Strengthening policy coordination, financial mechanisms, and carbon market governance to support China’s low-carbon transition
强化政策协同、金融机制与碳市场治理，助力中国低碳转型
Introduction
China’s green and low-carbon transition is entering a more advanced and system-oriented stage, where policy coordination, financial mechanisms, and carbon market governance are increasingly being integrated into a unified institutional framework. This evolution reflects a broader shift from fragmented pilot initiatives toward a coordinated national system that aligns environmental objectives with economic development and financial resource allocation.
At the policy level, China Ministry of Ecology and Environment (MEE), together with financial regulators and institutions, is strengthening inter-agency coordination to support private sector participation in green transformation. This includes not only expanding financial access for green projects, but also reinforcing compliance systems and emissions accountability across industries.
At the same time, China’s national carbon emissions trading system (ETS) is undergoing continuous refinement. The introduction of Circular No. “环办气候函〔2026〕32号” marks a significant step toward strengthening the regulatory foundation of the carbon market. The circular introduces detailed requirements for emissions reporting, quota allocation, and compliance management, reflecting a transition toward a more institutionalised and data-driven carbon market framework.
引言
中国绿色低碳转型正迈向更深入、更注重系统性的阶段，政策协同、金融机制与碳市场治理正日益融入统一的制度框架。这一发展标志着一项重要转变：从分散的试点探索，转向统筹协调的全国性体系，将环境目标与经济发展、金融资源配置有机衔接。
在政策层面，生态环境部（MEE）正会同金融监管部门及相关机构，强化部门间协同，支持民营企业参与绿色转型。这不仅包括拓宽绿色项目融资渠道，也涵盖强化各行业合规体系与排放责任落实。
与此同时，全国碳排放权交易市场（ETS）正持续完善。环办气候函〔2026〕32 号文的出台，为夯实碳市场监管基础迈出重要一步。该文件对排放报告、配额分配及履约管理提出细化要求，标志着碳市场正加速迈向更加制度化、数据驱动的治理框架。
Strengthening Policy Coordination and Financial Support
A central feature of China’s current policy direction is the deepening integration between environmental governance and financial systems. The MEE is working closely with financial regulators to address structural barriers that have historically constrained the green transition of private enterprises.
These challenges include limited access to financing for green projects, relatively high compliance costs associated with environmental regulations, and persistent information asymmetry between enterprises and financial institutions. To address these issues, a range of coordinated policy instruments is being implemented.
Key policy and financial mechanisms include:
• Green innovation financing mechanisms to support low-carbon technologies and sustainable industrial practices
• Expansion of green credit risk compensation funds to reduce financial risks for lending institutions
• Promotion of private sector participation in energy efficiency upgrades and “Two New” initiatives (equipment renewal and consumer goods replacement)
• Development of Ecology-Oriented Development (EOD) models to integrate ecological protection with investment-driven development
• Optimisation of fiscal resource allocation toward key environmental priorities such as air, water, and soil pollution control
First, green innovation financing mechanisms are being developed to provide targeted capital support for enterprises engaged in low-carbon technologies. This aligns financial flows with national climate objectives and encourages innovation in sectors such as renewable energy, energy efficiency, and environmental services.
Second, the expansion of green credit risk compensation funds plays a critical role in reducing the perceived risk for financial institutions. By sharing potential credit risks, these funds incentivise banks and other lenders to increase credit allocation to green projects led by private enterprises.
Third, policy frameworks are being enhanced to promote private sector participation in energy efficiency upgrades and the implementation of the “Two New” initiatives—referring to large-scale equipment renewal and consumer goods replacement. These policies not only support demand-side transformation but also stimulate investment in advanced manufacturing and green technologies.
Fourth, the promotion of Ecology-Oriented Development (EOD) models represents an important institutional innovation. EOD integrates ecological restoration with economic development by linking environmental projects to investment and revenue-generating mechanisms. This approach enables environmentally beneficial projects to achieve financial sustainability, thereby attracting private capital into environmental protection sectors.
In addition, fiscal resources are being optimised through more targeted allocation mechanisms. Rather than broad and dispersed funding, financial support is increasingly directed toward priority areas such as air pollution control, water management, and soil remediation. This targeted strategy enhances the efficiency of public spending and creates stronger multiplier effects across environmental industries, including equipment manufacturing, monitoring technologies, and environmental consulting services.
强化政策协同与金融支持
中国当前政策方向的一个核心特征，是环境治理与金融体系的深度融合。生态环境部正与金融监管部门密切协作，破解长期以来制约民营企业绿色转型的结构性障碍。
这些挑战包括绿色项目融资渠道有限、环境合规成本相对较高，以及企业与金融机构之间长期存在的信息不对称。为解决上述问题，一系列协同性政策工具正陆续落地。
主要政策与金融机制包括：
• 绿色创新融资机制，支持低碳技术与可持续产业实践
• 扩大绿色信贷风险补偿基金规模，降低放贷机构金融风险
• 推动民营企业参与节能降碳改造及 “两新” 工作（设备更新与消费品以旧换新）
• 发展生态导向型开发（EOD）模式，推动生态保护与投资带动型发展相融合
• 优化财政资金配置，聚焦大气、水、土壤污染防治等重点环保领域
首先，绿色创新融资机制不断完善，为从事低碳技术研发的企业提供定向资金支持。这使金融资源流向与国家气候目标保持一致，并鼓励可再生能源、节能增效、环境服务等领域的创新。
其次，绿色信贷风险补偿基金的扩容发挥关键作用，有效降低金融机构的风险预期。通过共担潜在信贷风险，激励银行等金融机构加大对民营企业牵头绿色项目的信贷投放。
第三，相关政策体系持续优化，鼓励民营企业参与节能改造，并推进 “两新” 工作，即大规模设备更新与消费品以旧换新。这些政策既支持需求侧转型，也带动高端制造与绿色技术投资。
第四，推广生态导向型开发（EOD）模式是一项重要制度创新。EOD 模式将生态修复与经济发展相结合，把环境项目与投资及市场化收益机制挂钩，使生态友好型项目实现财务可持续，从而吸引社会资本进入环保领域。
此外，财政资源通过更精准的配置机制实现优化。资金支持不再粗放分散，而是更多投向大气治理、水环境治理、土壤修复等重点领域。这一精准化策略提升了公共资金使用效率，并在装备制造、监测技术、环境咨询等环保产业形成更强的乘数效应。
Carbon Market Governance under Circular 环办气候函〔2026〕32号
The issuance of Circular No. 环办气候函〔2026〕32号 provides a comprehensive regulatory framework for the operation of China’s national carbon market in 2026. The circular is particularly significant in three areas: emissions data governance, quota allocation, and compliance enforcement.
Emissions Data Management and Reporting
A key priority of the circular is to strengthen the integrity and reliability of emissions data. Enterprises participating in the carbon market are required to establish robust data quality control systems by 31 December 2026. This requirement ensures that emissions data are collected, verified, and managed through standardised procedures.
Key requirements include:
• Establishment of emissions data quality control systems by 31 December 2026
• Monthly data storage and submission within 40 days of each reporting period
• Annual greenhouse gas emission reports subject to technical verification
• Strengthened transparency and traceability of emissions data
Furthermore, the circular introduces a requirement for monthly data storage and submission within 40 days of each reporting period. This measure enhances both the timeliness and traceability of emissions data, which is essential for ensuring transparency and accountability within the carbon market.
Annual greenhouse gas emission reports must also be submitted by enterprises and are subject to technical verification by local ecological and environmental authorities. This verification process serves as a critical safeguard to ensure data accuracy, which underpins the credibility of carbon trading activities.
Quota Allocation and Compliance Timeline
The circular establishes a clear and structured timeline for quota allocation and compliance, providing greater predictability for market participants.
Quota pre-allocation:
• Steel, cement, and aluminium industries: by 10 April 2026
• Power sector: by 30 June 2026
Quota verification and final allocation:
• To be completed by 30 September 2026
Compliance deadline for 2025 emissions:
• 31 December 2026
This phased approach enables enterprises to plan their compliance strategies in advance, while also supporting the orderly functioning of the carbon market. It reflects a broader policy objective of balancing administrative oversight with market-based mechanisms.
环办气候函〔2026〕32 号下的碳市场治理
《环办气候函〔2026〕32 号》的发布，为 2026 年全国碳市场运行构建了全面的监管框架。该文件在排放数据治理、配额分配、履约监管三方面意义尤为重大。
排放数据管理与报送
文件的核心重点之一是强化排放数据的真实性与可靠性。要求参与全国碳市场的企业于2026 年 12 月 31 日前建立完善的数据质量管控制度，确保排放数据的采集、核查与管理均遵循标准化流程。
主要要求包括：
• 2026 年 12 月 31 日前建成排放数据质量管控体系
• 按月完成数据存档，并于每期报告期后 40 日内报送
• 年度温室气体排放报告需通过技术核查
• 强化排放数据的透明度与可追溯性
文件进一步要求企业按月存档数据，并在报告期结束后 40 日内完成报送，显著提升了排放数据的时效性与可追溯性，为碳市场的公开透明与责任落实奠定基础。
企业年度温室气体排放报告需报送并接受地方生态环境部门技术核查。核查机制是保障数据准确的关键防线，也是碳交易活动公信力的核心支撑。
配额分配与履约时间安排
文件明确了配额分配与履约的结构化时间表，为市场主体提供更强的政策可预期性。
配额预分配：
• 钢铁、水泥、电解铝行业：2026 年 4 月 10 日前
• 电力行业：2026 年 6 月 30 日前
配额核查与最终分配：
• 2026 年 9 月 30 日前完成
2025 年度碳排放履约截止日：
• 2026 年 12 月 31 日
这一分阶段安排便于企业提前规划履约策略，保障碳市场有序运行，体现了行政监管与市场化机制统筹平衡的政策导向。
Expansion of Sectoral Coverage
Another important development under the circular is the expansion of sectoral coverage within the carbon market. In addition to existing industries, emissions reporting obligations are extended to sectors such as petrochemicals, chemicals, building materials (including flat glass), non-ferrous metals (such as copper smelting), paper production, and civil aviation.
Key features of expansion:
• Inclusion of additional high-emission industrial sectors
• Emissions reporting threshold: 26,000 tonnes CO₂ equivalent
• “Report-first” approach for gradual market expansion
• Establishment of a comprehensive national emissions database
Enterprises with annual emissions exceeding 26,000 tonnes of CO₂ equivalent are required to report their emissions, even if they are not yet formally included in the trading system. This “report-first” approach allows for a gradual and structured expansion of the carbon market, while also contributing to the establishment of a comprehensive national emissions database.
行业覆盖范围扩大
该文件另一项重要部署，是进一步扩大碳市场的行业覆盖范围。在现有行业基础上，排放报告义务将延伸至石化、化工、建材（含平板玻璃）、有色金属（如铜冶炼）、造纸及民用航空等领域。
此次扩围的主要特点：
• 纳入更多高排放工业行业
• 排放报告门槛：2.6 万吨二氧化碳当量
• 采用 “先报送、后纳入”的渐进式市场扩围思路
• 推动建立全国统一、完整的碳排放数据库
年度排放量超过2.6 万吨二氧化碳当量的企业，即便尚未正式纳入交易体系，也需按要求报送排放数据。这一 “先报送” 模式，实现了碳市场有序、分步扩围，同时为构建全国统一的碳排放数据库奠定了基础。
Supervision, Enforcement, and Market Integrity
The effectiveness of the carbon market depends heavily on strong supervision and enforcement mechanisms. The circular emphasises the integration of carbon compliance into routine environmental supervision processes, ensuring that emissions reporting and trading activities are subject to continuous oversight.
Enforcement measures include:
• Integration of carbon compliance into environmental supervision systems
• Strict penalties for data falsification and non-compliance
• Enhanced transparency and accountability mechanisms
• Strengthened credibility of carbon pricing system
Strict penalties are stipulated for data falsification, misreporting, and other forms of non-compliance. These enforcement measures are essential to maintaining market integrity, as they deter malpractice and reinforce the credibility of the carbon pricing mechanism.
监管、执法与市场公信力
碳市场的运行成效高度依赖强有力的监管与执法机制。该文件强调，将碳履约监管纳入日常环境执法流程，确保排放报告与交易活动受到持续监管。
执法措施包括：
• 将碳履约监管纳入环境监管体系
• 对数据造假与未履约行为实施严格处罚
• 健全透明度与责任追究机制
• 强化碳定价体系的公信力
文件明确对数据造假、瞒报及其他违规行为予以严厉处罚。这些执法举措是维护市场公信力的关键，能够有效遏制违法违规行为，夯实碳定价机制的可信度。
Carbon Market as a Driver of Industrial Transition
China’s carbon market is increasingly functioning as a key policy instrument for driving industrial decarbonisation. By introducing a price on carbon emissions, the ETS enables market-based allocation of emissions allowances and creates financial incentives for emission reductions.
Market-based mechanisms include:
• Trading of emissions allowances
• Price signals guiding emission reduction decisions
• Conversion of surplus allowances into carbon assets
• Integration of carbon metrics into financial decision-making
Through participation in the carbon market, enterprises can optimise their emissions strategies by trading surplus allowances, thereby converting environmental performance into tradable carbon assets. This mechanism encourages efficiency improvements and supports the development of carbon asset management capabilities within enterprises.
At the same time, financial institutions are gradually incorporating carbon-related indicators into their investment and lending decisions. This integration of carbon markets with financial systems is expected to accelerate the scaling of green investment and enhance the alignment between capital allocation and climate objectives.
碳市场：产业转型的重要驱动力
中国碳市场正日益成为推动工业脱碳的核心政策工具。通过对碳排放设定价格，全国碳排放权交易市场（ETS）实现了排放配额的市场化配置，并为减排行为提供经济激励。
市场化机制主要包括：
• 碳排放配额交易
• 以价格信号引导减排决策
• 将富余配额转化为可交易碳资产
• 将碳指标纳入金融决策体系
企业通过参与碳市场，可交易富余配额以优化减排策略，将环境表现转化为可交易碳资产。这一机制有效促进能效提升，并推动企业建立碳资产管理能力。
与此同时，金融机构正逐步将碳相关指标纳入投资与信贷决策。碳市场与金融体系的深度融合，有望加速绿色投资规模化，推动资本配置与气候目标更加协同一致。
Conclusion
China’s evolving policy framework demonstrates a clear transition toward a more integrated, transparent, and market-oriented approach to green and low-carbon development. By strengthening coordination between environmental authorities and financial institutions, expanding green financing mechanisms, and refining carbon market governance, the country is building a comprehensive system to support private sector participation in the green transition.
The implementation of Circular No. 环办气候函〔2026〕32号 represents a key milestone in this process, introducing stricter emissions data management, clearer quota allocation procedures, and broader sectoral coverage. These measures collectively enhance the credibility and effectiveness of the national carbon market.
As these policies continue to take effect, they are expected to contribute to the development of a more robust and efficient carbon pricing system, supporting China’s long-term climate targets while fostering industrial upgrading and economic resilience.
结语
中国不断完善的政策体系清晰地表明，绿色低碳发展正加快向更协同、更透明、更市场化的方向转型。通过强化生态环境部门与金融机构的协同、拓展绿色融资机制、优化碳市场治理，我国正构建一套完整体系，支持民营企业参与绿色转型。
环办气候函〔2026〕32 号的实施是这一进程中的重要里程碑，文件对排放数据管理提出更严格要求，规范了配额分配流程，并扩大了行业覆盖范围。这些举措共同提升了全国碳市场的公信力与运行效能。
随着相关政策持续落地，预计将推动形成更完善、更高效的碳定价体系，在助力实现国家长期气候目标的同时，促进产业升级与经济韧性提升。
#GreenTransition #绿色转型
#PrivateSectorClimate # 民营企业气候行动
#ChinaGreenFinance # 中国绿色金融
#LowCarbonDevelopment # 低碳发展
#SustainableInvestment # 可持续投资
#ClimatePolicy # 气候政策
#ESGChinaEU # 中欧 ESG 合作
#CarbonNeutrality # 碳中和
EN