是，碳定价也面临多重功能平衡挑战。从财税影响来看，碳定价具有鲜明双重属性：既是减排的 环境政策工具，也是重塑 ...

Group 1 - The core viewpoint emphasizes the necessity of financial support for the green low-carbon transition, highlighting the accelerating financialization of electricity and carbon markets globally, with China's green finance moving towards internationalization [1] - The establishment of the "Carbon Emission Trading Market Open Alliance" by China, the EU, and Brazil aims to create a unified global carbon market, focusing on improving compliance carbon markets and carbon pricing policies [1] - Hong Kong is taking initial steps towards international recognition of CCER, carbon quotas, and green certificates, indicating its role as a financial hub in facilitating carbon market transactions [1][6] Group 2 - Carbon futures and options play a crucial role in market pricing and risk management, as evidenced by the experiences of the Chicago Climate Exchange and the EU Emissions Trading System [2] - The holding scale of carbon futures, such as the over 600,000 contracts (600 million tons) in California's carbon quota futures market, serves as a key indicator of effective carbon pricing and market resilience [3] - The continuous expansion of China's national carbon emission trading market since its launch in 2021, with 16 brokerages approved for spot trading, reflects the growing involvement of financial institutions in managing carbon price risks [6] Group 3 - The development of China's green certificate market is rapid, with 4.7 billion certificates issued last year, surpassing the total of developed economies [9] - The demand for green certificates is driven by policy requirements, supply chain demands from multinational companies, and increasing corporate social responsibility awareness [9] - The effective pricing and liquidity of green certificates are essential for market activation, with a focus on achieving hour-level traceability to enhance international credibility [9][11] Group 4 - To promote the international recognition of China's green certificates, it is crucial to strengthen communication with foreign counterparts and understand the roles of various stakeholders in the certification process [10] - The "hour-level" matching of green energy attributes is a significant trend, allowing for more precise reflection of carbon emissions, with successful pilot projects already conducted in Hong Kong [11][12] - China's green certificate system is aligning with global best practices, signaling its capability to meet international standards and enhance cooperation among various stakeholders [12]

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 ...

Core Viewpoint - The joint statement between the People's Republic of China and the French Republic emphasizes the commitment to enhance cooperation in addressing global climate and environmental challenges, focusing on renewable energy deployment and a transition away from fossil fuels [1][3]. Group 1: Commitment to Climate Agreements - Both countries reaffirm their dedication to effectively implement previous agreements such as the 2019 Beijing Initiative on Biodiversity Conservation and Climate Change, the 2024 Joint Statement on Biodiversity and Oceans, and the 2025 Joint Statement on Climate Change marking the tenth anniversary of the Paris Agreement [1]. - The commitment to multilateralism and addressing global challenges is reiterated, particularly in relation to the foundational legal frameworks like the Rio Conventions, the Kyoto Protocol, and the Paris Agreement [2]. Group 2: Renewable Energy and Emission Reduction - The countries aim to triple global nuclear power capacity by 2050 and recognize the importance of controlling methane emissions through existing technologies and innovative solutions [3]. - There is a commitment to accelerate the deployment of global renewable energy and to contribute to a fair transition away from fossil fuels [3]. Group 3: Biodiversity and Environmental Protection - The statement acknowledges the interconnectedness of climate change, biodiversity loss, pollution, and land degradation, emphasizing the need for collective efforts to halt deforestation and land degradation by 2030 [4]. - Both nations express support for global marine governance and welcome the upcoming implementation of the agreement on the conservation and sustainable use of marine biodiversity beyond national jurisdiction [4]. Group 4: Plastic Pollution and Sustainable Development - The countries support negotiations for a legally binding international instrument to end plastic pollution and encourage research into sustainable plastic alternatives [5]. - There is a commitment to assist developing countries in achieving sustainable development and enhancing their access to climate and environmental funding by 2035 [5]. Group 5: Future Cooperation - Both nations are willing to explore the establishment of a working group to address climate and environmental challenges, with a meeting planned for the first half of 2026 [5].

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]