F NA CODDOND ES NEEDONN NEWBER U U illiniini DI II I=15号 el T E m r II 11 M III ■ III 《意见》首次在省级层面明确碳排放配额属于合法质押标的，当事人依法签订的碳排放配额担保合同，只要不违反法律、行政法规的强制性规定，人民 法院依法认定其有效，为市场主体提供了稳定的法律预期。 在质押登记环节，针对碳资产权属争议风险，创新建立"人民银行动产融资统一登记公示系统+省级交易平台"双登记模式，化解可能出现的权属争议和 重复质押风险。同时，通过交易平台实时冻结功能防止资产转移风险，彻底堵住重复质押漏洞，为金融机构提供双重保障。 《意见》明确加强司法服务与保障，依法最大限度维护碳排放配额质押合同效力，从严认定合同无效情形，规定了"诉前协商优先，司法诉讼托底"的维 权机制，协商不成的，法院将依法支持当事人通过诉讼实现权利，为市场主体提供高效便捷的纠纷解决通道。 在违约处置环节，《意见》创新设置交易平台竞价、价款代收代付机制，保障金融机构作为质权人的优先受偿权，给质权人吃下"定心丸"，打消了银行 等金融机构"不敢贷"的顾虑。 日前，广东省高级人 ...

Core Viewpoint - The recent issuance of the "Opinions" by the Guangdong Provincial High People's Court, the Guangdong Provincial Department of Ecology and Environment, and the People's Bank of China Guangdong Branch provides systematic judicial guarantees for carbon emission quota pledge financing, enhancing the institutional support for the monetization of carbon indicators held by enterprises in Guangdong [3][4]. Summary by Sections Judicial and Financial Innovation - The "Opinions" aim to activate the carbon financial market in Guangdong through a dual approach of judicial guarantees and financial innovation, offering a replicable "Guangdong experience" for national carbon financial development and promoting green finance to achieve carbon neutrality goals [3][5]. Risk Mitigation and Legal Framework - To reduce disputes in carbon emission quota pledge financing, the "Opinions" clarify that carbon emission quotas are legitimate pledge subjects, generating legal effect upon registration on provincial trading platforms [4][5]. - A dual registration model involving the "People's Bank of China movable property financing unified registration system + provincial trading platform" is established to prevent asset transfer risks through real-time freezing functions [5]. Encouragement for Financial Institutions - The "Opinions" encourage financial institutions to lend more confidently to projects that meet carbon reduction support criteria, with innovative mechanisms for handling debtor defaults, including competitive bidding on trading platforms and payment collection mechanisms to ensure priority repayment for creditors [5]. - Financial institutions are urged to actively apply for carbon reduction support tools to provide low-cost funding for eligible green loans and receive policy support for outstanding performance in green finance [5]. Diversified Financing Scenarios - The "Opinions" promote the expansion of diversified financing scenarios by developing annual pre-allocated quota pledge financing, carbon sink future revenue rights pledges, carbon emission quota-backed bonds, and carbon asset securitization products to meet the multi-layered financing needs of enterprises [5].

Core Viewpoint - The recent issuance of the "Opinions on Promoting Carbon Emission Quota Pledge Financing to Support Green Financial Development" by the Guangdong Provincial High People's Court, the Guangdong Provincial Ecological Environment Department, and the People's Bank of China Guangdong Branch marks the first systematic judicial guarantee policy document at the provincial level for carbon emission quota pledge financing in China [1] Group 1: Legal Framework and Implementation - The "Opinions" clarify that carbon emission quotas are legally recognized as pledgeable assets, providing legal validity upon registration on provincial trading platforms [2] - The document outlines a clear process for handling defaults, including negotiation, bidding, and litigation, which aims to enhance the confidence of financial institutions in lending against carbon quotas [2] - A dual registration model combining the People's Bank of China’s unified movable property financing registration system with provincial trading platforms is introduced to prevent repeated pledging of the same carbon quota [3] Group 2: Financial Opportunities and Market Development - The "Opinions" encourage financial institutions to explore diversified financing scenarios, such as annual pre-allocated quota pledge financing, carbon sink future revenue rights pledges, and carbon asset securitization products [3] - The initiative aims to transform carbon emission rights from an abstract environmental concept into legally protected financial assets, thereby facilitating the realization of the principle that "green mountains and clear waters are invaluable assets" [4] - Despite existing challenges such as market volatility and the accuracy of carbon asset valuation, the "Opinions" demonstrate that with proper legal safeguards and inter-departmental cooperation, green finance can transition from vision to large-scale implementation [4]

Core Insights - The Beijing Green Exchange hosted the 2025 Participant Conference with over 200 representatives from the voluntary carbon market in attendance [1] - The Chairman of the Beijing Green Exchange emphasized the importance of diverse services to promote green and low-carbon development, aligning with national carbon peak and carbon neutrality goals [1] - The conference featured discussions on the potential and development paths of the voluntary carbon market, climate governance trends, CCUS technology innovations, and carbon reduction practices in waste-to-energy projects [1][2] Group 1 - The Beijing Green Exchange is committed to providing diversified services to support the national carbon neutrality objectives [1] - The China Postal Savings Bank's Beijing branch showcased its innovative practices in green finance across five dimensions, highlighting its role in promoting high-quality green finance development [1] - Key speakers at the conference included experts from various sectors discussing the evolution of global climate governance and the application prospects of RWA technology in carbon credit [1] Group 2 - A roundtable discussion focused on the opportunities and challenges in the voluntary carbon market, sharing experiences from companies participating in carbon market transactions [2] - The conference also recognized 18 outstanding participants for their contributions, awarding them in categories such as Best Trading Award and Best Service Award [2] - Discussions included the role of green finance in supporting the development of green industries and future directions for green technology innovation [2]

Core Viewpoint - Wuhan is strategically planning its "15th Five-Year" ecological environment protection, accelerating the establishment of a climate investment and financing system centered on carbon finance [1][9] Group 1: Carbon Reduction Initiatives - The "Wutan Jianghu" platform allows citizens to accumulate carbon reduction credits through low-carbon activities, with a total of 1.6 million users and a total carbon reduction of 51,803 tons [1] - The platform has created a complete closed-loop system for carbon reduction, including behavior recording, emission quantification, and value conversion [1][2] - The 2025 Wuhan Marathon achieved a total carbon emission of 3,030.22 tons, with carbon credits donated to offset emissions, establishing a "zero-carbon marathon" benchmark [2] Group 2: Green Economy Development - Wuhan is leading in the green low-carbon sector, promoting emissions trading and innovative green financial support [2][5] - The establishment of a green low-carbon city construction industry alliance has formed a multi-field team covering finance, technology, and application [5] - The "Blue Sky Guardian" initiative collects air quality monitoring data and pollution source information to manage pollution sources effectively [5] Group 3: Innovative Environmental Compensation Models - Wuhan has introduced ecological damage compensation models, such as "carbon compensation," to address environmental violations [6][8] - The city has launched initiatives like "carbon-neutral weddings" and "carbon donations" to encourage carbon credit donations for large events [8] Group 4: Waste Management and Recycling - Wuhan has built 1,640 "waste-free cells," achieving zero landfill for primary household waste and a recycling rate of 42.89% for household waste [8] - The comprehensive utilization rate of industrial solid waste has exceeded 98.05%, and the use of green packaging in express delivery has reached 90% [8] Group 5: Air Quality Improvement - In 2024, Wuhan ranked 15th among 168 key cities in terms of air quality improvement, with PM2.5 and PM10 concentrations decreasing by 5.3% and 12.1%, respectively [9] - The city aims to maintain a PM2.5 concentration not exceeding 35 micrograms per cubic meter and a 100% excellent water quality rate for national control sections [9]

Core Viewpoint - Hubei Province has officially issued an action plan to enhance its economic capabilities, aiming for significant growth in its economic output by 2027 and 2030, with a focus on investment, consumption, market, finance, industrial clusters, and supply chain improvements [1][2]. Investment and Economic Growth - The action plan targets an economic total of over 7 trillion yuan by 2027 and approximately 9 trillion yuan by 2030, with a systematic deployment of key work areas [1][2]. - As of March 2025, Hubei's 14 provincial enterprises reported total assets exceeding 3 trillion yuan, a year-on-year increase of 20.8%, with a first-quarter revenue of 144.41 billion yuan, up 27.8% [2]. Consumption and Market Development - Hubei aims to enhance consumption quality and capacity, focusing on diverse consumer needs and improving service supply in sectors like healthcare and tourism [2]. - In the first quarter, Hubei's retail sales grew by 7.3%, ranking second nationally, with significant promotional activities boosting consumption [3]. Financial Innovation - The action plan emphasizes the establishment of a technology finance center in Central and Western China, promoting inclusive finance and rural financial reforms [3][4]. - By 2024, Hubei's financial sector is projected to achieve a value-added of 273.62 billion yuan, with social financing stock reaching 12.79 trillion yuan [3]. Industrial and Brand Development - The plan supports the establishment of quality standards and encourages participation in emerging industries, aiming to position Hubei as a key source of national technology standards [4][5]. - By 2024, the quality compliance rate of Hubei's manufacturing products is expected to reach 93.95%, with a competitiveness index of 89.67, reflecting improvements in quality governance [4][5].

Economic Goals - The action plan aims for Hubei Province's total economic output to exceed 7 trillion yuan by 2027 and reach approximately 9 trillion yuan by 2030 [1] Key Work Areas - Accelerate investment expansion and quality improvement, implementing the "Ten Thousand Enterprises, Ten Trillion" smart transformation project, and promoting new infrastructure development [1] - Encourage private investment to reach around 60% by 2027 through a list of projects [1] - Enhance service supply quality in sectors like elderly care, education, healthcare, and tourism to stimulate consumption [1] Enterprise Development - Aim to add approximately 100,000 new entrepreneurial entities returning to Hubei each year and 400,000 college graduates to stay and work in the province [2] - Support the growth of high-quality enterprises through a structured nurturing path from small tech firms to national-level specialized enterprises [2] - Target a total of around 3.2 million enterprises by 2027 and 4 million by 2030 [2] Financial and Technological Innovation - Establish Hubei as a central hub for technology finance, enhancing credit loan reforms for tech firms and developing various investment funds [2] - Explore carbon financial services and aim to create a national carbon finance center [2] Supply Chain Development - Strengthen supply chain efficiency and coverage, aiming for comprehensive supply chain platform integration by 2030 [3] - Develop functional supply chain platforms in logistics, finance, technology innovation, and international trade [3] - Position Hubei as a key resource allocation center for international supply chains by 2030 [3]

Core Viewpoint - Hubei province is leveraging its ecological advantages to develop a carbon finance ecosystem, with the establishment of the national carbon market registration and settlement platform ("Zhong Carbon Registration") in Wuhan serving as a catalyst for innovation in carbon financial products and services [1][2]. Group 1: Carbon Finance Development - The People's Bank of China Hubei Branch has been actively promoting financial product and service innovation based on green assets, leading to the emergence of pioneering products such as carbon emission rights pledge loans and carbon asset custody [2]. - The current development of carbon finance in China faces several bottlenecks, including the unclear legal status of carbon emission rights, which complicates their pledge and collateralization [2][3]. Group 2: Legal and Regulatory Recommendations - To protect the rights of financial institutions in carbon emission rights pledge loans, it is recommended to establish national-level management measures and operational guidelines for carbon quota registration, pledging, and disposal [3]. - The suggestion includes utilizing the Zhong Carbon Registration's freezing function for pledged carbon emission rights to mitigate risks such as double pledging [3]. Group 3: Market Participation and Infrastructure - Financial institutions are currently unable to directly participate in the national carbon market, which limits the development of carbon finance and may lead to asset losses in case of loan defaults [4]. - It is proposed that financial institutions be allowed to participate in the national carbon emission rights trading market to enhance market liquidity and ensure the legality of their trading qualifications [4]. Group 4: Future Directions for Carbon Finance - Support is recommended for the Zhong Carbon Registration to leverage its core infrastructure advantages to establish a carbon clearinghouse in Wuhan, attracting various carbon finance entities and fostering innovation in carbon finance [5]. - The creation of a "Zhong Carbon Index" is suggested to stabilize carbon price expectations and provide clear pricing signals for carbon asset rights, trading, and pricing [5].