碳金融业务分层模型及发展思路

碳金融的内涵从狭义到广义可划分为三个层次,分别基于碳交易、碳减排和气候变化的应对行动.广义的碳金融业务据此分为三个市场:低碳产业投融资市场、碳交易市场和气候风险资本市场,这三个市场共有绿色信贷、低碳产业直接融资、碳指标及衍生品交易、碳交易中介服务、碳金融理财产品、天气衍生品和巨灾债券七种业务模式.本文以制度、市场和组织...

Hierarchical Model and Development Path of Carbon Finance Business

From narrow to broad,the implications of carbon finance can be divided into three levels,i.e.reactions respectively based on carbon trading,carbon emission reduction and climate change.Carbon finance business can be,in a broad meaning,divided into three markets:market of low-carbon investment and financing,market of carbon trading and market of climate risk capital.The three markets include seven business models,which are green credit,direct financing of low-carbon industry,trading of carbon index and its derivatives,intermediary services of carbon trading,wealth management products of carbon finance,weather derivatives and catastrophe bond.By using system,market and organization as standards to measure,this paper analyses the maturity of China’s carbon finance business and divides China’s carbon finance business into two-level systems,the mature and the emerging.The development path proposed in the paper is to take priority to develop business related to carbon emission reduction,focus on financing business and actively plan the business of climate risk management.