中国ESG投资发展报告（2025）
| 书 名： |
中国ESG投资发展报告（2025） |
| 英 文 名： |
ANNUAL REPORT ON THE DEVELOPMENT OF ESG INVESTMENT IN CHINA （2025）
|
| 作 者： |
季为民 毛振华 主编; 冯永晟 闫文涛 叶文煌 副主编 |
| I S B N： |
978-7-5228-5953-8 |
| 丛 书 名： |
|
| 关 键 词： |
ESG投资 新质生产力 转型金融 碳金融 |
| 出版时间： |
2025年10月 |
中文摘要
在世界百年变局与“双碳”目标交汇的宏大背景下，环境、社会与治理（ESG）已从资本市场的“加分项”演化为企业生存与竞争的“必答题”。本报告围绕ESG投资在全球变局与国内发展中的多维实践展开，系统涵盖各行业ESG实践、ESG与新质生产力的融合、金融工具创新及制度协同等核心内容，全景呈现了ESG如何重塑中国经济高质量发展的底层逻辑。
地缘政治、经济周期与科技革命的三重叠加，使传统增长范式面临合规成本上升、技术创新加速以及资本再配置的复杂博弈，而ESG所内蕴的“共赢”特征恰为破解僵局提供了新的价值坐标，它将环境外部性内部化、社会责任资本化、治理效能长期化，从而把风险和成本转化为机遇和收益。放眼全球，地缘政治重塑与经济结构调整推动ESG理念分化，欧盟通过《企业可持续发展报告指令》等构建制度化监管体系，美国则因政治博弈呈现政策碎片化，这种差异加剧了全球治理的复杂性。而在这场博弈中，中国的ESG投资体系成效显著，政策从理念倡导转向规则博弈，上市公司信息披露率持续提升，国际评级表现向好。行业实践方面，电力、油气、钢铁等高碳行业成为ESG转型重点：电力行业ESG披露率超78%，评级整体提升但与股价相关性较低；油气行业以应对气候变化为核心，推动低碳技术与新能源融合；钢铁行业通过氢能冶炼、碳捕集等技术突破，探索绿色转型路径。资本端也迅速做出反应，ESG基金市场规模呈扩张趋势，2024年底达6725.3亿元，被动型产品占比提升，债券指数与ETF产品成为创新方向。绿色金融延伸出转型金融，弥补绿色金融对高碳行业支持的不足，通过转型债券、可持续发展挂钩信贷等工具助力钢铁、水泥等行业减排。碳金融作为ESG投资的重要支撑，通过碳交易、衍生品及绿色债券推动环境外部性内部化，但仍面临市场机制不统一、碳价波动等挑战。
在制度协同上，全国统一大市场通过破除区域壁垒、整合要素市场、统一监管标尺，为企业ESG投资提供系统性支撑，实证研究显示其显著提升了企业ESG表现。未来需在标准统一、国际合作、技术赋能等方面发力，推动ESG成为“双碳”目标与可持续发展的关键纽带。
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专题篇
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