Chongqing Municipal Bureau of Ecology and Environment and Chongqing Banking and Insurance Regulatory Bureau jointly issued Ten Measures for Pledge Financing of Carbon Emission Quotas in Chongqing, which is the first local operational guideline for carbon quota financing in China. The core contents include:
1. Clarify the operation specifications for the whole process of carbon quota pledge registration, evaluation and disposal;
2. Encourage financial institutions to develop "carbon quota + credit" portfolio financing products;
3. Establish a risk compensation mechanism for carbon quota pledge, with a certain proportion of financial support; 4;
4. In principle, the pledge rate shall not exceed 80% of the assessed value of the carbon quota.
Chongqing, as the only pilot city of carbon trading in the west, will significantly enhance the liquidity of carbon assets of cement enterprises. Ten measures
for
innovating and developing green, low-carbon
and high-quality development of carbon quota financing services are to speed up the pilot project of comprehensive reform of market-oriented allocation of factors, give full play to the role of market-oriented mechanism, activate the value of carbon quota assets of enterprises legally holding carbon quotas that are included in Chongqing's carbon market transactions, and promote green, low-carbon and high-quality development. The following measures are put forward to enable the green, low-carbon and high-quality development of the economy and society.
1. Promote carbon quota pledge financing to improve quality and efficiency
, and promote carbon quota pledge financing business in an orderly manner. Supporting enterprises that legally hold carbon quotas to apply for carbon quota pledge financing from financial institutions that meet the requirements of relevant regulations in accordance with the Guidelines for Chongqing Carbon Emission Quota Mortgage (Pledge) Financing Business (Trial Implementation) (Yu Yin Fa [2022] No.41). Broaden the scope of collateral and financing period, support financial institutions to use carbon quotas allocated by the competent authorities of ecological environment and purchased from the carbon market as collateral, issue liquidity loans to enterprises legally holding carbon quotas during the period of pre-allocation of carbon quotas, or pre-allocate carbon quotas as rolling pledges in multiple years of performance. Issuing working capital loans or fixed assets loans across the performance period. If an enterprise legally holding carbon quotas uses the carbon quotas purchased from the market and the surplus carbon quotas after the completion of the performance as pledges for pledge financing, the financing period shall not be limited by the performance period.
2. Explore and promote carbon quota repurchase transactions
, steadily promote carbon quota repurchase transactions, and support enterprises legally holding carbon quotas to carry out carbon quota repurchase transactions with eligible financial institutions in Chongqing carbon market in accordance with the financial industry standards of Carbon Financial Products (JR/T 0244-2022); Supporting eligible financial institutions to standardize the repurchase of carbon quotas with the carbon quotas allocated by the competent authorities of ecological environment and purchased from the market as the repurchase targets under the premise of compliance with the law and controllable risks.
3. Innovate the service mode
of carbon financial products, improve the guarantee mechanism of carbon quota financing, explore the mode of "carbon quota pledge, carbon quota repurchase + financing guarantee" between financial institutions and guarantee institutions, enhance the scale of financing and reduce credit risk. Promote financial institutions to adopt market-oriented methods such as performance guarantee insurance, quota lending and current assets pledge to mitigate the risk of collateral suspension caused by the performance of carbon quota pledge loans in the carbon market, and help to improve the scale and efficiency of financing. Explore the application innovation of digital RMB in the field of carbon quota financing. Explore the establishment of Chongqing Carbon Quota Administrative Service Trust.
4. Improve the standards and processes
of carbon finance. Financial management departments, together with ecological environment departments, continue to establish and improve relevant standards around carbon finance business. Chongqing carbon market registration institutions and trading institutions should speed up the improvement of the operation process of carbon quota pledge registration business and the management measures of carbon quota repurchase business, clearly define the division of responsibilities among all parties, clarify the conditions, rights, obligations and implementation standards of business development, and refine the operation norms and supporting policy requirements of the whole process. In view of the financing of carbon quota pledge across the performance period, we should establish and improve the cooperative operation mechanism, and construct the whole chain, normalized process operation guidelines and risk provention and control system.
Fifth, build a financial intelligence service platform
for environmental rights and interests to improve system support, relying on Chongqing carbon market and emission trading market to build a financial intelligence service platform for environmental rights and interests, integrating one-stop online services such as carbon quota pledge, carbon quota repurchase and other business declarations, processing, disclosure and monitoring, so as to achieve the goal. Build an online supermarket for carbon financial products to provide precise matching and docking for relevant enterprises and financial institutions. Strengthen data empowerment, integrate carbon-related and environmental management data information of financing enterprises, provide convenience for financing enterprises to handle their own information inquiry business by themselves, provide data desensitization verification services for investment decision-making and post-investment management of financial institutions, reduce the risk of greenwashing and greenwashing, and comprehensively improve the availability, convenience and security of carbon quota financing. We will expand the scope of information sharing between the financial intelligence service platform for environmental rights and interests and municipal financial service platforms and databases such as "Yangtze River Green Financing", "Yujintong" and "Climate Investment and Financing Platform", so as to enhance the synergy between environmental data and financial business.
6. To optimize pledge registration and information publicity
, registration institutions, trading institutions and other relevant units should incorporate the information of carbon quota pledge and carbon quota repurchase projects into their official websites and financial intelligent service platforms for environmental rights and interests for unified publication and publicity, so as to improve market transparency and information accessibility. Financial institutions are encouraged to register through the unified registration and publicity system of chattel financing of the People's Bank of China in the process of carbon quota pledge registration.
7. Strengthen policy support and financial incentives
to encourage enterprises legally holding carbon quotas to invest carbon quota pledge financing in energy-saving transformation, green upgrading, energy green low-carbon transformation and other projects or technological transformation projects, and relevant credit shall be included in green credit statistics according to regulations. Those that meet the support scope of the carbon emission reduction support tools of the People's Bank of China shall be included in accordance with the regulations. Carbon quota pledge products in line with the Implementation Plan of Strengthening Financial Linkage to Support High-quality Economic Development in Chongqing (No.59, 2025) are included in the scope of government financing guarantee and credit enhancement support. Promote the deep integration of carbon quota financing of relevant enterprises with the construction of zero-carbon factories and zero-carbon (low) carbon parks, and form a virtuous circle supporting the investment of zero-carbon construction funds in the parks and the market transformation of enterprise emission reduction effectiveness.
8. Construct an incentive system
for environmental credit information and build an environmental credit promotion system with multi-sectoral participation. The competent department of ecological environment, together with the financial management department, promotes the sharing of environmental credit and financial credit information. Financial institutions are encouraged to incorporate environmental credit status into the financial credit evaluation system, explore its application in credit approval, financing pricing, credit management and other financial services, and realize the synergy between ecological environment protection and financial support.
9. Strictly guard against financial risks and implement environmental compliance requirements
. Financial institutions should strictly implement the main responsibility, establish and improve the whole process of financial risk provention and control system, continuously improve the internal management system and standardized operation norms, strengthen the ability of financial risk monitoring, early warning and disposal, and strengthen anti-money laundering compliance management. To ensure that carbon quota pledge and carbon quota repurchase business are carried out in a standardized and orderly manner. Enterprises legally holding carbon quotas shall abide by the relevant quota clearance provisions of the Measures for the Administration of Carbon Emission Trading in Chongqing (Trial Implementation) (Yufufa [2023] 6) while revitalizing carbon quota assets and exercising property rights according to law.
10. Strengthen the coordination of departments to guarantee
the Municipal Bureau of Ecological Environment, the Chongqing Branch of the People's Bank of China, the Finance Office of the Municipal Committee, the Municipal Finance Bureau, the Chongqing Financial Supervision Bureau and the Chongqing Securities Regulatory Bureau, strengthen information sharing and system interconnection, and accelerate the establishment of a coordinated supervision and service mechanism. Strengthen the daily monitoring, risk assessment and policy coordination of carbon quota financing business. Through continuous evaluation and dynamic adjustment of market financing level, overall risk situation and product innovation compliance, it provides a strong guarantee for the healthy and orderly operation of carbon financial activities. In the process of organizing and implementing carbon quota financing,
relevant institutions should summarize and sort out the new situations, problems and experiences in time, and give feedback to the competent departments of ecological environment and financial management.
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