•  
  •  
 

Bulletin of Chinese Academy of Sciences (Chinese Version)

Keywords

carbon peaking, carbon neutrality, climate investment and finance, pilot area development, financial innovation, institutional innovation

Abstract

To implement the decisions and arrangements of the Central Committee of the Communist Party of China and the State Council on addressing climate change and to channel more capital toward climate action, China launched its first batch of 23 climate investment and finance pilot areas in 2022. Through the end of 2025, this study tracks and assesses of pilot development, synthesizes innovative models, identifies major challenges, and proposes policy recommendations. The results show that the pilot areas have made solid progress, with more than 260 supporting policy documents issued and over 6 300 projects, representing total planned investment exceeding RMB 4 trillion, included in project databases. Four main models have emerged: combining government guidance with market coordination, linking standards development with financial innovation, integrating digital platforms with project management, and promoting ecological value realization through financial innovation. Climate investment and finance in these areas have consequently moved from institution-building toward systemic integration and improved quality and effectiveness. However, the pilot areas continue to face multiple challenges. To support China’s 2035 nationally determined contribution targets and the green and low-carbon development priorities of the 15th Five-Year Plan period, China should strengthen top-level design, diversify investment and financing mechanisms, reinforce standards and data infrastructure, improve comprehensive impact assessment and dissemination mechanisms, and deepen international cooperation.

First page

2130

Last Page

2139

Language

Chinese

Publisher

Bulletin of Chinese Academy of Sciences

References

[1] 高世楫, 俞敏. 中国提出“双碳”目标的历史背景、重大意义和变革路径. 新经济导刊, 2021, (2): 4-8. Gao S J, Yu M. Historical background, significance, and transformation path of China’s carbon peaking and carbon neutrality goals. New Economy Leader, 2021, (2): 4-8. (in Chinese)

[2] Tan X, Cheng Y, Chao Q, et al. COP30 in Belém: Ten years after Paris and the achievements and shortfalls of global climate governance. The Innovation, 2026, 7(2): 101218.

[3] IPCC. Climate Change 2022: Mitigation of Climate Change. Cambridge: Cambridge University Press, 2022.

[4] 中华人民共和国生态环境部. 中华人民共和国气候变化第一次双年透明度报告. 北京: 中华人民共和国生态环境部, 2024. Ministry of Ecology and Environment of the People’s Republic of China. The People’s Republic of China First Biennial Transparency Report on Climate Change. Beijing: Ministry of Ecology and Environment of the People’s Republic of China, 2024. (in Chinese)

[5] 谢璨阳, 郭凯迪, 王灿. 全球气候投融资进展及对中国实现碳中和目标的启示. 环境保护, 2022, 50(15): 25-31. Xie C Y, Guo K D, Wang C. Progress in global climate investment and finance and its implications for achieving China’s carbon neutrality goal. Environmental Protection, 2022, 50(15): 25-31. (in Chinese)

[6] 谭显春, 程永龙, 闫洪硕, 等. IPCC第七次评估报告第三工作组减缓气候变化概要解读及启示. 气候变化研究进展, 2025, 21(4): 494-501. Tan X C, Cheng Y L, Yan H S, et al. Interpretation and implications of the outline of the IPCC Seventh Assessment Report Working Group III contribution on climate change mitigation. Climate Change Research, 2025, 21(4): 494-501. (in Chinese)

[7] 李高. 紧密围绕“双碳”目标开展气候投融资试点工作. 环境保护, 2022, 50(15): 15-17. Li G. Advancing climate investment and finance pilot programs closely around the carbon peaking and carbon neutrality goals. Environmental Protection, 2022, 50(15): 15-17. (in Chinese)

[8] Tan X C, Zeng A, Wang C X, et al. Climate finance challenges and solutions for global climate change. Advances in Climate Change Research, 2026, 17(4): 936-942.

[9] 生态环境部, 国家发展和改革委员会, 中国人民银行, 等. 关于促进应对气候变化投融资的指导意见. 2020. Ministry of Ecology and Environment, National Development and Reform Commission, People’s Bank of China, et al. Guiding opinions on promoting investment and financing for addressing climate change. 2020. (in Chinese)

[10] 生态环境部, 国家发展和改革委员会, 工业和信息化部, 等. 关于开展气候投融资试点工作的通知. 2021. Ministry of Ecology and Environment, National Development and Reform Commission, Ministry of Industry and Information Technology, et al. Notice on launching climate investment and finance pilot programs. 2021. (in Chinese)

[11] 谭显春, 张倩倩, 曾桉, 等. 环境规制对可再生能源企业投资水平的影响. 中国人口·资源与环境, 2022, 32(7): 127-136. Tan X C, Zhang Q Q, Zeng A, et al. Impact of environmental regulation on the investment level of renewable energy enterprises. China Population, Resources and Environment, 2022, 32(7): 127-136. (in Chinese)

[12] 孙轶頲. 对气候投融资试点工作的一些思考. 可持续发展经济导刊, 2025, (8): 22-25. Sun Y T. Reflections on climate investment and finance pilot programs. China Sustainability Tribune, 2025, (8): 22-25. (in Chinese)

[13] 王芬芬, 曹媛, 王灿. 中国气候投融资试点面临的挑战与对策研究. 中国环境管理, 2024, 16(6): 52-60. Wang F F, Cao Y, Wang C. Challenges and countermeasures for China’s climate investment and finance pilots. Chinese Journal of Environmental Management, 2024, 16(6): 52-60. (in Chinese)

[14] 葛慧, 廖原, 杨林, 等. 我国气候投融资试点建设实践与思考. 环境保护, 2023, 51(19): 57-60. Ge H, Liao Y, Yang L, et al. Practices and reflections on the development of China’s climate investment and finance pilots. Environmental Protection, 2023, 51(19): 57-60. (in Chinese)

[15] OECD. Climate Finance Provided and Mobilised by Developed Countries in 2013-2024. Paris: OECD Publishing, 2026.

[16] 牛苗苗, 谭显春, 郭建新, 等. 碳总量控制政策对中国经济高质量发展的影响——基于中国省际面板数据的实证研究. 中国管理科学, 2024, 32(9): 24-34. Niu M M, Tan X C, Guo J X, et al. Impact of total carbon emission control policies on China’s high-quality economic development: Evidence from provincial panel data. Chinese Journal of Management Science, 2024, 32(9): 24-34. (in Chinese)

Download
Request a Copy

Share

COinS