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 ...

未来，随着碳减排工作进一步深入，碳市场规则制度体系也将不断完善，建立健全与国家碳减排目标相 一致的分行业配额分配方案，建立系统完整的自愿核证减排项目方法学体系，将为我国实现绿色低碳注 入更加强劲动力。 随着更多碳排放主体被纳入碳市场，尤其是碳达峰后，碳排放强度控制将逐步转向碳总量控制，碳配额 分配将从免费分配向通过逐步提升配额拍卖比例转变，向"免费+有偿"相结合的方式转变，可以更好地 发挥碳价效率和功能，提高市场活跃度，提升政府对碳价的管控能力。 监测、报告与核查体系能确定排放单位的历史碳排放量、排放强度及其随时间的变化情况，是碳市场交 易机制有效发挥与落实的根基。只有当碳市场能准确计算其所覆盖的碳排放量和构成，才能将配额总量 分配到各个行业、各个企业，实现碳市场的碳排放总量控制目标，进而支撑国家减排目标的实现。因 此，碳排放数据质量全过程监管和基于自动监测的碳排放核算是加强碳排放核算与报告管理的重要方 向。针对不同行业特点，加快修订重点行业企业温室气体核算与报告指南，建立标准化的核查流程体 系，加强第三方核查机构监管，提高碳排放核查结果的准确性和可信度，强化数据可比性和可追溯性， 确保碳市场有效实施。 加快 ...

最近金融圈最火的消息，莫过于 海外 投行 的 集 体 加薪 和 扩招！ 高盛放弃下半年度的第二轮裁员，且第二季度的并购（M&A）业务营收， 同比暴涨71% 摩根大通计划将投行与交易部门 奖金上调约15% 今年Industry Sector的排名中，香港的投资管理、保险、金融等行业全面复苏，升至全球第一。特别是 金融服务行业，在政府扶持、大湾区政策的带动下回升最明显 图源 高盛 官网 而这波热潮中，数据最亮眼、 扩招 需求最迫切的，正是 ESG与绿色金融方向 。 更早一些的3年前，香港特区政府认识到香港绿色金融发展滞后，其中一个主要因素是 ESG人才严重不足 。于是，香港政府开始了 "抢人计划" ，将 ESG相关财经专才加入到 "优才计划人才清单" 中，并计划提供 现金补贴和放宽移民要求，以吸引金融科技和ESG人才。 图源香港行政区政府-香港人才清单 我建了一个专门的 【金融ESG学习交流群】 ！群内可以了解 ESG政策汇总、最新招聘岗位分享、 ESG行业资讯、各行业ESG报告、ESG大咖直播课等 ；全网热门报告/白皮书/实操指南，均是 最新 最全的PDF格式。 为金融精英人群提供ESG资讯、行业资料、人脉资源 ...

Core Viewpoint - The construction of China's carbon market is accelerating, with the government aiming to create a more effective, vibrant, and internationally influential carbon market to support carbon peak and carbon neutrality goals [1] Group 1: Carbon Market Development - China's carbon market consists of three parts: the national carbon market launched in July 2021, covering over 2,200 key emission units in the power sector, with a cumulative trading volume of 680 million tons and a total transaction value of 47.41 billion yuan as of August 2025 [2] - The voluntary greenhouse gas emission reduction trading market (CCER) started in January 2024, with a cumulative certified voluntary reduction of 2.49 million tons and a transaction value of 210 million yuan as of August 2025 [2] - Local carbon markets have been piloted since 2011 in various regions, allowing non-national market sectors to trade and manage emissions [2] Group 2: Carbon Financial Market - The carbon financial market includes financing, trading, and support tools, with carbon bonds being the most significant financial instrument, totaling 805.739 billion yuan issued from 2021 to the end of 2024 to support green and low-carbon transitions [2] - Trading tools in the carbon market include carbon futures, options, forwards, swaps, and loans, while support tools encompass carbon indices, insurance, and funds [2] Group 3: Challenges and Development Strategies - Despite significant achievements, the national carbon market faces challenges such as insufficient industry inclusion, low market liquidity, and the need for improved price formation mechanisms [3] - The government has proposed new development strategies to address these challenges, emphasizing coordinated development among the national carbon market, CCER, and local markets, as well as enhancing market vitality through product diversification and regulatory improvements [3] - Key areas for strengthening include management systems, carbon emission accounting, and data quality oversight [3] Group 4: Implementation and International Cooperation - The government has outlined key directions for implementation, including improving the national carbon market's clearing mechanism and enhancing international cooperation [4] - The existing clearing model needs adaptation to meet the demands of the rapidly developing carbon market and financial sector [4] - There is significant potential for increasing the internationalization of China's carbon market, which is crucial for supporting the internationalization of the renminbi and financial openness [4]

Core Viewpoint - The construction of China's carbon market is accelerating, with the government aiming to create a more effective, vibrant, and internationally influential carbon market to support carbon peak and carbon neutrality goals [1] Group 1: Carbon Market Development - China's carbon market consists of three parts: the national carbon market launched in July 2021, covering over 2,200 key emission units in the power sector, with a cumulative trading volume of 680 million tons and a total transaction value of 47.41 billion yuan as of August 2025 [2] - The voluntary greenhouse gas emission reduction trading market (CCER) started in January 2024, with a cumulative certified voluntary emission reduction of 2.49 million tons and a transaction value of 210 million yuan as of August 2025 [2] - Local carbon markets have been piloted since 2011 in various regions, allowing non-national market sectors to trade and manage emissions [2] Group 2: Carbon Financial Market - The carbon financial market includes financing, trading, and support tools, with carbon bonds being the most significant financial instrument, totaling 805.739 billion yuan issued from 2021 to the end of 2024 to support green and low-carbon transitions [2] - Trading tools in the carbon market include carbon futures, options, forwards, swaps, and loans, while support tools encompass carbon indices, insurance, and funds [2] Group 3: Challenges and Development Strategies - Despite significant achievements, the national carbon market faces challenges such as insufficient industry inclusion, low market liquidity, and the need for improved price formation mechanisms [3] - The government has proposed new development strategies to address these issues, emphasizing coordinated development among the national carbon market, CCER, and local markets, as well as enhancing market vitality through product diversification and regulatory improvements [3] - Key areas for strengthening include management systems, carbon emission accounting, data quality oversight, and the development of carbon financial products [3] Group 4: Implementation and International Cooperation - The government has outlined key directions for implementation, including improving the national carbon market's clearing mechanism and enhancing international cooperation [4] - The existing clearing model needs adaptation to meet the demands of the rapidly developing carbon market and financial sector [4] - There is significant potential for increasing the internationalization of China's carbon market, which is crucial for supporting the internationalization of the renminbi and financial openness [4]

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].

Core Viewpoint - Green finance is a crucial tool for supporting the real economy and achieving carbon neutrality goals in China, with recent policies aimed at enhancing financial support for green transformation [1][2]. Group 1: Policy Development - The People's Bank of China and other regulatory bodies have issued the "Green Finance Support Project Directory (2025 Edition)" to bolster financial support for a comprehensive green transition [1]. - Since 2015, green finance has been integrated into national strategy, leading to a clearer policy framework and a multi-layered green finance system [1]. Group 2: Market Growth - By the end of 2024, the balance of green loans in China reached 36.6 trillion yuan, a year-on-year increase of 21.68%, significantly outpacing the average growth rate of all loans [2]. - In 2024, 589 green bonds were issued, raising 654.49 billion yuan, with a cumulative balance of 5.73 trillion yuan [2]. - Green insurance premiums reached 229.8 billion yuan in 2023, with total insurance coverage amounting to 709 trillion yuan, a 14.74-fold increase since 2020 [2]. Group 3: Challenges in Development - There are significant challenges in green finance, including discrepancies in local and industry standards, low corporate environmental information disclosure rates, and uneven distribution of green financial resources [3]. - The existing financial products are often homogeneous, and innovative tools like carbon futures and climate derivatives are still in pilot stages, failing to meet diverse emission reduction needs [3]. Group 4: Recommendations for Improvement - It is essential to establish and refine green finance standards, particularly for rural and small enterprises, to prevent "greenwashing" [4]. - The creation of a national green industry fund is recommended to focus on technologies like energy storage and carbon capture, along with incentives for small and micro green enterprises [4]. - A unified carbon pricing system should be established to enhance market activity and attract more social capital into green projects [4].

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 China's carbon market development, establishing it as a key policy tool for achieving carbon peak and carbon neutrality goals [1][2]. Group 1: Carbon Market Development - China has established the world's largest national carbon emissions trading market, which aims to address high reduction costs and insufficient transformation motivation [2][3]. - The carbon market is designed to provide a flexible mechanism for achieving greenhouse gas control targets at a low cost, promoting deep transformation of traditional industries and fostering new productive forces [2][3]. - The establishment of a carbon pricing mechanism is crucial for driving industrial upgrades and ensuring that carbon prices reflect the marginal costs of emissions reduction [3][4]. Group 2: Innovation and Incentives - The national carbon emissions trading market will accelerate the transition to clean energy and process innovation in key industries such as electricity, metallurgy, and chemicals [4][5]. - Innovative incentive mechanisms will facilitate low-carbon technology innovation and the implementation of significant climate projects, addressing financing challenges for major low-carbon technology innovations [4][5]. - The voluntary carbon emissions reduction trading market will promote the industrialization of cutting-edge technologies in areas like carbon sinks and renewable energy [4][5]. Group 3: Market Relationships and Coordination - The construction of the carbon market involves balancing various stakeholder interests and policy elements, emphasizing the need for a comprehensive approach to achieve carbon peak and neutrality goals [5][6]. - There is a need to integrate the mandatory carbon trading market with the voluntary market to enhance policy synergy and stimulate green innovation [5][6]. - The relationship between effective markets and proactive government roles must be harmonized to ensure a well-functioning carbon market [6][7]. Group 4: Future Directions - The carbon market should initially focus on its primary function of emission reduction, gradually enhancing its financial attributes as the system matures [7][8]. - Coordination between the national carbon market and local pilot markets is essential, with local markets continuing to serve as testing grounds for policy innovations [8].

Group 1 - The core viewpoint of the article emphasizes the importance of the carbon market as a policy tool for addressing climate change and promoting a green transition in the economy and society [1] - The main goals set forth in the recent opinion include achieving basic coverage of major industrial sectors in the national carbon emissions trading market by 2027 and establishing a comprehensive voluntary emissions reduction trading market by 2030 [1][2] - The expansion of the national carbon emissions trading market will include new sectors such as steel, cement, and electrolytic aluminum, which are significant contributors to emissions and are heavily influenced by international green trade [2][3] Group 2 - The opinion outlines the need to improve the carbon emissions quota management system, including establishing a transparent quota management framework and gradually shifting from intensity control to total control of emissions quotas [4] - The introduction of carbon finance is highlighted as a key strategy to enhance market vitality, allowing financial institutions to develop green financial products related to carbon emissions rights [5][6] - The article references the EU carbon market as a model for integrating financial attributes into carbon markets, which has led to a diverse range of trading products and active market participation [7]