中共中央政治局12月8日召开会议，分析研究2026年经济工作。会议提出，坚持"双碳"引领，推动全面 绿色转型。 厦门大学中国能源经济研究中心教授孙传旺在接受《证券日报》记者采访时表示，全面绿色转型，意味 着绿色转型的深度与广度将显著拓展，即从过去更多聚焦于能源、工业、交通等高排放领域的单点突 破，转向全领域、全要素、全链条的全面转型，绿色发展将渗透到生产、分配、流通、消费的全生命周 期经济循环中。对于企业而言，一方面，绿色内需潜力将加速释放，市场对绿色产品、服务和解决方案 的需求不断增长，这为企业开辟了新的市场增量空间。另一方面，随着绿色转型的技术要求持续提高， 将激励企业不断增加在低碳工艺改造、清洁能源替代以及数字化碳管理等方面的创新投入。 在北京世经未来投资咨询有限公司副总经理韩定武看来，推动全面绿色转型，是一场涉及经济社会发展 方方面面的深刻系统性变革。其中，能源体系转型是根本。因此，实现"双碳"目标，必须立足我国能源 资源禀赋，坚持先立后破、通盘谋划，深入推进能源革命。要加快建设新型能源体系，严格控制化石能 源消费，尤其是煤炭的清洁高效利用；要大力发展如风电、光伏、水电、核电等非化石能源，构建以新 能 ...

绿色低碳转型离不开金融支持。当前，电力市场、碳市场的金融化进程在全球范围日益加快，我国绿色 金融逐步走向国际化。 在上个月举行的《联合国气候变化框架公约》第三十次缔约方大会（COP30）上，全球碳市场探索更进 一步，中国、欧盟和巴西发起成立了"碳排放权交易市场开放联盟"，建立全球统一碳市场的议题再度成 为焦点。 "'联盟'的主要目标是完善合规碳市场和碳定价政策，为应对气候变化提供关键的市场机制解决方案。 国际化方面，香港在CCER、碳配额、绿证国际互认方面，已经开始初步尝试。"近日，AEX控股公司 （香港）的创始人黄杰夫接受21世纪经济报道专访。从2010年到2016年，他任美国洲际交易所ICE（纽 约证券交易所母公司）大中华区董事总经理。也曾参与了CCX（芝加哥气候交易所）同中石油集团合 资组建的天津排放权交易所的谈判、创立和经营。 "通过碳远期合约电子交易模拟，我们发现，离岸金融机构期盼以合规方式参与内地碳市场交易。金融 机构的热情参与表明，'请进来'与'走出去'的双向互动，将以相对稳健的方式，推动中国碳资产走出国 门。"黄杰夫表示。 碳远期合约交易模拟已在香港实践 《21世纪》：碳期货、碳期权等衍生品在 ...

（原标题：专访黄杰夫：试水碳衍生品，让绿色金融"走出去"） 21世纪经济报道记者雷椰 李德尚玉 北京报道 绿色低碳转型离不开金融支持。当前，电力市场、碳市场的金融化进程在全球范围日益加快，我国绿色金融逐步走向国际化。 在上个月举行的《联合国气候变化框架公约》第三十次缔约方大会（COP30）上，全球碳市场探索更进一步，中国、欧盟和巴西发起成立了"碳排 放权交易市场开放联盟"，建立全球统一碳市场的议题再度成为焦点。 "'联盟'的主要目标是完善合规碳市场和碳定价政策，为应对气候变化提供关键的市场机制解决方案。国际化方面，香港在CCER、碳配额、绿证 国际互认方面，已经开始初步尝试。"近日，AEX控股公司（香港）的创始人黄杰夫接受21世纪经济报道专访。从2010年到2016年，他任美国洲际 交易所ICE（纽约证券交易所母公司）大中华区董事总经理。也曾参与了CCX（芝加哥气候交易所）同中石油集团合资组建的天津排放权交易所 的谈判、创立和经营。 黄杰夫：结合欧美经验来看，碳期货、碳期权等衍生品在排放权市场中发挥着关键作用。 2004年，芝加哥气候交易所只用了6个月的审批时间， 就拿到了金融监管部门的期货交易所牌照，随后推 ...

前海期货携手北京林业大学经济管理学院 11月28日，初冬的北京寒意渐浓，北京林业大学经济管理学院（下称北林大经管学院）内暖意融融。当 日，在前海期货有限公司（下称前海期货）股东广西三威家居新材股份有限公司董事长李茂洪，以及北 京林业大学校领导的共同见证下，前海期货与北林大经管学院隆重举行战略合作协议签约仪式。 此次签约不仅是两家机构在"产学研"合作领域的一次重要握手，更是期货行业积极响应"双碳"战略与乡 村振兴号召的生动实践。双方宣布，将充分整合前海期货在衍生品市场的专业优势与北京林业大学在农 林经济领域的学术积淀，共同打造"绿色金融+农林经济"的高质量发展样板，为建设美丽中国、生态强 国及金融强国贡献"期货力量"。 "我们既深知林业企业的痛点，也了解林业产业的需求。"前海期货相关负责人在签约仪式上表示，回归 本源、服务实体是期货行业的初心。此次与北林大经管学院的合作，正是前海期货立足自身特色，寻求 差异化发展路径的关键一步。双方将通过优势互补，打通金融服务进入农林产业的"最后一公里"，让金 融"活水"精准滴灌至林间地头。 研以致用： 共建期货与衍生品研究高地 源于林业： 共担服务实体经济新使命 这一研究中心 ...

Core Viewpoint - The "15th Five-Year Plan" emphasizes the strategic goal of accelerating the construction of a financial power, marking a significant shift from establishing a modern financial system to focusing on high-quality development and global competitiveness [1][2]. Financial Development Strategy - The "15th Five-Year Plan" outlines six core components of a financial power: strong currency, strong central bank, strong financial institutions, strong international financial center, strong financial regulation, and strong financial talent [1]. - The plan indicates a transition from foundational institutional building to a focus on quality enhancement and global competitiveness in financial development [2]. Central Bank and Monetary Policy - The plan calls for a comprehensive upgrade of the central bank system, emphasizing the establishment of a robust monetary policy framework and a macro-prudential management system [6][8]. - The focus is on improving the transmission mechanism of monetary policy and developing digital currency, which is crucial for enhancing the financial system's efficiency and risk resistance [6][8]. Capital Market Reform - The "15th Five-Year Plan" aims to enhance the capital market's functionality and efficiency, addressing the challenges of investment and financing coordination [10]. - It emphasizes the need for a more inclusive and adaptable capital market system to support new industries and innovative enterprises [11]. Risk Management and Financial Stability - The plan highlights the importance of systemic risk prevention and management, particularly in key areas such as real estate, local government debt, and small financial institutions [12][13]. - It advocates for a coordinated approach between central and local regulatory bodies to effectively manage financial risks [14]. Financial Institutions and Governance - The plan encourages financial institutions to focus on their core responsibilities and improve governance, aiming to reduce homogenization and associated risks [15]. - It supports the differentiation of financial institutions to enhance their roles in serving the real economy and stabilizing the financial system [15].

Core Insights - The "National Carbon Market and Financial Training Exchange Conference" was successfully held in Wuhan, organized by the Hubei Securities and Futures Industry Association, with over 100 representatives from key emission enterprises and financial institutions participating to discuss carbon market policies, trading mechanisms, and financial innovations [1][3] Group 1: Conference Overview - The conference featured frontline experts from core institutions of the national carbon market, focusing on infrastructure and enterprise practices in the morning session [3] - Key presentations included an overview of the national carbon market by Xiao Liya, analysis of trading rules by Shi Jiangguangtai, and insights on carbon asset management from Xia Feng [3][5] - The afternoon session addressed policy interpretation and financial empowerment, with significant contributions from Yan Fei on "dual carbon" policy evolution and Qin Ke on supply-demand dynamics and price trends in the national carbon market [3][7] Group 2: Objectives and Impacts - This training exchange is a concrete measure for the Hubei securities and futures industry to implement "green finance" and enhance the effectiveness of the carbon market [9] - The event aims to inject new momentum into Hubei's carbon financial innovation and establish a market ecosystem where "emission reduction is valuable and green is rewarding" [9] - It further solidifies Hubei's pivotal role in the national carbon market construction, contributing to the region's economic green transformation [9]

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].

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 issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks a significant step towards the comprehensive deepening and acceleration of the national carbon market, providing direction for institutional innovation and operational optimization, which is crucial for achieving carbon neutrality goals and enhancing China's carbon governance system [1] Group 1: Carbon Market Structure - The national carbon market consists of a mandatory carbon trading market and a voluntary emission reduction market, which are interconnected through quota clearing and offset mechanisms, each focusing on different aspects while complementing each other [2] - The carbon pricing mechanism is central to the carbon trading market policy, with quota allocation being a key factor influencing carbon pricing [2] Group 2: Quota Allocation and Management - Current quota allocation primarily uses a free distribution method based on carbon emission intensity and actual production volume, avoiding negative impacts on economic growth [2] - As more emission entities are included in the carbon market, the focus will gradually shift from controlling carbon intensity to controlling total carbon emissions, transitioning from free allocation to a mixed approach of "free + paid" allocation [2] Group 3: Monitoring and Verification - A robust monitoring, reporting, and verification (MRV) system is essential for accurately determining historical carbon emissions and their intensity, which supports the effective functioning of the carbon market [3] - Enhancing data quality through comprehensive regulation and automated monitoring is crucial for achieving national emission reduction targets [3] Group 4: Low-Carbon Transition Strategies - Companies can achieve green and low-carbon transformation through energy-saving renovations and clean energy alternatives, fostering a virtuous cycle of emission reduction, revenue generation, and reinvestment in research and development [4] - The development of low-carbon industry clusters, such as clean energy and carbon consulting, can drive industrial structure upgrades and promote economic transition towards a green high-end model [4]