关于促进应对气候变化投融资的指导意见

Guidance for Promoting Climate Investment and Finance

　　各省、自治区、直辖市生态环境厅(局)、发展改革委，新疆生产建设兵团生态环境局、发展改革委;中国人民银行上海总部，各分行、营业管理部，各省会(首府)城市中心支行，各副省级城市中心支行;各银保监局;各证监局;各政策性银行、大型银行、股份制银行：

　　To all Provincial, Autonomous Regional and Municipal Departments (Bureaus) of Ecology and Environment and Development and Reform Commissions, the Xinjiang Production and Construction Corps Ecology and Environment Bureau, and Development and Reform Commission; the People’s Bank of China Shanghai Head Office, Branches and Operations Offices, Provincial Capital Central Sub-branches, Municipal Central Sub-branches; all Offices of China Banking and Insurance Regulatory Commission; all Offices of China Securities Regulatory Commission; all policy banks, large banks and joint-stock banks:

　　为全面贯彻落实党中央、国务院关于积极应对气候变化的一系列重大决策部署，更好发挥投融资对应对气候变化的支撑作用，对落实国家自主贡献目标的促进作用，对绿色低碳发展的助推作用，现提出如下意见。

　　In order to fully implement a series of major decisions and arrangements of the Communist Party of China (CPC) Central Committee and the State Council on actively responding to climate change, better play the supporting role of investment and financing in response to climate change, promote the implementation of China’s Nationally Determined Contribution (NDC), and boost green and low-carbon development, the following Guidance are hereby put forward.

　　一、总体要求

　　1. General Requirements

　　（一）指导思想

　　1.1 Theoretical Guidance

　　以习近平新时代中国特色社会主义思想为指导，全面贯彻党的十九大和十九届二中、三中、四中全会精神，深入贯彻习近平生态文明思想和全国生态环境保护大会精神，坚持新发展理念，统筹推进“五位一体”总体布局和协调推进“四个全面”战略布局，坚定不移实施积极应对气候变化国家战略。以实现国家自主贡献目标和低碳发展目标为导向，以政策标准体系为支撑，以模式创新和地方实践为路径，大力推进应对气候变化投融资(以下简称气候投融资)发展，引导和撬动更多社会资金进入应对气候变化领域，进一步激发潜力、开拓市场，推动形成减缓和适应气候变化的能源结构、产业结构、生产方式和生活方式。

　　- Guided by Xi Jinping's thought on Socialism with Chinese Characteristics for a New Era, we shall comprehensively adhere to and implement the essence of the 19th CPC National Congress, and its 2nd, 3rd and 4th Plenary Sessions of the 19th CPC Central Committee, thoroughly implement Xi Jinping's concept of the ecological civilization and the National Working Conference on Ecological and Environmental Protection and therefore commit to a new development philosophy,seek to make overall “five-sphere integrated plan” [1] and make comprehensive moves to the “four-pronged comprehensive strategy”[2], and actively implement the national climate change strategy.

　　- Guided by the NDC targets and low-carbon development goals, supported by the policy and standards systems, and led by development model innovation and local practices, we shall vigorously promote the development of investment and finance to address climate change (hereinafter referred to as climate investment and finance), in order to guide and leverage more social funds into climate change related fields, and further stimulate potentials, open up markets; and promote the formation of energy structures, industrial structures, production modes and lifestyles that mitigate and adapt to climate change.

　　（二）基本原则

　　1.2 Basic Principles

　　坚持目标引领。紧扣国家自主贡献目标和低碳发展目标，促进投融资活动更好地为碳排放强度下降、碳排放达峰、提高非化石能源占比、增加森林蓄积量等目标、政策和行动服务。

　　Target-driven: we shall closely follow the NDC targets and low-carbon development goals and promote investment and finance activities to better serve the goals, policies and actions, such as reducing carbon emission intensities, peaking carbon emissions in 2030, increasing the share of non-fossil energies in primary energy consumption, and increasing the forest stock volumes.

　　坚持市场导向。充分发挥市场在气候投融资中的决定性作用，更好发挥政府引导作用，有效发挥金融机构和企业在模式、机制、金融工具等方面的创新主体作用。

　　Market-orientation: let the market play the decisive role in climate investment and finance, the government better play its guiding role, and the financial institutions and enterprises play the role in the innovation of models, mechanisms and financial instruments.

　　坚持分类施策。充分考虑地方实际情况，实施差异化的气候投融资发展路径和模式。积极营造有利于气候投融资发展的政策环境，推动形成可复制、可推广的气候投融资的先进经验和最佳实践。

　　Differentiated policies: Need to fully consider existing local conditions, and accordingly implement differentiated climate investment and finance developmental paths and methods. Need to actively create a policy environment conducive to the development of climate investment and finance and promote the formation of replicable and extendable advanced climate investment and finance experience and best practices.

　　坚持开放合作。以开放促发展、以合作促协同，推动气候投融资积极融入“一带一路”建设，积极参与气候投融资国际标准的制订和修订，推动中国标准在境外投资建设中的应用。

　　Open cooperation: Need to promote development through openness and cooperation; promote the integration of climate investment and finance into the One Belt, One Road initiative; actively participate in the formulation and revision of international standards for climate investment and finance; and promote the application of Chinese standards in overseas investment and constructions.

　　（三）主要目标

　　1.3 Main Objectives

　　到2022年，营造有利于气候投融资发展的政策环境，气候投融资相关标准建设有序推进，气候投融资地方试点启动并初见成效，气候投融资专业研究机构不断壮大，对外合作务实深入，资金、人才、技术等各类要素资源向气候投融资领域初步聚集。

　　By 2022, we shall:

　　-Create a policy environment conducive to the development of climate investment and finance, and promote the establishment of relevant standards for climate investment and finance in an orderly manner;

　　-Launch local pilots for climate investment and finance, achieve initial results; and continuously expand the scale of professional research institutions for climate investment and finance;

　　-Enhance international cooperation; and

　　-Accumulate initial funds, talents, technologies and other key elements and resources for climate investment and finance.

　　到2025年，促进应对气候变化政策与投资、金融、产业、能源和环境等各领域政策协同高效推进，气候投融资政策和标准体系逐步完善，基本形成气候投融资地方试点、综合示范、项目开发、机构响应、广泛参与的系统布局，引领构建具有国际影响力的气候投融资合作平台，投入应对气候变化领域的资金规模明显增加。

　　By 2025, we shall:

　　- Promote climate change policies and policies in investment, finance, industry, energy and environment in an efficient and coordinated way;

　　- Gradually improve climate investment and finance policies and a standards system;

　　- Form a systemic portfolioof local pilot, comprehensive demonstration, project development, institutional responses and extensive institutionalparticipation;

　　- Guide the establishment of an internationally influential climate investment and finance cooperation platform; and

　　-Significantly raise the scale of funds invested in climate change related fields.

　　（四）定义和支持范围

　　1.4 Definitions and Scope of Support

　　气候投融资是指为实现国家自主贡献目标和低碳发展目标，引导和促进更多资金投向应对气候变化领域的投资和融资活动，是绿色金融的重要组成部分。支持范围包括减缓和适应两个方面。

　　Climate investment and finance refers to the investment and finance activities that guide and promote more investments in the field of climate change, in order to achieve the NDC targets and low-carbon development goals. It is an important part of green finance. The scope of support of climate investment and finance covers two aspects: climate mitigation and adaptation.

　　(1)减缓气候变化。包括调整产业结构，积极发展战略性新兴产业;优化能源结构，大力发展非化石能源;开展碳捕集、利用与封存试点示范;控制工业、农业、废弃物处理等非能源活动温室气体排放;增加森林、草原及其他碳汇等。

　　(1) Climate Mitigation includes:

　　- Adjusting the industrial structure and actively developing strategic emerging industries;

　　- Optimizing the energy structure and vigorously developing non-fossil fuel energies;

　　- Conducting pilot demonstrations of CCUS technologies;

　　- Controlling GHGemissions from non-energy activities such asindustry, agriculture and waste management;and

　　- Enhancing forest, grassland and other carbon sinks.

　　(2)适应气候变化。包括提高农业、水资源、林业和生态系统、海洋、气象、防灾减灾救灾等重点领域适应能力;加强适应基础能力建设，加快基础设施建设、提高科技能力等。

　　(2) Climate Adaptation includes:

　　- Improving adaptability in key sectors such as agriculture, water resources, forests and ecosystems, oceans, meteorology, disaster prevention, mitigation and relief; and

　　- Improving capacity building on adaptation, accelerating the construction of climate resilience infrastructure, and improving scientific and technological capabilities.

　　二、加快构建气候投融资政策体系

　　2. Accelerating the Establishment of a Climate Investment and Finance Policy System

　　（一）强化环境经济政策引导

　　2.1 Strengthen Environmental and Economic Policy Guidance

　　推动形成积极应对气候变化的环境经济政策框架体系，充分发挥环境经济政策对于应对气候变化工作的引导作用。加快建立国家气候投融资项目库，挖掘高质量的低碳项目。推动建立低碳项目资金需求方和供给方的对接平台，加强低碳领域的产融合作。研究制定符合低碳发展要求的产品和服务需求标准指引，推动低碳采购和消费，不断培育市场和扩大需求。

　　- Promote the establishment of an environmental and economic policy framework for addressing climate change, and fully utilize environmental and economic policies in guiding initiatives that address climate change;

　　- Accelerate the establishment of a National Climate Investment and Finance Project Pipeline and explore high-quality low-carbon projects;

　　- Promote the establishment of a platform to facilitate communication between the demand and supply sides of low-carbon project funds, and strengthen collaboration between industry and financial sectors in low-carbon areas; and

　　-Research and design product and service requirements that meet standards of low-carbon development, promote low-carbon procurement and consumption, and continuously cultivate the market and expand demand.

　　（二） 强化金融政策支持

　　2.2 Strengthen Financial Policy Support

　　完善金融监管政策，推动金融市场发展，支持和激励各类金融机构开发气候友好型的绿色金融产品。鼓励金融机构结合自身职能定位、发展战略、风险偏好等因素，在风险可控、商业可持续的前提下，对重大气候项目提供有效的金融支持。支持符合条件的气候友好型企业通过资本市场进行融资和再融资。鼓励通过市场化方式推动小微企业和社会公众参与应对气候变化行动。有效防范和化解气候投融资风险。

　　- Improve financial regulatory policies, promote the development of financial markets, and support and incentivize various types of financial institutions to develop climate-friendly green finance products;

　　- Encourage financial institutions to provide effective financial support for major climate projects based on their own functional positioning, development strategies, risk perception and other factors, under the premise of risk control and sustainable business modelling;

　　- Support qualified climate-friendly companies to finance or refinance through the capital market;

　　- Encourage the promotion of small and micro enterprises and the public to participate in climate change actions through market-based mechanisms; and

　　- Effectively prevent and resolve climate investment and finance risks.

　　（三）强化各类政策协同

　　2.3 Strengthen Policy Coordination

　　明确主管部门责权，完善部门协调机制，将气候变化因素纳入宏观和行业部门产业政策制定中，形成政策合力。加快推动气候投融资相关政策与实现国家应对气候变化和低碳发展中长期战略目标及国家自主贡献间的系统性响应，加强气候投融资与绿色金融的政策协调配合。

　　- Clearly define the responsibility and rights of competent authorities, improve coordination across departments, and integrate climate change factors into the formulation of macroeconomic and industry sector policies in order to generate coordinated policy synergy; and

　　- Accelerate the promotion of a systematic response between climate investment and finance-related policies and the realization of the country’s mid- and long-term strategic goals and nationally determined contributions to address climate change and low-carbon development.

　　三、逐步完善气候投融资标准体系

　　3. Gradually Improve the Climate Investment and Finance Standards System

　　（一）统筹推进标准体系建设

　　3.1 Coordinate and Promote the Establishment of a Standards System

　　充分发挥标准对气候投融资活动的预期引导和倒逼促进作用，加快构建需求引领、创新驱动、统筹协调、注重实效的气候投融资标准体系。气候投融资标准与绿色金融标准要协调一致，便利标准使用与推广。推动气候投融资标准国际化。

　　-Fully utilize the guidance impact and the compulsory advancing effect of standards in climate investment and finance activities, and accelerate the establishment of a climate investment and finance standards system that is demand-led, innovation-driven, coordinated and practical,

　　-Coordinate climate investment and finance standards and green finance standards to facilitate the use and promotion of standards, and

　　-Promote the internationalization of climate investment and finance standards.

　　（二）制订气候项目标准

　　3.2 Formulate Climate Project Standards

　　以应对气候变化效益为衡量指标，与现有相关技术标准体系和《绿色产业指导目录(2019年版)》等相衔接，研究探索通过制订气候项目技术标准、发布重点支持气候项目目录等方式支持气候项目投融资。推动建立气候项目界定的第三方认证体系，鼓励对相关金融产品和服务开展第三方认证。

　　- Taking climate benefits as a metric, and linked to the existing technical standards system and the Green Industry Guidance Catalogue (2019), we shall research and explore the formulation of issuance of technical standards for climate-friendly projects and publish key support climate projects to promote climate investment and finance, and

　　- Promote the establishment of a third-party verification system for climate-friendly projects and encourage third-party verification of climate finance-related products and services.

　　（三）完善气候信息披露标准

　　3.3 Improve Climate Information Disclosure Standards

　　加快制订气候投融资项目、主体和资金的信息披露标准，推动建立企业公开承诺、信息依法公示、社会广泛监督的气候信息披露制度。明确气候投融资相关政策边界，推动气候投融资统计指标研究，鼓励建立气候投融资统计监测平台，集中管理和使用相关信息。

　　- Accelerate the formulation of information disclosure standards for climate investment and finance projects, entities and funds, and promote the establishment of a climate information disclosure system that ensures corporate public commitments, legal information disclosure and extensive social monitoring, and

　　- Clarify the policy boundaries of climate investment and finance, promote the research on climate investment and finance statistical metrics, encourage the establishment of a climate investment and finance monitoring platform, and centrally manage the use of relevant information.

　　（四）建立气候绩效评价标准

　　3.4 Establish Climate Performance Assessment Standards

　　鼓励信用评级机构将环境、社会和治理等因素纳入评级方法，以引导资本流向应对气候变化等可持续发展领域。鼓励对金融机构、企业和各地区的应对气候变化表现进行科学评价和社会监督。

　　- Encourage credit rating agencies to integrate environmental, social and governance (ESG) factors into their rating methods to guide capital flow to sustainable development areas, and

　　- Encourage scientific evaluation and social monitoring of the climate performance of financial institutions, enterprises and regional governments.

　　四、鼓励和引导民间投资与外资进入气候投融资领域

　　4. Encourage and Guide Private Investments and Foreign Capital into Climate Investment and Finance

　　（一）激发社会资本的动力和活力

　　4.1 Stimulate the Power and Vitality of Private Capital

　　强化对撬动市场资金投向气候领域的引导机制和模式设计,支持在气候投融资中通过多种形式有效拉动和撬动社会资本，鼓励“政银担”“政银保”“银行贷款+风险保障补偿金”“税融通”等合作模式，依法建立损失分担、风险补偿、担保增信等机制，规范推进政府和社会资本合作(PPP)项目。

　　Strengthen the guiding mechanism and model design for leveraging market funds invested in the climate field; support the effective mobilization and leveraging of private capital in various forms in climate investment and finance; encourage collaborative models of “government-bank-guarantee agencies”, “government-bank-insurance company”, “bank loans plus risk guarantee compensation”, and “tax finance”; establish mechanisms for loss sharing, risk compensation and guarantee credit enhancement in accordance with the law; and standardize and promote public and private capital partnership (PPP) projects.

　　（二）充分发挥碳排放权交易机制的激励和约束作用

　　4.2 Give Full Play to the Stimulating and Restrictive Role of the Carbon Emission Trading Mechanism

　　稳步推进碳排放权交易市场机制建设，不断完善碳资产的会计确认和计量，建立健全碳排放权交易市场风险管控机制，逐步扩大交易主体范围，适时增加符合交易规则的投资机构和个人参与碳排放权交易。在风险可控的前提下，支持机构及资本积极开发与碳排放权相关的金融产品和服务，有序探索运营碳期货等衍生产品和业务。探索设立以碳减排量为项目效益量化标准的市场化碳金融投资基金。鼓励企业和机构在投资活动中充分考量未来市场碳价格带来的影响。

　　- Promote the establishment of a carbon emission trading mechanism, continuously improve the accounting recognition and measurement of carbon assets, establish a sound carbon emission trading market risk control mechanism, gradually expand the scope of trading entities and increase the participation of investment institutions and individuals in carbon emissions trading in accordance with trading rules;

　　- Under the premise of risk control, support institutions and capital to actively develop financial products and services related to carbon emission allowances, and to explore and operate derivatives and businesses such as carbon allowance futures in an orderly manner, and

　　- Explore the establishment of a market-based carbon investment fund which uses carbon emission reductions as a quantitative criterion in assessing project benefits.

　　（三）引进国际资金和境外投资者

　　4.3 Introduce International Funds and Foreign Investors

　　进一步加强与国际金融机构和外资企业在气候投融资领域的务实合作，积极借鉴国际良好实践和金融创新。支持境内符合条件的绿色金融资产跨境转让，支持离岸市场不断丰富人民币绿色金融产品及交易，不断促进气候投融资便利化。支持我国金融机构和企业到境外进行气候融资，积极探索通过主权担保为境外融资增信，支持建立人民币绿色海外投贷基金。支持和引导合格的境外机构投资者参与中国境内的气候投融资活动，鼓励境外机构到境内发行绿色金融债券，鼓励境外投资者更多投资持有境内人民币绿色金融资产，鼓励使用人民币作为相关活动的跨境结算货币。

　　-Further strengthen practical cooperation with international financial institutions and foreign enterprises in the field of climate investment and finance, and actively draw on good international practices and financial innovations;

　　-Support the cross-border transfer of eligible green financial assets in China, support the continuous enrichment of RMB green financial products and transactions in the offshore market, and continuously promote the facilitation of climate investment and finance;

　　-Support China's financial institutions and enterprises to conduct climate finance abroad, actively explore credit enhancement for foreign finance through the use of sovereign guarantees, and support the establishment of RMB green overseas investment and loan funds; and

　　-Support and guide Qualified Foreign Institutional Investors (QFII) to participate in climate investment and finance activities in China, encourage foreign institutions to issue green financial bonds in China, encourage foreign investors to invest more in holding domestic RMB green financial assets, and encourage the use of RMB as the cross-border settlement currency for related activities.

　　五、引导和支持气候投融资地方实践

　　5. Guide and Support Local Practices in Climate Investment and Finance

　　（一）开展气候投融资地方试点

　　5.1 Launch Local Climate Investment and Finance Pilots

　　按照国务院关于区域金融改革工作的部署，积极支持绿色金融区域试点工作。选择实施意愿强、基础条件较优、具有带动作用和典型性的地方，开展以投资政策指导、强化金融支持为重点的气候投融资试点。

　　-In accordance with the deployment of the State Council on regional financial reform, actively support regional pilots for green finance,

　　-Select regions with a strong willingness to implement, with better basic conditions, potential driving force and representations, and carry out climate investment and finance pilots focused on investment policy guidance and strengthened financial support.

　　（二）营造有利的地方政策环境

　　5.2 Create an Enabling Local Policy Environment

　　鼓励地方加强财政投入支持，不断完善气候投融资配套政策。支持地方制定投资负面清单抑制高碳投资，创新激励约束机制推动企业减排，发挥碳排放标准预期引领和倒逼促进作用，指导各地做好气候项目的储备，进一步完善资金安排的联动机制，为利用多种渠道融资提供良好条件，带动低碳产业发展。

　　-Encourage local governments to strengthen fiscal support and constantly improve climate investment and finance-related supporting policies;

　　-Support local efforts in formulating negative screening lists to curb high-carbon investments, innovate incentive and restraint mechanisms to promote corporate emission reductions, guide regions to prepare for establishing a climate project pipeline, further improve the linkage mechanism of funding arrangements, provide favourable conditions for the use of multi-channel finance, and ultimately promote the development of low-carbon industries.

　　（三）鼓励地方开展模式和工具创新

　　5.3 Encourage Innovative Climate Investment and Finance Models and Instruments at a Local Level

　　鼓励地方围绕应对气候变化工作目标和重点任务，结合本地实际，探索差异化的投融资模式、组织形式、服务方式和管理制度创新。鼓励银行业金融机构和保险公司设立特色支行(部门)，或将气候投融资作为绿色支行(部门)的重要内容。鼓励地方建立区域性气候投融资产业促进中心。支持地方与国际金融机构和外资机构开展气候投融资合作。

　　- Encourage local governments to explore differentiated investment and finance models, organizational forms, service methods and innovative management systems around the objectives and priorities of addressing climate change;

　　- Encourage banking institutions and insurance companies to set up special branches (departments) or make climate investment and finance an important part of green branches (sectors);

　　- Encourage the establishment of regional climate investment and finance industry promotion centres; and

　　- Support local and international financial institutions and foreign enterprises to initiate climate investment and finance cooperation.

　　六、深化气候投融资国际合作

　　6. Strengthen International Cooperation in Climate Investment and Finance

　　积极推动双边和多边的气候投融资务实合作，在重点国家和地区开展第三方市场合作。鼓励金融机构支持“一带一路”和“南南合作”的低碳化建设，推动气候减缓和适应项目在境外落地。规范金融机构和企业在境外的投融资活动，推动其积极履行社会责任，有效防范和化解气候风险。积极开展气候投融资标准的研究和国际合作，推动中国标准在境外投资建设中的应用。

　　- Actively promote bilateral and multilateral collaboration in climate investment and finance and carry out third-party market cooperation in key countries and regions;

　　- Encourage financial institutions to support the low-carbon development of the Belt and Road and South-South cooperation and promote the implementation of climate mitigation and adaptation projects abroad;

　　- Standardize the investment and finance activities of financial institutions and enterprises abroad, promote them to actively fulfil their social responsibilities, and effectively prevent and mitigate climate risks; and

　　-Actively carry out research and international cooperation on climate investment and finance standards and promote the application of Chinese standards applied in overseas investment and construction.

　　七、强化组织实施

　　7. Intensify Organization and Implementation

　　各地有关部门要高度重视气候投融资工作，加强沟通协调，形成工作合力。生态环境部会同发展改革委、人民银行、银保监会、证监会等部门建立工作协调机制，密切合作、协同推进气候投融资工作。有关部门要依据职责明确分工，进一步细化目标任务和政策措施，确保本意见确定的各项任务及时落地见效。

　　-Relevant departments shall attach great importance to climate investment and finance, strengthen communication and coordination for greater synergy;

　　-MEE will work closely with NDRC, PBOC, CBIRC, CSRC and other departmentsto establish a coordination mechanism, and jointly promote climate investment and finance.

　　- Relevant departments shall, based on a clear division of responsibilities, further refine the target tasks and policy measures to ensure that the tasks identified in this guidance document to be accomplished.

　　生态环境部                                    

　　国家发展和改革委员会                         

　　中国人民银行                                  

　　中国银行保险监督管理委员会                    

　　中国证劵监督管理委员会                      

　　2020年10月20日                           

　　Ministry of Ecology and Environment              

　　National Development and Reform Commission     

　　People's Bank of China                       

　　China Banking and Insurance Regulatory Commission

　　China Securities Regulatory Commission      

　　20/Oct/2020                              

　　(此件社会公开)

　　(The document is open to the public)

　　生态环境部办公厅2020年10月21日印发

　　Printed by the General Office, Ministry of Ecology and Environment on 21/Oct/2020

　　Translated by the Editorial of Climate Investment and Finance for Promoting Ecological Civilisation Construction Platform (CIFE)

　　Proofread by Wang Li and Hasan Muslemani

　　[1]Economic, political, cultural, social, and ecological progress, known as the Five-point Strategy.

　　[2]Complete a moderately prosperous society in all respects, further reform, advance the rule of law, and strengthen Party discipline, known as the Four-pronged Strategy.