从计划到资本：推动可信转型金融走向规模化

November 2025 Contents 1.2.3.4.5.6.7.8.0306121728313335373940444749515460Executive SummaryContextDefining Credibility: How Transition Finance Frameworks Converge on Transition PlansWhat the Data Reveals: Insights From Climate Transition Plan DisclosuresScaling Credible Transition Finance: Use Cases for Financial InstitutionsDegroof Petercam Asset ManagementAnonymous ASEAN InvestorCathay United BankNatWest GroupBanque de FranceEnabling Scale Through Policy DesignJapan GX Acceleration AgencyRe-defining Scope: From Climate to Nature in Transition FinanceFonds Objectif BiodiversitéThe Path Forward: Acting Now, Building TomorrowAppendix: Assessment MethodologiesReferencesCase studiesCase studyCase study Executive summary Scaling transition finance from US$2 trillion to US$6.7 trillion annually by 2030 requires confidencethat capital is flowing to companies that are genuinely transitioning. Transition planning data is thecornerstone of this confidence: it provides coherence, comparability, and accountability over time. The data exists -- and it’s actionable today global initiatives. FIs are usingthis intelligence to allocate capital,manage risk, and engage clientstoday. Policymakers can leverage itto identify system-wide barriers anddesign enabling environments. Thisis no longer theoretical – it is alreadybeing implemented and provides thefoundation for scaling action. This report shows that the dataalready exists to influence crediblecapital allocation and explainshow financial institutions (FIs)and policymakers can use it.Wesurface insights on climate transitionplanning KPIs disclosed by nearly12,000 companies through CDPin 2024, aligned with established 11,700 companies disclosedat least one climatetransition planning KPIthrough CDP in 2024 Transition finance in action FIs can deploy transition planningdata across four immediateapplications: The data is operational: Case studies in this report 544 Degroof Petercam AM Design transition-themedsustainable finance productsand identify opportunities Climate risk assessment foractively managed portfolios FIs representing over... US$145tn Major ASEAN investor Manage exposure to portfoliorisks and protect capital fromclimate-related losses A major Southeast Asianinvestor's approach toassessing transition plans in assets disclosed throughCDP with the majoritycurrently integratingtransition plan data in theirdue diligence processes. Targeted engagement withportfolio companies Cathay United Bank Partnering to scale disclosureand finance for SMEs Track and enhance portfoliocoverage in line with climate-related commitments andtargets NatWest Transition finance framework As financial institutions refineclimate risk modelling and pricingmethodologies, the quality oftransition planning is fast becoming adifferentiator for risk-adjusted returns.Alongside the data, we highlight casestudies from asset managers, banks,and a central bank to highlight theseapplications in practice. Banque de France Transition plan assessmentand corporate engagement Japan GX Acceleration Agency Integrating policy andpractice in transition finance Fonds Objectif BiodiversitéListed fund construction A blueprint for policymakers to accelerate transition address implementation bottlenecksand accelerate market readiness.Governments can scale credibletransition finance by embedding thecycle of disclosure, policy designand market action into nationaltransition planning. Transitionplanning data provides policymakerswith a new level of intelligence:where companies are well-prepared,where bottlenecks are emerging,and how public policy, marketdesign, and investment can de-riskand mobilize private capital. them – averaging five out of tendependency categories. Technologydevelopments, infrastructureand logistics, and regulatoryframeworks are most frequentlycited, revealing where policy must For policymakers, transitionplanning data reveals whereintervention can have thegreatest impact. We've delivered the world’sfirst aggregated picture of thedependencies underpinning realeconomy transition plans —revealing what companies needto succeed, and where systemicbarriers could stall progress if notaddressed. Among companieswith transition plans, 94% disclosedependencies critical to achieving 94% of companies with transitionplans disclose dependenciescritical to achieving them Insights from the real economy Our analysis of 2024 disclosures shows transition plans are already generating actionable intelligence Closing the financing and delivery gap of companiesdisclose havingany CapEx alignedwith their climatetransition plans11% Implementation financing is emerging but remains insufficient. While 72%of companies report emissions reduction initiatives, only 11% disclosehaving any transition-aligned capital expenditures (CapEx). Among thosequantifying, the median share of transition-aligned CapEx is 14%, rising to aplanned 26% by 2030. These figures underscore the need to bridg