In recent years，With the proposal of the "carbon peak carbon neutral" goal，The concept of transformation finance gradually appears。This concept was first proposed by the Economic Cooperation and Development Organization (OECD) in March 2019，Mainly refers to financing activities that support sustainable development target transformation。The G20 Summit in 2022 further formed the G20 transformation financial framework，officially opened the curtain of global transformation of finance。

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Dested，Concept of transforming financial concepts，Once confused with the concept of green finance，What is the difference between the two，Whether the range is reunited，Become a confusion of many research and practice。According to the relevant definition of the People's Bank of China in recent years，Transformation Finance is mainly "the impact of effective climate change，To improve the green financial system，Support high -carbon enterprises to transform to low carbon into the main target，Use a variety of financial instruments as a market entity、Financial services provided by economic activities and asset projects "，In short, it is around the market subject that supports dense carbon emissions、Economic activities and asset projects transform to low -carbon and zero -carbon paradigm。In fact，International Capital Market Association and other international institutions、Economy (such as the European Union) has introduced several normative documents on transformation finance。Domestic Zhejiang Huzhou also introduced the "Implementation Opinions of Deepening the Construction of Green Financial Reform and Innovation Pilot Zone to explore and build a low -carbon transformation financial system"，The system has planned the development path of transformed finance，Tool for transforming finance as a capital innovation tool for low -carbon transformation bet365 live casino games in the carbon dense industry，and define transformation financial standards from the project and industry。

Relevant clauses in the "Guiding Opinions on Construction of the Green Financial System" jointly issued by the seven ministries and commissions in 2016 pointed out that "green finance refers to the support environment improvement、Economic activities to deal with climate change and resource saving and efficient use "，and clearly point out that the scope of green financial support is "energy saving and environmental protection、Clean Energy、Green Transportation、Project investment and financing in the fields of green buildings、Project operation、Financial Services provided by risk management "。As far as the scope of the two support，There is a certain weight between transformation finance and green finance，For example, all support the field of energy conservation and emission reduction，and the range covered by green finance seems to be wider。So，What is the significance of "transforming finance" in recent years?

As proposed in many research and practice，Transformation Finance is more focused on climate change and carbon reduction。Facing high -emission industries and enterprises，Unexpectedly need a large amount of funding support for technical upgrade、Business transformation，to gradually realize emission reduction、Low -carbon、Net zero emissions。Different products involved in this process、Different processes、Technology related to different industries、Production、The content and model of consumption are not the same，According to the green goals of low -carbon or even zero carbon，Related industries have transformed from "non -green" to "green"、The transformation from "high carbon" to "low carbon" will go through a longer evolution process，The transformation costs and risks involved in them will also be based on the industrial foundation、The industrial chain is short and short、The influence of various factors such as the industrial environment。According to the principle of minimizing cost and bet365 live casino games the general law of industrial evolution，The motivation to promote this transformation will be the improvement of production efficiency of related industries and the increase in economic output，The main body of the enterprise will find the most economical green transformation road in the process of continuous adjustment of productivity and production relations。can be judged，This transformation process will be in stages、Scenery、Metropolitanization。In terms of this meaning，Transformation Finance supports the process of industrial evolution，is a dynamic financial activity。

Under the current green financial system，The definition standard is mainly based on various green directory，It mainly supports the "pure green" project represented by new energy development，Some major economic activities have not been included in the scope of green financial support。For example，Directory of the green bonds that has been released、Green Credit Guidelines，The object supported must be green、There is clear environmental benefits、Economic activities that meet international classification standards，And most of the traditional high -carbon industry's transformation activities are excluded from，If it is transformed with coal power、The related activities of high -carbon emission enterprises such as steel chemicals are simply listed as "prohibiting financing"，It means that these industries will not be supported by funding，This is very unfavorable to the low -carbon transformation of the entire economy and society。Under the background of the "double carbon" goal，Transformed financial support after all is a process that leads to "green"，The behavior of an economic activity or subject may be "non -green" at the current stage，But with the movement of time, it gradually transformed into "green"。So，Transformation Finance can effectively supplement the high -carbon field that Green Finance cannot completely cover，expanded the available range of potential issuers and investors，expand the scope of the project to the field of carbon density type and improve carbon bet365 Play online games capture efficiency in the traditional high -energy consumption industry，Created more investment selection。

In short，Transformation Finance is a kind of concern to the company to low carbon、Financial activity of zero carbon transformation process，and green finance are a kind of attention to the industry、Financial activities of the project environmental benefits。Transformation Finance is more in line with the requirements of long -term sustainable development，Can be more accurately connected to the transformation of green funds and the real economy more accurately，Investment experience and risk management experience at the level of climate investment and financing。

　　The advantage of transformation of financial financial advantages is more obvious 

From the relevant practice at home and abroad，You can get the following points of revelation。

First，The recognition of the transformation activity is specific to the corporate behavior level。The main body of green financial services is industry or project，The tentacles of transformation finance extend to the corporate level，Avoid the occurrence of "washing green"。Current，G20 transformation financial framework defines the "transformation activity" in accordance with the "Classification Directory Method" and "Guidance Principles"。where，"Classification Directory Method" provides specific transformation behavior and technical standards，If you target architecture、Energy、Manufacturing、Transportation、28 behaviors of 5 major industries，The intensity of carbon emissions for its carbon emissions、Energy use efficiency、Technical screening standards are set，Is a list formula、The definition method of refining to corporate behavior。and "Guidance Principles" is stronger，Only at the macro level requires transformation activities to meet the principle of low carbon。

Of course，Under the existing green financial system，Due to the definition of "green"、Discovery requirements, etc. are not clear enough，Financial institutions are still unable to identify the "transformation" activities in economic activities bet365 best casino games or "brown" activities。So，Further clarifying the standard is the first priority for transformation finance to continue to develop。

2，Transformation Finance's requirements for corporate information disclosure are very strict。Transformation Finance requires enterprises to strictly follow the "Four Suggestions" in the "Climate Transformation Financing Manual" released by the International Capital Market Association (ICMA)，That is the climate transformation strategy and corporate governance of the economic subject、Consider the specific method of environmental elements in business activities、The target setting and path basis in the climate transformation strategy、Related information transparency in strategic and governance activities。The level of information disclosure focuses on corporate activities，Whether the effect of transforming financial support from the perspective of information can be accurate and efficient。At the same time，How much can the transformation benefits be calculated through disclosure，Activities that "have a certain low -carbon benefit but the benefits are minimal" cannot be labeled "transformed" in general，Avoid excessive transformation of financial scope，Risk of "washing green" or "drift green"。

third，Transformation Finance provides more financial innovation tools。Compared to the green credit commonly common in green finance、Green Bond、Green Fund is mainly invested in environmental benefits、Projects with good investment benefits，High -carbon heavy asset -oriented enterprises and small and medium -sized enterprises may already have higher asset -liability ratio and risk warning。Projects that may not be able to provide financial support through banks or non -bank institutions，Transformation Finance will provide similar equity funds investment、Mixed financing、debt -to -equity switch、Risk Slow -release Products, etc.，Promoting the participation of the capital market is more sufficient，The requirements for financing subjects will also be stricter，Including detailed transformation plans that need to be detailed, transparent Bet365 app download and feasible，Transformation process and product need to be disclosed more complete。China Banking Market Dealers Association has launched transformation bonds in May 2022，It mainly supports petrochemical、Chemical、Building materials、Iron、Colored、Capacity replacement projects in industries such as papermaking，Advanced technology application funds in the production process can be met by transforming bonds。This has greatly expanded the scope of financial support，The lowest carbon transformation process covered the industry to the greatest extent。

Fourth，Transformation Finance pays more attention to fairness and security。"Non -green" industry will inevitably pay a certain cost to "green" industry，Along with mature equipment or processes, it needs to be updated，The formed production and consumption system is broken，But under the guidance of the "carbon peak carbon neutral" goal，Too slow transformation or rejection of transformation means asset stranding、Labor unemployment，Causes the exit of some industries，But this exit is likely to be due to the current technology、Lost scientific and technological development。Transformation financial instruments can combine the specific development foundation of the industry，Divided different types such as "non -green", "brown", "light green", "dark green"，Design to adapt to different types of financial support tools，Forms a more fair transformation in various industries in the society。Similarly，Industrial structure of different regions and cities nationwide、Industrial layout and employment have formed a relatively stable state。For example，Cities and coastal cities of heavy industrial cities，The foundation and difficulty of the transformation are completely different，The former is more urgent to transform，The demand for financial support is also stronger。Low -carbon transformation at the urban level will involve economic and social systematic changes，Bringing urban security、The huge changes in urban energy level，Transformation Finance can provide a matching transformation support solution that matches bet365 best casino games it due to the situation，Forms a transformation financial development model with regional characteristics，This also brings more convenience to the safety transformation of the city。

Of course，Transformation Finance still has a challenge that has not been unified，This is also an important opportunity to enhance my country's standard interpretation of influence and climatic discourse in the future。

　　(The author is a researcher at the School of Economics of Fudan University; a specially appointed professor of the School of Economics of Fudan University)