近年来，湖北不断深化绿色金融合作和碳金融产品创新，统筹引导社会资本流向绿色低碳产业。成功开 发碳质押、碳回购、借碳、碳保险、碳债券等多元化碳金融产品，全省累计落地碳金融业务68笔，为企 业融资13.09亿元，融资规模在试点碳市场中的占比超50%；持续扩大绿色金融规模，鄂绿通平台入库 绿色项目848个，完成绿色企业（项目）评价67家，累计完成1518亿元融资；开发温室气体减排挂钩贷 款等6个全国首创绿色金融产品，累计助力绿色企业低成本融资超61亿元。 12月26日，湖北碳金融发展联盟在武汉正式成立，来自重点企业、金融机构、高等院校及有关行业协会 的85家会员单位将共同探索碳金融创新，形成全链条碳服务生态。这是国内首个以碳金融为方向的碳市 场联盟。 湖北宏泰集团总经理、联盟理事长张世敏在启动仪式上介绍，宏泰集团作为独具"碳要素"特色的湖北省 属金融服务类企业，将充分发挥"3+16"金融全牌照优势，大力实施"做活碳市场、做优碳金融、做强碳 产业、做实碳普惠"四轮驱动战略，以金融活水赋能联盟生态蓬勃发展。未来，联盟将搭建交流平台， 推动碳金融创新，充分发挥载体作用，搭建线上线下交流渠道；聚焦金融赋能，助力产业突破，引 ...

近年来，我国围绕标准体系、激励约束、风险防控等出台多项政策措施，有力引领并推动绿色金融高质 量发展。绿色金融标准体系不断完善，为金融机构创新产品与服务指明方向。结构性支持工具不断优 化，显著提升了金融机构发展绿色金融的积极性，如中国人民银行创设的碳减排支持工具，支持范围从 初期的21家全国性银行扩展至多家外资银行及数十家地方性银行。监管引导不断加强，大大增强了金融 机构的风险管理意识和能力。截至今年上半年，我国绿色贷款余额约42.4万亿元，绿色债券余额超2.2万 亿元，两者规模稳居全球前列，金融对基础设施绿色升级、能源绿色低碳转型、生态保护修复和利用等 领域的支持力度持续加大。 同时也要看到，对标全面绿色转型和碳达峰碳中和等要求，我国绿色金融服务质效有待提升，实践中还 面临一些不足，存在绿色信息披露机制不健全、绿色资产定价体系不完善、绿色金融产品不丰富等问 题。当前和未来一个时期，可从顶层设计与落地实施上共同发力，进一步激发绿色金融发展潜力。 一方面，注重构建多层次、全覆盖的支持体系。加强绿色金融政策与财政政策、产业政策协同，完善转 型金融标准，支持符合国家产业政策导向的企业通过采用先进技术和设备更新实现降碳 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The carbon market construction has entered an expansion and development period. In March 2025, the steel, cement, and aluminum smelting industries were included in the national carbon market, and in May 2025, four specific measures were proposed to strengthen carbon market construction [3]. - As of October 20, 2025, the cumulative trading volume of the national carbon market was 742 million tons, with a turnover of 50.461 billion yuan. Trading volume increases near the annual compliance period, and bulk trading is the main method. Carbon price declined in 2025, and the 2023 - year quota settlement was completed with a significant drop in emission intensity [3]. - Among the pilot carbon markets, Guangdong has the most regulated enterprises and is the most active in terms of trading volume. Except for Tianjin, carbon prices in other pilot areas have declined [3]. - Pilot carbon markets have innovative mechanisms. Hubei established the first provincial "electricity - carbon - finance" linkage market; Beijing refined quota repurchase principles; Chongqing realized the "carbon market - carbon offset - carbon inclusive" linkage mechanism [3][4]. - The Guangzhou Carbon Exchange promotes low - carbon development in the Guangdong - Hong Kong - Macao Greater Bay Area. It has a policy framework of government guidance, market operation, and public participation, develops 5 carbon financial products, tightens the proportion of free carbon quotas, and promotes the construction of the Greater Bay Area carbon market [4]. - The "Qin Carbon Star" in the Hengqin - Macao Cooperation Zone is an innovative product that encourages individuals to participate in low - carbon activities through carbon credits [4]. 3. Summary According to the Table of Contents 3.1 Carbon Market Construction: Entered the Expansion and Development Period - **National Carbon Market Expansion and Policy Issuance**: Since 2024, a series of carbon footprint management policies have been issued, and the national carbon market has expanded to cover steel, cement, and aluminum smelting industries. The government has set goals for the future expansion of the carbon market, aiming to basically cover major industrial emission industries by 2027 and build a complete carbon market by 2030 [6][7]. - **Revisions of Pilot Carbon Market Management Measures**: Starting from May 2024, relevant regulations required pilot areas to improve carbon market management systems. Each pilot area has successively formulated carbon emission and trading management measures [12][13]. - **Development Stages of the Carbon Market**: From 2011 - 2013, China launched carbon emission trading pilot projects; from 2014 - 2019, it established the overall framework of the national carbon market; since 2020, the national unified carbon market has been officially launched, and in March 2025, the market expanded for the first time [15]. 3.2 National + Pilot Carbon Markets: Guangdong is the Most Active - **Trading Volume and Turnover**: As of October 20, 2025, the cumulative trading volume of the national carbon market was 742 million tons, with a turnover of 50.461 billion yuan. Trading volume increases near the annual compliance period, and bulk trading is the main method [26]. - **Carbon Price**: In 2024, the carbon price rose, with an average of 91.82 yuan/ton. In 2025 (from January 1 to October 20), the carbon price declined, with an average of 76.73 yuan/ton [28][29]. - **Achievements**: The 2023 - year quota settlement was completed, and the carbon emission intensity decreased significantly. The carbon market has achieved good emission reduction results [33]. - **Pilot Areas**: In 2024, Guangdong had the most regulated enterprises. Except for Tianjin, carbon prices in other pilot areas declined, and Guangdong was the most active in terms of trading volume [38][40]. 3.3 Carbon Market Innovation Mechanisms: Stimulate Market Vitality - **Hubei's "Electricity - Carbon - Finance" Linkage Market**: In May 2024, relevant parties in Hubei signed a coordinated agreement. The background was that the carbon emissions of regulated enterprises were calculated without deducting the green electricity part. This mechanism allows regulated enterprises to obtain low - interest loans to buy green electricity, reducing compliance costs [47][50]. - **Beijing's Refined Quota Repurchase Principles**: In 2024, Beijing issued relevant management measures to regulate market supply and demand through measures such as quota repurchase, aiming to address carbon price fluctuations and supply - demand imbalances [52][53]. - **Chongqing's "Carbon Market - Carbon Offset - Carbon Inclusive" Linkage Mechanism**: In 2024, Chongqing established the "Carbon - Friendly" voluntary emission reduction system and platform. By May 2025, it had attracted over 3.7 million participants, with more than 30 low - carbon application scenarios for residents and over 208 registered enterprise users [47][56]. 3.4 Guangzhou Carbon Exchange: Promote Low - Carbon Development in the Greater Bay Area - **Development History**: The Guangzhou Carbon Exchange has a long - standing development history, from the initial establishment to the launch of various platforms and business expansions [59]. - **Policy Framework**: It follows a policy framework of government guidance, market operation, and public participation, and has established a multi - industry quota trading system and innovative carbon financial tools [60]. - **Transaction Volume and Carbon Price**: The trading volume and carbon price in the Guangdong carbon market have been affected by factors such as the postponement of compliance time and the expansion of the national carbon market [67][71]. - **Carbon Financial Products**: The Guangzhou Carbon Exchange has developed 5 carbon financial products, with carbon quota repurchase having the highest trading volume and turnover [72][73]. - **Promotion of the Greater Bay Area Carbon Market**: The Guangzhou Carbon Exchange actively promotes the construction of the Greater Bay Area carbon market, conducts cooperation and exchanges with Hong Kong and Macao, and participates in relevant research projects [76][77]. - **Carbon Inclusive Mechanism**: The "Qin Carbon Star" in the Hengqin - Macao Cooperation Zone encourages individuals to participate in low - carbon activities through carbon credits and has attracted the participation of many low - carbon businesses [81][83].

Core Insights - The article discusses the development and significance of China's carbon market, which has become the largest in the world, covering over 60% of the country's carbon emissions [2][24] - It highlights the transition from pilot programs in select cities to a national market, emphasizing the importance of regulatory frameworks and technological integration [4][7][10] Summary by Sections Development of Carbon Market - China initiated its carbon market with pilot programs in 2011 in cities like Beijing and Shanghai, which later provided valuable insights for the national market [4][5] - The national carbon market officially launched on July 16, 2021, initially including 2,162 power generation companies, covering approximately 4.5 billion tons of carbon emissions [5][7] Market Expansion and Performance - By 2025, the market is expected to expand to include steel, cement, and aluminum industries, adding around 2.5 billion tons of emissions to its coverage [7] - As of August 2025, the carbon market has traded nearly 700 million tons of allowances, with a transaction value exceeding 47.4 billion [8][10] Pricing and Impact on Emissions - The average carbon price in 2024 has increased significantly compared to 2021, with reduced volatility indicating growing confidence in the market [10] - Companies within the carbon market have shown a notable reduction in emission intensity, with their carbon emissions per unit of GDP being lower than non-participating firms [10] Future Goals and Regulatory Framework - The central government has set clear targets for the carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a mixed allocation system by 2030 [13][14] - The transition from intensity-based allocation to total emissions control is planned, with a gradual increase in auctioned allowances [16][17] Challenges and Areas for Improvement - Current issues include excessive administrative intervention in allowance distribution, lack of financial instruments like carbon futures, and inconsistent data standards across regions [21][22] - Effective regulation requires collaboration among various departments to ensure funds are directed towards green initiatives and to prevent market manipulation [22] Future Developments - Plans for introducing carbon futures and establishing market makers are in place, with potential for alignment with the EU carbon market [24] - The article emphasizes the importance of understanding and participating in the carbon market for all stakeholders, as it plays a crucial role in achieving carbon neutrality goals [25][27]

Core Viewpoint - The article emphasizes the significant transformation in global climate governance, highlighting the importance of reducing greenhouse gas emissions and promoting green low-carbon transitions as a universal consensus. China's commitment to achieving its "dual carbon" goals showcases its responsibility as a major power, with the carbon market playing a crucial role in ecological civilization construction [1]. Summary by Sections Development of China's Carbon Market - China's carbon market has evolved from local pilot programs to a national unified market, covering 60% of carbon emissions and becoming the largest carbon market globally. The recent issuance of the "Opinions on Promoting Green Low-Carbon Transition and Strengthening National Carbon Market Construction" marks a new phase of comprehensive deepening in carbon market development [1][2]. Market Achievements and Trends - As of August 22, 2025, the cumulative trading volume of carbon emission allowances reached 680 million tons, with a total transaction value exceeding 47.41 billion yuan. The market has shown stability, with a nearly 100% compliance rate for allowance submissions in 2024. The market is set to expand in 2025 to include steel, cement, and aluminum industries, which together account for approximately 2.5 billion tons of CO2 emissions [3][4]. Policy Innovations and Institutional Breakthroughs - The "Opinions" provide a systematic framework for the national carbon market, outlining medium- and long-term development goals. By 2027, the market aims to cover major industrial sectors, and by 2030, it will establish a mixed allocation system combining free and paid distribution of allowances [6][7]. Market Mechanisms and Financial Innovations - The carbon market is transitioning from intensity-based allocation to total control, with a phased approach to implement total control by 2030. The introduction of a "mandatory + voluntary" dual-track market system aims to enhance flexibility and inclusivity, encouraging broader participation in emission reduction efforts [8][9]. Challenges and Opportunities - Despite significant progress, challenges remain, including the predominance of free allocation methods and the need for improved market stability mechanisms. However, the potential for financial innovation, such as carbon pledges and repurchase policies, presents opportunities for enhancing market vitality and developing new carbon financial products [10][13]. Future Directions - The article suggests that future efforts should focus on establishing a comprehensive regulatory framework, enhancing market mechanisms, and fostering international cooperation to strengthen China's position in global carbon governance. This includes developing carbon financial products and improving data governance to support market efficiency [14][15][16].

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]

Core Viewpoint - The recent issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks a significant step in the development of China's carbon market, establishing a clear roadmap and enhancing its strategic position in national climate governance [1] Carbon Market Development - The national carbon market is identified as a crucial mechanism for achieving the "dual carbon" goals, with an emphasis on expanding industry coverage, improving quota allocation, and enhancing market mechanisms [1] - The document outlines a transition from intensity-based quota allocation to total control, prioritizing industries with relatively stable carbon emissions for total quota control by 2027 [2][3] Quota Allocation System - The quota allocation system is central to the carbon trading market, and its effectiveness directly impacts market fairness and efficiency [2] - The current system uses intensity-based allocation, which, while reducing the burden on companies, lacks sufficient constraints for carbon reduction [2] - The shift to total control aims to balance emission reduction targets with economic costs and industry differences [3] Information Disclosure and Transparency - The restructuring of carbon emission accounting and information disclosure is essential for connecting mandatory and voluntary reduction markets, addressing data quality issues, and enhancing carbon price signaling [1][6] - The "Opinions" propose improvements to the information disclosure system, requiring timely public reporting of emissions, compliance, and trading information from key market participants [7] - Current limitations in data disclosure and standardization hinder comparability and transparency, which could affect market efficiency [6][7] Financial Market Opportunities - The introduction of financial institutions and non-compliance entities into the carbon market is expected to enhance liquidity and pricing efficiency through diverse financial products and risk management tools [8][10] - The "Opinions" encourage the development of green financial products related to carbon emissions, aiming to establish a comprehensive carbon pricing mechanism [8][9] - The emphasis on cautious development highlights the importance of risk management in the expansion of financial instruments like futures and options [10]

Core Viewpoint - The conference highlighted the critical role of finance in supporting sustainable development, emphasizing the integration of ESG risk management into the banking sector's overall risk management framework to address climate risks [1][4]. Group 1: Sustainable Development in China's Financial Sector - China's financial industry has shown significant commitment to sustainable development, with a clear strategic direction and consistent practices [2]. - The scale of green loans in China has surpassed 40 trillion yuan, maintaining a year-on-year growth rate of over 20% for the past five years, positioning China as the global leader in this area [2]. - China has also emerged as a major player in the green bond market, ranking first in issuance volume for 2022 and 2023, and is the second-largest market for green bonds globally [2]. Group 2: Carbon Finance and Market Development - China has established the world's largest carbon market, covering approximately 8 billion tons of carbon emissions across key industries, which is six times larger than the EU's carbon market [3]. - The financial sector is actively developing carbon financial products such as carbon pledge financing, carbon repurchase, and carbon bonds to support enterprises in their low-carbon transitions [3]. - China's green finance initiatives are gaining international recognition, with several green finance standards led or participated by China being widely accepted [3]. Group 3: ESG Risk Management Integration - The banking sector has incorporated ESG risk management into its comprehensive risk management system to enhance the identification and management of climate risks [4][5]. - Key strategies include promoting a green low-carbon asset structure, integrating climate risk factors throughout the business process, and conducting climate risk stress tests to assess risk tolerance [5][6]. - The future focus for the banking industry includes supporting the establishment of zero-carbon industrial parks, which aim to minimize carbon emissions to near-zero or net-zero levels [6].

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]