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].

随着碳市场不断成熟，以碳排放配额、核证自愿减排量（CCER）等碳资产为核心的金融活动日益 活跃。碳金融作为绿色金融的重要组成部分，本质是在碳市场形成价格发现机制的基础上，将碳资产金 融化，使其具备融资、交易和风险管理等功能，从而服务企业的绿色低碳转型。 作为全国碳市场深化发展的重要支撑，碳金融产品和工具正不断丰富与完善，目前已形成包括碳资 产抵质押贷款、碳债券、碳资产回购等融资类工具，碳远期、碳期货、碳期权等交易类工具，以及碳保 险、碳基金等支持类工具在内的多元产品体系。这些金融工具不仅能够帮助企业降低履约成本，提升市 场流动性和透明度，还能吸引更多社会资本进入绿色产业，推动形成绿色投资与碳交易的良性循环。 在政策支持层面，2021年11月，中国人民银行发布了专门的碳减排支持工具，给予碳减排项目更加 优惠的资金支持。该工具设立3年多来，取得显著成效，有力推动了经济社会向低碳轨道转型。 不少金融机构也积极投身碳金融产品创新实践，涌现出一批特色实践。例如，九江银行聚焦林业碳 汇领域，发放以核证自愿减排量（CCER）林业碳汇收益权为质押的300万元绿色贷款，将生态资源转 化为企业可抵押的"生态资产"；北京银行南京分 ...

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]

近年来，我国碳金融政策体系已形成"顶层设计-产品规范-市场准入"的全链条框架。2025年2月，证监 会发布《关于资本市场做好金融"五篇大文章"的实施意见》，明确"稳妥有序推进碳期货市场建设和碳 排放权期货研发上市"等，为券商参与碳金融业务提供了相应指引。 上海证券有限责任公司党委书记、董事长 李海超 2025年6月，中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》；同月，国家金融监 督管理总局、上海市人民政府联合发布《关于支持上海国际金融中心建设行动方案》，明确提出"支持 上海参与国际碳金融定价权竞争，打造国际绿色金融枢纽"。作为植根上海、服务全国的券商机构，上 海证券深刻认识到，碳金融不仅是金融服务新质生产力的抓手之一，更是券商践行金融报国使命、助力 金融强国建设的重要路径。 按照碳金融业务相应指引 积极履行券商使命 三是提升价格发现功能，为市场活跃搭建高效平台。我国碳市场活跃度低，2024年全国碳市场换手率约 为3.5%，远低于欧美碳市场60%的现货换手率和600%的期货换手率。券商可以通过积极参与碳交易、 做市商机制，参与碳配额、碳信用交易，为市场注入流动性，提升价格发现功能。 多方面推动融 ...

● 上海证券有限责任公司党委书记、董事长李海超 2025年6月，中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》；同月，国家金融监 督管理总局、上海市人民政府联合发布《关于支持上海国际金融中心建设行动方案》，明确提出"支持 上海参与国际碳金融定价权竞争，打造国际绿色金融枢纽"。作为植根上海、服务全国的券商机构，上 海证券深刻认识到，碳金融不仅是金融服务新质生产力的抓手之一，更是券商践行金融报国使命、助力 金融强国建设的重要路径。 按照碳金融业务相应指引积极履行券商使命 近年来，我国碳金融政策体系已形成"顶层设计-产品规范-市场准入"的全链条框架。2025年2月，证监 会发布《关于资本市场做好金融"五篇大文章"的实施意见》，明确"稳妥有序推进碳期货市场建设和碳 排放权期货研发上市"等，为券商参与碳金融业务提供了相应指引。 在推进上海国际金融中心建设的过程中，上海证券始终将碳金融作为服务国家战略的重要支点。碳金融 不是单一的金融创新，而是连接"双碳"目标与实体经济的纽带，碳金融需要与科技创新、绿色金融等深 度融合。 上海证券始终坚持金融服务实体经济、创新驱动发展，作为国资券商，积极落实国家绿色发展战略 ...

Core Viewpoint - The development of carbon finance is crucial for supporting China's dual carbon goals and enhancing the role of financial institutions in facilitating green transformation and innovation [1][5]. 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 regulatory framework for carbon finance in China has been established, including top-level design, product specifications, and market access guidelines [1][2]. - The China Securities Regulatory Commission (CSRC) has provided guidance for the development of carbon futures and carbon emission rights futures, encouraging brokerages to engage in carbon finance [1][2]. Group 2: Role of Shanghai Securities - Shanghai Securities has actively participated in the green finance sector, launching various initiatives since 2015, including the establishment of a carbon emission trading investment trust [2]. - The company has set up a Green Finance Research Center to support the development of green finance and has contributed to industry standards and ESG reports [2]. - Shanghai Securities aims to leverage its position to enhance resource allocation, risk management, and price discovery in the carbon finance market [2][3]. Group 3: Market Development and Opportunities - The carbon market in China is still in its infancy, with only 18 brokerages currently authorized to participate in carbon emission trading [2]. - There is a need for regulatory bodies to expand participation and relax market access to facilitate broader engagement in the national carbon trading market [2]. - The carbon finance market requires collaboration among regulatory authorities, market institutions, and enterprises to develop effectively [2]. Group 4: Financial Instruments and Services - Shanghai Securities is exploring various carbon finance instruments, such as carbon bonds and asset-backed financing, to support enterprises in their green transitions [3][4]. - The company is also focusing on risk management through carbon derivatives to help businesses hedge against price volatility in the carbon market [3]. - Enhancing liquidity and price discovery in the carbon market is essential, as evidenced by the low turnover rates compared to international markets [3]. Group 5: Integration and Innovation - The integration of carbon finance with investment banking and asset management is being pursued to create synergies and meet diverse corporate needs [4]. - Shanghai Securities has successfully facilitated green bond issuances for projects that contribute to significant carbon reductions, demonstrating its commitment to sustainable finance [4]. - The company is dedicated to advancing green low-carbon technology innovation and expanding its green financing capabilities [5].

绿色金融推动降碳增绿 今年的《政府工作报告》提出，完善科技金融、绿色金融、普惠金融、养老金融、数字金融标准体 系和基础制度。近期发布的《国务院办公厅关于做好金融"五篇大文章"的指导意见》（以下简称《指导 意见》）明确，为经济社会发展全面绿色转型和美丽中国建设提供高质量金融供给。 绿色发展是高质量发展的底色，银行机构践行绿色金融，应聚力破解绿色金融项目评估、授信等难 点，促进经济社会全面绿色低碳发展。 优化金融资源供给 近年来，绿色金融通过发挥资源配置作用，引导、筹集资金流向绿色领域，为绿色产业提供融资支 持，推动传统产业的绿色转型。在"双碳"目标背景下，绿色金融作为一种能促进经济发展、抑制碳排放 的金融工具应运而生。 中央财经大学绿色金融国际研究院研究员傅奕蕾表示，当前以"低能耗、低排放、低污染"为基本特 征的低碳产业和经济发展模式已成为共识。为实现我国"双碳"目标，构建以低碳产业为主导的现代制造 产业体系迫在眉睫。金融业作为现代经济的核心，其业务活动和金融创新能引导企业投资，影响经济发 展范式。绿色金融作为支持环境改善、应对气候变化和资源节约高效利用的有效工具，在低碳建设和发 展中的作用不言而喻。 《指导意 ...

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].