曾 刚，上海金融与发展实验室首席专家、主任 陈小辉，上海金融与发展实验室特聘研究员 来 源：《中国银行业》2025年第1期 【引言】气候变化带来的物理风险和转型风险对商业银行的资产质量和业务稳定性构成威胁。商业银行 应建立气候风险评估体系，将气候相关风险纳入全面风险管理框架中。同时，商业银行在开展气候投融 资时，应严格审查项目的环境和社会影响，确保资金投向符合可持续发展原则。 【正文】 随着温室气体排放诱发的气候风险日益加剧，缓解和适应气候变化成为现实而紧迫的任务。在此背景 下，以缓解和适应气候变化为目的的气候投融资成为落实这一任务的重要机制。在实践中，这一应对气 候变化的重要手段，也为商业银行实现可持续发展提供了重要机遇。 我国气候投融资发展初见成效 气候投融资，国际层面也常常称之为气候金融（ClimateFinance）。联合国环境规划署（UNEP）将气候 投融资定义为"与气候变化相关，用于减少碳排放的投融资活动"。2020年10月，生态环境部和国家发展 改革委等联合印发了《关于促进应对气候变化投融资的指导意见》（以下简称《气候投融资指导意 见》），该文件将气候投融资界定为"为实现国家自主贡献目标和低碳发 ...

文/李明会 在可持续发展浪潮与"双碳"目标的双重驱动下，ESG（环境、社会、治理）快速跃升为衡量企业长期价 值的核心战略指标。 银行业作为经济金融体系的重要支柱，其ESG实践不仅关乎自身的可持续发展，更是贯彻落实中央金融 工作会议精神、做好绿色金融这篇大文章的关键一环，对实体经济的绿色转型与社会福祉的提升具有深 远影响。 作为国内系统重要性银行，民生银行在ESG领域的探索与实践始终备受关注。从将ESG写入五年战略规 划，到成为国内首批获得MSCI ESG全球最高等级AAA评级的银行；从创新绿色金融产品、助力企业低 碳转型，到深耕社会责任、精进公司治理，民生银行如何在ESG浪潮中找准定位、实现战略突围？又通 过哪些举措持续提升自身价值与社会认可？本期专访，《华夏时报》记者与民生银行相关负责人深入对 话，解码其ESG实践的深层逻辑与鲜活经验。 《华夏时报》：您如何理解ESG对民生银行实现可持续发展的深层意义与战略价值？ 民生银行：一是践行金融政治性与人民性的重要体现。环境方面，将绿色及可持续发展战略融入经营管 理，持续丰富绿色金融产品体系、深化绿色供应链金融服务支持、拓展绿色消费服务场景、创新碳金融 实践。社会方 ...

Core Viewpoint - Zhejiang has integrated the "Two Mountains" concept into its development strategy over the past 20 years, promoting a green development path that transforms ecological protection into economic benefits [1][9]. Group 1: Green Manufacturing and Industry Transformation - The digital transformation of traditional industries in Zhejiang, such as dyeing and textile, has led to improved efficiency and reduced environmental impact, with significant automation and digital upgrades [2][3]. - In 2023, Changxing County has retired over 2,110 acres of low-efficiency industrial land and shut down more than 200 low-quality enterprises, focusing on intelligent upgrades in sectors like textiles and cement [2]. - Zhejiang's traditional manufacturing sectors have seen substantial investments, with 17 key projects achieving investments of 682.1 billion yuan and 641.1 billion yuan in the first half of the year [4]. Group 2: New Energy and Automotive Industry - The new energy vehicle industry in Zhejiang is rapidly developing, with a focus on integrated supply chains and collaboration among various sectors, aiming for over 1 trillion yuan in revenue by 2024 [5]. - Zhejiang has 18 companies ranked among the top 100 automotive parts manufacturers in China, with 5 making it to the global top 100, indicating strong growth in this sector [5]. Group 3: Financial Support for Green Initiatives - Zhejiang has issued 791.2 billion yuan in carbon reduction loans to support over 1,100 enterprises, facilitating a significant reduction in carbon emissions [8]. - The province has pioneered financial instruments to support the transformation of traditional industries, including 65.5 billion yuan in loans specifically for the textile sector [8]. Group 4: Biodiversity and Environmental Finance - Huzhou has implemented innovative financing models for biodiversity protection, combining fiscal subsidies, ecological compensation, and credit support [9]. - Zhejiang's practices in biodiversity finance have gained international recognition, showcasing the province's leadership in integrating ecological and economic goals [9].

Group 1 - The People's Bank of China Fujian Branch continues to promote technological innovation and technical transformation re-loans, supporting large-scale equipment updates and consumption upgrades in Fujian Province [1] - As of the end of June, the success rate of matching technological transformation projects in Fujian ranked third nationwide, with a signed loan amount of 118.4 billion yuan and 38 billion yuan disbursed [1] - The balance of technology loans in Fujian reached 1.21 trillion yuan by the end of June, a year-on-year increase of 11%, which is 6.24 percentage points higher than the growth rate of various loans [1] Group 2 - The financial system in Fujian has created a series of financial products and services for green finance, with the balance of forest-related loans reaching 166.23 billion yuan, a year-on-year increase of 15.30% [1][2] - As of the end of June, carbon reduction loans totaled 37.2 billion yuan, supporting 750 green projects, with the balance of green loans at 1.27 trillion yuan, growing by 12.99% since the beginning of the year [2] Group 3 - The balance of loans for key county industrial chains in Fujian reached 533.69 billion yuan, with an increase of 56.07 billion yuan this year, benefiting 34,100 enterprises [2] - The balance of loans for rural revitalization reached 12.43 billion yuan, with a weighted average interest rate of 3.89% [2] Group 4 - The digital financial sector in Fujian has expanded, with 12.31 million digital wallets opened and a transaction amount of 559.44 billion yuan by the end of June [3] - The balance of loans for the digital economy industry reached 217.30 billion yuan, with a year-on-year growth of 12.8% [3]

Group 1 - The core viewpoint of the news is that the People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch reported stable growth in credit volume and an optimized credit structure in Shenzhen, with significant support for key sectors such as technology innovation, inclusive small and micro enterprises, and green development [1][2][3] Group 2 - As of June 2025, the total balance of deposits in Shenzhen reached 14.16 trillion yuan, an increase of nearly 600 billion yuan since the beginning of the year, while the total balance of loans was 9.85 trillion yuan, up over 350 billion yuan [2] - The balance of loans for technology innovation reached 2.1 trillion yuan, inclusive small and micro loans nearly 2 trillion yuan, green loans 1.3 trillion yuan, and digital economy loans 1.3 trillion yuan, all growing faster than the overall loan growth rate [2] - The average interest rate for newly issued corporate loans in Shenzhen was 2.85% in June 2025, a year-on-year decrease of 0.52 percentage points, marking a historical low [2][3] Group 3 - A comprehensive monetary policy package was implemented in May 2025, releasing 61.4 billion yuan to support the real economy, with a focus on lowering policy interest rates and stabilizing bank net interest margins [3] - Over 1,850 technology enterprises and 89 projects received more than 41 billion yuan in loans through the technology innovation and technological transformation relending program [3] - The financial institutions in Shenzhen have provided loans exceeding 33 billion yuan to over 110,000 small and micro enterprises and individual businesses through various initiatives [4] Group 4 - The issuance of technology innovation bonds by nine technology enterprises and equity investment institutions in Shenzhen totaled 20.75 billion yuan [4] - Carbon reduction loans amounting to 18.75 billion yuan have been issued to support green infrastructure and energy projects, resulting in a reduction of 3.95 million tons of carbon emissions [4] - The digital RMB pilot has seen nearly 30 million digital wallets opened and 3,800 prepaid business institutions signed up, managing nearly 3.1 billion yuan in prepaid funds [4]

Core Viewpoint - The research paper explores how carbon reduction support tools under China's "dual carbon" goals can enhance the market value of commercial banks while fulfilling their environmental responsibilities [2][5]. Group 1: Research Framework and Background - The study employs a "signal transmission - reputation accumulation - risk governance" three-dimensional analysis framework to explain how structural monetary policy tools reshape the value creation logic of commercial banks [2][4]. - Green finance is highlighted as a bridge for integrating environmental governance with economic growth, with commercial banks playing a crucial role in green credit practices [2]. Group 2: Impact of Carbon Reduction Support Tools - The introduction of carbon reduction support tools by the People's Bank of China has linked low-interest re-lending funds directly to banks' green loan performance, aiming to guide financial resources towards green low-carbon sectors [2][5]. - The research indicates that these tools effectively enhance banks' market value through three key mechanisms: signal transmission, market reputation, and risk governance [5]. Group 3: Empirical Analysis - The first part of the empirical analysis uses a difference-in-differences model with data from 42 A-share listed commercial banks between 2020 and Q1 2023, finding that carbon reduction loans significantly increase banks' market value [6]. - The second part validates the effectiveness of the three mechanisms: - The signal transmission effect is evidenced by increased stock liquidity due to reduced information asymmetry [7]. - The market reputation effect is shown through increased positive discussions and interactions on social media platforms following banks' participation in carbon reduction loans [7]. - The risk governance effect is demonstrated by improved liquidity and risk resistance in banks that participated in the carbon reduction support tools [7]. Group 4: Policy Implications - The study suggests that carbon reduction loans in energy-saving and clean energy sectors have the most significant impact on enhancing banks' market value, indicating a need for regulatory focus in future policy designs [7]. - It also notes that carbon reduction loans, supported by low-interest central bank funds, have a more pronounced effect on banks' market value compared to regular green loans, recommending an expansion of such tools' application [7].

Core Viewpoint - Shangrao Bank is actively participating in carbon reduction initiatives by providing loans to eligible carbon reduction projects, supporting China's goals for carbon peak and carbon neutrality [1][2] Group 1: Carbon Reduction Loans - In the first quarter of 2025, Shangrao Bank issued carbon reduction loans totaling 100 million yuan to three projects, with a weighted average interest rate of 3.70% [2] - The annual carbon reduction achieved through these loans is approximately 36,688.76 tons of CO2 equivalent [2] - Since the inception of the carbon reduction support tool, Shangrao Bank has issued loans amounting to approximately 2.09 billion yuan to 26 projects, resulting in an annual carbon reduction of about 450,182.89 tons of CO2 equivalent [2] Group 2: Project Highlights - The most significant projects contributing to carbon reduction include the rooftop photovoltaic project in the Shangrao High-speed Rail Economic Experimental Zone, a 34MW distributed photovoltaic power station in Jinxian County, and a 4.5MW distributed rooftop photovoltaic project by Jiangxi Xinboli Technology Co., Ltd [2] - The carbon reduction loans are specifically allocated for clean energy, energy conservation, environmental protection, and carbon reduction technologies [2] Group 3: Future Commitment - Shangrao Bank will continue to play an active role in supporting green and low-carbon development, adhering to the regulations set by the People's Bank of China, and will regularly disclose information related to carbon reduction loans [2]

Core Viewpoint - The article emphasizes the significant growth and transformation of green finance in China's banking sector, driven by the national "dual carbon" goals and the increasing focus on environmental, social, and governance (ESG) factors in financial services [1][2]. Group 1: Growth of Green Loans - China's green loan balance reached 36.6 trillion yuan by the end of last year, marking a year-on-year growth of 21.7%, which is 14.5 percentage points higher than the overall loan growth rate, with an annual increase of 6.52 trillion yuan [2]. - Major banks, including the six largest state-owned banks, reported a combined green loan balance exceeding 20 trillion yuan for 2024, with double-digit growth rates [2]. - Industrial and Commercial Bank of China (ICBC) led with a green loan balance surpassing 6 trillion yuan, adding over 1 trillion yuan during the reporting period [2]. Group 2: Sector-Specific Lending - Commercial banks have increased credit support for green buildings and renewable energy sectors, with ICBC reporting a green building mortgage balance of 549.01 billion yuan, up by 216.83 billion yuan [4]. - China Bank established partnerships with numerous new energy vehicle companies, with credit balances exceeding 200 billion yuan [4]. - The balance of new energy vehicle loans at Shanghai Pudong Development Bank reached 33% of its total auto loan balance, an increase of 11.2% from the beginning of the year [4]. Group 3: Innovation in Green Financial Products - The Chinese government has called for the expansion of green financial tools, extending the implementation period for carbon reduction support tools until the end of 2027 [5]. - ICBC has innovated by using various collateral types for low-carbon development financing, while Industrial Bank issued carbon reduction loans totaling 83.207 billion yuan [6]. - Agricultural Bank of China issued the first "two new" green debt financing tool, with a total underwriting of green bonds reaching 120.6 billion yuan [7]. Group 4: Diversification of Green Financial Services - A multi-faceted green financial service system is emerging, encompassing green bonds, funds, investments, insurance, and wealth management [6]. - ICBC has issued 110 billion yuan in green financial bonds, becoming the largest issuer in the domestic market [6]. - Wealth management subsidiaries of banks are actively participating in the ESG and green investment markets, with ICBC Wealth Management's green bond investment balance growing over 50% [8].