中国钢铁行业转型金融激励机制：有效路径、关键挑战与行动建议

About the Climate Bonds Initiative Contents Climate Bonds Initiative (Climate Bonds) is an internationalorganisation working to mobilise global capital for climateaction. It promotes investment in projects and assets neededfor a rapid transition to a low-carbon, climate resilient, and faireconomy. The mission focus is to help drive down the cost ofcapital for large-scale climate and infrastructure projects andto support governments seeking increased capital marketsinvestment to meet climate and greenhouse gas (GHG) emissionreduction goals. Climate Bonds conducts market analysis andpolicy research; undertakes market development activities;advises governments and regulators; and administers a globalgreen bond Standard and Certification scheme. Report summary3 1. Introduction4 1.1. Decarbonising China’s steel sector:emissions burden and financing challenge4 1.2. China’s evolving transition finance marketis insufficient for the steel sector investmentrequirement5 2. Effective incentives for scaling up transitionfinance in the steel sector6 2.1. Strengthening identification frameworks6 Acronyms and abbreviations 2.2. Implementing government-ledfinancial incentives10 BF-BOF:blast furnace - basic oxygen furnace 2.3 Enhanced multi-stakeholder coordination14 Climate Bonds:Climate Bonds Initiative CBAM:Carbon Border Adjustment Mechanism 3. Principal challenges posed by existing Chinasteel sector transition finance incentives16 CCER:China Certified Emission Reduction Insufficient motivation for steelmakers16Lack of effective incentives forfinancial institutions16Underdeveloped demand-side incentives16 CCUS:carbon capture, utilisation, and storage CNY:ISO (International Organisation for Standardisation) codefor Chinese currency unit. DRI:direct reduced ironmaking EAF:electric arc furnace 4. Conclusion and recommendations17 ETS:national emissions trading scheme Appendix19 GHG:greenhouse gas NDRC:National Development and Reform Commission OECD:Organisation for Economic Co-operationand Development PBoC:People’s Bank of China Report summary Since China announced its dual carbon goals of achieving acarbon peak by 2030 and carbon neutrality by 2060, China’ssteel sector has faced increased pressure to accelerate itsdecarbonisation. The steel sector is one of the largest sourcesof national emissions, so meeting this challenge will requirenot only a rapid technological upgrade but also significantinvestment given that the main decarbonisation pathways,including hydrogen-based direct reduced iron and electric arcfurnaces (EAFs), demand large-scale and long-term capitalcommitments. To support this process, transition finance hasemerged as a principal tool to progress both policy frameworkdevelopment and market growth. 1. Effective transition finance policies and economicincentives include strengthening identificationframeworks, providing government-led financialincentives, and enhancing multi-stakeholdercoordination,which serve as direction-setting, pricing, andenabling tools, respectively, and together form the foundationfor scaling up high-quality transition finance. 2. In China’s steel sector, an initial policy incentiveframework is emerging, with pilot regions such as Hebeileading the implementation and innovation.Hebeihas issued sector-specific transition finance guidelines,developed standard templates for corporate transition plans,and provided cost-based incentives for ultra-low emissionsretrofits and energy efficiency upgrades. It has also facilitatedstakeholder collaboration to gradually build a supportiveecosystem. These initiatives have fostered the expansion oftransition finance tools within Hebei and companies takingthe lead on developing transition plans. Nevertheless, for most steelmakers decarbonisation is not yetcommercially viable due to sluggish growth, long investmentpayback periods, and the inability to apportion the additionalcost of producing low-carbon steel across the value chain. Thiscontributes to the lack of credible and investable transitionfinance projects for financial institutions, which have shownrelatively low enthusiasm in scaling up their transition financeofferings due to the absence of a clear and stable identificationframework for transition finance and the limited returnexpectations of many decarbonisation projects. 3. Despite such progress, current incentives are notdesigned to provide tailored support to the core needs ofimportant stakeholders, namely steel enterprises, financialinstitutions, and downstream buyers of low-carbonsteel.This limits the willingness of financial institutions toparticipate, making decarbonisation financially unattractive forsteelmakers, and restricts the demand for low-carbon steel. This report focuses on the role of incentives, namely policyarrangements or economic levers designed and implementedby governments or market actors, which guide stakeholderbehaviour by providing economic benefits or sending clearregulatory signals.