随着全球碳交易市场迅速发展，各种碳金融工具创新层出不穷。对我国而言，碳金融发展的同时将会促进我国现有经济发展方式的变革，积极创新碳金融相关业务，参与新经济(310358,基金吧)增长点的培育，也为我国商业银行多重发展带来了契机。

With the rapid development of global carbon trading market,All kinds of carbon financial tool innovation emerge in endlessly.To our country in,Carbon financial development, but also will promote China's current economic development mode change,Positive innovation carbon financial related business,Participate in new economic(310358,Fund it)Growth point of cultivating,Also for our country commercial bank multiple development has brought an opportunity.

　　近年来，国际碳交易市场迅速发展，服务于碳排放权的碳金融也随之兴起。市场参与者从最初的国家、公共企业向私人企业以及金融机构拓展。

In recent years,The rapid development of the international carbon trading market,Service in carbon emissions of carbon financial has rise.Market participants from the initial state/Public enterprises to private enterprises and financial institutions to develop.

　　交易主要围绕两方面展开：一边是各种排放（减排）配额通过交易所为主的平台交易，派生出类似期权与期货的金融衍生品；而另一边则是以减排项目为标的买卖。而且，这一市场的交易工具在不断创新、规模还在迅速壮大。如从2005年开始，欧洲气候交易所根据市场需求不断上市新产品，已涉及碳排放期货、期权和现货等各类产品。

Trade mainly from two aspects:One side is all sorts of emissions(emissions)Quota through the exchange platform mainly trading,Derive similar options and futures financial derivatives;But on the other side is emission reduction projects for the underlying business.and,This is a market trading tool in continuous innovation/Scale is in rapid growth.Such as starting from 2005,European climate exchange according to the market demand constantly listed new products,Have been involved in carbon emissions futures/Option and spot, and other various products.

　　当前经济条件下，发展低碳经济也是我国经济发展方式转型和经济社会可持续发展的必然选择。发展低碳经济离不开银行业的广泛支持，也为中国银行(601988,股吧)业带来了巨大挑战。

The current economic conditions,The development of low carbon economy to China's economic development mode transformation and sustainable economic and social development of the inevitable choice.The development of low carbon economy cannot leave the banking industry wide support,Also for the bank of China(601988,guba)Industry brings a great challenge.

　　中国商业银行发展低碳金融的必要性 China's commercial Banks development low carbon financial necessity

　　1.碳金融的发展催生经济增长方式的变革 1. Carbon financial development has economic growth mode transformation

　　低碳经济是以低能耗、低排放、低污染为基础的经济模式，是人类社会继原始文明、农业文明、工业文明之后的又一大进步。其实质是提高能源利用效率和创建清洁能源结构，核心是技术创新、制度创新和发展观的转变。

Low carbon economy is characterized by low energy consumption/Low emission/Low pollution as the foundation of economic model,Human society is the primitive culture/Agricultural civilization/Industrial civilization after another big progress.Its essence is to improve energy efficiency and create clean energy structure,Technical innovation is the core/System innovation and development concept transformation.

　　发展低碳经济是一场涉及生产模式、生活方式、价值观念和国家权益的全球性革命。低碳经济时代将碳交易带入一个高速发展的时期。中国将发展“绿色经济”作为了应对危机的措施，并将“绿色经济”作为国家经济发展的战略性决策，借此转变原有的经济增长方式。

The development of low carbon economy is a field involving production mode/Way of life/Values and national rights and interests of the global revolution.Low carbon economy era will carbon trading into a high-speed development period.China will develop"Green economy"As the measures to deal with crises,And will"Green economy"As a national economic development strategic decision,To change the original mode of economic growth.

　　（1）清洁发展机制（CDM）项目的减排成本具有收益转化功能。在碳交易机制下，碳排放权具有商品属性，其价格信号功能引导经济主体把碳排放成本作为投资决策的一个重要因素，促使环境外部成本内部化。随着碳市场交易规模的扩大和碳货币化程度的提高，碳排放权进一步衍生为具有流动性的金融资产。积极有效的碳资产管理已经成为促进经济发展的碳成本向碳收益转化的有效手段#。

(1)Clean development mechanism(CDM)Project cost reduction with income transformation function.In the carbon trading mechanism,Carbon emissions have goods attribute,The price signal function of the economic subject guide the carbon cost as investment decision-making is an important factor,Make environment external cost internalization.With the carbon market transaction of the enlargement of scale and improvement of carbon monetization degree,Carbon emissions further derived with the liquidity of financial assets.Active carbon asset management has become the promotion of economic development of the carbon cost to carbon income into effective means #.

　　（2）碳交易具有能源链转型的资金融通功能。不同经济发展阶段的国家能源链差异很大，对减排目标约束的适应能力也不同。项目融资、风险投资和私募基金等融资方式具有动员金融资源、促进可持续能源发展的能力，有利于改变能源消费对化石燃料的依赖惯性，使能源链从高碳环节向低碳环节转移。

(2)Carbon trading with the transformation of the energy chain financing function.Different economic development stage of the national energy chain difference is very big,Emission reduction targets for the adaptability of the constraint is different also.Project financing/Venture capital and private equity funds financing way has the financial resource mobilization/Promote sustainable energy development ability,To change the energy consumption of fossil fuel dependence inertia,Make energy chain from high carbon link to low carbon link transfer.

　　（3）气候风险管理和转移功能。能源产业利用天气期权等天气衍生品来规避价格波动风险。农业则通过天气指数及相关的保险产品，把天气风险转嫁给有风险吸纳能力的交易者。巨灾债券则发挥了资本市场对灾害损失的经济补偿和转移分担功能，使风险从保险业向资本市场转移。

(3)Climate risk management and transfer function.The energy industry use weather weather derivatives such as options to avoid the risk of price fluctuation.Agriculture is through the weather index and related insurance products,The weather risk impute to risk absorption capacity of traders.Catastrophe bonds played a capital market for disaster loss of economic compensation and transfer share function,The risk from the insurance industry to transfer capital market.

　　（4）碳交易的发展具有国际贸易投资促进功能。碳交易特别是清洁发展机制在降低发达国家减排成本的同时，促进减排的资金和技术向发展中国家转移，这为国际贸易投资和技术转移提供了便利。

(4)The development of carbon trading with international trade and investment promotion function.Carbon trading especially clean development mechanism in developed countries to reduce emissions reduction costs at the same time,Promote the reduction of capital and technology transfer to developing countries,The international trade and investment and technology transfer provides convenient.

　　2.拓展银行盈利能力的需要 2. Development of bank profitability need

　　商业银行除了其传统的金融服务外，还可以大力发展碳金融业务，为碳排放交易市场提供融资和咨询服务，根据碳市场的需求和特点，设计出新的金融衍生产品。这不仅可以为碳市场的发展提供有效的支持和保证，还可以拓展商业银行的业务范围，为其带来新的利润增长点，同时它也体现了银行的企业社会责任，达到双赢。

Commercial Banks in addition to the traditional financial services outside,Can also develop carbon finance business,For carbon emissions trading market to provide financing and consulting services,According to the carbon market demand and characteristics,Design a new financial derivatives.This can not only for the development of carbon markets provide effective support and guarantee,Can also develop commercial bank's business scope,For its bring new profit growth point,At the same time it also reflects the bank's corporate social responsibility,Achieve a win-win.

　　目前，碳交易市场正处于蓬勃发展阶段。相关领域专家声称，到21世纪中期全球碳市场交易总额将有望突破20万亿人民币，碳交易市场或许会成为世界第一大市场；另据估计，届时全球银行业通过为碳交易市场进行融资、咨询等服务就可能获得上千亿人民币的中间收入。

At present,Carbon trading market is in a stage of vigorous development.Related field experts say,To the middle of the 21st century global carbon market transaction amount is expected to exceed 20 trillion RMB,Carbon trading market may become the world's first big market;Another it is estimated that,The global banking through carbon trading market for financing/Consulting service may obtain billions of RMB in the middle of the income.

　　此外，银行通过对CDM项目提供租赁、咨询、托管等业务活动，能够增加中间业务收入，拓展其中间业务范围，创新金融衍生产品服务。积极实行走出去战略，增强与国际金融机构间的密切来往，积极与外资银行寻求交流合作的机会，学习和借鉴外资银行的先进思想和做法，结合自身优势和特点积极开展创新服务，有助于其增强国际化经营经验。

In addition,Bank based on CDM project provides leasing/consulting/Trust business activities,Can increase the intermediate business income,Development between the business scope,The innovation of financial derivative products and services.Actively implement go out strategy,Enhanced with international financial institutions close associate between,Positive and foreign Banks to seek cooperation opportunities,Learning and using for reference foreign Banks advanced thought and practice,Combined with their own advantages and characteristics of innovation service actively,Help to enhance its international business experience.

　　国际碳交易体系的发展及碳金融发展模式 The international carbon trading system and the development of carbon financial development model

　　1.国际碳交易体系的发展现状 1. The international carbon trading system development present situation

　　随着全球范围内对碳交易市场的看重和对气候问题的强烈关注，全球碳交易产业发展迅猛，据联合国和世界银行预测，2012年全球碳交易市场容量为14000亿元人民币，到2020年将达到220000亿元人民币。

With the global scope for carbon trading market value and the climate strong concern,The global carbon trading industry is developing rapidly,According to the United Nations and the world bank forecast,In 2012 the global carbon trading market capacity for 1.4 trillion yuan,To 2020 yuan RMB.

　　发达国家金融机构对碳交易的参与度不断深化。在欧、美、日等发达国家，包括商业银行、投资银行、证券公司、保险公司、基金等在内的众多金融机构，目前已经成为国际碳金融市场上的重要参与者，其业务范围已经渗透到交易的各个环节。

The developed country financial institutions to carbon trading deepening of participation.In the/beauty/Japan and other developed countries,Include commercial Banks/Investment bank/Securities company/Insurance company/Funds, many financial institutions,At present has become the international carbon financial market participants to the important,Its business scope has penetrated into every link of the transaction.

　　商业银行主要提供的服务包括：向项目开发企业提供贷款，帮助企业在产生排放权指标后可在国际市场上进行交易；为项目开发企业提供必要的咨询服务；为产生原始碳排放权的项目开发企业提供担保。

Commercial Banks mainly provides services including:To project development enterprise to provide loans,Help enterprises in the produce emissions index can be traded in the international market;For the project development enterprise provide the necessary advisory services;To produce original carbon emissions the project development of the enterprise to provide security.

　　在二级市场上商业银行充当做市商的角色，为碳交易提供必要的流动性，开发各种创新金融产品，金融机构的参与使得碳金融市场的容量扩大，流动性加强，同时日趋成熟的市场又会吸引更多的企业、金融机构甚至私人投资者参与其中，且形式也更加多样化。

In the secondary market commercial Banks act as marketmaker role,For carbon trading provide the necessary liquidity,The development of innovative financial products,The participation of financial institutions that carbon financial markets to expand capacity,Liquidity strengthen,At the same time more mature market and will attract more enterprise/Financial institutions and private investors to participate,And form and more diversified.

　　2.国际碳金融体系构成及金融机构开展碳金融的模式经验借鉴 2. International carbon financial system structure and financial institutions to carry out carbon financial model experience for reference

　　随着碳金融市场的发展，商业银行、投资银行、保险公司等金融机构不断地开发出各种碳金融产品，它们的业务已经渗透到碳金融的各个环节。国际碳金融体系的构成情况如下表所示。

With the development of carbon financial markets,Commercial Banks/Investment bank/Insurance companies, and other financial institutions continue to develop all kinds of carbon financial products,Their business has penetrated into every link of carbon finance.The international carbon financial system constitution are shown below.

　　近几年来，国际碳交易市场迅速发展，服务于碳排放权的碳金融也随之兴起，国际碳交易市场上交易工具不断创新。市场参与者从最初的国家、公共企业向私人企业以及金融机构拓展。交易主要围绕两方面展开：一边是各种排放（减排）配额通过交易所为主的平台交易，派生出类似期权与期货的金融衍生品；而另一边则是以减排项目为标的买卖。而且，这一市场的交易工具在不断创新、规模还在迅速壮大。

In recent years,The rapid development of the international carbon trading market,Service in carbon emissions of carbon financial has rise,The international carbon trading market trading tool innovation.Market participants from the initial state/Public enterprises to private enterprises and financial institutions to develop.Trade mainly from two aspects:One side is all sorts of emissions(emissions)Quota through the exchange platform mainly trading,Derive similar options and futures financial derivatives;But on the other side is emission reduction projects for the underlying business.and,This is a market trading tool in continuous innovation/Scale is in rapid growth.

　　如从2005年开始，欧洲气候交易所根据市场需求不断上市新产品，已涉及碳排放期货、期权和现货等各类产品。Sonia Labatt等（2002）对环境金融的范围进行了拓展，认为由金融机构主导的，以市场为基础的转移环境风险的环境金融产品包括绿色抵押在内的银行产品、天气衍生产品、社会责任投资市场中的绿色基金、巨灾债券，以及基于温室气体减排信用而开创的金融产品（见表1）。

Such as starting from 2005,European climate exchange according to the market demand constantly listed new products,Have been involved in carbon emissions futures/Option and spot, and other various products.Sonia Labatt etc(2002)On the environment of financial development,As the leading financial institutions,Take the market as the basic transfer environmental risk environment financial products including green, mortgage banking products/Weather derivatives/Social responsibility in the green investment market fund/Catastrophe bonds,Based on greenhouse gas emissions and credit and create a financial products(See table 1).

　　国际碳市场上交易的主要融资工具归纳如下（见表2）。

The international carbon market main financing tools summarized as follows(See table 2).

　　中国低碳经济的金融支持进程 China's low carbon economic financial support process

　　1.国内碳交易市场的发展 1. Domestic carbon trading market development

　　在碳排放市场方面，中国最早成立了北京环境交易所、上海环境交易所和天津排放权交易所，2009年山西吕梁节能减排项目交易中心、武汉、杭州和昆明等几家交易所也相继成立，大连、贵州、河北、山西的交易所也在筹备中。目前，北京、上海和天津的环境交易所均已开展了自愿减排的碳交易机制，如上海的绿色世博自愿减排平台，天津的企业自愿减排联合行动等。

In carbon markets,The earliest Chinese founded the Beijing environment exchange/Shanghai environment exchange and tianjin emissions exchange,In 2009, shanxi luliang energy-saving emission reduction projects trading center/wuhan/Hangzhou and kunming several exchange is also established,dalian/guizhou/hebei/Shanxi exchange are also preparing for.At present,Beijing/Shanghai and tianjin environment exchange have been carried out voluntary emissions of carbon trading mechanism,Such as Shanghai green world expo voluntary emissions platform,Tianjin enterprise voluntary emissions joint action, etc.

　　中国碳排放交易仍主要是自愿减排，当前还不能推出市场化的配额交易，是因为企业没有强制性的减排配额，所以未来短期内中国仍将以自愿减排为主，但不排除配额交易试点。我国CDM市场潜力巨大，截至2009年10月，中国在联合国成功注册的清洁发展机制计划达663个，预计年减排二氧化碳1.9亿吨，约占全球注册减排量总量的58%，注册的计划数量和年减排量均占世界第一。2010年1月，北京环境交易所打造并发布推广的“熊猫标准”，将为未来真正市场化的碳交易探路。

China's carbon emissions trading is still mainly voluntary emissions,The current is not out of the market quota transactions,Because the enterprise did not mandatory emissions quota,So in the short term future China will give priority to with voluntary emissions,But not eliminate cap-and-trade pilot.Our country CDM market potential is tremendous,By October 2009,China's success in the United Nations register of the clean development mechanism plan of 663,Is estimated to 190 million tons of carbon dioxide emissions,Global registered accounts for about 58% of the total emissions reductions,Registered plan quantity and reduction in all of the world's first.In January 2010,Beijing environment exchange to make and the release of the promotion"Panda standard",For the future market will be true of carbon trading units.

　　2.国内银行等金融机构的碳金融业务发展程度 2. Domestic Banks and other financial institutions of carbon financial business development degree

　　国内商业银行的碳金融业务虽处于起步阶段，但已取得一定进展，碳金融业务也得到拓展。支持低碳经济发展的信贷机制得到初步建立，各银行纷纷针对低碳经济进行了金融创新，完善了业务流程。

Domestic commercial bank's carbon finance business is in the initial stage,But has made certain progress,Carbon financial business is developed.Support low carbon economic development of the credit mechanism to get preliminary established,Banks are in low carbon economy the financial innovation,Improve the business process.

　　比如，国家开发银行依托贷款客户开展碳排放权交易业务，积极开发包括风电、生物质发电等在内的碳排放权交易项目，努力为客户提供从项目融资到减排额二级市场交易的全流程金融服务，并于2009年11月率先完成国内商业银行第一笔碳排放交易咨询服务，累计促成383.3万吨CO2交易当量。

Such as,The state development bank loan customers relying on in carbon emissions trading business,Positive development including wind power/Biomass power generation, carbon emissions trading program,Efforts to provide for the customer from project financing to the secondary market trading emission amount of the whole flow of financial services,And in November of 2009 completed the domestic commercial Banks brushstroke carbon emissions trading advisory services,In total 3.833 million tons of CO2 trading equivalent.

　

　在低碳间接金融方面，国内商业银行主要采取两大举措： In the low carbon indirect financial aspects,Domestic commercial Banks mainly adopts two measures:

　　一是调整授信结构，积极支持节能减排项目，增加对节能减排等环保领域授信投放，控制高耗能高污染行业授信。截至2008年6月，兴业银行(601166,股吧)在全国共支持了69个节能减排项目，融资金额累计达21.53亿元。

One is to adjust the credit structure,Actively support energy conservation and emission reduction projects,Increase the energy conservation and emission reduction and environmental protection fields on credit,High pollution control in high credit industry.By June 2008,Societe generale(601166,guba)In the national has supported the 69 energy conservation and emission reduction projects,The amount of financing amounted to 2.153 billion yuan.

　　二是积极寻求国际合作。2008年，上海浦东发展银行、兴业银行和北京银行(601169,股吧)分别与国际金融公司（IFC）合作签署了《能源效率融资项目合作协议》，成为国内首批推出“能效贷款”的商业银行。2009年7月，浦发银行(600000,股吧)成功为陕西两个装机容量合计近7万千瓦的水电项目，以具竞争力的交易价格引进CDM开发和交易专业机构。

The second is actively seeking international cooperation.In 2008,,Shanghai pudong development bank/The industrial bank and bank of Beijing(601169,guba)Respectively with the international finance corporation(IFC)Cooperation signed[Energy efficiency financing project cooperation agreement],Become the first launch"Efficiency loan"Commercial Banks.In July 2009,Shanghai pudong development bank(600000,guba)Success for shaanxi two total installed capacity of nearly 70000 kilowatts of hydropower projects,In competitive market price introduction of CDM development and trade professional institutions.

　　四、商业银行未来碳金融发展模式 four/Commercial bank financial development model of carbon in the future

　　1.借助CDM项目拓宽银行的收入来源并优化收入结构 1. With the aid of CDM project broaden bank source of income and optimize income structure

　　商业银行作为专业化的金融服务平台，可以依托众多的网点渠道资源，通过提供融资租赁、财务顾问、资金账户管理、基金托管等业多项业务全方位地介入CDM项目的中介服务，从而拓宽中间业务收入来源，逐步优化商业银行的收入结构。业界有研究者对我国金融支持循环经济发展的路径进行了积极探索，认为可以利用现有政策性银行帮助发展相关低碳金融业务，及与国内外政策性银行进行合作介入CDM项目。另有研究者提出中国还应尝试逐步参与CDM的二级交易市场，提高产品的定价和风险控制能力。

Commercial Banks as the professional financial services platform,Can rely on many network channel resources,By providing financing lease/Financial advisor/Capital account management/Fund custody and many business industry in all CDM project in the intermediary services,And widen the intermediary business revenue sources,And gradually optimized commercial bank income structure.The researchers to our country financial support for the development of recycle economy actively explore the path,Think that can use the existing policy Banks to help development of relative low carbon financial business,And both at home and abroad to cooperate with the policy Banks in CDM project.Otherwise the researchers proposed that China should also try to gradually participate in CDM secondary market,Improve the product pricing and risk control ability.

　　2.努力开展碳金融产品的创新 2. Efforts to carry out carbon financial product innovation

　　商业银行应重视与碳交易相关的金融产品创新，争取与国际市场尽快接轨。除了最基本的排放权远期和期货交易外，应收碳排放权的货币化、碳排放权交付保证、套利交易工具、保险/担保、与碳排放权挂钩的债券等金融创新产品。有分析人士在总结了兴业银行开展碳金融业务的实践经验和分析了我国碳金融市场发展的隐患的基础上，提出我国商业银行低碳金融业务要加快在环境金融的创新，并积极参与和促进碳排放交易中介组织的建设。

Commercial Banks should pay attention to and carbon trading related financial product innovation,Fight with international markets.In addition to the most basic emissions forward and futures trading outside,Accounts receivable carbon emissions of monetization/Carbon emissions delivery guarantee/Arbitrage trading tools/Insurance/guarantee/And carbon emissions hook bonds, and other financial products innovation.Analytic personage in summarizes the societe generale in carbon financial business practice and has analyzed our country carbon financial market development on the basis of the hidden trouble,Put forward our country commercial bank low carbon financial business in the environment to speed up the financial innovation,And actively participate in and promote carbon emissions trading intermediary organization construction.

　　3.催生以碳交易为基础的碳基金 3. Has to carbon trading based carbon fund

　　项目型交易是在清洁发展机制和联合履行机制框架内的一级市场进行，大量碳投资基金的投资行为则构成了项目型碳交易的二级市场。二级市场的交易是由投资基金于发展中国国家项目业主签署合同，投资基金将购得的减排指标转售给发达国家并获利。碳基金的设立来源多样，并已取得了快速的发展。如1999年之后，世界银行相继建立了原型碳基金、生物碳基金、社区发展碳基金、伞形碳基金等8支碳基金，总额高达10亿美元。而中国在碳金融方面则面临着严重的挑战。相信随着碳市场的建立和完善，碳基金的引进将为时不远。

Project type trading is in the clean development mechanism and joint performance mechanism within the framework of market level,A large number of carbon investment fund investment behavior is a project type carbon trading in the secondary market.The secondary market trading is the investment fund on the development of China's national project owners to sign the contract,Investment fund will be for resale to reduce emissions of developed countries and profit.The establishment of various carbon fund sources,And has made rapid development.If 1999 years later,The world bank have established the prototype carbon fund/Biological carbon fund/Community development carbon fund/Umbrella carbon funds and a carbon fund,Total $1 billion.China in the carbon financial aspects are faced with serious challenges.Believe that the establishment and perfection of the carbon market,The introduction of carbon fund will is not far.

　　4.带动相关理财产品的发展 4. Drive the development of related financial products

　　CDM项目的完成时效较长，从审批到获得经核证的减排量平均需要3年左右，其中需要长期的资金投入。因此，融资关乎CDM项目的成败，这也会直接催生出一系列基于CDM项目现金流为主要还款来源的融资产品以及与之挂钩的理财产品。并且，随着碳交易市场的建立，配额型交易将拥有更大的发展空间，届时也将刺激以碳排放权交易及其期货、期权等衍生品和碳基金为标的理财产品的出现和发展。

CDM project complete aging longer,From examination and approval to obtain the certified emissions reductions mean need 3 years or so,The need to long-term capital investment.so,Financing for CDM project success or failure,It will also direct gave birth to the series of CDM project based on cash flow as the main income source financing products and the hook of financial products.and,With the establishment of the carbon trading market,Quota type transaction will have larger development space,At the appointed time will also stimulate to carbon emissions trading and futures/Option derivatives and carbon fund to mark the emergence of financial products and development.

　　在这方面，荷兰银行的做法值得借鉴。荷兰银行凭借其广泛的全球性客户基础，推出碳理财产品，为碳交易各方提供代理服务，获取中间业务收入；同时，还设计并推出了一系列与基于环保上市公司的气候指数和水资源指数等挂钩的气候和水资源环保理财产品，在取得经济收益的同时也加强了环保理念的推广，取得了良好的社会反响。现在除了中国银行与交通银行(601328,股吧)推出低碳理财基金类投资产品外，其他3家银行在碳金融实践上基本上没有新的突破，绿色信贷业务模式相对单一，今后在理财产品规模和种类上将有所突破。

In this respect,Abn amro bank practice is worth reference.Abn amro bank with its wide range of global customer base,Launch carbon financial products,For carbon trading all parties to provide agency services,For intermediate business income;At the same time,Also design and has launched a series of listed companies based on environmental protection and climate index and water index linked to climate and water environmental protection financial products,In achieving economic benefits at the same time to strengthen the environmental protection idea promotion,Achieved good social repercussions.Now in addition to the bank of China and bank of communications(601328,guba)Out of low carbon financial fund class outside investment products,The other three Banks in carbon financial practice basically do not have new breakthrough,Green credit business model relatively single,In the future financial product size and type will be a breakthrough.

　　5.防范缓释碳金融风险 5. Prevent slow release carbon financial risks

　　商业银行关注低碳概念的企业客户，创新信贷业务管理机制的同时，还应控制好碳金融交易风险，确保碳金融业务稳健开展。有分析人士对商业银行的低碳金融业务进行了研究，认为银行应当将保护环境的观念融入到银行的日常经营管理之中，并建立环境金融风险管理体系。风范风险方面为了提高碳资产的流动性，可以考虑利用结构性融资创新工具将碳资产转变成现金流。 （作者单位：北京银行博士后工作站）

Commercial Banks focus on low carbon concept of corporate clients,The innovation credit business management mechanism at the same time,Should also be good control of the carbon financial transaction risk,Ensure that carbon financial business steady development.Analytic personage to commercial bank financial business of low carbon were studied,Think that Banks should take the protection of the environment concept into the daily management of the bank,And establish environmental financial risk management system.Style risk in order to improve the carbon liquidity of asset,Can consider to use structured finance innovation tool will carbon assets into cash flow. (The author unit:Beijing bank postdoctoral workstation)

　　表1 全球碳金融体系构成

Table 1 global carbon financial system composition

　　组成要素 要素功能

Elements factor function

　　主要金融产品 基础产品 碳排放权

The main financial products based products carbon emissions

　　衍生产品 碳掉期、碳期货、碳保理、碳债券、碳证券、碳基金等

Derivatives carbon swap/Carbon futures/Carbon factoring/Carbon bonds/Carbon stock/Carbon fund, etc

　　计价结算货币 主要货币 欧元

The main currency settlement currency valuation

　　其他货币 美元、澳元、日元、加元等

Other monetary dollars/Australian dollars/yen/Such as $

　　参与金融机构 商业银行 提供碳排放信贷支持、开展碳交易账户管理与碳交易担保服务以及开发碳金融银行理财产品等。

Participate in commercial bank financial institutions to provide credit support carbon emissions/Carry out carbon trading account management and carbon trading guarantee service and the development of carbon financial bank financing products, etc.

　　保险公司 开发与碳排放相关的保险产品、提供碳排放风险管理服务以及投资于各类碳金融产品等。

The insurance company development and carbon emissions relevant insurance products/Provide carbon emissions risk management services and investment in various carbon financial products, etc.

　　证券公司 开发设计碳排放权证券化产品、充当碳投融资财务顾问以及进行碳证券资产管理等。

A securities company development design carbon emissions securitisation/Act as carbon investment financial advisor and carbon securities assets management, etc.

　　信托公司 开发设计碳信托理财产品、充当碳投融资财务顾问以及从事碳投资基金业务等。

Trust company development design carbon trust financial products/Act as carbon investment financial advisor and engaged in carbon investment fund business, etc.

　　基金公司 设立碳投资基金投资计划、充当碳投融资财务顾问以及进行碳基金资产管理等。

Fund company set carbon investment fund investment plan/Act as carbon investment financial advisor and carbon fund asset management, etc.

　　期货公司 开发设计碳期货产品、进行碳期货资产管理以及开展碳期货经纪业务等。

The futures company development design carbon futures products/For carbon futures asset management and carry out carbon futures brokerage business, etc.

　　其他 碳资产管理公司、专业投资公司、风险投资机构等。

Other carbon asset management companies/Professional investment company/Risk investment institutions, etc.

　　辅助交易机构 中介咨询服务机构、碳排放审核认证机构等

Auxiliary exchange intermediary consulting services/Carbon emissions audit the authentication institutions, etc

　　主要交易平台 欧盟——欧盟排放权交易制（EUETS)——目前全球最大的碳交易平台

The main trading platform - the eu emissions trading system(EUETS)At present, the world's largest carbon trading platform

　　英国——英国排放权交易制（ETG)

Britain, British emissions trading system(ETG)

　　美国——芝加哥气候交易所（CCX)——全球第一家自愿减排碳交易平台

The United States, the Chicago climate exchange(CCX)- the world's first voluntary emissions carbon trading platform

　　澳大利亚——新威尔士温室气体减排贸易体系（NSW)

Australia - new wales greenhouse gas emissions trading system(NSW)

　　数据来源：公开资料整理

Data sources:Public data

　　表2 国际碳金融主要融资工具

Table 2 international carbon financial main financing tools

　　类型 具体业务种类 详细项目情况

Type specific business types detailed project

　　传统业务 绿色信贷业务 国际上最广泛接受和实施的是“赤道原则”。

Traditional business green credit business the most widely accepted and implementation is"Equator principles".

　　如，花旗银行与夏普电气公司签订的为购置民用太阳能技术的购买企业提供贷款。

if,Citigroup and sharp electric company signed purchase for civil solar technology enterprise to provide loans to buy.

　　中间业务 技术咨询、信用评估服务 荷兰银行在这方面尤为突出，它利用广泛的全球客户基础，为各方的碳交易提供各种中介服务。摩根斯坦丹利专门成立全方位针对碳项目融资、咨询等业务的碳银行。

Intermediate business technical consultation/Credit evaluation service abn amro bank in this respect is particularly prominent,It USES a wide range of global customer base,The parties to the carbon trading offers all kinds of intermediary services.Morgan Stan Dan and set up a comprehensive project financing on carbon/Consulting business of carbon bank.

　　碳信用的证券化 国外很多投资银行将有开发潜力的CDM项目的碳资产汇入资产池，然后通过证券化发行碳信用的有价证券，并以其碳资产所产生的现金流来支撑发行证券的融资。

Carbon credit securitization overseas many investment Banks will have the development potential of CDM project of carbon assets into the asset pool,Then through the securitization release carbon credit securities,And with its carbon assets generated cash flow to support the issuance of securities financing.

　　碳保险和碳信用交付保证 世界银行下属的国际金融公司(IFC)和一些金融机构为CDM项目提供碳保险、信用增级或担保交付的服务。

Carbon insurance and carbon credit delivery guarantee the world bank's international finance corporation subordinate(IFC)And some of the financial institutions for CDM project provides carbon insurance/Credit enhancement or guarantee delivery service.

　　碳债券 投资银行为拥有优质CDM项目的企业向社会公众发行碳债券，以未来的CER收益确定发行价格和规模，为减排企业提供流动性。

Carbon bonds investment bank with high quality for CDM project enterprise to the social public release carbon bonds,In the future of CER income to determine issue price and size,For emission enterprises to provide liquidity.

　　CER收益的质押贷款 商业银行为拥有良好前景CDM项目和信用记录的减排企业提供CER收益的质押贷款。

CER income pledge loan commercial Banks have good prospects for CDM project and credit record reduction enterprise provide CER income pledge loan.

　　碳金融的结算业务 银行向CDM项目交易的相关企业提供结算、资金融通、进口商资信评估、应收账款管理、销售账户管理、信用风险担保、账款催收等综合性的金融服务。

Carbon financial settlement business bank to CDM project trade related enterprises to provide settlement/financing/Importers credit evaluation/Accounts receivable management/Sales account management/Credit risk guarantee/Payment collection and so on comprehensive financial services.

　　融资租赁 据企业对减排项目机械的特定要求购买该机械，然后和企业签订融资租赁合同，减排企业使用该机械并分期支付租金。

According to the enterprise financing lease of emission reduction projects mechanical special requirements to buy this machine,Then and enterprise financing lease contract signed,Emission reduction enterprise using the mechanical and installment pay rent.

　　碳基金 主要投资于低碳和环境保护型企业，也参与碳金融市场的碳信用交易，同时各大金融机构也提供碳基金的托管业务，如德意志银行的气候保护基金。

Carbon fund invest primarily in low carbon and environmental protection enterprises,Also participate in carbon financial market of carbon trade credit,At the same time, each big financial institutions also offer carbon fund custody,Such as deutsche bank climate protection fund.

　　碳金融零售理财产品 针对个人的碳金融理财需要，银行推出很多碳金融信用卡和碳中和产品的零售业务，如巴克莱银行推出的呼吸信用卡；

Carbon financial retail financial products for personal carbon financial need,Bank launched a lot of carbon financial credit card and carbon neutral product retail business,Such as barclays bank launched breathing credit card;

　　碳信用交易 欧洲复兴开发银行和欧洲投资银行通过多边碳信用基金购买俄罗斯AirLiquideSeverstal公司7200万欧元的碳信用额度。

Carbon trade credit the European bank for reconstruction and development and the European investment bank through the multilateral carbon credit funds to buy Russian AirLiquideSeverstal company 72 million euro carbon credit.

　　资料来源：公开资料整理

source:Public data