碳金融在ESG投资体系中的应用与价值OACHSSCD
The Application and Value of Carbon Finance in ESG Investment System
碳金融已成为全球ESG投资的重要支撑,两者在价值耦合、功能互补和系统共生三个维度上具有深刻的内涵关系.碳金融推动ESG投资的范式突破,在理论上需实现从"外部性矫正"到"气候韧性系统"的过渡,在机制上需要统一市场与动态定价,在工具上要完成从衍生创新到普惠生态,在技术上要利用数字化和智能化技术实现范式重构.目前,尽管碳金融已经通过碳交易市场、碳金融衍生品及绿色债券对ESG投资产生深刻影响,但依然存在市场机制不统一、碳价剧烈波动、碳金融工具创新滞后及国际合作壁垒等难题.未来,应通过建立多层次碳定价衔接机制,构建包含ESG要素的碳市场评价体系,积极破解市场机制不统一的困境;通过碳价"双轨制"调控、碳价风险对冲工具创新、强化碳市场预期管理等方式,平抑碳价波动对ESG策略的冲击;通过打造转型金融工具箱、破解产品同质化困局、建设数字碳金融基础设施等举措,加速碳金融工具创新突破;通过构建地缘政治风险防火墙及建立危机应对联合机制,突破国际合作壁垒,以实现碳金融与ESG投资的双向共赢和良性循环.
Carbon finance has become an important support for global ESG investment,with a profound intrinsic relationship in three dimensions of value coupling,functional complementarity,and system symbiosis.Carbon finance drives the paradigm shift of ESG investment.Theoretically,this involves a transition from"external correction"to"climate resilience system".Mechanically,it necessitates unified market and dynamic pricing.Instrumentally,it should complete the transformation from derivative innovation to inclusive ecology,and technologically,it should utilize digital and intelligent technologies to achieve paradigm reconstruction.Currently,although carbon finance has had a profound impact on ESG investment through carbon trading markets,carbon financial derivatives,and green bonds,there are still problems such as inconsistent market mechanisms,sharp fluctuations in carbon prices,lagging innovation in carbon financial tools,and barries to international cooperation.To address these issues,this paper proposes four strategic measures,the establishment of a multi-level carbon pricing linkage mechanism and an ESG-integrated evaluation system to address market fragmentation,the mitigation of the impact of price volatility through"dual-track"carbon pricing regulation,innovation hedging tools,and strengthened market expectation management,the acceleration of innovation by developing a transition finance toolbox,addressing product homogeneity,and building digital carbon finance infrastructure,the overcoming of international cooperation barriers by constructing geopolitical risk firewalls and joint crises response mechanisms.These steps will foster a win-win scenario and virtuous cycle between carbon finance and ESG investment.
韩美奂;赵烁
中国华能集团,河北 雄安 070001中国社会科学院工业经济研究所,北京 100006
管理科学
碳金融ESG投资范式突破应用拓扑主要挑战政策建议
carbon financeESG investmentparadigm breakthroughapplication topologymain challengespolicy recommendations
《中国国土资源经济》 2026 (8)
79-88,10
中国社会科学院登峰战略优势学科"产业经济学"(DF2023YS24)中国社会科学院研究所创新工程项目(2025研究类)"加快建设新型能源体系"
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