Doing a good job in green finance is an important force in promoting sustainable economic and social development, and also an important content in improving the quality and efficiency of capital market services for the real economy. Recently, the China Securities Regulatory Commission released the "Implementation Opinions on the Five Major Articles of Doing a Good Job in Finance in the Capital Market" (hereinafter referred to as the "Implementation Opinions"), which proposed to "enrich the product system of the capital market to promote green and low-carbon transformation" and made specific arrangements for the capital market to do a good job in green finance. In the eyes of industry insiders, the capital market, as a core hub for resource allocation, is empowering green finance through multi-dimensional approaches such as product supply and ecological construction, becoming an important engine for promoting sustainable development. Taking the Implementation Opinions as a starting point, the future capital market is expected to further connect policies, products, and market chains, allowing funds to "live water" accurately irrigate sustainable development areas, achieving a "win-win" situation for economic growth and ecological benefits. The concept of sustainable development is integrated into daily business activities to address climate change, resource conservation, and environmental protection... The disclosure of sustainable development information by listed companies is gradually moving towards standardization. With the release of the "Guidelines for Sustainable Development Reports of Listed Companies" and "Guidelines for the Preparation of Sustainable Development Reports of Listed Companies", many listed companies have integrated the concept of sustainable development into their daily business activities. As of the end of 2024, more than 2200 listed companies have disclosed ESG or social responsibility reports, a year-on-year increase of over 20%, further demonstrating the investment value of high-quality companies. Among them, over 1000 listed companies have disclosed their carbon emissions to varying degrees, with an average annual growth rate of over 50% in the past three years; More than 40% of companies have established corresponding governance structures and institutional systems, and over 60% have identified and disclosed the process of analyzing important issues. Of course, there is still significant room for improvement in the disclosure of sustainable development information by listed companies. The Implementation Opinions propose to implement the sustainable information disclosure rules of the exchange and continuously strengthen the information disclosure requirements for listed companies to practice green development. Study and strengthen the construction of sustainable rating and certification systems, and improve regulatory mechanisms. Yang Chao, Chief Analyst of Strategy at China Galaxy Securities, believes that improving the green finance standard system in the capital market can enhance market transparency, boost investor confidence, incorporate environmental information into bond issuance rating methods through rating agencies, further implement the sustainable information disclosure rules of the exchange, and ensure that listed companies disclose relevant information in accordance with green development requirements. Enterprises themselves also need to be prepared Li Jing, Managing Partner of ESG Sustainable Development at Anyong Greater China, said that in improving internal governance, companies need to establish an ESG governance structure, clarify departmental responsibilities, form a collaborative mechanism, incorporate ESG into the assessment system, and motivate employee participation; Develop ESG strategies and plans, establish long-term and short-term goals, and outline implementation pathways. Enriching the green finance products in the capital market on the product side, there is also great potential for the capital market to serve green finance. According to Zhou Xiaozhou, spokesperson for the China Securities Regulatory Commission, since the pilot of green corporate bonds, a total of about 870 billion yuan has been issued, and innovative varieties such as carbon neutral bonds, low-carbon transition bonds, and blue bonds continue to emerge. Green themed funds are developing rapidly, with 350 funds and a scale of over 310 billion yuan by the end of 2024, covering ESG, low-carbon, new energy, climate change and other themes, and covering major asset classes such as stocks and bonds. The Implementation Opinions propose to support eligible green industry enterprises to issue green bonds, green asset-backed securities, etc. Further improve the convenience of green bond application acceptance, review and registration. By supporting green industry enterprises to issue green bonds, green asset-backed securities, and improving the convenience of green bond application, acceptance, review, and registration, it will help further promote the development of the green industry and provide more financing channels Yang Chao said. In Li Jing's view, low-risk green bonds attract conservative investors, and green equity products meet the needs of investors who pursue high returns. This will effectively expand the investor base of the green finance market and increase the supply of market funds. At the same time, enriching green financial products, encouraging financial institutions to innovate, developing more green financial tools that meet market demand, supporting the research and application of green technologies, promoting the deepening and expansion of the green financial market, will further promote the deep integration of the capital market and green industries. The Implementation Opinions also emphasize the launch of more green themed public funds. Deng Haiqing, Chief Economist of AVIC Fund, stated that green and "dual carbon" will become the key areas of the new wave of theme based and index based investment for public funds. Under the guidance of industrial upgrading with the theme of "new quality productivity+green", it is expected that new investment sectors such as artificial intelligence, biomedicine, nuclear energy, large aircraft, low altitude economy, and green "dual carbon" will emerge in 2025. Promoting the two-way opening of the green securities market and serving green development through opening up to the outside world is an important issue for the capital market. The Implementation Opinions propose to continuously deepen green international cooperation and promote the two-way opening of the green securities market. In the context of actively addressing climate change and pursuing sustainable development globally, deepening green international cooperation has become an inevitable trend Li Jing said that in the field of green finance, China and foreign countries can jointly develop innovative tools such as green bonds and carbon finance products to provide diversified financing channels for green projects. Meanwhile, as generative artificial intelligence gradually becomes the core force driving a new round of technological revolution, its powerful data analysis capabilities can provide technical support for the development of green finance and accelerate the digital transformation of the industry. The Implementation Opinions also propose to actively participate in the formulation of international sustainable standards and promote the International Sustainable Standards Council to further enhance the inclusiveness and operability of the standards. Li Jing believes that from the perspective of international cooperation, improving the green finance standard system will help domestic standards align with international standards, promote coordination and mutual recognition of international green finance standards, not only attract more international funds to flow into the domestic green finance market, but also significantly enhance China's discourse power and influence in the global green finance field, making China occupy a more important position on the international green finance stage. (New Society)