本版制图：张常春

This drawing:ZhangChangChun

　　《哥本哈根协议》确定，发达国家将在2010年到2012年间提供300亿美元快速启动基金，在2013年到2020年间建立每年1000亿美元的气候基金。中国“十二五”规划纲要提出，到2015年，单位国内生产总值的能耗和二氧化碳排放强度，要分别降低16%和17%。针对中国气候融资的现状和国际气候融资的发展趋势，气候组织建议中国顺应战略转型，完善气候融资的管理体制，同时将应对气候变化国际合作提升为国家战略，建立有效的气候融资管理机构和长效机制。

[Copenhagen agreement]sure,The developed countries will be in 2010 to 2012 provide $30 billion quick start fund,In 2013 to 2020 $100 billion a year to establish the climate of the fund.China"1025"Proposed plan for,by 2015,Unit GDP energy consumption and carbon dioxide emissions intensity,To decrease by 16% and 17% respectively.according to the present situation of the financing of China's climate and climate financing development trend,Climate organization Suggestions to China's strategic transformation,Perfect climate financing management system,at the same time will tackle climate change international cooperation promoted to national strategy,To establish an effective climate financing management institutions and long-term mechanism.

气候融资定义： Climate financing definition:

　　目前全球尚未就如何明确界定“气候融资”的范畴取得共识，对资金的统计、评估和管理带来了诸多障碍。

The world has not yet how to define"Climate financing"The category of the consensus has been reached,The funding statistics/Evaluation and management has brought many obstacles.

　　气候融资是全球应对气候变化所需资金的融通，从融资主体的视角来看，气候融资有广义和狭义之分：

Climate financing is a global climate change of the funds required for the accommodation,From the perspective of financing subject,Climate financing have broad and narrow the points:

　　广义的气候融资包括：（1）发达国家之间的资金转移；（2）发达国家向发展中国家的资金转移；（3）发展中国家之间的资金转移；（4）各国内部的应对气候变化融资。

Generalized climate financing including:(1)between the developed countries of the money transfer;(2)The developed countries to the developing country's money transfer;(3)Developing countries transfers of fund;(4)The internal financing of climate change.

　　狭义的气候融资主要包括：（1）气候资金从发达国家向发展中国家的转移，即国际气候融资，且资金是从2010年开始，新的、额外的、可预计的、可靠的资金；（2）发展中国家内部的气候融资，即国内气候融资。

Special climate financing including:(1)Climate funds from developed countries to developing countries transfer,The international climate financing,and money began in 2010,The new/additional/Can be expected/Reliable capital;(2)Developing countries internal climate financing,Namely domestic climate financing.

　　对中国而言，气候融资分为国际气候融资和国内气候融资。其中，国际气候融资是指中国从国际市场获得的或者资金来源与国际市场有关的资金，具体包括来自发达国家公共资金、国际碳市场、慈善事业和非政府机构、传统国际金融市场，以及外商直接投资的资金等。国内气候资金是指完全在国内市场筹集的资金，包括公共财政、碳市场、公益慈善事业、国内金融市场，以及企业直接投资等渠道资金。

For China,Climate financing is divided into international climate financing and domestic climate financing.the,International climate financing is to point to China from the international market get or sources of funds and the funds in the international market,Specific include public funds from the developed countries/The international carbon market/Charity and non-governmental organizations/Traditional international financial market,and foreign direct investment funds, etc.Domestic climate fund is to point to complete in the domestic market to raise capital,Including public finance/Carbon market/charities/Domestic financial market,and enterprise direct investment channels such as capital.

　中央财政对节能环保 The central finance in energy conservation and environmental protection

　　的投入迅速增长 In rapid growth

　　自2008年开始，中央财政在节能环保领域投入的资金量增长迅速，2012年节能环保预算达到1796亿元。由于没有“气候变化”相关科目，根据财政部公布的数据可粗略推算出，在较为明确指向气候融资的领域内（如节能减排和可再生能源发展等具体方向），“十一五”期间中央财政共投入超过2200亿元。2011年，中央财政节能减排支出606亿元，比2010年增长17%。但与此同时，2008至2012年间节能环保支出占中央财政预算支出的比重并没有明显上升，近两年还略有下降(详见图1)。

Since 2008,The central government to invest in energy conservation and environmental protection of the rapid growth in wrongdoing,In 2012, energy conservation and environmental protection budget to $179.6 billion.Since there is no"Climate change"Related subjects,according to the ministry of finance published data can be roughly calculated,In the more clearly pointing to the climate in the field of finance(Such as energy conservation, emissions reduction and renewable energy development specific direction),"11th five-year plan"During the central government has invested more than 220 billion yuan.In 2011,,The central government spending 60.6 billion yuan of energy saving and emission reduction,a 17% increase over 2010.but at the same time,between 2008 and 2012 energy conservation and environmental protection spending accounts for the proportion of the central budget spending and no obvious rise,Nearly two years also declined slightly(See figure 1).

气候融资路上的 The climate of the financing way

　　碳市场和碳税 Carbon market and carbon tax

　　根据发达国家的经验，碳交易市场或碳税都可以成为应对气候变化公共资金的来源。碳交易市场的收入指通过向总量限制交易体系的参与者（主要指承担碳减排任务的企业）出售或拍卖配额而取得的收入。排放配额可以根据排放者历史排放记录以免费的形式发放，也可以采用拍卖的形式，让排放者公开竞拍。前者不在配额初始分配阶段产生相应收入，而后者通过拍卖配额产生收入。目前，欧盟排放交易体系（EU ETS）是发达国家用于气候变化领域的公共预算收入的重要来源之一，据估计2010年排放配额拍卖的收入达到14亿美元。

according to the experiences of developed countries,Carbon trading market or carbon tax can become climate change the source of public funds.Carbon trading market means that the total amount of income to limit trading system of the participants(Refers to undertake the task of carbon emission reduction enterprise)Sell or auction quota and get income.Emission quotas may, according to the records of the history between emitters emissions, by the way,Can be used in the form of an auction,Let emitters public auction.The former is not quota initial distribution stage produce corresponding income,While the latter through the auction quota produce income.at present,The eu emissions trading system(EU ETS)Is used in developed countries in the field of climate change public budget income is one of the most important sources,It is estimated that 2010 emission quotas on sale income amounted to $1.4 billion.

　　中国目前正在进行碳排放交易试点，通过市场手段促进减排，未来碳排放配额拍卖收入可能成为财政预算的收入来源。但由于碳市场建设周期较长，且根据国际经验，早期碳市场的排放配额一般采取免费分配，在一定时期内碳市场为公共财政带来的收入规模非常有限。

China is now on carbon emissions trading pilot,Through the market means to promote the reduction,The future carbon emissions quota auction income may be budget source of income.but due to the carbon market construction period is longer,and according to the international experience,Early carbon emissions of market quota generally take free distribution,In a certain period of carbon market for public financial revenue from scale is very limited.

　　征收碳税的问题在“十二五”期间也已提上议程，将与碳市场手段相辅相成，推动社会节能减排。同样，为了避免对经济的冲击，初期税率将会较低。目前不同的研究提出了不同方案。例如有研究建议以10-20元/的标准开始征收，逐渐增加至300-400元/吨；也有研究规划了从2012年10元/吨开始，到2020年上升至40元/吨的路线。环保部碳税课题组根据提出的税率方案（2012年征收碳税税率为20元/吨，2020年提高到50元/吨，2030年再提高到100元/吨），大致勾勒出碳税收入的规模：2012年碳税收入400亿元左右，约占中国GDP的0.1%；2020年碳税收入则上升至1800亿元左右。

a carbon tax problems in"1025"Period has been put on the agenda,Will and carbon market means to supplement each other,Promote social energy conservation and emissions reduction.The same,In order to avoid the impact on the economy,Initial rate will be lower.at present different research put forward different solutions.Such as studies have suggested to 10 - twenty yuan/standard began to collect,Gradually increase to 300-400 yuan/ton;also have research program from 2012 10 yuan/ton began,To 2020 years up to forty yuan/tons of route.She carbon tax rate plan according to the proposed research(In 2012, a carbon tax rate for twenty yuan/ton,2020 years up to fifty yuan/ton,In 2030 to increase to 100 yuan/ton),General outline carbon revenue scale:2012 carbon tax in 40 billion yuan or so,China accounts for about 0.1% of GDP;2020 carbon revenue rose to 180 billion yuan.

金融市场正成为一个 Financial market is becoming a

　　愈加重要的气候融资来源 More and more important to climate financing source

　　国内碳市场作为一种市场化手段，对于中国形成长效减排机制、鼓励企业参与碳减排有着重要的意义。在中国政府的积极行动和国际社会的支持下，2011年10月底，国家发改委下发了《关于开展碳排放权交易试点工作的通知》，批准北京、天津、上海、重庆、湖北、广东、深圳等7省市，开展碳排放权交易试点工作。2012年6月，上海环境能源交易所与零碳中心的零碳信用置换平台完成了一笔碳交易，零碳中心购买了龙源（北京）碳资产管理技术有限公司位于黑龙江的风电项目2000吨碳排放量用作碳储备，这在某种意义上拉开了国内基于“总量限制交易”的碳市场的序幕，国内碳市场将有望在未来为国内企业减排行动提供推动力。

Domestic carbon market as a means of marketization,For China's form a long-term reduction mechanism/Encourage enterprises to participate in the carbon emission reduction has important significance.In the Chinese government's positive action and social support,The end of October 2011,The national development and reform commission issued[Carry out about carbon emissions trading pilot work of the notice],approved by beijing/tianjin/Shanghai/chongqing/hubei/guangdong/Shenzhen 7 provinces and cities,In carbon emissions trading pilot work.In June 2012,Shanghai environmental energy exchange and zero carbon center zero carbon credit displacement platform completed a carbon trading,Zero carbon center bought LongYuan(beijing)Carbon asset management technology co., LTD is located in heilongjiang wind power project 2000 tons of carbon emissions as carbon reserves,This in a sense to draw attention to the domestic based on"Total trade restrictions"The prelude of the carbon market,Domestic carbon market is expected to in the future for domestic enterprises to provide impetus reduction action.

　　随着国内节能减排和应对气候变化相关的支持政策不断出台，气候变化相关的企业和项目逐渐能够吸引更多的资本投入，金融市场正成为一个越来越重要的气候融资来源。

along with the domestic energy conservation, emissions reduction and climate change related support policies introduced gradually,Climate change related enterprise and project would gradually be able to attract more capital investment,Financial market is becoming a more and more important climate financing source.

国际金融市场资金介入，清洁能源境外IPO融资下降 The international financial market fund intervention,Clean energy overseas IPO financing decline

　　传统国际金融市场是中国利用外资的重要组成部分，包括国外银行及其他金融机构贷款、买方信贷、对外发行债券、国际金融租赁、境外发债和境外上市等多种融资方式。

Traditional international financial market in China is an important part of the utilization of foreign capital,Including foreign banks and other financial institutions loans/buyer's credit/Foreign bonds/International financial leasing/FaZhai and overseas listed abroad and so on many kinds of financing ways.

　　“十一五”期间，中国借用国际商业贷款（不含外商投资企业“投注差”内境外贷款）约660.5亿美元。根据国家外汇管理局公布的数据，2011年末中国外债规模为6940亿美元，其中借用国外银行及其他金融机构贷款705亿美元，中资企业对外发行债券余额15亿美元。近十年来，每年借用国际商业贷款已接近或超过同期外商直接投资，主要应用于交通、能源、原材料、金融等领域。2012年发改委召开的国际商业贷款工作会议也指出要鼓励和支持节能环保、战略性新兴产业等领域借用国际商业贷款。未来，国际商业贷款或将对推动气候相关领域的发展起到更积极的作用。

"11th five-year plan"period,China's use of international commercial loans(Does not contain the foreign investment enterprise"betting difference"Overseas loans in)about 66.05 billion dollars.according to data released by the state administration of foreign exchange,by the end of 2011 China's foreign debt scale for 694 billion dollars,The use of foreign banks and other financial institutions to borrow 70.5 billion dollars,Chinese foreign companies issue bonds balance of $1.5 billion.Nearly ten years,Use a year international business loans has come close to or more than the same period of foreign direct investment,Mainly used in traffic/energy/Raw materials/Finance and other fields.Development and reform commission (NDRC) in 2012 at the international commercial loan work conference also points out that we should encourage and support the energy conservation and environmental protection/Strategic emerging industry etc borrow international commercial loans.The future,International commercial loans or to promote the development of climate related field to play a more active role.

　　在境外IPO市场上，2011年有4家清洁技术企业在境外上市融资，融资总规模14亿美元，占当年中国企业境外上市融资规模的7.9%。但是，由于西方经济普遍疲软，加上欧债美债危机、中概股风波、VIE迷局等不利因素影响，中国企业在海外市场上市遇冷，其中清洁技术企业融资总规模也比2010年下降了45%。

In the overseas IPO market,In 2011, four clean technology enterprises in overseas listing,Financing total $1.4 billion,The Chinese enterprises accounted for 7.9% of the scale of overseas listing.but,because of the western economy generally weaker,add the debt beauty debt crisis/Will share in a/VIE fan bureau such negative factors,Chinese enterprises in overseas market in the cold,The clean technology enterprise financing total scale than has decreased by 45% since 2010.

气候资金靠债务融资主导，企业债表现突出 Climate funds on debt financing dominant,QiYeZhai distinguishing

　　目前，银行贷款是中国企业主要的融资渠道，2011年银行业金融机构各项贷款余额54.8万亿元。在信贷市场上，银行积极加强对节能环保和低碳经济领域的信贷支持。2011年银行业支持节能环保项目数量同比增长28.79%，发放的节能环保项目贷款余额同比增长25.24%；发放战略性新兴产业贷款3634.6亿元，同比增长36.5%。与2010年相比，2011年银行业金融机构节能环保贷款余额的增幅有所提高，且超过当年贷款余额的增幅。截至2011年末，仅国家开发银行、工商银行(601398,股吧)、农业银行(601288,股吧)、中国银行(601988,股吧)、建设银行(601939,股吧)和交通银行(601328,股吧)等6家银行业金融机构相关贷款余额已逾1.9万亿元。

at present,bank loan is the enterprise the main financing channels,banking financial institutions in 2011 the loan balance is 54.8 trillion yuan.In the credit market,bank actively strengthen the energy conservation and environmental protection and low carbon economy credit support.2011 banking support energy conservation and environmental protection project quantity year-on-year growth of 28.79%,The issue of energy conservation and environmental protection project loan balance year-on-year growth of 25.24%;Issue strategic emerging industry a loan of 363.46 billion RMb,Year-on-year growth of 36.5%.Compared with 2010,In 2011 financial institutions in the banking industry energy conservation and environmental protection of the outstanding balance of the loans increased growth,and more than the loan balance rise.by the end of 2011,Only the state development bank/Industrial and commercial bank of(601398,guba)/agricultural bank(601288,guba)/The bank of China(601988,guba)/Construction bank(601939,guba)and bank of communications(601328,guba)Six home banking financial institutions related loan balance has more than 1.9 trillion yuan.

　　企业（公司）债券市场也逐渐成为气候融资的来源之一。2011年，中国绿色债券规模达到60亿美元，约占全球“绿色债券”总规模的3%。其中，新能源企业发行债券融资规模上升四倍，达到43亿美元（占比72%），其余的部分主要集中在交通行业(详见图2)。

enterprise(The company)The bond market has become the source of financing climate.In 2011,,China green bonds scale up to 6 billion dollars,Occupy global"Green bonds"3% of the total scale.the,New energy companies issue bonds financing scale up four times,Us $4.3 billion(accounted for more than 72%),The rest of the part mainly concentrated in the transportation industry(See figure 2).

　股权融资发展迅速，但近期遭遇寒冬 Rapid development of equity financing,but recent encounter cold winter

　　中国的创业投资和私募股权投资（VC/PE）市场在近年来发展非常迅速，由于气候变化和低碳技术相关企业往往是创业型或中小企业，因此VC/PE市场也是非常关键的气候资金来源。2011年，清洁技术领域的VC/PE投资总额为17.2亿美元，与2010年的12.7亿美元相比有所提高，但这主要是2010-2011年VC/PE市场整体快速发展的结果。事实上，清洁技术行业在所有投资领域中占比4.25%，与2010年的8%相比是有所下降的。在清洁能源行业，2012年上半年仅披露融资案例3起，融资总额为2870万美元，数量和金额分别较去年同期下降81%以及95%，出现大幅下滑。

China's venture capital and private equity investment(VC/PE)The market is developing very fast in recent years,Due to climate change and low carbon technology related enterprise is often venture type or small and medium-sized enterprise,Therefore VC/PE market is very key climate capital source.In 2011,,Clean technology field of VC/PE with total investment of usd 1.72 billion,With $2010 in 1.27 billion compared with improved,but this major is 2010-2011 VC/PE market overall rapid development results.In fact,Clean technology industry in all in the field of investment accounts for more than 4.25%,Compared with 8% in 2010 is the decline.In the clean energy industry,In the first half of 2012 cases only disclosure financing on three,The financing amount of $28.7 million,Quantity and amount were compared to the same period last year dropped 81% and 95%,a substantial decline.

　　在证券市场上，2011年仅有4家企业在境内资本市场上市，融资规模36.8亿美元。虽然上市企业数量比2010年（7家）有所减少，融资规模却增加了41%。2012年以来，一些清洁技术行业由于出现产能过剩、国际市场萎缩等问题，其在资本市场融资情况并不乐观。据China Venture统计，2012年上半年共有5家清洁能源行业企业在全球资本市场实现IPO，累计融资金额为9980万美元，数量和金额分别较去年同期下降17%以及65%，融资规模大幅下滑；与此同时，新能源企业（尤其是太阳能企业）IPO搁浅的情况也频频出现。

In the stock market,2011, only four companies in the domestic capital market,Financing $3.68 billion.although the number of listed company than in 2010(Seven home)decreased,Financing scale is increased by 41%.Since 2012,Some clean technology industry appear because of overcapacity/The international market problems such as atrophy,In the capital market financing is not optimistic.according to China Venture statistics,In the first half of 2012 there are five clean energy industry enterprises in the global capital market IPO realization,accumulative total financing amount of $99.8 million,Quantity and amount were compared to the same period last year dropped 17% and 65%,a sharp slowdown in financing scale;meanwhile,The new energy enterprise(Especially the solar energy enterprise)IPO aground situation also repeatedly appeared.

　能效、可再生能源被国际金融公司青睐 efficiency/Renewable energy is the international finance corporation favour

　　国际金融公司（IFC）致力于促进发展中国家私营部门的可持续发展，目前已在超过100个发展中国家对私营部门进行投资或开展咨询服务。

International finance corporation(IFC)Dedicated to promoting the sustainable development of the national private sector,at present has set up a file in the more than 100 developing countries to the private sector investment and consulting services.

　　中国是IFC投资的第三大东道国，截至2012年6月，IFC在中国总投资47.35亿美元，投资形式包括IFC贷款、IFC股本、银团贷款以及担保等，其中贷款和股权投资所占比重最大。其中2010年，IFC承诺投资总额达到4.5亿美元，涉及23个项目。在气候相关领域，IFC关注能效、可再生能源以及水资源相关项目(详见图3)。

China is the third largest investment IFC host country,by June 2012,IFC in China with a total investment of 4.735 billion us dollars,Form of investment, including IFC loan/IFC equity/The syndicated loan and guarantee, etc,The loans and equity investment the largest proportion.2010 years,IFC promise a total investment of us $450 million,23 projects involving.In a related field,IFC focus on energy efficiency/Renewable energy and water resources related projects(See figure 3).

　亚行在中国 adb in China

　　加快气候融资脚步 To speed up the pace of climate financing

　　亚洲开发银行（亚行）是亚洲和太平洋(601099,股吧)地区的区域性金融机构，主要通过开展政策对话、提供贷款、担保、技术援助和赠款等方式支持其成员在基础设施、能源、环保、教育和卫生等领域的发展。目前，日本、美国和中国为亚行的前三大股东。

The asian development bank(adb)Is asia and the Pacific(601099,guba)areas of the regional financial institutions,Mainly through the development of policy dialogue/Providing loans/guarantee/Technical assistance and grants and ways to support its members in infrastructure/energy/Environmental protection/Education and health, and other fields of development.at present,Japan/The United States and China for the first three big shareholders adb.

　　自2008年以来，亚行已经在清洁能源相关项目上投资了将近70亿美元，仅2011年就投资了21亿美元。在2009年至2011年8月期间，亚行还向发展中成员国提供了将近2.5亿美元的技术援助支持，帮助提高知识和能力，支持政策和机构发展，以及增强气候韧性。亚行保持与国际和双边的伙伴、政府、私人部门和民间社会的紧密合作，在扩大自身的低碳和气候韧性增长投资的同时，动员、创新和撬动了其他公共资金和私人资金流向亚太地区(详见图4)。

Since 2008,It has been in the clean energy related project investment of nearly $7 billion,Only 2011 $2.1 billion investment.In 2009 to 2011 during august,The adb also to the developing members provide nearly $250 million to support technical assistance,To help improve the knowledge and ability,Support policy and institutional development,and enhance climate toughness.Keep it with the international and bilateral partner/The government/The private sector and civil society's close cooperation,In the expanded its low carbon and climate toughness increase investment at the same time,mobilization/Innovation and move the other public capital and private capital to the asia-pacific region(as shown in the figure 4).

　　截至2011年底，亚行在中国贷款余额为259.6亿美元。2006-2012年间，亚行在中国共有57个气候变化领域的项目，以技术援助项目（31个）和贷款项目（29个）为主，涉及的领域包括能源、农业和自然资源、金融、供水和市政基础设施等；其中，2012年批准的气候变化项目总额达到8.02亿美元。

by the end of 2011,The adb loan balance in China for 25.96 billion dollars.2006-2012,The adb in China with 57 in the field of climate change project,With technical assistance project(31)and loan programs(29)mainly,Involved in the fields including energy/agriculture and natural resources/financial/Water supply and municipal infrastructure, etc;the,In 2012, approved by the climate change programs totaled us $802 million.

　欧洲投资银行在中国 The European investment bank in China

　　气候资金条件更优惠 Money is more favorable climate conditions

　　欧洲投资银行（EIB）是欧盟的银行，作为最大的多边借贷者，主要为欧盟境内的合理而可持续的投资项目提供融资和专业咨询。除了支持就业和增长以及气候行动外，EIB的任务也包括从金融角度帮助欧盟实施其外交政策。

The European investment bank(EIb)Is the eu's bank,as the largest multilateral lenders,Mainly for the territory of the reasonable and sustainable investment projects to provide financing and professional consultation.In addition to supporting employment and growth and the climate action,EIb task also includes financial help from the angle of the implementation of its foreign policy.

　　EIB对中国气候融资领域的支持主要以主权贷款为主。2007年和2010年，财政部与EIB分别签订了《气候变化一期协定》和《气候变化二期协定》，EIB向中国提供两期分别为5亿欧元主权贷款，支持中国可再生能源、清洁能源及提高能效、节能减排等领域的项目建设，具有贷款时间长、无承诺费和项目准备周期较短等优惠条件。2012年2月，财政部与EIB又签署了《中华人民共和国与欧洲投资银行中国林业专项框架贷款协议》，涉及金额2.5亿欧元，主要用于支持气候变化尤其是林业碳汇等领域的项目。

EIb in China in the field of climate financing support mainly sovereignty loan is given priority to.In 2007 and 2010,The ministry of finance and the EIb signed respectively[Climate change a period agreement]and[The second phase of agreement on climate change],EIb provided China with two stage respectively for 500 million euros sovereignty loans,Support China's renewable energy/Clean energy and energy efficiency improvement/Energy conservation and emission reduction and other areas of the project construction,Has the loan for a long time/No commitment fee and project preparation period is short and favorable conditions.In February 2012,The ministry of finance and the EIb and signed[The People's Republic of China and the European investment bank China forestry special frame loan agreement],Involving 250 million euros ($),Mainly used to support climate change especially forestry carbon and other areas of the project.

　碳基金呼之欲出 Carbon fund be vividly portrayed

　　“碳金融机构”是围绕碳市场的产生和发展而新开发的金融服务与中介机构，包括碳基金、碳资产管理公司、碳排放权交易所、以指定经营实体为代表的管制机构和标准组织，担保、法律服务以及其他金融服务机构管理与标准组织等，碳基金是指为了进行碳信用交易而设立的资金机构。我国目前还没有专门的碳基金，面对国际碳基金发展态势不确定性增强，国内碳市场正蓄势待发的局面，我国有必要尽快发展专门的碳基金，探索包括公共碳基金、混合碳基金和私人碳基金等多种发展模式，以介入碳市场建设，提高碳市场的活跃度。

"Carbon financial institutions"Carbon market is around the birth and development of the new development of financial services and intermediary organizations,Including carbon fund/Carbon asset management companies/Carbon emissions exchange/In the designated operational entity as a representative of control mechanism and standards organization,guarantee/Legal services and other financial services management and standard organization, etc,Carbon fund is to point to in order to perform the carbon trade credit and the establishment of capital institutions.Our country does not have special carbon fund,In the face of international carbon fund development situation uncertainty enhancement,Domestic carbon market is ready situation,It is necessary to the development of special carbon fund as soon as possible,Explore including public carbon fund/Hybrid carbon funds and private carbon fund and so on many kinds of development mode,To intervention carbon market construction,Improve the carbon market active degree.

　　当前，可以参考世界银行碳基金的做法，首先通过发展国家层面的政策性基金的形式，形成中国自愿减排市场中的买方，经过一定阶段的发展后形成一个开放式的基金，来获得更多私人资金。近期可以考虑以现有的中国清洁发展机制基金（CDMF）为主平台，吸收各地方财政和社会资金，建立以扶持地方减排项目和实现各行政区域减排任务的若干区域碳基金。同时借鉴世行的特别基金设计，联合各部委和若干行业协会，建立以各种项目类型为特征的功能型碳基金，如森林碳汇基金、沼气回收利用基金、生态农业基金等等。此外，有必要建立清洁发展机制技术转让补偿机制基金，鼓励和促进清洁发展机制项目业主进行技术转让和扩散，示范和支持相应的融资渠道，如绿色贷款、技术引进信用担保等，帮助项目业主解决在购买先进技术时需要大额初始资金的问题。发展到一定阶段，要有相应的激励政策鼓励私人碳基金的建立和发展，引导民间资本进入碳金融领域。另外也需要尽快探索并明确本土碳基金的投资模式、交易和退出等机制。

The current,Can reference the world bank carbon fund approach,The first national level through the development of the policy in the form of fund,Form the voluntary emissions buyers in the market,after a certain stage of the development of the formed after an open fund,For more private capital.Recent can consider to the existing China fund of clean development mechanism(CDMF)Primarily platform,absorb the local financial and social capital,Set up to support local emission reduction projects and the realization of the administrative areas of emission reduction task some regional carbon fund.at the same time, the bank's special fund for design,Joint ministries and commissions and some industry association,Established in various project type for characteristics of functional carbon fund,Such as forest carbon fund/Methane recovery use fund/Ecological agriculture fund and so on.In addition,It is necessary to establish a clean development mechanism technology transfer fund compensation mechanism,To encourage and promote the clean development mechanism project owner for technology transfer and diffusion,Demonstration and support the corresponding financing channels,Such as green loans/Technology import credit guarantee, etc,Help to solve the project owners in the purchase of advanced technology need large initial capital.Development to a certain stage,Must have the corresponding incentive policy to encourage private carbon fund establishment and development,Guide the folk capital into carbon financial field.In addition also need to explore and clear as soon as possible local carbon fund investment mode/Trading and exit mechanism, etc.

　国内银行加速参与步伐 Domestic banks in accelerated pace

　　作为专业化的金融服务媒介，商业银行的金融服务可深入渗透到各个金融市场之中，然而由于气候领域的相关投资项目具有较大的不确定性和风险，使得监管严格、高度重视风险管理的商业银行对于开展碳金融业务、开发碳金融产品等都非常谨慎，而对于金融市场还相对不够成熟的中国金融市场更是同样的情况，目前我国商业银行创新的业务领域主要包括绿色信贷、低碳理财和低碳咨询业务三个方面(详见图5、图6)。 （作者单位：中央财经大学气候与能源金融研究中心；内容根据《2012中国气候融资报告：气候资金流研究》整理）

as a professional financial media services,Commercial bank's financial services can go deep into to each of the financial market,However, due to the climate of the areas related investment project has greater uncertainty and risk,Makes strict supervision/Pay close attention to risk management of commercial banks to carry out carbon finance business/Development of carbon financial products are very cautious,For the financial market is relatively mature enough of China's financial market is the same situation,at present our country commercial bank innovative business areas including green credit/Low carbon and low carbon financial advisory business three aspects(as shown in the figure 5/Figure 6). (The author unit:The central university of finance and economics climate and energy financial research center;Content according to the[2012 China climate finance report:Climate research flow]finishing)