The 30th UN Climate Change Conference (COP30) provides a future roadmap for global climate action and climate finance, according to Sean Kidney, CEO of the Climate Bonds Initiative (CBI). However, rather than expecting rapid global consensus, a more realistic path for development involves advancing climate action by strengthening regional connectivity and forming "coalitions of the willing" to implement more bilateral and multilateral cooperative agreements. For instance, China is promoting the establishment of a green trade agreement with ASEAN, and similar cooperative models are expected to emerge. Trade cooperation between the European Union and Brazil in sustainable agriculture, along with potential cooperation between India and the Congo on critical resources, are practical and actionable examples with promising prospects under the COP framework. Simultaneously, the COP framework includes specific mechanisms that can be advanced immediately. For example, Article 6 of the Paris Agreement allows countries with established carbon markets, such as Japan, to engage in emissions reduction transfers with nations possessing significant forest resources, like Indonesia. Currently, related cooperation and institutional development are progressing in parallel. During discussions at the COP30 Belém Climate Conference, transition and resilience emerged as two core themes. Financing the low-carbon transition for high-carbon industries is gradually becoming a consensus concept in Japan, Singapore, China, and other Asian countries and regions. Some Chinese enterprises and financial institutions have begun systematically formulating transition plans, and many localities have issued regional-level transition finance guidance; Japan's transition bond market is developing rapidly, and other Asian economies are accelerating their follow-up efforts. For "hard-to-abate" sectors like steel and cement, clear transition frameworks are key to achieving decarbonization, with the transition catalog for Hebei's steel industry in China providing representative practical experience. Such experiences urgently need broader exchange and sharing to help countries develop executable transition pathways and sovereign transition plans tailored to their national contexts. Equally important as transition is climate resilience. The tangible impacts of climate change are increasingly evident, with global average temperatures consistently approaching the 1.5°C threshold in recent years and a marked increase in the frequency of climate events such as storms, floods, droughts, and extreme heat. Enhancing the resilience of societies, communities, economic systems, and critical infrastructure not only helps reduce casualties and asset losses but also mitigates default risks in debt capital markets and strengthens the long-term security of pension and insurance funds, making it an indispensable direction for addressing climate risks. Capital markets play a crucial role in advancing global climate action. As early as a decade ago, a research report from the People's Bank of China clearly stated that relying solely on public finance is insufficient to address climate change and environmental challenges, necessitating the systematic mobilization of global private capital. In recent years, green bonds and climate bonds have developed into important financing tools in markets like Japan, Europe, India, and Canada, not only clarifying priority directions for climate investment but also continuously attracting policymakers and investors to participate in the implementation of actionable projects. However, the climate financing gap remains vast. The annual global funding requirement for climate mitigation, transition, and resilience building is approximately $10 to $15 trillion, implying the need to effectively mobilize around $150 trillion in long-term savings while ensuring the long-term safety and stable returns of pension and insurance funds. In COP30 discussions, development financial institutions and the private sector have proposed various solutions and shared practical experiences, indicating that advancing climate investment and finance through systematic design and multi-stakeholder collaboration is gradually becoming a standard pathway for the global financial system. Over the past decade, China has持续推进 the improvement of financial policy frameworks, innovation in financial products, exploration of blended finance mechanisms, and incentives at both national and regional levels, accumulating systematic practical experience. The approaches formed by China in building a green financial system and cultivating emerging green industries are providing important references for the global green transition. The significant decrease in solar power generation costs in Africa and the rapid increase in global electric vehicle market penetration have largely benefited from China's sustained, large-scale investment布局 over the past ten to twenty years, accelerating the global development of green finance and green industries. China and its financial regulators have played a crucial role in this process but can exert further effort. Judging by the scale of funding and industrial transition progress, only about one-fifth of the work has been completed thus far. The coming years will still rely on strong manufacturing capacity, sustained and stable government commitments, and the systematic green transition of debt capital markets. Currently, the outstanding amount of global green, climate, and sustainable bonds is approximately $6 trillion, with a medium-to-long-term target of increasing to about $60 trillion. Only through协同 efforts by all parties can this gap be gradually bridged to achieve a scaled global green transition.
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