在近期召开的"2025中国可持续投资发展论坛"上，程仕军作出上述表述。在他看来，需要从根本上超 越"先污染，后治理"的传统路径，转而依托科技的颠覆性力量与金融的系统性赋能，共同构建一个更具 韧性、更富效率、更为包容的可持续发展新范式。 对于人工智能技术介入到可持续发展道路的过程中还存在哪些难点？上海交通大学上海高级金融学院副 院长、金融学讲席教授、可持续投资研究中心主任严弘称，人工智能、大数据等新兴技术可以帮助企业 更好地管理数据、分析数据、发现问题，推动生产结构转型、优化运营管理，但在实际应用过程中，存 在数据分散、信息披露标准不清晰等问题，这就需要提升数据的集聚程度，规范数据收集和披露的标 准。 "上市公司披露可持续发展报告的系统性、规范性和深入性还需要一定时间磨合。" "当前，我们正站在一个由科技重构未来的关键节点。全球可持续发展进程不断深化，以人工智能为代 表的科技革命浪潮正蓬勃兴起，这两股深刻影响未来世界发展格局的力量融合交汇。"上海交通大学上 海高级金融学院执行院长、会计学讲席教授、可持续投资研究中心理事长程仕军称。 体系，为其在海外项目地开展碳信用项目提供支撑；三是"一带一路"沿线减排成果未能有 ...

专题：2025中国可持续投资发展论坛 12月12日金融一线消息，2025中国可持续投资发展论坛今日召开，本次论坛的主题为"科技融合与可持 续发展新生态"。上海天工产业绿色发展研究院（筹）执行院长陈元哲出席论坛。 陈元哲表示，当前标准制定的核心挑战在于打破跨领域沟通的壁垒，标准的本质就是搭建"跨界翻译 器"。天工院目前聚焦两大标准体系：一是绿色核证碳清除标准体系，用于核算企业实施碳清除措施实 现的减排量并签发碳信用资产，供全球企业购买以抵消温室气体排放；二是自然信用标准体系，将生物 多样性保护或修复的净增益转化为可监测、可验证、可交易的生物多样性信用，助力上市公司在ESG报 告中呈现生物多样性保护的定量成果。 当被问及科技创新和数据治理在自愿碳市场重构的过程中扮演的关键角色时，陈元哲将其核心价值概括 为六个字："让信任可度量"。他进一步阐释，这一过程主要通过两步实现：第一，以科技创新破解"看 不见"难题。应用eDNA、卫星遥感等硬科技，将模糊的生态效益转化为精确的数据资产，实现从"讲故 事"到"摆数据"的质变。第二，以数据治理破解"信不过"难题。通过建立严苛的数据治理机制，从制度 层面消除市场对数据质量的信任危 ...

Core Insights - The establishment of the "Open Alliance for Carbon Emission Trading Markets" by China, the EU, and Brazil aims to enhance international cooperation in carbon markets, creating a framework for coordinating carbon pricing mechanisms and emission trading systems globally [1][3] Group 1: Alliance Formation and Objectives - The alliance seeks to create a transparent and credible global compliance carbon market network, facilitating international exchanges and cooperation in carbon market governance [1] - Participants in the alliance include both developed and developing countries, showcasing a trend of bridging cooperation in carbon market governance [3] Group 2: Global Carbon Market Developments - The COP29 conference marked a significant breakthrough in global carbon market collaboration, with consensus reached on the creation of carbon credit standards under the Paris Agreement [2] - The UNFCCC is advancing the development of approximately 19 methodologies for the Paris Agreement carbon credit mechanism, with several expected to be approved by mid-2026 [3] Group 3: Challenges in Carbon Market Integration - The establishment of a unified global carbon market faces challenges due to significant differences in economic development stages, energy structures, and emission reduction costs among countries [5] - The existence of 80 different carbon pricing tools globally, including 37 emission trading systems and 43 carbon taxes, complicates the integration of carbon markets [5] Group 4: Future Directions and Recommendations - Experts suggest a gradual approach to global carbon market collaboration, emphasizing the need for international rule-making and mutual recognition of standards [6][7] - China's role is highlighted as crucial in connecting developed and developing nations, leveraging its experience in renewable energy and carbon market development [8]

雷切尔·凯特（Rachel Kyte）在COP30上发言。图片来源：国际可持续发展研究所（IISD） "即便在当前复杂多变的地缘政治环境中，气候与能源领域的合作依然能够发挥稳定局势的作用，并成 为推动全球进步的重要动力。" 文| 《财经》研究员 黄凯茜 马铭泽 编辑 | 马克 英国已重返全球气候外交的前沿。2024年9月，英国工党政府任命雷切尔·凯特（Rachel Kyte）担任英国 气候特使——这一职务曾被上届政府撤销。气候特使同时向英国外交大臣与能源安全与净零排放大臣汇 报，职责是致力于在气候与清洁能源领域的高级别外交参与。 凯特曾担任世界银行气候变化副总裁与特使、联合国秘书长发起的"人人享有可持续能源倡议"特别代 表，是国际气候谈判领域的资深人士，她在《巴黎协定》达成的过程中，在气候融资议题上发挥了关键 的推动作用。 正在巴西贝伦举行的联合国第30届气候大会（COP30）上，气候融资是英国代表团的关注重点之一，尤 其是如何为发展中国家适应与减缓气候变化提供资金支持。谈判议题方面，英国已与包括欧盟在内的83 个《巴黎协定》缔约方共同发起了推动全球制定"化石燃料退出路线图"的倡议。在本次大会主要议题之 一的 ...

Core Viewpoint - During the "14th Five-Year Plan" period, China's low-carbon development strategy remains steadfast, with expectations for a comprehensive upgrade of the carbon reduction "toolbox" centered on carbon markets and green certificate markets, which will drive structural adjustments across multiple industries [2][3]. Group 1: Carbon Market Insights - The carbon market in China is set to undergo "capacity expansion + quota allocation" reforms, with an expected increase in carbon emissions coverage to 77% by 2030, leading to a long-term rise in carbon prices to 80-90 yuan per ton [4]. - The anticipated carbon market supply from CCER methodologies could reach 480-750 million tons by 2030, enhancing the market's overall supply [4]. - The carbon price increase is expected to facilitate the elimination of outdated production capacity in emission-intensive industries, providing competitive advantages to green enterprises [4]. Group 2: Green Certificate Market Dynamics - The green certificate market currently faces downward price pressure due to oversupply, but improvements in supply-demand dynamics are expected, with prices projected to rise to 6-6.5 yuan per certificate by 2026 [5]. - The transition from "certificate and electricity separation" to "certificate and electricity integration" is anticipated, driven by domestic demand for green electricity and international policies like CBAM [5]. - High green electricity consumption ratio enterprises will gain a first-mover advantage, particularly those located in regions with abundant renewable energy [5]. Group 3: Product Carbon Footprint Management - The concept of product carbon footprint management is emerging as a new paradigm in corporate carbon management, aimed at enhancing corporate "green competitiveness" [6]. - The establishment of carbon footprint accounting standards and certification systems is underway, which will benefit exporting companies and those in raw materials and long supply chains [6]. Group 4: Investment Opportunities - The upgrade of the carbon reduction toolbox is expected to create investment opportunities in green sectors, such as sustainable aviation fuel and green electricity direct connection industries [7]. - Low-carbon enterprises in high-emission sectors, such as steel, will have cost advantages and profit potential in the carbon market, while data centers and aluminum smelting companies with high green electricity consumption ratios will face lower transition risks [7]. - Companies with higher product carbon footprint management levels in long supply chains and exporting industries will exhibit greater resilience and "green competitiveness" [7].

Core Points - The COP30 conference in Brazil highlights China's commitment to green and low-carbon development, showcasing various sustainable products and technologies [1][2] - China has submitted its 2035 Nationally Determined Contribution (NDC) targets, which include ambitious goals for reducing greenhouse gas emissions and expanding renewable energy capacity [1][2] - International representatives emphasize the importance of China's role in global climate governance and the need for collaboration with China to achieve climate goals [2][6] Group 1: China's Contributions to Climate Action - China has introduced a historic NDC that includes absolute reduction targets for greenhouse gas emissions across all economic sectors [1][2] - The country aims to increase its wind and solar power capacity to over six times the 2020 levels by 2035, targeting 3.6 billion kilowatts [1] - China's carbon market is developing steadily, with both mandatory and voluntary markets, providing valuable lessons for other nations [3] Group 2: International Cooperation and Support - China is actively involved in South-South cooperation, launching flagship projects like the "Clean Stove" initiative to assist developing countries in reducing carbon emissions [4][5] - The country provides technological support and renewable energy solutions to nations like Brazil and Antigua and Barbuda, enhancing local economies and promoting sustainable practices [5][6] - Various international leaders stress the necessity of multilateralism and collaboration with China to effectively address climate change challenges [6][7] Group 3: Technological Innovation and Economic Impact - China's technological innovations have significantly lowered the costs of clean energy technologies, facilitating the energy transition [2] - The promotion of distributed solar products in developing countries is creating economic opportunities and improving living standards [5] - China's commitment to green infrastructure and climate resilience is recognized as a vital contribution to global efforts against climate change [7]

Core Insights - China, along with the EU and Brazil, has established the "Open Coalition on Compliance Carbon Markets" during the COP30 to enhance international cooperation in carbon markets [1][2] - The coalition aims to create a framework for cross-national cooperation, coordinating carbon pricing mechanisms and emission trading systems to achieve a transparent and credible global compliance carbon market [1][2] Group 1: Carbon Market Developments - The coalition is a continuation of the outcomes from COP29, which laid the institutional foundation for its operation [2] - The coalition operates on a voluntary basis for countries/regions to join, promoting compliance carbon market practices and standard alignment [2] Group 2: China's Carbon Market Impact - The national carbon market has led to a 2.9% cumulative reduction in carbon emission intensity from power generation units from 2019 to 2024 [3] - The carbon market has reduced the growth rate of total carbon emissions in the power sector, resulting in a cumulative reduction of 357 million tons compared to predictions without a carbon market [3] - The implementation of the carbon market has lowered social reduction costs by approximately 40.5 billion yuan [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Since June this year, the national carbon quota price has been declining, and the current comprehensive price has dropped to around 50 yuan/ton, similar to the opening price in 2021 and over 50% lower than the peak in 2024. As the compliance period approaches, the spot price has rebounded. The optimal carry - forward rate is about 40%, and surplus enterprises can carry forward 60% of their surplus quotas to 2025, but need to apply before June 10, 2026 [9]. - According to the Fudan Carbon Index Research Center's model, in November 2025, the expected buying price of national carbon emission allowances (CEA) is 47.59 yuan/ton, the selling price is 55.42 yuan/ton, and the mid - price is 51.51 yuan/ton. In December 2025, the expected buying price is 55.63 yuan/ton, the selling price is 65.35 yuan/ton, and the mid - price is 60.50 yuan/ton. In November 2025, the expected buying price of China Certified Emission Reductions (CCER) is 59.67 yuan/ton, the selling price is 68.17 yuan/ton, and the mid - price is 63.92 yuan/ton [10]. 3. Summary by Directory 3.1 Carbon Market Weekly Overview - In October, the highest price of the national carbon market composite price was 59.30 yuan/ton, the lowest was 50.34 yuan/ton, and the closing price was 51.96 yuan/ton, a 10.37% decrease from the same period last month. The trading volume of the listed agreement transaction was 10522.58 million tons, with a turnover of 487.1171 million yuan; the trading volume of the bulk agreement transaction was 3093.67 million tons, with a turnover of 1496.84425 billion yuan; the trading volume of the one - way auction was 10,000 tons, with a turnover of 4.475 million yuan [8]. - In the second week of November, the highest price of the national carbon market quota was 62.48 yuan/ton, the lowest was 57.72 yuan/ton, and the closing price was 60.17 yuan/ton, with a weekly increase of 4.12%. The trading volume of the listed agreement transaction was 614.79 million tons, with a turnover of 377.6497 million yuan; the trading volume of the bulk agreement transaction was 1062.71 million tons, with a turnover of 629.8574 million yuan; there was no one - way auction this week. The total trading volume of the national carbon emission quota this week was 1677.50 million tons, and the total turnover was 100.7507 million yuan [9]. 3.2 Market News - Recently, the General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Promoting Green and Low - Carbon Transformation and Strengthening the Construction of the Carbon Market", aiming to expand the coverage of the national carbon emission trading market, implement quota total control and paid allocation, gradually tighten quotas, accelerate the construction of the voluntary emission reduction trading market, and improve the vitality of the national carbon market [11]. - At the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30) in Brazil on November 11, Li Gao, the deputy minister of the Ministry of Ecology and Environment of China, stated that the carbon market has no unified standard model, and China will explore a carbon market system suitable for its national conditions. In the future, it will gradually implement quota total control and paid allocation [11]. - On November 13, Tu Guangshao said at the Taihu World Cultural Forum · Qiantang Dialogue that the carbon market has given rise to the form of carbon assets, and the inclusion of carbon assets in the balance sheet is of great significance in promoting the optimization of the green and low - carbon ecological system. Although the progress of carbon asset inclusion in the balance sheet in China shows a good momentum, the number of enterprises including carbon assets in the balance sheet is still insufficient [11]. 3.3 Market Data - No specific data analysis content provided, only the titles of two figures "Electricity Generation Year - on - Year Growth Rate (%)" and "Newly Installed Photovoltaic Capacity" are given [12]

Core Insights - China's commitment to carbon peak and carbon neutrality has led to significant advancements in green and low-carbon development, establishing a comprehensive carbon reduction policy system and becoming a global leader in renewable energy and electric vehicles [1][2][3] Group 1: Waste Management and Recycling - By the end of 2024, 98.5% of urban communities in China will have waste classification facilities, reflecting a shift in public attitude towards environmental responsibility [1] - The transition from single-bin to multi-bin waste disposal signifies a broader commitment to sustainable practices [1] Group 2: Energy Transition - China is prioritizing the development of non-fossil energy, increasing its share from 16.0% in 2020 to 19.8% by 2024, with an annual increase of nearly 1 percentage point [2] - By August 2025, installed capacity for wind and solar power is expected to exceed 1.69 billion kilowatts, tripling the 2020 figures and contributing to 80% of new power installations since 2020 [2] - The proportion of fossil energy consumption is projected to decrease from 84.0% in 2020 to 80.2% by 2024, indicating a steady move towards cleaner energy sources [2] Group 3: New Energy Vehicles - As of June 2025, the number of new energy vehicles in China is expected to reach 36.89 million, accounting for 10.27% of the total vehicle ownership [3] - In 2024, Chinese new energy vehicles are projected to be exported to over 180 countries, helping to reduce global carbon emissions by over 50 million tons [3] - The "new three" sectors, including new energy vehicles, lithium batteries, and photovoltaic products, are becoming key components of China's manufacturing identity, contributing over 18% to GDP in 2024 [3] Group 4: Green Finance and Carbon Market - By the end of 2024, the balance of green loans in China is expected to reach 36.6 trillion yuan, with nearly 70% directed towards carbon reduction projects [5] - The green insurance sector is projected to generate premium income of 333.15 billion yuan in 2024, while green bond issuance is expected to reach 681.43 billion yuan, 2.5 times that of 2020 [5] - The national carbon emissions trading market, launched in July 2021, covers over 60% of carbon emissions and has seen a cumulative trading volume of approximately 728 million tons by September 2025 [5]

Group 1: Report Overview - The report is a carbon market weekly report dated November 07, 2025, from the Energy and Chemical Research Team of Jianxin Futures [2][3] Group 2: Carbon Market Weekly Summary - In October, the national carbon market's comprehensive price had a high of 59.30 yuan/ton, a low of 50.34 yuan/ton, and a closing price of 51.96 yuan/ton, down 10.37% from the previous month. The trading volume and turnover of listed agreement transactions were 10,525,810 tons and 487,117,084.12 yuan respectively; for bulk agreement transactions, they were 30,936,720 tons and 1,496,842,246.87 yuan; and for single - sided bidding, 100,000 tons and 4,475,000 yuan [7] - In the first week of November, the comprehensive price had a high of 58.51 yuan/ton, a low of 51.54 yuan/ton, and a closing price of 57.79 yuan/ton, up 11.22% from the previous Friday. The trading volume and turnover of listed agreement transactions were 3,981,155 tons and 209,744,110.26 yuan respectively; for bulk agreement transactions, 5,154,502 tons and 248,501,748.01 yuan; and for single - sided bidding, 100,000 tons and 4,894,850 yuan. The total trading volume and turnover were 9,235,657 tons and 463,140,708.27 yuan [7] - Since June this year, the national carbon quota price has been declining. The current price is around 50 yuan/ton, similar to the opening price in 2021 and over 50% lower than the 2024 high. The new policy aims to solve the problem of enterprises' reluctance to sell. The current low carbon price is partly due to the concentrated selling of surplus enterprises under the carry - over rule. The price may stabilize after the selling pressure eases in November [8] - According to the Fudan Carbon Index, in November 2025, the expected buying price of national carbon emission allowances (CEA) is 47.59 yuan/ton, the selling price is 55.42 yuan/ton, and the mid - price is 51.51 yuan/ton. In December 2025, the expected buying price is 55.63 yuan/ton, the selling price is 65.35 yuan/ton, and the mid - price is 60.50 yuan/ton. In November 2025, the expected buying price of China Certified Emission Reductions (CCER) is 59.67 yuan/ton, the selling price is 68.17 yuan/ton, and the mid - price is 63.92 yuan/ton [8][9] Group 3: Market News - On October 23, the National Energy Administration reported that in September, the全社会 electricity consumption was 888.6 billion kWh, up 4.5% year - on - year. In the first three quarters, the cumulative electricity consumption was 7,767.5 billion kWh, up 4.6% year - on - year. The third - quarter electricity consumption was 2.9 trillion kWh, driven by high - temperature in July and the recovery of the macro - economy [10] - On October 24, it was announced that during the "15th Five - Year Plan" period, China will accelerate the green and low - carbon transformation of energy, build a new energy system, and implement the dual - control system of carbon emission volume and intensity. It aims to reach about 4.5 billion tons of bulk solid waste utilization by 2030 and save over 150 million tons of standard coal in key industries, reducing about 400 million tons of carbon dioxide emissions [10] - Recently, the General Offices of the CPC Central Committee and the State Council issued an opinion to expand the coverage of the national carbon emission trading market to mainly cover industrial emission industries by 2027, implement quota control and paid distribution, gradually tighten quotas, strengthen the synergy between the carbon market and industrial policies, and accelerate the construction of the voluntary emission reduction trading market [10] Group 4: Market Data - There are figures about the national carbon market price trend, pilot carbon market price, power generation year - on - year growth rate, and new power generation equipment year - on - year growth rate, with data sources from Wind and Jianxin Futures Research and Development Department [6][7][12]