12月9日，由上海市市场学会、上海市循环经济协会、商道咨询等单位举办的第十届价值共创（ESG）年度趋势论坛在上海复旦大学举行， 申万宏源申报的案例《以碳金融综合服务助力绿色发展》荣获可持续产品创新奖项。 在绿色投融资方面，申万宏源通过多元化渠道推动碳金融产品的推广与落地，引导资金流向新能源与绿色产业，助力国家实现"双碳"目标。 自取得碳排放权交易资格以来，公司积极拓展碳配额回购、CCER减排量交易、碳排放权交易等多类业务工具，深入服务实体企业绿色转型。公 司在产品设计中融入人文关怀，依托广泛网点优势和业务团队，积极推动绿色债券发行，完成一批绿色债券发行，为企业提供便捷、精准的融资 支持，助力绿色产业发展。 在自身运营管理方面，申万宏源积极践行绿色低碳运营理念。在日常运营中，公司落实楼宇自控照明、空调节能、LED灯具替换、双面打 印和无纸化办公等举措，合理利用自然光源，降低能耗和碳排放。在废弃物处理上，公司推行源头减量与分类回收，委托专业机构合规处置，践 行环境责任。公司北京总部大楼在节能环保和绿色运营方面的实践得到国际认可，于2024年获得LEED O+M金级认证。 "价值共创"中国企业可持续发展案例评选是中 ...

【重点政策】河南省工信厅：开展合同能源管理等绿色资产抵质押融资 11月25日，河南省工业和信息化厅印发《金融赋能制造业绿色低碳发展试点政策措施》。 措施提出： 对参与试点的金融机构和企业，创新突破银企之间融资贷款的限制壁垒，对申请融资贷款的企业，不分 规模大小、不分行业类别、不分所有制性质，推动公平获得金融支持。 开展工业数据、排污权、节能量（用能权）、碳排放权等环境权益生态产品价值、节能环保项目特许经 营权、合同能源管理及绿色低碳技术知识产权等绿色资产抵质押融资，发挥供应链金融作用，创新组合 式多元化抵押方式，拓宽企业绿色融资渠道，盘活制造业企业存量资产、激活潜在信用。 试点对象为符合《河南省进一步强化金融支持绿色低碳发展实施方案》支持范围的企业。 【重点政策】山东印发健全碳足迹管理体系行动方案 2025年11月28日，山东省生态环境厅近日发布《关于推进绿色转型 健全碳足迹管理体系的行动方案 （征求意见稿）》。主要包括总体目标、重点任务和保障措施三部分。总体目标明确了2027年和2030年 度工作目标。其中，到2027年，通过区域、行业、产品碳足迹试点探索，初步建立产品碳足迹管理体 系，绿色低碳供应链建设成 ...

□ 徐勤村 在当今全球积极应对气候变化、全力推动可持续发展的背景下，低碳转型已成为经济社会发展的核心战 略。金融机构与企业作为低碳转型的关键主体，在转型中开拓出多维度合作空间，为经济社会全面绿色 转型注入强劲动力。 低碳转型与银企融合的潜在机理 随着低碳转型深入推进，金融机构与企业的战略协作突破传统融资边界，形成涵盖全价值链服务、场景 化生态构建与风险共治的新型合作关系。在此过程中，企业不再是被动参与者，而是主动寻求绿色转型 的创新主体。一方面，科学的气候规则体系通过"创新补偿"机制，驱动企业通过技术迭代和管理变革， 在实现环境合规的同时培育差异化竞争优势。另一方面，ESG（环境、社会、治理）要素正从非财务信 息转变为衡量企业长期价值和风险的关键财务指标。当下，低碳转型正引导金融资本，从短期财务收益 最大化向长期可持续的风险调整后收益优化转变。在信贷市场，绿色低碳企业融资可得性显著提升，信 贷期限结构趋于长期化。 从银行等金融机构视角看，其积极响应国家政策，将绿色金融纳入战略核心。今年1月份发布的《银行 业保险业绿色金融高质量发展实施方案》明确提出，到2027年，绿色金融业务在金融机构业务规模中的 比重将显著 ...

Core Insights - The article highlights the rapid development of green finance in China during the "14th Five-Year Plan" period, emphasizing its role as a key driver for the country's low-carbon transition and the achievement of the "dual carbon" goals [1][7]. Green Financing Growth - Green loans and green bonds have seen significant growth, with green loan balances reaching 42.39 trillion yuan by mid-2025, a 254.73% increase from the end of 2020 [2]. - The growth rate of green loans has consistently been between 21.70% and 38.50% from 2021 to 2024, indicating a robust upward trend [1]. - The proportion of green loans in total loans has increased from 6.92% at the end of the "13th Five-Year Plan" to 15.78% by mid-2025 [2]. Green Bond Market Expansion - The issuance of green bonds has expanded significantly, with annual issuance growing from over 200 billion yuan during the "13th Five-Year Plan" to over 600 billion yuan in 2021, and maintaining an average of 750 billion yuan from 2021 to 2024 [3]. - The number of issuers has increased from 35 in 2016 to 249 in 2024, with the number of issuances growing ninefold [3]. - Green bonds are expected to support annual CO2 emissions reductions of approximately 14.14 million tons and save 1.51 million tons of energy [3]. Diverse Green Financial System - The green financial system has diversified to include green investments, green insurance, green futures, and carbon financial products, becoming a crucial part of the overall green finance landscape [4][6]. - A significant portion of public funds (53.8%) now explicitly incorporates green investment into their strategies, with 76.9% having issued green investment-targeted products [4]. Transition Finance Emergence - Transition finance is emerging as a critical component of sustainable finance, focusing on supporting high-carbon industries in their shift to low-carbon operations [7][8]. - The new round of Nationally Determined Contributions (NDC) announced in September sets ambitious targets for greenhouse gas emissions reduction, necessitating substantial funding for low-carbon transitions [7]. - Transition finance is expected to surpass financing for "pure green" activities, as only about 10% of economic activities are currently classified as "pure green" [8].

Core Insights - The article discusses the progress of China's green low-carbon transition over the past five years, highlighting the release of the "2025 China Carbon Neutral Development Index" which serves as a reference for future transformation paths [2][6] - The index indicates that while there is overall progress, regional disparities remain, with a focus on technological innovation and market mechanisms as key areas for future breakthroughs [2][4] Summary by Sections Carbon Neutral Development Index - The "China Carbon Neutral Development Index" has been published for five consecutive years, focusing on regional carbon neutrality potential and practical outcomes [4] - The 2025 index includes over ten key indicators, emphasizing the shift from end-of-pipe governance to source control, the role of green finance, and comprehensive agricultural green security [4] - Average scores for provinces and key cities improved, with scores of approximately 56.32 and 54.40 respectively, reflecting a steady advancement [4] Regional Characteristics and Challenges - Different regions are exploring unique green transition paths based on their energy resources and industrial foundations, leading to organic integration of low-carbon transition and economic growth [5] - However, regions like Inner Mongolia and Xinjiang face challenges such as low energy efficiency and significant pressure for industrial restructuring [8][9] - Key bottlenecks in these regions include reliance on fossil fuels, insufficient collaboration in green industry chains, and weak technological innovation capabilities [9] Future Trends in Transition - The "14th Five-Year Plan" period is identified as a critical phase for green low-carbon transition, with four major trends anticipated: gradual increase of renewable energy, decarbonization in key sectors, focus on green upgrading and circular development, and enhanced multi-stakeholder governance [10][11] - Technological innovation is emphasized as a core element, with recommendations for breakthroughs in clean energy technologies and enhancing the integration of technology transfer [11] Market Mechanisms and Financial Support - The article stresses the need for improved carbon pricing mechanisms and a unified green finance system to support the achievement of carbon neutrality goals [12] - Recommendations include expanding carbon market coverage, establishing a unified regulatory framework for green finance, and leveraging index monitoring for policy optimization [12]

Core Viewpoint - Digital technology is essential for advancing the national carbon market towards greater efficiency, activity, and international influence, supporting the achievement of "dual carbon" goals [1] Group 1: Data Infrastructure - Establish a unified data foundation to enhance market effectiveness by creating a national carbon emissions big data platform that integrates multi-source data such as energy consumption and corporate emissions, utilizing digital technology for real-time monitoring, cross-verification, and dynamic analysis to provide scientific support for quota allocation, emissions verification, and regulatory decision-making [1] Group 2: Financial Innovation - Promote digital financial innovation to stimulate market vitality by supporting the use of blockchain technology for the digital management of carbon assets throughout the entire process, ensuring data authenticity and transparency. Develop carbon financial products based on big data intelligent pricing to lower participation barriers, attract diverse market participants, enhance market liquidity, and improve price discovery capabilities [1] Group 3: International Standards - Accelerate the alignment of standards with international norms to enhance international influence by promoting the integration of China's independent digital standards with international standards, supporting the digital certification system for MRV (Monitoring, Reporting, Verification), and blockchain carbon ledgers for international recognition. Encourage the export of China's digital carbon market solutions to enhance international discourse power and lay the foundation for participation in global carbon governance [1]

Group 1: National Carbon Market Development - The central government has issued a significant policy document to advance the construction of the national carbon market, marking the first central document in this field, which outlines a long-term development timetable and roadmap [1][2] - The national carbon market has been operational for four years, achieving breakthroughs by expanding to include the steel, cement, and aluminum industries, and issuing the first batch of certified voluntary emission reductions (CCER) [1][7] - As of June 30, 2025, the cumulative trading volume of allowances reached 669 million tons, with a total transaction value of 45.93 billion yuan, indicating a robust market performance [2][7] Group 2: Carbon Footprint Management - The Ministry of Ecology and Environment is actively working on establishing a product carbon footprint management system, which includes developing accounting standards and guidelines for carbon footprint calculations [3][4] - The government aims to enhance the management of carbon footprints by accelerating research on carbon footprint factors and establishing a comprehensive database [4][5] - A series of pilot projects and international cooperation initiatives are being explored to improve carbon footprint management and certification processes [6][11] Group 3: Financial Market and Carbon Trading - The carbon financial market is experiencing growth, with at least 18 financial institutions obtaining carbon trading qualifications, indicating increased participation and product diversity [11][12] - The government plans to expand trading participants in the mandatory carbon market while introducing more diverse trading products and enhancing regulatory oversight [11][12] - The voluntary carbon market has seen significant engagement, with 5,787 registered entities, including financial institutions and project owners, contributing to a dynamic trading environment [7][11] Group 4: International Cooperation and Global Trends - China is actively participating in the global carbon market development, contributing to international climate governance and sharing its experiences in carbon market construction [15][16] - The country is exploring cross-border carbon trading and establishing management systems to facilitate international cooperation in carbon markets [16] - The global trend towards carbon market mechanisms is supported by the implementation of the Paris Agreement, with China positioning itself as a key player in this arena [15][19]

Core Insights - The People's Bank of China reported that by the end of Q2 this year, the balance of green loans in both domestic and foreign currencies reached 19.55 trillion yuan, marking a year-on-year growth of 40.4% and an increase of 7.4 percentage points compared to the end of the previous year, which is significantly higher than the overall loan growth rate of 29.6% [1] Summary by Category Green Loan Balance - The green loan balance increased by 3.53 trillion yuan in the first half of the year [1] - The balance for infrastructure green upgrades, clean energy, and energy-saving and environmental protection industries were 8.82 trillion yuan, 5.04 trillion yuan, and 2.63 trillion yuan respectively, with year-on-year growth rates of 32.2%, 40.8%, and 62.8% [1] Industry Breakdown - The balance of green loans in the electricity, heat, gas, and water production and supply sector reached 5.08 trillion yuan, with a year-on-year increase of 30.8%, adding 603.9 billion yuan in the first half of the year [1] - The transportation, warehousing, and postal services sector had a green loan balance of 4.39 trillion yuan, reflecting a year-on-year growth of 10.3%, with an increase of 263.1 billion yuan in the first half of the year [1] Development of Green Finance - China has made significant progress in developing green finance, establishing a multi-layered market system that includes green loans, green bonds, green insurance, green funds, green trusts, and carbon financial products [1]

Core Viewpoint - The article emphasizes the urgent need for effective measures to address climate change, highlighting the increasing frequency of extreme weather events and the shift from potential risks to real crises. It discusses China's proactive approach in promoting climate investment and financing through pilot programs initiated by various governmental departments [1]. Group 1: Climate Investment and Financing Initiatives - The Ministry of Ecology and Environment, along with other departments, has been working to integrate climate investment and financing with carbon neutrality goals and green finance innovations, establishing a collaborative mechanism among government, departments, and market participants [2]. - Shenzhen has implemented a comprehensive climate investment and financing pilot program, focusing on top-level design, project library construction, supportive policies, and financial product innovation, aiming to complete over 100 climate investment projects by 2025 and promote green loans totaling 18 billion yuan [2][3]. Group 2: Policy and Financial Support Mechanisms - Shenzhen's financial support includes subsidies for project owners in climate investment, covering up to 50% of financing costs with a maximum of 1 million yuan, and establishing a risk compensation mechanism for small and micro enterprises [3]. - The Ministry of Ecology and Environment emphasizes the need for a diverse toolbox of policies, including energy, industry, investment, and financial policies, to enhance financial support for climate change initiatives [3]. Group 3: Challenges and Capacity Building - Challenges in promoting climate investment include inadequate information sharing mechanisms, low enthusiasm for financing climate adaptation projects, and the need for stronger foundational capabilities [4]. - There is a pressing need to strengthen the talent pool for climate investment and financing, focusing on policy design, project evaluation, and enhancing corporate capabilities in carbon accounting and greenhouse gas disclosure [5]. Group 4: Technological Integration and Local Adaptation - Technological advancements are suggested to enhance climate investment platforms, with initiatives in Chongqing aimed at improving digital governance and expanding financing services for various enterprises [6]. - Local adaptation strategies are crucial, as seen in Hubei's use of carbon market experiences to innovate carbon finance, establishing a comprehensive service platform that connects financial institutions and projects [7]. Group 5: Future Directions and Financial Integration - Chongqing aims to deepen the integration of carbon reduction with financial services, focusing on near-zero carbon park construction and promoting diverse financial products to meet the needs of different industries [8].

Group 1 - The core viewpoint of the article emphasizes the role of carbon reduction market mechanisms in promoting ecological product value transformation and supporting high-quality rural revitalization in Guangdong Province [1][4] - The measures propose to enhance the carbon reduction market mechanism's support for ecological product value transformation by expanding the carbon inclusive methodology system and exploring region-specific carbon inclusive methodologies [1][3] - The development and reserve of carbon inclusive certified emission reductions (PHCER) in the agricultural and forestry sectors will be strengthened, encouraging projects to purchase provincial ecological carbon fixation PHCER and national certified voluntary emission reductions (CCER) [1][2] Group 2 - The measures highlight the importance of carbon footprint management in supporting high-quality rural revitalization, including the establishment of a carbon footprint database and management rules for agricultural and forestry ecological products [2][3] - Innovative financing support will be provided for agricultural and forestry ecological products with carbon labels, and government procurement standards will incorporate carbon footprint requirements [2][4] - The article discusses the establishment of a climate investment and financing project management system to support green low-carbon development in urban and rural areas, including the creation of a project library and recommendation mechanism [3][4] Group 3 - The launch of the "Guangdong Carbon Label Information Management Platform" aims to assist consumers in querying product carbon footprints and allows manufacturers to apply for their carbon labels online [3][6] - The platform serves both consumer and industrial product sectors, providing tools for better carbon emission management during production processes [3][4] - Guangdong's commitment to green development is reflected in its achievements in environmental quality improvement and the establishment of a comprehensive climate change management system [4]