In recent years，With the proposal of “carbon peak carbon neutrality” goal，The concept of transformational finance gradually emerges。This concept was first proposed by the Organization for Economic Cooperation and Development (OECD) in March 2019，Mainly refers to financing activities that support the bet365 tennis bet of the Sustainable Development Goals。The 2022 G20 Summit further formed the G20 bet365 tennis bet financial framework，Officially kicked off the global bet365 tennis bet of finance。

　bet365 tennis bet finance is different from green finance

In fact，bet365 tennis bet Finance Concept，Once confused with the concept of green finance，What is the difference between the two，Whether the ranges overlap，becomes a puzzle for many studies and practices。According to the relevant definitions of the People’s Bank of China in recent years，bet365 tennis bet finance is mainly “to effectively respond to the impact of climate change，To improve the green financial system，The main goal is to support high-carbon enterprises in transitioning to low-carbon，Use diversified financial instruments as market entities、Financial services provided by economic activities and asset items”，In short, it is about supporting market entities with intensive carbon emissions、bet365 tennis bet of economic activities and asset projects to a low-carbon and zero-carbon paradigm。In fact，International institutions such as the International Capital Market Association、Economies (such as the EU) have issued several normative documents on transition finance。Zhejiang Huzhou in China has also issued the "Implementation Opinions on Deepening the Construction of a Green Financial Reform and Innovation Pilot Zone and Exploring the Construction of a Low-Carbon bet365 tennis bet Financial System"，Systematically planned the development path of transformational finance，Use transition finance as a financial innovation tool for low-carbon bet365 tennis bet of carbon-intensive industries，And defined bet365 tennis bet finance standards from both project and industry perspectives。

As early as 2016, the relevant provisions in the "Guiding Opinions on Building a Green Financial System" jointly issued by seven ministries and commissions pointed out that "green finance refers to supporting environmental improvement、Economic activities that address climate change and save and utilize resources efficiently”，And clearly pointed out that the scope of green financial support is “energy conservation and environmental protection、Clean energy、Green transportation、Project investment and financing in green buildings and other fields、Project Operation、Financial services provided by risk management, etc.”。In terms of the scope supported by both，There is a certain overlap between bet365 tennis bet finance and green finance，For example, they all support the field of energy conservation and emission reduction，And the scope of green finance seems to be broader。Then，What is the significance of “bet365 tennis bet finance” that has been specially proposed in recent years？

As proposed in many studies and practices，bet365 tennis bet finance focuses more on addressing climate change and carbon emission reduction。Industries and companies facing high emissions，In urgent need of large amounts of financial support for technology upgrades、Business bet365 tennis bet，To gradually achieve emission reduction、Low carbon、Net zero emissions。And the different products involved in this process、Different processes、Technologies related to different industries、Production、The content and mode of consumption are not the same，Looking at the green goal of low carbon or even zero carbon，Related industries transformed from “non-green” to “green”、The bet365 tennis bet from "high carbon" to "low carbon" will go through a long evolution process，The bet365 tennis bet costs and risks involved will also be affected by the industrial base、Industrial chain length、Influence of various factors such as industrial environment。Based on the principle of cost minimization and the general laws of industrial evolution，The driving force for this bet365 tennis bet will be the improvement of production efficiency of related industries and the increase of economic output，Business entities will find the most economical green bet365 tennis bet path in the process of constantly adjusting productivity and production relations。Can judge，This bet365 tennis bet process will be in stages、Divided into scenarios、Proceded in steps。In this sense，bet365 tennis bet finance supports the process of industrial evolution，It is a dynamic financial activity。

Under the current green financial system，The definition standards are mainly based on various green catalogs，Mainly supports “pure green” projects represented by new energy development，Some major economic activities are still not included in the scope of green financial support。For example，In the published green bond directory、Green credit guidelines in progress，Supported objects must be green、Have clear environmental benefits、Economic activities consistent with international classification standards，Most of the bet365 tennis bet activities in some traditional high-carbon industries are excluded，Such as coal power bet365 tennis bet、Relevant activities of high-carbon-emitting enterprises such as steel and chemical industries are simply listed as “prohibited financing” practices，Meaning that these industries will not receive financial support，This is very detrimental to the low-carbon bet365 tennis bet of the entire economy and society。In the context of the deepening of the “double carbon” goal，bet365 tennis bet finance supports a process leading to “green” after all，The behavior of a certain economic activity or entity may be “non-green” at the current stage，But gradually transforms into "green" over time。Therefore，bet365 tennis bet finance can effectively supplement high-carbon areas that cannot be fully covered by green finance，Expanding the options for potential issuers and investors，Expand the project scope to areas such as carbon-intensive traditional high-energy-consuming industries and improving carbon capture efficiency，Creating more investment options。

In short，bet365 tennis bet finance is a way of focusing on enterprises’ transition to low carbon、Financial activities in the zero-carbon transition process，Green finance is an industry of concern、Financial activities for project environmental benefit results。bet365 tennis bet finance is more in line with the requirements of long-term sustainable development，Be able to more accurately and effectively connect green funds and the bet365 tennis bet of the real economy，Accumulate investment experience and risk management experience in climate investment and financing。

　　The advantages of bet365 tennis bet finance are more obvious

bet365 tennis bet the current relevant practices at home and abroad，You can get the following inspirations。

First，The identification of bet365 tennis bet activities is specific to the corporate behavior level。Compared to the main body of green financial services being industries or projects，The reach of bet365 tennis bet finance extends to the enterprise level，Avoid the occurrence of “greenwashing”。Currently，The G20 bet365 tennis bet Finance Framework defines “bet365 tennis bet activities” generally in accordance with the “Classification Catalog Method” and the “Guiding Principles Method”。Among them，The "Category Method" provides specific bet365 tennis bet behaviors and technical standards，For buildings、Energy、Manufacturing、Transportation、28 behaviors in the 5 major information industries，For its carbon emission intensity、Energy efficiency、The bet365 tennis bet technology path has set technical screening standards，is a list style、Refined to the definition of corporate behavior。The "Guiding Principles Law" is more general，Only at the macro level, bet365 tennis bet activities are required to comply with low-carbon principles。

Of course，Under the existing green financial system，Due to the definition of “green”、Disclosure requirements etc. are not clear enough，Financial institutions still cannot clearly identify “bet365 tennis bet” activities or “brown” activities in economic activities。Therefore，Further clarifying standards is the first priority for the continued development of transformational finance。

Second，bet365 tennis bet finance has very strict requirements for corporate information disclosure。Transition finance requires companies to strictly follow the "Four Recommendations" for disclosure work in the "Climate bet365 tennis bet Financing Manual" issued by the International Capital Market Association (ICMA)，That is, climate bet365 tennis bet strategies and corporate governance of economic entities、Specific ways to consider environmental factors in business activities、Goal setting and path basis in climate transition strategy、Transparency of relevant information in strategic and governance activities。This level of information disclosure focuses on corporate activities，Be able to timely measure whether the effect of financial support for bet365 tennis bet is accurate and efficient from an information perspective。At the same time，How much bet365 tennis bet benefits can be measured by disclosing information，Activities that “have certain low-carbon benefits but minimal benefits” cannot be generally labeled as “bet365 tennis bet”，Avoid excessive scope of financial bet365 tennis bet，Risk of “greenwashing” or “greenwashing”。

　Third，bet365 tennis bet finance provides more financial innovation tools。Compared to the common green credit in green finance、Green Bond、Green funds mainly invest in environmental benefits、A project with good investment returns，High-carbon heavy-asset enterprises and small and medium-sized enterprises may already have higher asset-liability ratios and risk warnings。Projects that may not be financially supported through banks or non-bank institutions，bet365 tennis bet Finance will provide similar equity fund investments、Hybrid Financing、Debt-for-equity swap、Risk mitigation products, etc.，Promote more complete participation in the capital market，The requirements for financing entities will also be more stringent，Include detailed, transparent and feasible bet365 tennis bet plan，The bet365 tennis bet process and products need to be disclosed more completely, etc.。The National Association of Financial Market Institutional Investors has launched bet365 tennis bet bonds in May 2022，Mainly supports petrochemicals、Chemical Engineering、Building materials、Steel、Colored、Capacity replacement projects in papermaking and other industries，The capital needs for the application of advanced technologies in the production process can be met through bet365 tennis bet bonds。This greatly expands the scope of financial support，covering the low-carbon bet365 tennis bet process of the industry to the greatest extent。

　Fourth，Transforming finance pays more attention to fairness and security。The bet365 tennis bet of "non-green" industries into "green" industries will inevitably pay a certain cost，As the equipment or process matures, it needs to be updated，The established production and consumption system is broken，But under the guidance of the goal of "carbon peak carbon neutrality"，Transforming too slowly or refusing to transform means stranded assets、Labour unemployment，Resulting in the withdrawal of some industries，But this withdrawal is most likely due to current technology、Due to insufficient technological development。Transformational financial instruments can be combined with the specific development foundation of the industry，Divide into different types such as "non-green", "brown", "light green" and "dark green"，Design to adapt to different types of financial support tools，Form a more equitable bet365 tennis bet of all industries in the whole society。Same，Industrial structure of different regions and cities across the country、Industrial layout and employment have formed a relatively stable state。For example，Cities with heavy industry and export-oriented coastal cities，The foundation and difficulty of bet365 tennis bet are completely different，The former has greater urgency to transform，The demand for financial support is also stronger。Low-carbon bet365 tennis bet at the city level will involve systemic changes in the economy and society，Bring city safety、Great changes in urban energy levels，bet365 tennis bet finance can take advantage of the situation and provide matching bet365 tennis bet support solutions，Form a transformational financial development model with regional characteristics，This also brings more convenience to urban safety bet365 tennis bet。

Of course，bet365 tennis bet finance still faces the challenge of unifying standards，This is also an important opportunity to enhance my country’s influence on standard interpretation and climate discourse in the future。

　　(The author is a researcher bet365 tennis bet School of Economics, Fudan University；Distinguished Professor of School of Economics, Fudan University)