Core Insights - The rapid development of the green finance market is leading to an increase in relevant information and data, providing decision-making references for participants in the green finance sector [1] Group 1: Green Loan Growth - During the "14th Five-Year Plan" period, the average annual growth rate of green loans in China exceeded 20%, indicating a stable growth trend in green financing [2] - The financial system is playing a positive role in supporting the green and low-carbon transition of society, laying a solid foundation for the deepening development of green finance in the "15th Five-Year Plan" period [2] Group 2: Carbon Accounting Standards - The People's Bank of China is developing carbon accounting standards for financial institutions and revising sustainable information disclosure guidelines to enhance carbon accounting and disclosure requirements [3] - As of the end of Q2, the balance of green loans in China reached 42.4 trillion yuan, and the balance of green bonds exceeded 2.2 trillion yuan, both ranking among the highest globally [3] Group 3: Steel Industry Financing Needs - The Climate Bonds Initiative (CBI) reports that the Chinese steel industry will require at least $18 billion in capital expenditures over the next five years for low-carbon technologies [4] - The report emphasizes the need for a unified standard and policy incentives to address financing bottlenecks and direct capital towards decarbonization efforts [4] Group 4: Securities Firms Evaluation - The China Securities Association has released evaluation results for securities firms focusing on the "Five Major Financial Articles," which include green finance, aiming to enhance the role of securities firms in supporting green transitions [5] Group 5: Biodiversity Financing Gap - The Paulson Institute's report indicates that the global financing gap for biodiversity has expanded to $942 billion, highlighting the urgent need for effective policies and innovative financing mechanisms [7] Group 6: Carbon Market Developments - The national carbon market saw a maximum price of 60.33 yuan per ton last week, with a total trading volume of 8,127,135 tons and a total transaction value of approximately 484.87 million yuan [8][9] Group 7: Regional Carbon Market Cooperation - A memorandum of cooperation was signed among four exchanges in the Guangdong-Hong Kong-Macao Greater Bay Area to promote the development of the regional carbon market and green finance ecosystem [11] - This collaboration aims to enhance market liquidity and pricing efficiency while fostering innovation in green financial products [11] Group 8: Innovative Financing Products - The first biodiversity and carbon reduction-linked loan in Guangdong was issued, amounting to 10 million yuan, aimed at ecological restoration projects [12] - This innovative loan structure links financing costs to carbon reduction outcomes, promoting both ecological protection and the diversification of green financial products [12] Group 9: Green Bond Index Fund - BlackRock announced the establishment of a green bond index fund with a subscription amount of approximately 6 billion yuan, aligning with the policy direction of enhancing green finance [13] - This fund is expected to attract more international capital into China's green bond market, enhancing market vitality and global connectivity [13]

中化新网讯 9月21日，2025零碳学术研讨会暨第三届洪堡零碳论坛在山东威海临港区举行。与会专家共 探零碳园区建设和传统园区绿色升级路径。 洪堡零碳论坛主席、中国国际碳中和经济研究院院长蒋庆哲表示，2025年堪称零碳园区建设元年，国家 层面已走过"早期探索—孕育发展—重点推进"三大阶段，先后推出生态工业示范园区、循环化改造示范 园、低碳园区、绿色工业园区及绿色产业示范基地等多类试点，从"小切口"协同降碳减污，到系统治理 全面铺开。 李毅中表示，建设低碳零碳园区，要用碳监测摸清"家底"，锁定重点单元和环节，建立专业碳核算 和"碳账目"，把直接、间接和关联排放全部纳入碳足迹管理，并为主要产品贴上碳标识。随后主动进入 全国碳市场，利用自愿减排碳交易机制实现碳平衡并变现收益；电力行业已先行，钢铁、有色、建材、 石化、化工等行业也将陆续纳入，园区须提前布局、抢占先机。 在蒋庆哲看来，零碳园区建设需通过系统路径、多模式发展与多主体协同治理，实现能源结构转型与市 场化机制创新，推动园区全面零碳化。为此，他建议零碳园区必须让政府、管委会、企业、服务商等多 主体各就其位。政府负责基础制度与公共服务，用碳市场、激励约束机制清除共 ...

会议期间，由上海环境（601200）能源交易所、江苏银行（600919）、南京银行、中研绿色金融研究 院、擎天互工、联合赤道、华测认证集团、江苏大学等产学研金机构共同发起设立"长三角碳核算技术 工程中心"，旨在精准落地"凝聚学术共识、链接实践资源"的初衷。中国人民大学、清华大学、南京大 学、电子科技大学、江苏大学、南京审计大学、南京工业大学、金陵科技学院等一批高校教授及行业核 算与认证机构专业人士获聘首批专家。 据悉，作为高等学校碳金融"十四五"规划教材系列第三部《碳核算概论》与前期出版的《碳交易市场概 论》《碳金融概论》，是目前从理论到实践最全面介绍碳金融的系列教材，将进一步完善碳金融学科体 系建设。 9月20日，2025年长三角绿色低碳学术研讨会暨《碳核算概论》新书发布会在南京举行。江苏省委金融 委办公室、中国人民银行江苏省分行、江苏省社会科学院以及来自全国20多所高校、科研机构、第三方 认证机构、金融机构约150位专家学者、企事业单位相关人员参会。 江苏省社会科学院副院长李扬致辞表示，长三角地区有着全国领先的绿色产业集群，有密度最高的低碳 技术研发平台，更有持续深化的区域协同机制。长三角正以"一盘棋"思 ...

Core Viewpoint - The recent issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" emphasizes the importance of carbon emission accounting and reporting management, as well as the need to improve information disclosure systems [1][2]. Information Disclosure System and Carbon Data Accounting - The "Opinions" require an enhancement of the information disclosure system, mandating timely public disclosure of emissions, compliance, trading, and pledge-related information by key emission units, registration agencies, trading institutions, technical service providers, and financial institutions [2][3]. - As of September 3, 2023, 2,523 A-share listed companies have disclosed their 2024 ESG reports, with a disclosure rate of 46.49% [1]. - The introduction of the "Opinions" expands the scope of disclosure to include financial and technical service institutions, requiring comprehensive information on quota applications, compliance progress, trading details, and pledges [2][3]. Challenges in Carbon Data Management - Small and medium-sized enterprises (SMEs) face significant challenges in carbon data management, including weak data foundations, lack of standardized accounting methods, and insufficient technical capabilities [3][4]. - The "Opinions" highlight the need for improved carbon emission measurement and reporting management, addressing the core shortcomings in corporate carbon data management [3][4]. Corporate Responses and Strategies - Companies are beginning to prepare for the requirements set forth in the "Opinions," with many already conducting carbon audits and accounting [1][3]. - Enterprises are encouraged to build carbon accounting systems, equip key measurement instruments, and establish traceability mechanisms for supply chain carbon data [6][10]. - The need for collaboration among supply chain participants is emphasized, with leading companies expected to drive data collection and reporting efforts [8][10]. Market Activity and Carbon Asset Management - The national carbon market has seen increased trading activity, with an average daily trading volume of 55.26 million tons in August 2023, a 9% increase from July [11]. - Companies are exploring carbon asset management strategies, including carbon quota pledge financing and the development of carbon credit projects [12][13]. - The "Opinions" outline a timeline for industry coverage, with the national carbon market expected to encompass major industrial sectors by 2027 [12][13]. Future Directions and Compliance - Companies are advised to integrate carbon footprint accounting and disclosure into their ESG management frameworks, particularly in supply chain management [10]. - The transition from voluntary to mandatory disclosure of carbon emissions is anticipated, especially for export-oriented industries [10][11]. - The establishment of a robust carbon asset management system is crucial for companies to navigate the evolving regulatory landscape and market dynamics [13][14].

Group 1 - The integration of digital technology and the internet is steadily advancing, with artificial intelligence (AI) becoming a new focal point in international competition [1] - AI is recognized as a crucial tool for various industries to achieve environmental goals, enhance resource management efficiency, and reduce carbon emissions [1] - The introduction of AI technologies can significantly aid companies in energy-saving and carbon reduction efforts, exemplified by a project that saved a petrochemical company $30 million annually through improved energy and utility management [1] Group 2 - Experts discussed the application of digital intelligence technologies in building new energy and carbon emission systems [2] - The State Grid Corporation's vice chief information officer emphasized the importance of digitalization and intelligence in promoting renewable energy consumption and constructing a new power system [2] - A global unified carbon accounting system is recommended to align China's evolving carbon accounting practices with international standards, thereby unlocking the innovative value of carbon accounting [2]

Core Insights - The "Three New" economy in China achieved a value-added of 242,908 billion yuan in 2024, growing by 6.7% year-on-year, which is 2.5 percentage points higher than the GDP growth rate [1] - The "Three New" economy accounted for 18.01% of GDP, an increase of 0.43 percentage points from the previous year [1] Group 1: Economic Performance - The "Three New" economy is characterized by new industries, new business formats, and new business models, which are essential for economic activities [1] - The rapid development of the "Three New" economy has created more job opportunities, improved labor productivity, and promoted consumption upgrades [1] Group 2: Trends and Developments - The "Three New" economy is experiencing three major trends: leading growth and structural upgrades, expansion into new fields driven by technology, and regional collaboration [2] - Emerging industries such as digital economy, smart manufacturing, and life health are developing rapidly, contributing to the upward momentum of the economy [2] Group 3: Recommendations for Development - Suggestions for strengthening the foundation of the "Three New" economy include deepening the market-oriented allocation of data elements, enhancing regulatory innovation, and aligning with international standards [2]

Group 1 - The national carbon market in China has expanded to include high-energy and high-emission industries such as steel, cement, and aluminum smelting, now covering over 60% of the country's carbon dioxide emissions [2] - The Chinese approach to low-carbon green technology and industry development emphasizes source governance, direct innovation incentives, low transaction costs, and compatibility with growth, differing from the demand-side incentives seen in the EU [2][3] - The rapid growth of green low-carbon investment, production, and consumption has become a significant driver of China's economic growth, with the government’s "dual carbon" goals providing a clear and stable long-term framework for innovation and investment [3][4] Group 2 - The energy system is crucial for China's green transition, with a strong demand for electricity projected to double by 2060, necessitating a shift from fossil fuels to renewable energy sources [4] - Concerns about overcapacity in the renewable energy sector are deemed short-term and localized, with significant growth potential remaining to meet carbon neutrality goals [5] - The national carbon market has seen significant developments since its launch in 2021, with the introduction of new trading mechanisms and an increase in the number of covered emission units [6][7] Group 3 - The inclusion of the steel industry in the carbon market is expected to accelerate its low-carbon transformation and optimize production capacity, although short-term cost pressures may affect small and medium enterprises [6] - The carbon market serves as an important policy tool for addressing climate change and promoting a comprehensive green low-carbon transition in the economy [7] - A proposed new trading mechanism could incentivize innovation in low-carbon technologies by allowing high-carbon companies to purchase carbon credits from innovative green enterprises, creating a direct link between carbon pricing and innovation [7]

Core Insights - The national carbon market in China is a government-led trading system aimed at reducing carbon emissions, officially launched on July 16, 2021, covering 2,225 enterprises in the power sector with an annual emission coverage of approximately 4.5 billion tons, making it the largest carbon trading market globally [1][2] Group 1: Key Terminology - Carbon Emission Allowance (CEA) allows companies to emit a specific amount of CO₂, where 1 allowance equals 1 ton of CO₂ equivalent (tCO₂e). Companies must hold enough allowances to cover their emissions by the end of the compliance period to avoid penalties [3][4] - Carbon Allowance refers to the emissions permits allocated to companies by the government, with a future trend of decreasing free allowances and increasing paid allowances to incentivize emission reductions [5] - Carbon Trading involves the buying and selling of carbon allowances or reduction credits, primarily through agreements, with potential future inclusion of financial instruments like futures and options [6] Group 2: Market Mechanisms - CCER (China Certified Emission Reduction) represents carbon credits generated from projects like renewable energy and forestry, which can offset up to 5% of a company's emissions [7] - The MRV (Monitoring, Reporting, Verification) system ensures the accuracy of carbon emission data, serving as the foundation for fair market operations [8] - Carbon Price is the market price for carbon allowances, currently ranging from 50 to 80 RMB per ton, significantly lower than the EU price of approximately 80 Euros per ton, with expectations of gradual increases as policies tighten [9][10] Group 3: Goals and Strategies - Peak Carbon refers to the point at which CO₂ emissions reach their highest level before beginning to decline, with China committing to achieve this by 2030 [11][12] - Carbon Neutrality aims for net-zero emissions by 2060 through emission reductions, carbon sinks, and technological innovations [15] - Carbon Sink involves natural processes, such as forests absorbing CO₂, which can be developed into carbon credit projects [16] Group 4: Financial and Regulatory Aspects - Carbon Finance encompasses financial innovations related to the carbon market, enhancing market liquidity and reducing compliance costs for companies [17] - Carbon Footprint measures the total carbon emissions produced directly or indirectly by individuals, companies, or products throughout their lifecycle [18] - Carbon Border Tax is a proposed tariff on high-carbon imports to balance domestic and international carbon costs, with potential implications for high-carbon exporting companies [19] Group 5: Monitoring and Verification - Carbon Monitoring utilizes technologies like sensors and satellites to track carbon emissions and greenhouse gas concentrations, with pilot projects already underway in 16 cities [20][21] - Carbon Accounting systematically quantifies carbon emissions for companies or products over a specific period, adhering to international standards [22] - Carbon Verification involves third-party audits of carbon emission reports to ensure data accuracy, a requirement for major emitters in the national carbon market [27]

标杆项目密集落地。 本文为IPO早知道原创 作者｜ Eric 微信公众号｜ipozaozhidao IPO早知道消息，3月29日，2025北外滩财富与文化论坛在上海虹口世界会客厅举办，一系列跨界 融合、绿色转型项目重磅发布。与会专家认为，文化为金融高质量发展、财富保值增值校准了价值坐 标， 金融为文化事业繁荣提供了资金支持，共同谱写了 "美美与共、双向奔赴"的时代强音。 上海 市委常委、常务副市长吴伟，新华社党组成员、秘书长徐玉长出席论坛。 作"为主题，来自金融、文化等领域的知名人士、专家、企业代表等约300人出席。 过去的一年里，上海国际金融中心和国际文化大都市建设成绩亮眼， 全年金融业增加值达 8072.73 亿元，同比增长7.9%，全市举办各类营业性演出5.7万场、吸引观众2545万人次，城市文化软实力 显著提升。 上海市委常委、常务副市长吴伟在致辞中指出，上海国际金融中心建设正迈向全面提升 能级的新阶段，不仅要加强金融机构、金融基础设施等 "硬实力"建设，也要提升价值观、行为规范 等"软实力"水平。希望虹口充分发挥"海派文化发祥地、先进文化策源地、文化名人聚集地"辐射作 用，发扬光大中华优秀传统文化中 ...