例如，中国正推动与东盟建立绿色贸易协定，类似的合作模式有望不断涌现。欧盟与巴西在可持续农业 领域的贸易合作，以及印度与刚果在关键资源方面的潜在合作，都是在 COP 框架下具备可操作性和落 地前景的实践案例。 专题：第30届联合国气候变化大会（COP30） 气候债券倡议组织（Climate Bonds Initiative， CBI）首席执行官肖恩·基德尼指出，COP30为全球应对气 候变化和推进气候融资提供了未来路线图。然而，与其期待全球迅速达成高度一致，更现实的发展路径 是通过加强区域联通与"自愿联盟"（coalition of the willing），推动更多双边和多边合作协议落地，从 而持续推进气候行动进程。 同时，COP 框架中也包含可立即推进的具体机制。例如，《巴黎协定》第六条允许已建立碳市场的国 家（如日本）与拥有重要森林资源的国家（如印度尼西亚）开展减排量转移。目前，相关合作和制度建 设正在同步推进。 在 COP30 贝伦气候大会的相关讨论中，转型与韧性成为两大核心议题 为高碳行业低碳转型融资正逐步成为日本、新加坡、中国及其他亚洲国家和地区的共识性概念。中国部 分企业和金融机构已开始系统性地制 ...

专题：对话ESG全球领导者 新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市 公司传播ESG理念，提升ESG可持续发展表现。点击查看【 ESG评级中心服务手册】 文 | 新浪财经 李欣然 在2025年11月落下帷幕的联合国第三十届气候变化大会（COP30）上，全球气候治理的未来路径再次成 为国际社会关注的焦点。面对日益严峻的气候挑战与庞大的资金缺口，如何超越共识、推动切实可行的 气候行动与合作，成为各方探讨的核心。值此背景下，新浪财经联合绿色金融60人论坛（GF60）发起 1.5℃ Talk对话，旨在为行业及公众提供关于《巴黎协定》十周年和1.5℃目标挑战的深入见解，助力提 升气候雄心，推动行动落地。本期，我们对话了欧盟委员会可持续金融高级专家组成员、气候债券倡议 组织CEO肖恩·基德尼（Sean Kidney）。 肖恩·基德尼同时表示，COP框架中也包含可立即推进的具体机制。他以《巴黎协定》第六条为例说 明，该条款允许已建立碳市场的国家（如日本）与拥有重要森林资源的国家（如印度尼西亚）开展减排 量转移。他指出，目前相关合作和制度建设正在同步推进。 在 COP30 贝伦气 ...

证 券 研 究 报 告 转型金融助力高碳企业低碳发展 碳市场系列研究报告之六 证券分析师： 牟瑾瑾 A0230524100002 陆灏川 A0230520080001 王雪蓉 A0230523070003 王胜 A0230511060001 2025.12.30 核心结论 www.swsresearch.com 证券研究报告 2 ◼ 转型金融与绿色金融形成有效互补格局。绿色金融聚焦"纯绿"企业与项目，为原生性节能减排及绿色发展提供资金支持，例如森林碳汇项 目；转型金融则精准对接高碳排放企业，通过技术改造、工艺升级等方式助力其实现从高碳到低碳的转型，降低碳排放量，比如，钢铁企业 将传统长流程炼钢工艺升级为全废钢电炉短流程炼钢。 ◼ 国际转型金融发展受欧盟碳税政策推动，已进入快速发展阶段。其发展历程大致分为三阶段：第一阶段（2015-2019年）为全球共识期， 2015年《巴黎协定》明确全球气候变暖应对方向并设定全球温控目标，2019年OECD首次提出"转型金融"概念；第二阶段（2020-2022年） 为框架搭建期，G20于2022年推出《G20转型金融框架》，明确五大支柱与二十二条原则；第三阶段（2023年至今 ...

"'十四五'以来，国家绿色工厂实施绿色低碳改造升级项目万余项，总投资规模超过3000亿元，催生了 绿色融资需求，企业也迫切希望得到更多优质优价的融资服务。"工信部节能与综合利用司司长王鹏透 露。 《通知》的出台，正是瞄准这一需求，提出4项核心内容，以加大对绿色工厂节能、低碳、节水、环 保、资源综合利用等领域的资金投入。 在"双碳"战略与制造业转型的双重驱动下，绿色工厂已成为工业绿色低碳发展的核心载体。"十四五"以 来，国家绿色工厂改造需求持续旺盛，催生了绿色融资需求。日前，《关于用好绿色金融政策支持绿色 工厂建设的通知》（下称《通知》）正式发布，为绿色工厂建设注入金融"活水"。 绿色制造体系成效显著 记者从工信部举行的"用好绿色金融政策支持绿色工厂建设"发布会上获悉，近年来，我国绿色制造体系 建设成效显著。 目前，国家层面已经累计培育6430家绿色工厂、491家绿色工业园区、727家绿色供应链，推广超4万种 绿色产品。数据显示，绿色工厂产值占制造业总产值的比重从2020年的9%提高到20%，绿色工业园区 单位工业增加值能耗、水耗仅为全国平均水平的2/3和1/4，固废平均处置利用率超过95%，带动区域绿 色转型 ...

Core Viewpoint - The issuance of the "Notice on Utilizing Green Financial Policies to Support the Construction of Green Factories" by the Ministry of Industry and Information Technology and the People's Bank of China aims to integrate green finance with industrial green manufacturing, providing strong support for high-quality development in the manufacturing sector [1]. Group 1: Green Finance and Industrial Transformation - The "Notice" establishes mechanisms to ensure financial services for green factories, focusing on risk prevention and funding support for green sectors [1]. - The document emphasizes the importance of directing funds towards clean energy, energy conservation, and green transportation, contributing to the transition towards a low-carbon economy [1]. Group 2: Investment Project Categories - The "Notice" identifies three key investment project categories: 1. Encouraging "incremental" projects focusing on R&D and industrial application of green low-carbon technologies [2]. 2. Addressing "stock" issues through technological upgrades to enhance energy efficiency and resource recycling [2]. 3. Promoting "reduction" by supporting zero-carbon factory construction projects [2]. Group 3: Collaborative Financial Support - A comprehensive green financial support system is necessary, involving collaboration among various stakeholders to ensure effective funding allocation [2]. - Financial institutions are encouraged to enhance support by optimizing internal management, streamlining approval processes, and developing suitable financial products [3]. Group 4: Role of Green Finance - Green finance is positioned as a crucial tool for converting ecological value into economic value, addressing the challenges of high investment and long return cycles in ecological protection [3]. - The continuous improvement of green financial systems in China is expected to inject momentum into industrial green manufacturing, promoting sustainable development [3].

余方认为，绿色金融转型必须是一个可持续的过程，而实现可持续发展需要走得通得商业逻辑。目前， 金融工具在绿色发展方面可以发挥三大作用。 第一是可以降低绿色项目成本。余方指出，企业项目决策的核心是净现值评估，而企业综合融资成本是 影响折现率的关键变量。绿色金融工具通过降低融资成本，可使原本净现值为负的绿色项目具备可行 性。 他以转型债券与贷款为例，分享了多个实践案例。比如，中国银行在卢森堡发行3亿欧元三年期钢铁企 业转型债券，定向支持河北钢铁集团废钢回收项目，凭借中国银行的高信用评级，融资成本降至4%， 较企业自主境外融资成本低1-2个百分点，后续河北中行对钢铁企业转型贷款规模达1000亿元。 21世纪经济报道记者 吴霜 "英国崛起依托煤炭，美国崛起依靠石油，中国乃至东亚的崛起，必然要依靠绿色新能源。" 在近日举 办的第四届中欧绿色金融论坛上，上海市科学技术委员会新能源技术处处长赵一新如此表示。 "脱离金融和市场的颠覆性技术，永远只能停留在实验室，"他坦言，过去科技领域与金融行业存在"隔 离"状态，双方认知存在壁垒，而近年来上海正积极响应国家强化科技策源地的要求，推动科技创新与 金融深度融合，激活绿色技术创新动能 ...

12月12日，商务部、中国人民银行、金融监管总局联合印发《关于加强商务和金融协同更大力度提振消 费的通知》（以下简称《通知》），提出3方面11条政策措施。 时政要闻 商务部等三部门：加大消费重点领域金融支持，因地制宜推动新型消费发展 《通知》提出，深化商务和金融系统协作。推动地方有关部门加强沟通交流和分工协作，鼓励有条件的 地方健全沟通合作机制，强化财政资金、信贷资金与社会资本等合力，细化落实具体实施细则，共同打 好政策"组合拳"。 《通知》提出，加大消费重点领域金融支持。鼓励金融机构围绕升级商品消费、扩大服务消费、培育新 型消费、创新多元化消费场景、助力消费帮扶五大重点领域，优化金融产品服务，推动供需两端强化对 接，提高对商品和服务消费的适配性，因地制宜推动新型消费发展，支持消费新业态新模式新场景建 设，落实落细各项金融支持举措。 《通知》提出，扩大政金企对接合作。鼓励发挥"政金企"扩消费合力，开展多层次、多渠道、多样化的 促消费活动和信息共享，做好精准对接服务，用足用好相关政策红利，更好满足相关经营主体和消费者 需求。 国家发改委：发挥新型政策性金融工具作用，完善重点行业产能治理和重大基础设施调控 12月 ...

Core Viewpoint - The Ministry of Industry and Information Technology and the People's Bank of China have jointly issued a notice to enhance the green finance support mechanism for the construction of green factories, which are crucial for achieving carbon neutrality goals and currently account for over 20% of the total output value of the manufacturing industry [1][2]. Group 1: Green Factory Development - Green factories are identified as the core unit of green manufacturing, with a total of 6,430 green factories cultivated at the national level [1]. - The notice aims to leverage green finance to encourage financial institutions to develop financial products that support energy-saving, low-carbon, water-saving, environmental protection, and resource utilization in green factories [1]. Group 2: Support Policies - The notice emphasizes the establishment of internal management mechanisms within financial institutions to create effective incentive mechanisms for supporting green factory development [2]. - It encourages financial institutions to tailor loan terms and repayment cycles based on the funding characteristics of green factories, enhancing green credit support [2]. - The notice also calls for the expansion of direct financing channels, supporting eligible enterprises in issuing green bonds and transformation bonds [2]. Group 3: Financial Collaboration - The Ministry of Industry and Information Technology plans to strengthen policy coordination with financial management departments to promote deep integration of industry and finance [2]. - It aims to enhance the role of national industry-finance cooperation platforms and city pilot projects, promoting integrated technology and industry finance initiatives [2].

Core Viewpoint - The recent policy notification from the Ministry of Industry and Information Technology and the People's Bank of China aims to enhance financial support for the construction of green factories, which are crucial for green manufacturing, accounting for over 20% of total manufacturing output [1][2]. Group 1: Policy and Financial Support - The notification establishes mechanisms to improve financial services for green factory construction, encouraging financial institutions to develop tailored financial products and services [2]. - Key support areas include major technological innovations in traditional industries, projects for energy conservation and carbon reduction, and the development of zero-carbon factories [1][2]. Group 2: Current Achievements and Future Plans - As of now, 6,430 green factories and 491 green industrial parks have been cultivated at the national level, with green industrial parks showing energy and water consumption rates at two-thirds and one-fourth of the national average, respectively [2]. - The Ministry of Industry and Information Technology plans to increase the output value proportion of green factories to 40% by 2030 and will implement a management approach for the gradual cultivation of green factories [3].

Core Viewpoint - The Ministry of Industry and Information Technology and the People's Bank of China have jointly issued a notice to support the construction of green factories through green finance policies, focusing on R&D, industrial application, technological upgrades, and zero-carbon factory projects [1][2]. Group 1: Green Finance Support - The notice emphasizes the importance of using green factory evaluations as a reference for green finance, aiming to convert the "green content" into tangible benefits such as easier financing and lower costs [1]. - The notice specifies that support will be directed towards investment projects implementing green low-carbon technologies as outlined in the "Green Finance Support Project Directory (2025 Edition)" [1]. - Over 10,000 green low-carbon transformation projects have been implemented during the 14th Five-Year Plan period, with total investments exceeding 300 billion yuan, indicating a significant demand for green financing [2]. Group 2: Financial Mechanisms and Coordination - A full-process supply-demand matching mechanism has been established to connect financial resources with green factories, where the Ministry of Industry will relay financing needs to the People's Bank, which will then facilitate connections with financial institutions [2]. - The notice highlights the need for coordination to resolve financing bottlenecks reported by financial institutions, ensuring effective implementation of policies [2]. - The Ministry of Industry plans to revise the "Green Factory Evaluation Guidelines" by 2025 to create an objective evaluation mechanism that can be understood and utilized by financial institutions [2]. Group 3: Future Goals and Initiatives - The People's Bank aims to guide financial institutions to increase green credit issuance and innovate financing products such as carbon-neutral bonds and transition bonds [3]. - The Ministry of Industry has set a goal for the output value of green factories at national, provincial, and municipal levels to account for 40% by 2030, promoting the large-scale development of green manufacturing [3].