刘锋系中财绿金院首席经济学家、中国首席经济学家论坛理事 我国碳市场建设经历了从地方试点到全国统一市场的发展历程，呈现了清晰的"试点探索—全国统一— 全面深化"三阶段特征。 2011年，国家发展改革委发布《关于开展碳排放权交易试点工作的通知》，批准在北京、天津、上海、 重庆、湖北、广东和深圳"两省五市"开展碳排放权交易试点。七省市试点形成"双轨制"制度框架，建立 配额分配、MRV（监测、报告与核查）体系、市场交易等基础制度。深圳试点创新引入拍卖分配机 制，上海试点开发碳金融衍生品，形成差异化制度创新样本。这一实践为全国统一碳市场的建立积累了 宝贵经验。 2021年7月16 日，全国碳排放权交易市场正式启动运行，首批纳入了2162家发电行业重点排放单位，覆 盖约45亿吨二氧化碳排放量，成为全球规模最大的碳市场。通过构建"1+N"政策体系，确立了以发电行 业为基础的统一市场规则，建立了跨区域碳排放数据质量控制体系，并利用区块链技术实现了配额分配 的穿透式监管。这一阶段标志着中国碳市场从局部试点向系统集成的跨越。 《中国金融》首发 当前全球气候治理格局深刻变革下，减少温室气体排放、推动绿色低碳转型成为国际社会的普遍共 ...

研究院 2025 年 10 月 11 日 2025 年第 36 期（总第 608 期） Ω 中银研究产品系列 作 者：赵廷辰 中国银行研究院 电 话：010 - 6659 1558 签发人：陈卫东 审稿人：王家强 李佩珈 联系人：程栖云 刘佩忠 电 话：010 – 6659 4016 ＊ 对外公开 ＊＊ 全辖传阅 ＊＊＊ 内参材料 把握我国碳金融发展的未来方向 与政策路径＊ 发展碳金融对于活跃碳市场、满足经济社会低碳 转型资金需求具有重要意义。2025 年 8 月 25 日，中 共中央办公厅、国务院办公厅发布《关于推进绿色低 碳转型加强全国碳市场建设的意见》（《意见》）， 这是首份由中央层面出台、专项支持全国碳市场发展 的政策文件。《意见》在"着力提升碳市场活力"章 节中，对发展碳金融作出整体部署。我国碳金融尚处 于起步阶段，下一步应参考国际经验与教训，坚持以 服务实体经济为出发点和落脚点，大力发展碳市场融 资工具，稳妥推进金融机构参与碳市场交易，不急于 推出碳期货等衍生品，探索一条符合中国国情实际的 发展路径。 ● 《经济金融展望季报》 ● 《中银调研》 ● 《宏观观察》 ● 《银行业观察》 ● 《国际金融 ...

近期，我国碳市场领域迎来首份中央文件。中办、国办发布的《关于推进绿色低碳转型加强全国碳 市场建设的意见》（以下简称《意见》），明确了全国碳市场中长期发展的时间表、路线图、任务书， 并要求加强碳排放核算与报告管理，完善信息披露制度。 《意见》明确全国碳市场是实现"双碳"目标的重要制度抓手，提升了碳市场在国家气候治理体系中 的战略地位。同时，《意见》在市场层面提出扩大覆盖行业、完善配额分配、健全市场机制。特别是在 金融层面，将逐步丰富交易产品，扩展交易主体，强化金融机构参与，同时强调风险可控。 今年是全国碳市场正式运行四周年，业内人士普遍认为，《意见》为全国碳市场从"起步期"迈 向"深化期"划定了航道。兴业碳金融研究院首席研究员钱立华表示，《意见》的发布为我国碳市场的中 远期发展提供了清晰的发展规划，标志着碳市场建设进入全面深化阶段。 其中，碳排放核算与信息披露制度的系统性重构，不仅是衔接强制减排与自愿减排双市场的关键纽 带，更成为破解当前市场数据质量瓶颈、激活碳价信号功能的核心抓手。在行业总量控制节点临近的背 景下，这两大制度的落地正深刻重塑企业低碳转型逻辑与市场运行生态。 从强度基准法到总量管控 配额分配再优 ...

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 ...

Group 1 - The Shanghai carbon market has cumulatively traded 265 million tons of carbon emissions since its inception in 2013, with a total transaction value of 5.544 billion yuan, making it the only pilot region in China to achieve 100% compliance for twelve consecutive years [1] - Shanghai has implemented an "electricity-carbon" collaborative mechanism, with green electricity transactions exceeding 8 billion kilowatt-hours from January to September 2025, and has introduced incentives for outstanding companies, offering free quota rewards of 0.3% or 0.5% [1] - The carbon market in Shanghai covers over 400 enterprises across 28 industries, including steel, chemicals, automotive, aviation, and water transport, with a total carbon quota of approximately 100 million tons [1] Group 2 - Shanghai has organized 16 sessions of paid quota auctions by August 2025, with a total of 26.68 million tons of quotas auctioned and a total transaction value of 628 million yuan [2] - The city is promoting carbon financial innovations, forming a "carbon spot + carbon forward" linkage model, and has developed various financial products such as carbon funds, carbon trusts, and carbon insurance [2] - A carbon inclusive management platform has been established, attracting over 200,000 citizens to open accounts and involving nearly 500 distributed photovoltaic projects, resulting in the issuance of over 100,000 tons of emission reductions [2] Group 3 - Future plans for the Shanghai carbon market include enhancing operational capabilities and focusing on three major actions: improving the carbon trading market, incentivizing voluntary greenhouse gas reductions, and enhancing innovation capabilities [3] - The city has outlined 16 key reform tasks, including establishing quota management systems, improving greenhouse gas reporting, and enriching carbon financial products and services [3] - Shanghai aims to stimulate market vitality by expanding market participants, integrating carbon assets into financial institutions' collateral, and developing a carbon account system based on corporate carbon performance [3]

Core Viewpoint - The issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks the first central document in China's carbon market sector, aiming to provide a more comprehensive institutional guarantee and stronger capability support for the national carbon market construction [1] Group 1: Carbon Market Development - The national carbon market consists of a mandatory carbon emissions trading market and a voluntary carbon emissions trading market, which operate independently but are interconnected through a quota clearing mechanism [2] - As of August 22, 2023, the mandatory carbon market has seen a cumulative transaction volume exceeding 680 million tons, with a transaction value of 47.41 billion yuan, while the voluntary carbon market has recorded a cumulative transaction of 2.49 million tons, valued at 210 million yuan [2] - The "Opinions" outline a timeline and roadmap for the development of the national carbon market, aiming for full coverage of key emission sectors by 2027 and a transparent voluntary carbon market by 2030 [3] Group 2: Quota Management and Distribution - The establishment of a clear and transparent carbon emissions quota management system is essential for the healthy operation of the national carbon trading market [4] - The quota distribution system will balance emission reduction targets with economic costs and will gradually implement total quota control for stable emission industries by 2027 [5] Group 3: Voluntary Carbon Market and Data Quality - The development of the national voluntary carbon emissions trading market is emphasized, focusing on key areas for carbon peak and neutrality, and establishing a methodology system for voluntary reduction projects [6] - Continuous enhancement of data quality management is crucial, with measures including monthly verification of key emission data and the use of big data and blockchain for risk monitoring [6] Group 4: Market Mechanism and Financial Integration - The construction of the national carbon market is a complex system project that requires a problem-oriented and goal-oriented approach, enhancing the reliability of data and inclusivity of industries [7] - The ecological environment department plans to explore green financial products related to carbon emissions rights and certified voluntary reduction amounts, which will help improve financing channels for key emission units [8] Group 5: Management and Compliance - Strict regulation of carbon emissions verification and enhancement of the responsibility of key emission units for carbon accounting and reporting are necessary [9] - Comprehensive supervision of carbon emissions data quality will be enforced to combat fraudulent activities [9]

Core Viewpoint - China's carbon market is entering a critical upgrade phase, with the release of the first central document outlining the long-term development roadmap and tasks for the national carbon market [2] Group 1: Policy Framework - The document emphasizes the dual-track carbon market system of "mandatory reduction + voluntary reduction" to support green transformation and climate change response [2] - It sets a direction for a "more effective, more vibrant, and more internationally influential" national carbon market, which is crucial for achieving carbon peak and carbon neutrality goals [2] Group 2: Institutional Foundation - The document focuses on enhancing the effectiveness of the carbon market through expanded coverage, improved quota management, regulatory innovation, and strengthened rule coordination [4] - By 2027, the national carbon trading market aims to cover major industrial sectors, while the voluntary reduction market will achieve full coverage in key areas [4] - A transparent quota mechanism will be established, transitioning from intensity control to total volume control for stable carbon emission sectors by 2027 [4] Group 3: Regulatory Innovation - The document proposes a national coordination approach to avoid the disorderly development of local carbon markets, enhancing operational efficiency [5] - It emphasizes policy coordination between the national carbon market and other green mechanisms, facilitating a comprehensive green low-carbon policy system [5] Group 4: Market Vitality - To address the current limitations of trading participants and products, the document aims to stimulate market dynamics by diversifying products, expanding participants, and strengthening regulation [7] - Financial institutions are encouraged to develop green financial products related to carbon emissions, enhancing corporate carbon asset management [7] - The introduction of non-compliance entities and eligible individuals into the carbon market is expected to attract more social capital into the green sector [8] Group 5: International Influence - China's carbon market, launched in 2021, has become the largest in terms of greenhouse gas emissions coverage, playing a significant role in global climate governance [10] - The document outlines tasks to enhance the international recognition of China's voluntary emission reduction credits, aiding domestic enterprises in navigating international green trade barriers [10] - It emphasizes participation in the formulation of international carbon market mechanisms and strengthening international cooperation in carbon market standards and data recognition [10][11]

Overall Requirements - The document emphasizes the importance of establishing a unified national carbon market to effectively address climate change while promoting economic development [2] - The main goals include achieving comprehensive coverage of major industrial sectors by 2027 and establishing a robust carbon pricing mechanism by 2030 [2] National Carbon Emission Trading Market - The plan includes expanding the coverage of the national carbon emission trading market based on industry development, pollution reduction contributions, and carbon emission characteristics [3] - A transparent carbon emission quota management system will be established, transitioning from intensity control to total volume control by 2027 [3] - The document outlines the need for a balance between carbon emission control and energy security, as well as the gradual increase of paid quota distribution [3] Voluntary Greenhouse Gas Reduction Trading Market - The establishment of a comprehensive methodology for voluntary reduction projects is prioritized, focusing on areas with significant sustainable development benefits [5] - The document encourages the use of certified voluntary reduction amounts in various sectors, including government and enterprises, to offset carbon emissions [5] Enhancing Market Vitality - Financial institutions are encouraged to develop green financial products related to carbon emissions, enhancing support for greenhouse gas reduction [6] - The introduction of new trading participants, including individuals and financial institutions, is planned to diversify market engagement [6] - Strengthening market regulation and monitoring to prevent market manipulation and ensure fair trading practices is emphasized [6] Capacity Building for Carbon Market - A management system that aligns with the development stages of the national carbon market will be established to enhance oversight and operational efficiency [7] - The document stresses the importance of accurate carbon emission accounting and reporting, with a focus on developing national standards [7] - It highlights the need for rigorous verification processes for carbon emissions to ensure the credibility of reported data [7] Organizational Implementation Support - Local governments are tasked with leading the implementation of the carbon market initiatives, ensuring compliance and effective management of emission quotas [9] - The document calls for the development of legal frameworks to support carbon market operations and enhance regulatory enforcement [10] - International cooperation and dialogue on carbon market mechanisms are encouraged to align with global climate change efforts [10]

Core Viewpoint - The recently published "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks the first central document in China's carbon market sector, outlining a roadmap for the long-term development of the national carbon market [1] Group 1: National Carbon Market Development - The document provides a clear roadmap for building a more effective, vibrant, and internationally influential carbon market, detailing the requirements for establishing a national voluntary greenhouse gas emission reduction trading market [1] - The establishment of both the national carbon emission trading market (mandatory carbon market) and the national voluntary greenhouse gas emission reduction trading market (voluntary carbon market) has been achieved, creating a comprehensive national carbon market system [1][2] - As of August 22, 2025, the cumulative transaction volume of carbon emission allowances (CEA) in the national carbon market reached 680 million tons, with a total transaction value of 47.41 billion yuan [2] Group 2: Regulatory Framework and Market Expansion - Over 30 regulations and technical standards have been developed, forming a multi-level and relatively complete regulatory framework for the carbon market [2] - The coverage of the mandatory carbon market is set to expand, with the steel, cement, and aluminum smelting industries being included this year, effectively managing over 60% of national carbon emissions [2] - The carbon allowance allocation method will transition from free allocation to a combination of free and paid allocation, gradually increasing the proportion of paid allocation [2] Group 3: Financial Instruments and Market Vitality - The introduction of carbon pledge and carbon repurchase systems aims to enhance financing channels for key emission units, activate carbon assets, and reduce financing costs [3] - Financial institutions will be encouraged to participate in the national carbon market transactions, with the potential inclusion of non-compliance entities and eligible individuals in the voluntary carbon market [3] - The Ministry of Ecology and Environment will continue to strengthen the institutional foundation for carbon market construction, aiming to build a more effective, vibrant, and internationally influential national carbon market [3]

Core Viewpoint - The document outlines the Chinese government's plan to advance green low-carbon transformation and strengthen the national carbon market, emphasizing the role of financial institutions in carbon pledge financing and market participation by 2027 and 2030 [1][2][3]. Group 1: Carbon Market Development - By 2027, the national carbon emission trading market will cover major industrial sectors, and by 2030, a comprehensive carbon trading market will be established, featuring a transparent and unified system aligned with international standards [1][2]. - The plan includes expanding the coverage of industries and greenhouse gases based on development status, pollution reduction contributions, data quality, and emission characteristics [2]. Group 2: Carbon Financial Products and Services - The government aims to enhance market vitality by diversifying trading products and encouraging financial institutions to develop green financial products related to carbon emissions and voluntary reduction certificates [3]. - Carbon pledge financing will be supported, allowing financial institutions to participate in the national carbon market under compliant and risk-controlled conditions, with the gradual inclusion of qualified individuals in the voluntary reduction market [3]. Group 3: Market Regulation and Risk Management - The document emphasizes the need for robust market regulation, including the establishment of risk assessment and management systems for compliance risks among major emitters [4]. - It calls for strict monitoring of trading behaviors to prevent market manipulation and to ensure the stability of carbon financial activities, adhering to market-oriented and legal principles [4].