沪府办发〔2021〕27号

上海市人民政府办公厅关于印发《上海加快打造国际绿色金融枢纽服务碳达峰碳中和目标的实施意见》的通知

各区人民政府，市政府各委、办、局：

经市政府同意，现将《上海加快打造国际绿色金融枢纽服务碳达峰碳中和目标的实施意见》印发给你们，请认真按照执行。

上海市人民政府办公厅

2021年10月8日

上海加快打造国际绿色金融枢纽服务碳达峰碳中和目标的实施意见

上海加快打造国际绿色金融枢纽，是服务国家实现碳达峰、碳中和目标，建立健全绿色低碳循环发展经济体系的重要支撑。为贯彻落实中央决策部署，充分发挥上海国际金融中心服务辐射功能，促进经济社会发展全面绿色转型，现提出如下实施意见：

一、指导思想

以习近平新时代中国特色社会主义思想为指导，深入贯彻党的十九大和十九届二中、三中、四中、五中全会精神，全面贯彻习近平生态文明思想，坚定不移贯彻新发展理念，进一步发挥上海在新发展格局中的“中心节点”和“战略链接”作用，不断强化“四大功能”，充分利用上海金融资源集聚、科技和产业基础雄厚、对外开放程度高等优势，率先探索绿色金融改革创新，着力激发绿色金融市场活力，切实提升绿色金融服务水平，更好参与绿色金融国际合作，积极助力国家实现碳达峰、碳中和目标。

二、基本原则

（一）坚持绿色导向、创新发展。深入践行“绿水青山就是金山银山”理念，使发展建立在高效利用资源、严格保护生态环境、有效控制温室气体排放的基础上，加快绿色金融体制机制创新，探索金融支持绿色发展的新路径、新模式，引领和推动绿色产业发展。

（二）坚持市场运作、政府引导。充分发挥市场在资源配置中的决定性作用，建立健全绿色金融市场化、专业化运作模式。加强政府在规划指导、规范运作、服务保障等方面的作用，营造一流绿色金融发展环境。

（三）坚持开放合作、彰显特色。借鉴国际绿色金融发展的成熟经验和国内其他地区绿色金融改革创新的成功做法，结合上海特点，探索形成绿色金融的特色模式，为推动绿色发展贡献更大力量。

（四）坚持稳中求进、风险可控。强化风险意识，提高绿色金融领域新型风险识别能力，加强风险压力测试，牢牢守住不发生区域性系统性金融风险底线。

三、总体目标

以实现碳达峰、碳中和目标为引领，将绿色发展理念与上海国际金融中心建设紧密结合，到2025年，上海绿色金融市场能级显著提升，绿色直接融资主平台作用更加凸显，绿色信贷占比明显提高，绿色金融产品业务创新更加活跃，绿色金融组织机构体系进一步完善，形成国际一流绿色金融发展环境，对全国绿色低碳发展的支撑更加有力，在全球绿色金融合作中的角色更加重要，基本建成具有国际影响力的碳交易、定价、创新中心，基本确立国际绿色金融枢纽地位。

四、主要任务

（一）加强绿色金融市场体系建设

1.发展碳金融市场。支持全国碳排放权交易市场建设，推动金融市场与碳排放权交易市场合作与联动发展，促进以碳排放权为基础的各类场外和场内衍生产品创新。推动金融机构积极稳妥参与碳金融市场建设，丰富碳金融市场参与主体。发展碳排放权质押、碳回购、碳基金、碳信托等碳金融业务，增强碳金融市场活力。

2.支持资本市场更好服务产业绿色转型升级。支持资本市场为节能环保、清洁生产、清洁能源、生态环境、基础设施绿色升级、绿色服务等重点产业提供多样化融资支持，支持节水型城市、海绵城市、低碳发展实践区和生态工业园区等建设。支持符合绿色发展理念的企业在境内外资本市场上市或挂牌融资，支持科技含量高的绿色产业企业在科创板上市融资，支持企业利用资本市场开展再融资和并购重组，推动产业绿色转型升级。进一步发挥上海股权托管交易中心作用，满足企业绿色低碳融资和其他金融服务需求。推动绿色风险投资、创业投资和私募股权投资企业在沪集聚，支持企业绿色发展。

3.推动建立金融市场环境、社会、治理（ESG）信息披露机制。通过社会责任报告、企业公告、绿色金融年度报告等形式，鼓励上市公司加强绿色信息披露。支持上海证券交易所研究推进上市公司碳排放信息披露。推动金融机构开发更多基于ESG投资理念的金融产品。提高投资人ESG投资意识，鼓励金融机构在投资流程中全面嵌入ESG评价。

（二）创新绿色金融产品业务

4.优化绿色信贷服务。鼓励银行业金融机构提升绿色信贷规模和占比，强化对绿色项目的信贷服务支持。建立信贷支持绿色低碳发展项目和企业的正面清单，推动银行业金融机构加大对绿色领域的信贷支持力度，开展环境权益、生态保护补偿抵质押融资，积极发展能效信贷、绿色信贷资产证券化、碳中和资产支持商业票据、绿色供应链票据融资等。鼓励发展重大节能低碳环保装备融资租赁业务。在长三角地区研究推动绿色金融跨区域联合授信机制，推进区域内企业融资抵押品异地互认。

5.大力发展绿色债券。扩大绿色债券发行规模，建立绿色债券项目储备，推动绿色债券增量扩面。支持金融机构发行绿色债券，支持符合条件的企业发行绿色企业债、公司债和非金融企业债务融资工具。通过信用风险缓释凭证和担保增信等方式，降低绿色低碳企业发债难度和成本。支持发行地方政府债券用于绿色低碳项目。

6.促进绿色和可持续发展领域投资。支持开发绿色股票指数、绿色债券指数、ESG、碳价格相关指数，推出更多基于绿色指数的交易型开放式指数基金（ETF）等产品。发挥基础设施领域不动产投资信托基金（REITs）对绿色项目的支持作用。推动银行、证券、基金等开发投资于绿色和可持续发展领域的基金、理财、资管计划、股权投资计划等产品。引导保险资金加大对绿色产业、环境保护、减排和低碳转型项目投资力度。加大碳核算结果应用力度，推动金融机构研发差异化的金融产品。

7.创新绿色保险产品。鼓励保险机构发展绿色保险，探索差异化的保险费率机制，提升对绿色经济活动的风险保障能力。鼓励发展绿色产业保险、碳交易信用保证保险、碳汇损失保险等相关保险产品。探索在危险废物处理处置等环境高风险领域，试点环境污染强制责任保险。鼓励保险机构参与环境风险治理体系建设。

（三）健全绿色金融组织机构体系

8.推动金融机构绿色转型。引导金融机构制定绿色金融发展规划，完善推进绿色转型的组织机制，建立鼓励性的绩效考核、激励约束和内部风险管理制度。引导金融机构为企业提供绿色债券承销、绿色金融咨询等优质绿色金融服务。支持金融机构开展绿色金融产品评估认证。鼓励金融机构运用多种手段率先实现自身碳中和。探索强制性金融机构环境信息披露试点，为国家层面提供可复制、可借鉴的经验。

9.支持在沪设立绿色金融专业组织机构。支持符合条件的境内外机构在上海发起设立主要服务生态环境建设和绿色产业发展的银行、证券、保险、基金、金融租赁等金融机构。支持金融机构在上海设立绿色金融事业部（业务中心）或绿色金融分支机构。支持中外资金融机构、企业在沪设立绿色产业基金，服务经济绿色低碳转型。充分发挥国家绿色发展基金的引导功能，聚焦长江经济带沿线环境保护、污染防治、能源资源节约利用等绿色发展重点领域，发挥好示范带动作用。支持设立主要服务绿色产业发展的融资租赁公司等地方金融组织。支持绿色金融60人论坛等绿色金融智库在沪发展。鼓励研究机构和高校在沪设立绿色金融研究机构，推进绿色金融政产学研深度融合。

10.支持绿色中介服务机构发展。引进和培育一批具有国际水准的绿色认证、环境咨询、绿色资产评估、碳排放核算、数据服务等绿色中介服务机构，在碳资产管理、碳足迹管理、碳信息披露、低碳技术认证等领域形成全国领先的中介服务体系。

（四）强化绿色金融保障体系

11.建设绿色项目库。根据国家有关标准，制定符合上海特点的本市绿色企业和绿色项目标准，引导符合标准的绿色企业、绿色项目纳入项目库。充分发挥上海市中小企业融资综合信用服务平台、产业绿贷综合服务平台、智慧能源双碳云平台等作用，为金融机构提供多渠道、多维度的绿色产业信息，促进产融对接。

12.建设完善绿色金融信用体系。结合城市数字化转型，将企业生态环境、节能减排等领域信用信息，依法依规纳入上海市公共信用信息服务平台，推动政府部门、金融机构和相关社会组织之间的信息共享，为金融机构的贷款和投资决策提供依据。建立健全协调机制，强化绿色金融信息披露，形成政府部门间信息共享、企业信息披露和第三方机构评估评级三者互为补充、相互印证的绿色金融信用信息体系。发挥长三角绿色金融信息管理系统作用，实现长三角地区绿色金融信息互通互联。

13.探索完善绿色金融标准体系。进一步优化金融机构绿色金融业绩评价标准。支持上海金融市场、金融基础设施、金融机构积极参与国家绿色金融标准以及碳达峰、碳中和标准体系的研究和制定。率先在金融服务经济绿色低碳转型领域开展先行先试，为国家绿色金融制度和标准体系的形成积累实践经验。

（五）加大金融对产业低碳转型和技术创新的支持力度

14.推动产业结构低碳转型。持续发挥金融在产业结构优化过程中的支持和引领作用。为先进制造业发展提供高效率资金供给，为传统高碳行业通过技术改造升级向低碳转型的融资、并购等需求提供服务，促进制造业向低碳化、绿色化、高端化优化升级。

15.支持绿色低碳技术研发、推广和应用。深化投贷联动等融资服务方式创新，引导金融机构针对低碳、零碳、负碳前沿技术攻关和基础研究提供资金支持。发挥绿色技术银行在绿色低碳科技成果转化方面的作用，支持绿色技术金融协同创新联盟发展，探索开发基于绿色技术应用价值的智能评估系统。推进规模化碳捕集和资源化利用的技术研发、示范和产业化应用。推动金融机构加强协作，构建科技金融服务链，为绿色低碳技术企业提供全面金融服务。

（六）深化绿色金融国际合作

16.提升上海绿色金融国际化水平。鼓励境外投资者通过上海金融市场开展绿色投融资。支持境外投资者通过直接投资、债券通、沪股通、合格境外机构投资者（QFII）等方式投资境内绿色债券、绿色产业相关上市公司股票、绿色主题公募基金等绿色金融产品。支持境外金融机构和国际金融组织在沪发行绿色“熊猫债”。支持投资绿色领域的机构申请合格境外有限合伙人试点（QFLP），吸引外资投资境内绿色产业。发挥中国（上海）自由贸易试验区、中国（上海）自由贸易试验区临港新片区跨境资金流动先行先试优势，为绿色企业提供更便利的跨境投融资服务。

17.加强与国际金融组织在绿色金融领域的合作。支持世界银行、亚洲开发银行、亚洲基础设施投资银行、金砖国家新开发银行等为国内绿色项目提供投融资和技术服务。支持国际金融组织、国外同业机构加大与国内金融机构在绿色金融领域的合作力度。支持气候债券倡议组织（CBI）、国际可持续发展金融中心联盟（FC4S）等绿色金融国际组织在沪机构运营。加强与国外评级机构、指数公司等在绿色和可持续发展评价、ESG信息披露、绿色创新、净零排放和气候解决方案指数开发应用等领域的合作。

18.促进绿色金融国际交流。加强上海与其他国际金融中心城市在绿色金融领域的交流，与伦敦金融城、巴黎欧洲金融市场协会等建立绿色金融合作机制，共同举办国际绿色金融论坛，加强国际绿色金融研讨，推动绿色投融资产品与服务创新。支持上海金融市场与境外金融市场在绿色指数发布、展示和相互挂牌等方面开展合作。支持上海金融市场和金融基础设施积极参与国际绿色金融标准研究和制定。鼓励在沪外资金融机构将母公司在绿色金融发展方面的技术和做法引入上海。

19.积极推动气候投融资国际合作。推动上海气候投融资试点，建设气候投融资服务机构，推动国家级气候投融资功能平台在沪设立。推动设立气候投融资基金，引导国内外资金投向应对气候变化领域。建立健全气候投融资标准体系，开发气候投融资创新产品，促进上海成为全球气候投融资中心。

（七）营造良好绿色金融发展环境

20.建设上海绿色金融改革创新试验区。强化试验区建设的政策支撑，深化绿色金融改革创新，研究与其他绿色金融改革创新试验区绿色标准互认、绿色项目互挂机制。优化上海市绿色金融区域布局，引导相关区结合自身特点发展绿色金融。

21.健全绿色金融发展支持配套机制。通过优惠利率、绿色专项再贷款等支持工具，激励金融机构加大对绿色领域的融资支持力度。优化中小微企业信贷奖补政策，将绿色行业纳入重点行业目录，对相关贷款不良率补偿区间下限予以放宽。进一步发挥好政府性融资担保的作用，引导金融机构加大对绿色信贷项目的支持力度。支持绿色金融创新项目申报上海金融创新奖。

22.加强绿色金融人才培育。将绿色金融人才纳入紧缺人才目录，将符合要求的优先列入上海金才开发计划，对入选重大人才开发计划的在居住、出入境、工作许可证等方面提供支持和便利。大力吸引一批具有国际视野的绿色金融人才，加大青年绿色金融人才培育和集聚力度，对紧缺急需的核心业务骨干，符合条件的可直接引进落户。

23.建立健全碳普惠体系。出台上海市碳普惠体系实施方案，发挥金融支持作用，研究探索非控排企业、各类社会团体、公众共同主动参与碳减排行动的市场化路径，推动碳普惠平台建设，为碳普惠项目提供金融服务。鼓励绿色发展的宣传教育和普及推广，营造全社会共同建设低碳社会、发展低碳经济的良好氛围。

24.构建绿色金融风险监测防范机制。支持在沪国家金融管理部门开展金融机构气候变化风险压力测试，对金融机构在气候变化、环境监管和可持续发展等情况下面临的信用风险、流动性风险、市场风险等进行评估。加强对绿色债券发行人违约风险的监测和防控。探索建立绿色金融信息监测机制，及时准确研判风险隐患。引导金融机构做好绿色金融创新过程中的风险监测、预警、评估与处置，支持金融机构研究推出风险应对工具，积极稳妥做好风险防范化解工作。

五、保障措施

发挥上海市推进上海国际金融中心建设领导小组作用，加强组织领导和统筹协调，进一步细化政策措施，研究解决上海绿色金融发展过程中出现的新情况、新问题。加强宣传引导，充分利用各类传媒，加大宣传力度，普及绿色金融理念。强化对绿色金融改革创新工作的监测评估，及时发现和解决问题，推动各项措施落地落实，总结形成可复制、可推广的经验。

本意见自2021年11月1日施行。

Implementing Opinions on Shanghai’s Accelerated Building of an International Green Financial Hub to Support the National Carbon Peak and Carbon Neutrality Goals

Accelerating the building of an international green financial hub will enable Shanghai to vigorously support the national carbon peak and carbon neutrality goals (“Dual Carbon Target”) and establish a green, low-carbon, and circular economic system. This Implementing Opinions is proposed to implement the decisions of the central government, fully tap into the service functions and influence of Shanghai as an international financial center, and promote the green transformation of the economy and society.

I. Guiding Directives

Under the guidance of the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, Shanghai will duly implement the directives of the 19th CPC National Congress and of the second, third, fourth, and fifth plenary sessions of the 19th CPC Central Committee, incorporate Xi Jinping’s conceptions of ecological civilization in all its programs, and commit to pursuing the new development philosophy. Shanghai will highlight the city’s role as a central hub and strategic link in the new development paradigm, and strengthen its four major functions. Leveraging its large concentration of financial resources, strengths in technologies and industries, and highly open markets, Shanghai will spearhead reforms and innovations in green finance, invigorate the green finance market, improve the green financial services, and engage more deeply in international collaborations on green finance, with a view to helping China achieve the Dual Carbon Target.

II. Basic Principles

(I) Pursuing green and innovation-driven growth. Shanghai will adhere to the philosophy that “lucid waters and lush mountains are invaluable assets” by ensuring development is built on the efficient use of resources, strict protection of the environment, and effective control of greenhouse gas emissions. It will accelerate institutional innovations in green finance and find new pathways and models for the financial sector to support green development, so as to lead and drive the growth of the green industry.

(II) Promoting market-based changes under government guidance. Shanghai will ensure the market plays a decisive role in resource allocation and develop a market-based and specialized green finance industry. Shanghai will enhance the government’s role in planning and guidance, industry regulation, and services and support to create a leading environment for green finance.

(III) Advocating openness, collaboration, and differentiation. Shanghai will adapt the proven international experiences in green finance and the successful green finance reforms and innovations in other parts of China to the local context to create unique models for green finance and make greater contributions to green development.

(IV) Making progress while ensuring stability and controllable risks. Shanghai will strengthen risk awareness, its capacity to identify new types of risks in the green finance sector, and stress testing to ensure no regional or systemic financial risks arise.

III. Overall Goal

With achieving the Dual Carbon Target as the ultimate aim, and tightly integrating green development philosophies into the Shanghai International Financial Center initiative, by 2025 Shanghai will see a significantly more capable green finance market, more pronounced role as the main platform for green direct financing, and a much higher share of green credit. There will be greater innovations in green financial products and businesses and a further developed system of green finance organizations. Shanghai will have built a world-class business environment for green finance, provide greater support to China’s green, low-carbon development, and play a greater role in international cooperation on green finance. By 2025 Shanghai will have become a globally influential center for carbon trading, pricing, and innovation and become an international green financial hub.

IV. Key Tasks

(I) Strengthen the green finance market system

1. Developing the carbon finance market. Shanghai will support the building of a national carbon market, promote collaboration and synergy between the financial market and the carbon market, and drive innovations in over-the-counter and exchange-traded derivatives on carbon allowances. It will support financial institutions to enter the carbon finance market in an active and prudent manner to expand the range of market participants. It will also help develop new businesses and services, such as pledge of carbon allowances, carbon repurchase, carbon funds, and carbon trusts, to invigorate the carbon finance market.

2. Supporting the capital market to better serve the green transformation and upgrade of industries. Shanghai will encourage the capital market to provide a broad range of financing support to such key industries as energy conservation and environmental protection, cleaner production, clean energy, eco-environment, green upgrade of infrastructures, and green services, and to help build a water-efficient city, sponge city, low-carbon zones, and eco-industrial parks in Shanghai. Shanghai will support enterprises that practice green development philosophies to raise capital from domestic and foreign capital markets through listing, support high-tech green enterprises to raise funding from the SSE STAR Market, and support enterprises to make follow-on offerings and complete mergers, acquisitions, and restructurings, so as to accelerate the green transformation and upgrade of industries. Shanghai will empower the Shanghai Equity Exchange as a platform for green and low-carbon financing and other financial services. Shanghai will attract more green venture capitals and private equities to the region to support the green development of enterprises.

3. Establishing a disclosure framework in the financial market for environmental, social and governance (ESG) information. Shanghai will encourage listed companies to improve green information disclosure through social responsibility reports, public announcements, and annual reports on green finance. The city will support the Shanghai Stock Exchange to promote the disclosure of carbon emissions information by listed companies. It will propel financial institutions to develop more financial products based on the ESG investment philosophy, raise investors’ awareness for ESG investment, and encourage financial institutions to fully integrate ESG evaluation into their investment process.

(II) Drive innovations in green financial products and businesses

4. Optimizing green credit services. Shanghai will encourage banking financial institutions to increase green credit in both scale and proportion, better serving and supporting green projects. It will develop a positive list for credit support to green, low-carbon projects and enterprises to encourage banking financial institutions to provide more loans to the green sector; permit financing secured by the pledge of environmental rights or ecological compensations; and actively develop the financing market for energy-efficiency credit, green credit asset securitization, carbon-neutral asset-backed commercial paper, and green-supply-chain commercial paper. The city will develop financing and leasing services for major energy-saving, low-carbon, and environmental-friendly equipment. It will explore a joint credit granting mechanism for green finance in the Yangtze River Delta region, under which the financial collaterals of enterprises will be indiscriminately accepted across the region.

5. Vigorously developing the green bond market. Shanghai will boost the total issue volume of green bonds, establish a pool of green bond projects, and increase the number and coverage of green bonds. It will encourage financial institutions to issue green bonds and eligible enterprises to issue green enterprise bonds, corporate bonds, and non-financial enterprise debt financing instruments. It will facilitate affordable bond issuance for green, low-carbon enterprises through, among others, credit enhancement tools as credit risk mitigation warrants and guarantees. Shanghai will also support issuance of local government bonds to fund green, low-carbon projects.

6. Promoting investment in green and sustainable development. Shanghai will support the creation of green stock, green bond, ESG, and carbon price indices, and launch more exchange-traded funds (ETFs) and other products tracking green indices. It will exploit the supportive role of real estate investment trusts (REITs) in funding green infrastructures. It will encourage banks, securities companies, and fund companies to develop funds, wealth management products, asset management plans, equity investment plans, and the like that invest in green and sustainable development. It will channel more insurance funds to green industries, environmental protection, emission reduction, and low-carbon transformation projects. It will expand the application of carbon accounting results to inform the development of differentiated financial products by financial institutions.

7. Inventing green insurance products. Shanghai will support insurers in developing green insurance and exploring introducing differentiated premium rates for insurance products to further protect green economic activities against risks, and will encourage the development of green industry insurance, credit guarantee insurance for carbon trading, insurance for carbon sink loss, and similar products. Shanghai will introduce compulsory environmental pollution liability insurance on a pilot basis for hazardous waste treatment and disposal and other operations involving high environmental risks, and will encourage insurers to participate in building an environmental risk governance system.

(III) Improve the system of green financial organizations

8. Promoting the green transformation of financial institutions. Shanghai will help financial institutions work out their planning for green finance development, improve the organizational frameworks for their green transformation, and establish supportive systems for performance assessment, incentives and restraints, and internal risk management. It will further motivate them to offer enterprises with green bond underwriting, green finance consulting, and other quality green finance services, to organize evaluation and certification of green finance products, and to reach their own carbon neutrality by various means. Shanghai will try implementing, on a pilot basis, the mandatory disclosure of environmental information by financial institutions to offer replicable and actionable lessons to other domestic peers.

9. Supporting the establishment of professional green financial organizations in Shanghai. Shanghai will facilitate eligible domestic and foreign institutions to establish banks, securities companies, insurance companies, fund companies, financial leasing companies, and other financial institutions in Shanghai that mainly aim to serve the ecological environment and green industries. It will support financial institutions to set up green finance units (business centers) or green finance branches in Shanghai, and will support Chinese and foreign-funded financial institutions and enterprises to establish green industry funds to bolster the transition to a green and low-carbon economy. Highlighting the guidance function of the National Green Development Fund, Shanghai will play an exemplary and leading role in the environmental protection, pollution control and prevention, energy and resource conservation and utilization, and other key areas for green development of the Yangtze River Economic Belt. The city will support incorporation of financial leasing companies and other local financial organizations to serve green industries; support the growth of the Green Finance Forum of 60 and other green finance think tanks in Shanghai; and encourage research institutes and colleges and universities to set up green finance research centers in Shanghai, in a bid to promote deep collaboration between government, businesses, universities, and research agencies in green finance.

10. Supporting green finance intermediaries. Shanghai will introduce and develop world-class green intermediaries that offer green certification, environmental consulting, green asset evaluation, carbon emission accounting, and data services, developing a nationally leading intermediary service system in areas of carbon asset management, carbon footprint management, carbon information disclosure, and low-carbon technology certification.

(IV) Enhance the supporting systems for green finance

11. Creating a green project database. In line with applicable national standards, Shanghai will develop the criteria for green enterprises and green projects that are appropriate for the local context, and promote the inclusion of qualified green enterprises and green projects into a project database. Leveraging the Shanghai comprehensive credit service platform for the financing of small and medium-sized enterprises, the comprehensive service platform for green loans to industries, and the smart energy cloud platform for Dual Carbon Target, Shanghai will provide financial institutions with information on green industries collected from different dimensions through multiple channels to make it easier for businesses to receive the financial services they need.

12. Developing a green finance credit framework. As part of its digital transformation process, Shanghai will incorporate the credit information of enterprises in such areas as ecological environment, energy conservation, and emission reduction into its public credit information service platform in compliance with laws and regulations, in order to promote information sharing among government departments, financial institutions, and other relevant organizations and inform the lending and investment decisions of financial institutions. By setting up a sound coordination mechanism and improving green finance information disclosure, Shanghai will establish a green finance credit information framework built on information sharing between government departments, information disclosure by enterprises, and evaluation and rating by third-party institutions and the cross-validation of such information. Shanghai will also utilize the green finance information management system of the Yangtze River Delta to connect and share green finance information across the region.

13. Advancing green finance standards. Shanghai will further improve the standard for evaluating the green finance performance of financial institutions, and support Shanghai’s financial market, financial infrastructures, and financial institutions to take an active part in the development of a national green finance standard and a set of standards for the Dual Carbon Target. To accumulate practical experience for developing such a national standard and set of standards, Shanghai will launch piloting finance programs for the transition to a green and low-carbon economy.

(V) Bolster financial sector’s support for the low-carbon transition and technological innovation of industries

14. Promoting the low-carbon structural transformation of industries. Shanghai will continue to exploit the supportive and leading role of finance in optimizing industrial structure. It will help ensure high-efficiency capital supply for the advanced manufacturing sector and facilitate the financing and M&A activities of traditional, carbon-intensive industries to de-carbon through technological upgrades, ultimately pushing the entire manufacturing sector towards a low-carbon, green, and high-end pathway.

15. Supporting the development, marketing, and application of green and low-carbon technologies. Shanghai will advance innovative financing services such as investment-loan linkage and encourage financial institutions to fund technological breakthroughs and basic researches in cutting-edge low-carbon, zero-carbon, and carbon-negative technologies. Shanghai will allow the Green Technology Bank to fully play its role in commercializing green and low-carbon technologies, help develop the Green Technology Finance Collaborative Innovation Alliance, and explore a smart system primarily evaluating the practical value of green technologies. Shanghai will promote the R&D, demonstration, and industrialization of large-scale carbon capture and resource utilization technologies. It will urge financial institutions to strengthen collaboration to form a fintech service chain that provides comprehensive financial services to enterprises adopting green and low-carbon technologies.

(VI) Enhance international cooperation on green finance

16. Creating a more international green finance market in Shanghai. Shanghai will encourage green investment and financing by overseas investors in the Shanghai financial market. Specifically, overseas investors will be supported to invest in China’s green bonds, stocks of listed companies in the green industries, and green-themed public funds, and other green financial products, whether directly or through the Bond Connect, northbound trading under Shanghai-Hong Kong Stock Connect, or the qualified foreign institutional investor (QFII) program; overseas financial institutions and international financial organizations will be supported to issue green panda bonds in Shanghai; overseas green investors will be supported to apply for the qualified foreign limited partner (QFLP) status to invest in China’s green industry. Leveraging the advantages of the China (Shanghai) Pilot Free Trade Zone and Lingang New Sub-Zone in piloting cross-border capital flow programs, Shanghai will provide more expedient cross-border investment and financing services for green enterprises.

17. Strengthening collaboration with international financial organizations on green finance. Shanghai will support the World Bank, Asian Development Bank, Asian Infrastructure Investment Bank, and New Development Bank BRICS to provide China’s green projects with investment and financing and technical services; support international financial organizations and foreign peer institutions to tighten their cooperation with Chinese financial institutions in green finance; and support the Climate Bonds Initiative (CBI), Financial Centres for Sustainability (FC4S), and other international green finance organizations to establish an office in Shanghai. Shanghai will also strengthen collaboration with foreign rating agencies and index companies in developing and applying indices covering green and sustainability evaluation, ESG disclosure, green innovation, net-zero emission, and climate solution.

18. Promoting international engagement in green finance. Shanghai will strengthen dialogue with other international financial centers in the green finance domain, build corresponding cooperation mechanisms with the City of London, Paris EUROPLACE, and others, and together with these partners host international green finance forums, all aiming to boost researches and discussions on green finance as well as innovations in green investment and financing products and services. Shanghai will support its financial market to cooperate with overseas financial markets in issuing, displaying, and listing green indices; support its financial market and financial infrastructures to participate in studying and setting international green finance standards, and encourage foreign financial institutions in Shanghai to bring in the green finance technologies and practices of their parent companies.

19. Furthering international cooperation on climate investment and financing. Shanghai will implement a pilot climate investment and financing program and develop related service providers, in seek of establishing a national climate investment and financing platform. It will help set up a dedicated fund to guide domestic and overseas capital towards addressing climate change, and will launch a sound standard framework and create innovative products to build the city into a global center for climate investment and financing.

(VII) Build a favorable environment for green finance

20. Establishing a green finance reform and innovation pilot zone. Shanghai will unveil more supporting policies for the pilot zone to promote reforms and innovations in green finance, and will explore green standards mutual recognition and green projects mutual listing mechanisms with peer pilot zones. Shanghai will optimize its layout for green finance and guide relevant districts and zones to develop green finance in ways that fit their own characteristics.

21. Improving the supporting mechanisms for green finance. Shanghai will take full advantage of the preferential interest rates, central bank loans for green finance, and other supporting instruments to stimulate greater financing support from financial institutions to the green sector. Shanghai will optimize the credit risk compensation and incentive policies for micro, small, and medium-sized enterprises; include green industries in the directory of key industries; and bring down the minimum ratio of relevant non-performing loans for granting compensations. It will enhance the role of government-backed financing guarantees to channel more support from financial institutions to green credit and loan projects, and support innovative green finance projects to compete for Shanghai Financial Innovation Award.

22. Strengthening the cultivation of green finance professionals. Shanghai will add “green finance professionals” to its list of urgently needed talent, enroll those eligible preferably in Shanghai Financial Talent Development Program, and provide those selected for major talent development programs support and convenience in residency, cross-border travel, and work permit. It will attract green finance professionals with international vision, enhance the training and gathering of young professionals, and directly offer permanent residency to eligible professionals that are urgently needed for core businesses.

23. Establishing a sound carbon inclusion framework. Shanghai will release a plan for implementing the municipal carbon inclusion framework and, leveraging the support of the financial sector, find a market-based approach for encouraging non-regulated enterprises, various civil societies, and the public to actively participate in the carbon reduction initiative. The city will push the building of a carbon inclusion platform and offer financial services to carbon inclusion projects. It will promote the educational campaigns and publicity of green development to create a favorable environment for concerted efforts towards a low-carbon society and a low-carbon economy.

24. Building the risk monitoring and prevention mechanisms for green finance-related risks. Shanghai will support Shanghai-based national financial authorities to conduct climate risk-related stress tests on financial institutions, assessing the credit, liquidity, and market risks against the backdrop of climate change, environmental regulation, and sustainable development. It will step up monitoring and control over the default risks of green bond issuers, and explore the establishment of a green finance information monitoring mechanism to identify potential risks timely and accurately. It will guide financial institutions to strengthen the monitoring, early warning, evaluation, and resolution of risks as they introduce innovations in green finance, and encourage them to design risk response tools for risk prevention and mitigation.

V. Supporting Measures

Relying on the Shanghai Municipal Leading Group for Advancing the Building of Shanghai International Financial Center, Shanghai will strengthen its organization, leadership, and coordination efforts, introduce more detailed policies and measures, and deal with new situations and problems arising in developing green finance. It will promote the publicity and adoption of green finance philosophy via various media channels. It will also improve monitoring and evaluation of green finance reforms and innovations to timely identify and resolve problems, and urge the implementation of relevant measures, ultimately drawing lessons that can be replicated and applied in other parts of China.

This Implementing Opinions will take effect as of November 1, 2021.

附：中英文图解《上海加快打造国际绿色金融枢纽 服务碳达峰碳中和目标的实施意见》