Core Insights - The 2025 Sustainable Global Leaders Conference highlighted the transformative changes in global economic governance, emphasizing the significant role of carbon markets and carbon finance, particularly in China [1][2][3]. Group 1: Global Economic Governance - Global economic governance is at a critical "crossroads," necessitating a restructuring of the existing framework due to the misalignment between old systems and current developments [2]. - The share of developing economies in global GDP is projected to rise from 25% in 2000 to 45% by 2024, shifting governance discourse towards a more balanced North-South dynamic [2]. - The deepening of South-South cooperation among developing countries facilitates consensus in sustainable development [2]. Group 2: Carbon Market Development - The global carbon market has seen significant progress, with 38 carbon markets operational, covering 23% of global greenhouse gas emissions [4]. - China's carbon market, initiated in 2021, has expanded to include approximately 3,500 enterprises, with a total quota of 8 billion tons, representing 53.33% of the global carbon market quota [4]. - The release of China's first central-level document on carbon market construction and the announcement of new Nationally Determined Contributions (NDC) goals provide a clear development roadmap for the carbon market [4]. Group 3: Future of Carbon Finance - The growth of the carbon market lays a solid foundation for carbon finance innovation, which still has significant untapped potential [5]. - Establishing differentiated internal motivation mechanisms for high-emission enterprises and linking carbon performance to financing costs for small and medium enterprises is essential [5]. - The integration of AI and big data in carbon finance can enhance efficiency and reduce costs, exemplified by innovative practices that significantly lower resource input for banks [5]. Group 4: Carbon Finance Ecosystem - A comprehensive carbon finance ecosystem requires support from third-party professional institutions, data technology companies, and green finance certification bodies [6]. - The establishment of standards and methods for evaluating green low-carbon performance is crucial for advancing the ecosystem [6]. Group 5: Interaction Between Carbon Finance and Green Innovation - Carbon finance must clarify its value orientation towards "zero carbon" to drive innovation and investment in low-carbon technologies [7]. - The interaction between carbon finance and green technology is vital for overcoming challenges faced by enterprises in pursuing environmental sustainability [8]. Group 6: Future Directions for Carbon Finance - The next decade will focus on the internationalization of carbon finance, with significant potential in developing countries [11]. - Key development priorities include creating a unified core carbon market, enhancing market vitality through financial innovation, and strengthening international cooperation [11]. - New financial tools, such as RWA (Real World Assets), can link carbon assets to the market, providing new financing avenues for low-carbon technologies [12].

Group 1: Current State of Carbon Finance in China - Carbon finance in China is still in its early development stage, with the national carbon market officially launched in 2021 and local markets starting from 2013[7] - As of August 2022, the Shanghai carbon market had conducted 16 carbon quota pledge financing transactions totaling over 41 million yuan, while the Guangdong market had 31 transactions totaling 93 million yuan[8] - The financing scale of carbon finance is insufficient compared to the over 40 trillion yuan in green loans available in China[8] Group 2: Future Directions for Carbon Finance Development - The national carbon market is expected to cover 8 billion tons of carbon emissions by 2025, making it the largest carbon market globally[10] - The development of financing tools should be prioritized to enhance the role of the carbon market in promoting green finance[11] - It is estimated that achieving carbon neutrality in China may require over 100 trillion yuan in cumulative investment[15] Group 3: Policy Recommendations for Carbon Finance - Emphasizing carbon pledge financing as a key area, with a need to clarify the financing model and extend loan periods beyond the current compliance cycle[26] - Developing a comprehensive financing product system that includes carbon repurchase agreements and carbon bonds to provide both short-term and long-term financing[27] - Establishing a quota reserve and market adjustment mechanism to prevent extreme price fluctuations in the carbon market[30]

中经记者 张漫游 北京报道 2025年9月23日，由《中国经营报》主办的"绿色引领 重塑未来——2025中国企业可持续发展行动大 会"在北京盛大举行。 金融作为实体经济的血脉，在企业可持续发展的过程中起到重要作用。在大会上，中国银行研究院资深 研究员王家强指出，气候风险愈加严峻，且最终都可能通过融资行为向银行业传导。因此，中国银行业 已将ESG风险管理纳入全面风险管理体系，努力提高识别与管理气候风险的能力。 中国金融业践行可持续发展成效显著 王家强认为，中国金融业在绿色引领可持续发展方面的理念和信心坚定不移，战略方向和实践路径贯穿 始终，中国金融业坚决贯彻落实新发展理念，全力支持经济、社会、环境可持续发展。 三是开展气候风险压力测试，评估风险承受能力。中国银行自2021年起定期开展气候风险压力测试，并 把参考国际权威机构方法开展的压力测试结果，应用于财务风险评估。2024年，中银香港、中国银行悉 尼分行、伦敦子行等境外分支机构也有序开展气候风险压力测试。 对于未来银行业支持可持续发展的突破点，王家强指出，银行业支持可持续发展领域宽广、大有可为。 未来，通过金融业支持建设零碳产业园，可能成为下一个突破口。零碳园 ...

Core Viewpoint - The construction of China's carbon market is accelerating, with the government aiming to create a more effective, vibrant, and internationally influential carbon market to support carbon peak and carbon neutrality goals [1] Group 1: Carbon Market Development - China's carbon market consists of three parts: the national carbon market launched in July 2021, covering over 2,200 key emission units in the power sector, with a cumulative trading volume of 680 million tons and a total transaction value of 47.41 billion yuan as of August 2025 [2] - The voluntary greenhouse gas emission reduction trading market (CCER) started in January 2024, with a cumulative certified voluntary reduction of 2.49 million tons and a transaction value of 210 million yuan as of August 2025 [2] - Local carbon markets have been piloted since 2011 in various regions, allowing non-national market sectors to trade and manage emissions [2] Group 2: Carbon Financial Market - The carbon financial market includes financing, trading, and support tools, with carbon bonds being the most significant financial instrument, totaling 805.739 billion yuan issued from 2021 to the end of 2024 to support green and low-carbon transitions [2] - Trading tools in the carbon market include carbon futures, options, forwards, swaps, and loans, while support tools encompass carbon indices, insurance, and funds [2] Group 3: Challenges and Development Strategies - Despite significant achievements, the national carbon market faces challenges such as insufficient industry inclusion, low market liquidity, and the need for improved price formation mechanisms [3] - The government has proposed new development strategies to address these challenges, emphasizing coordinated development among the national carbon market, CCER, and local markets, as well as enhancing market vitality through product diversification and regulatory improvements [3] - Key areas for strengthening include management systems, carbon emission accounting, and data quality oversight [3] Group 4: Implementation and International Cooperation - The government has outlined key directions for implementation, including improving the national carbon market's clearing mechanism and enhancing international cooperation [4] - The existing clearing model needs adaptation to meet the demands of the rapidly developing carbon market and financial sector [4] - There is significant potential for increasing the internationalization of China's carbon market, which is crucial for supporting the internationalization of the renminbi and financial openness [4]

Core Viewpoint - The construction of China's carbon market is accelerating, with the government aiming to create a more effective, vibrant, and internationally influential carbon market to support carbon peak and carbon neutrality goals [1] Group 1: Carbon Market Development - China's carbon market consists of three parts: the national carbon market launched in July 2021, covering over 2,200 key emission units in the power sector, with a cumulative trading volume of 680 million tons and a total transaction value of 47.41 billion yuan as of August 2025 [2] - The voluntary greenhouse gas emission reduction trading market (CCER) started in January 2024, with a cumulative certified voluntary emission reduction of 2.49 million tons and a transaction value of 210 million yuan as of August 2025 [2] - Local carbon markets have been piloted since 2011 in various regions, allowing non-national market sectors to trade and manage emissions [2] Group 2: Carbon Financial Market - The carbon financial market includes financing, trading, and support tools, with carbon bonds being the most significant financial instrument, totaling 805.739 billion yuan issued from 2021 to the end of 2024 to support green and low-carbon transitions [2] - Trading tools in the carbon market include carbon futures, options, forwards, swaps, and loans, while support tools encompass carbon indices, insurance, and funds [2] Group 3: Challenges and Development Strategies - Despite significant achievements, the national carbon market faces challenges such as insufficient industry inclusion, low market liquidity, and the need for improved price formation mechanisms [3] - The government has proposed new development strategies to address these issues, emphasizing coordinated development among the national carbon market, CCER, and local markets, as well as enhancing market vitality through product diversification and regulatory improvements [3] - Key areas for strengthening include management systems, carbon emission accounting, data quality oversight, and the development of carbon financial products [3] Group 4: Implementation and International Cooperation - The government has outlined key directions for implementation, including improving the national carbon market's clearing mechanism and enhancing international cooperation [4] - The existing clearing model needs adaptation to meet the demands of the rapidly developing carbon market and financial sector [4] - There is significant potential for increasing the internationalization of China's carbon market, which is crucial for supporting the internationalization of the renminbi and financial openness [4]

Core Viewpoint - The article discusses the release of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" by the Central Committee of the Communist Party of China and the State Council, emphasizing the development of the national carbon market as a key policy tool for controlling greenhouse gas emissions and achieving carbon peak and carbon neutrality goals [2][7]. Group 1: National Carbon Market Goals - The document sets specific targets for the national carbon market, aiming for basic coverage of major industrial sectors by 2027 and a comprehensive trading system by 2030, including quota control, distribution, and international market integration [12][13]. - The goals reflect a coordinated approach with the dual control system for carbon emissions, transitioning from intensity control to total control by 2030 [16][17]. Group 2: Development of Trading Systems - The national carbon market consists of mandatory emission reduction trading and voluntary emission reduction trading, with key sectors like power generation, steel, cement, and aluminum already included [3][18]. - The voluntary carbon market is set to restart in January 2024, with methodologies being developed for various sectors, including power, oil and gas, and forestry [20]. Group 3: Financial Product Innovation - The document encourages financial institutions to develop green financial products related to carbon emissions, such as carbon bonds, carbon futures, and carbon funds, to enhance support for greenhouse gas reduction [22][23]. - Local governments, such as Guangdong and Shanghai, are implementing policies to support carbon asset financing and expand the range of market participants [24]. Group 4: Carbon Emission Accounting and Verification - The article highlights the need for improved carbon emission accounting and reporting management, including the revision of guidelines for key industries and the establishment of a national carbon measurement center [25][26]. - The ecological environment department has released guidelines for greenhouse gas accounting and reporting for four key industries since the market's inception in 2021, with ongoing updates needed for other sectors [27].

Core Viewpoint - The transition to a green and low-carbon economy has become a global development trend, with the Chinese government issuing guidelines to enhance the national carbon market and promote carbon finance as a key component of green finance [1][2]. Group 1: Carbon Market Development - The national carbon market has achieved significant results, with a cumulative trading volume of 680 million tons and a total transaction value of 47.41 billion yuan as of August 22, 2025 [1]. - The completion rate of carbon quota compliance for the 2,096 key emission units included in the national carbon market is nearly 100% [1]. - The carbon market is increasingly effective in promoting emissions reduction and resource allocation [1]. Group 2: Carbon Financial Products - A diverse range of carbon financial products and tools has been developed, including carbon asset pledge loans, carbon bonds, carbon asset repurchase, carbon forwards, carbon futures, and carbon options [2]. - These financial instruments help companies reduce compliance costs, enhance market liquidity and transparency, and attract more social capital into green industries [2]. - The People's Bank of China has introduced a carbon reduction support tool that has significantly promoted the transition to a low-carbon economy since its establishment over three years ago [2]. Group 3: Future Directions for Carbon Finance - Product and service innovation is essential for enhancing the depth of the carbon market, with a focus on developing a wider range of carbon financial derivatives and service models [3]. - Expanding participation from diverse entities is crucial for improving market liquidity, with policies encouraging financial institutions and investment firms to engage in carbon market trading [3]. - Strengthening transaction supervision and management is vital for maintaining market order, with clear guidelines for risk monitoring and prevention [3]. Group 4: Technological Infrastructure - Improving digital infrastructure is necessary for enhancing the efficiency of the carbon market, including the development of trading platforms and a unified carbon asset assessment and credit rating system [4]. - Utilizing technologies such as blockchain, IoT, and big data can improve the efficiency of carbon asset accounting, trading, and regulation [4]. - The construction of a robust carbon finance system requires strong policy support, continuous innovation from institutions, active participation from enterprises, and investment from social capital [4].

Core Viewpoint - The release of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" injects new momentum into the development of China's carbon market, highlighting the acceleration of carbon asset financialization and the importance of carbon pricing in guiding green development [1] Group 1: Carbon Pledge Financing - Financial institutions are encouraged to engage in carbon pledge financing, with a focus on compliance and risk control while participating in the national carbon market [2] - As of July 2025, Guangdong Province has conducted 34 carbon pledge financing transactions, involving 8.4997 million tons of carbon emissions rights and raising 114 million yuan, primarily in the paper and power generation sectors [2] Group 2: Diverse Financing Models - Various operational models for carbon pledge financing have emerged, such as Jiujing Bank issuing a 3 million yuan green loan backed by CCER forestry carbon sink rights [3] - Beijing Bank's Nanjing branch successfully executed its first marine carbon sink pledge loan, utilizing future revenue rights as collateral to activate dormant "blue assets" [3] Group 3: Carbon Pricing Mechanism - The comprehensive operation of the national carbon emissions trading market and the introduction of carbon financial products will enhance the role of carbon pricing in optimizing green investment decisions and improving credit risk for enterprises [4] - The establishment of a robust carbon pricing mechanism is essential for providing effective price signals to support green low-carbon development [4] Group 4: Carbon Price Dynamics - The carbon price should not be excessively high or low; a balanced approach is necessary to facilitate the transition of high-emission industries while supporting the growth of the renewable energy sector [5] - The clear "dual carbon" goals necessitate higher carbon prices to guide enterprises in their transformation and to mobilize financial resources for deep green transitions [5] Group 5: Market Performance - As of August 25, the national carbon market's comprehensive price was 70.34 yuan per ton, with a trading volume of 59,665,129 tons and a transaction value of approximately 4.4047 billion yuan from January 1 to August 25, 2025 [6]

Core Viewpoint - The development of carbon finance is crucial for supporting China's dual carbon goals and enhancing the role of financial institutions in the green economy [1][2][7] Group 1: Policy and Strategic Framework - In June 2025, the Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, emphasizing the importance of carbon finance [1] - The China Securities Regulatory Commission (CSRC) has established a comprehensive policy framework for carbon finance, including guidelines for the development of carbon futures and emissions trading [2] Group 2: Role of Shanghai Securities - Shanghai Securities recognizes carbon finance as a key component of its mission to support national strategies and has been actively involved in the carbon finance sector since 2015 [2][6] - The company has established a Green Finance Research Center in 2022 to enhance its capabilities in green finance and has participated in industry standards and ESG reports [2][6] Group 3: Market Potential and Opportunities - The carbon market in China is still in its early stages, with at least 18 brokerages approved for carbon emissions trading, indicating significant growth potential [3] - The company aims to enhance resource allocation, risk management, and price discovery in the carbon finance market to support green transitions [3][4] Group 4: Financial Instruments and Services - Shanghai Securities plans to utilize various carbon financial instruments, such as carbon bonds and derivatives, to provide financing solutions for enterprises transitioning to low-carbon operations [3][4] - The company has successfully issued green bonds for projects that contribute to significant carbon emissions reductions, demonstrating its commitment to green finance [6] Group 5: Integration and Collaboration - The integration of carbon finance with other financial services is essential for meeting diverse corporate needs in green development and transformation [6] - Shanghai Securities is focused on creating synergies between investment banking, asset management, and green finance to enhance its service capabilities [6][7]

Core Viewpoint - The development of carbon finance is crucial for supporting China's dual carbon goals and enhancing the role of financial institutions in the green economy [1][5][7] Group 1: Policy and Strategic Framework - In June 2025, the Central Financial Committee issued opinions to support the construction of Shanghai as an international financial center, emphasizing the importance of carbon finance [1] - The China Securities Regulatory Commission (CSRC) has established a comprehensive policy framework for carbon finance, including guidelines for the development of carbon futures and emissions trading [2] Group 2: Role of Shanghai Securities - Shanghai Securities recognizes carbon finance as a key pathway to fulfill its mission of serving the national strategy and promoting green financial development [2][6] - The company has initiated various projects, such as the establishment of a carbon emissions trading investment trust plan in 2015 and the creation of a green finance research center in 2022 [2][6] Group 3: Market Potential and Functionality - The carbon market in China is still in its early stages, with only 18 brokerage firms authorized to participate in carbon emissions trading, indicating significant growth potential [3] - The company aims to enhance resource allocation, risk management, and price discovery functions within the carbon finance market [3][4] Group 4: Integration and Innovation - Carbon finance serves as a core component of green finance, and brokerage firms can contribute by underwriting green bonds and participating in carbon trading [6] - Shanghai Securities has developed innovative financing solutions, such as a green bond issuance for a new energy vehicle project, demonstrating its commitment to supporting low-carbon initiatives [6] Group 5: Commitment to Dual Carbon Goals - The company is dedicated to improving its green finance strategy and actively participating in the carbon market to support the achievement of China's dual carbon goals [7] - Shanghai Securities aims to leverage its expertise and resources to provide comprehensive financial services to enterprises and investors involved in the carbon market [7]