On September 22, 2020, China solemnly declared at the 75th General Debate of the United Nations General Assembly that China aims to peak its carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060. In 2025, five years later, China's low-carbon development trajectory will usher in a profound turning point. The core driving force behind this grand transformation is shifting from strong national policy mobilization to endogenous market forces and strategic choices of enterprises. This year, the top-level design has continued to improve, the market mechanism has begun to show its power, and key industries have entered the deep water zone for transformation. A development path that combines policy guidance with endogenous market forces has become clear. In 2025, the introduction of a series of key policy documents has laid a solid institutional foundation for green and low-carbon transformation. In May, the State Council executive meeting reviewed and approved the "Action Plan for Green and Low Carbon Development of Manufacturing Industry (2025-2027)". The meeting pointed out the need to accelerate green technology innovation and the promotion and application of advanced green technologies, and strengthen the green background of new industrialization. To promote the deep green transformation of traditional industries, combined with the implementation of policies such as large-scale equipment updates, actively apply advanced equipment and processes, and accelerate the green transformation and upgrading of key industries. In August, the Central Office and the State Council issued the "Opinions on Promoting Green and Low Carbon Transformation and Strengthening the Construction of the National Carbon Market" (hereinafter referred to as the "Opinions"), which outlined a clear roadmap for the expansion and deepening of the national carbon emission trading market. The Opinion proposes that by 2027, the national carbon emission trading market will basically cover major emission industries in the industrial sector, and the national voluntary greenhouse gas emission reduction trading market will achieve full coverage in key areas. In October, the Ministry of Ecology and Environment compiled the "2025 Annual Report on China's Policies and Actions to Address Climate Change" (hereinafter referred to as the "Report"), which detailed solid progress such as "the expansion of the national carbon market is imminent" and "renewable energy installed capacity surpasses coal-fired power". The report mentions that the construction of the national carbon market has entered a new stage. After more than four years of construction and operation, the framework of the national carbon emission trading market system has been basically established, and the market operation is stable and effective, becoming the main way of carbon pricing in the country. As of the end of September 2025, the cumulative trading volume of quotas is 728 million tons, with a turnover of 49.83 billion yuan. Among them, the annual turnover in 2024 is 18.044 billion yuan, reaching a historical high, and the role of price "baton" is gradually emerging. The completion of quota clearance has improved comprehensively, with a total of 2096 key emission units included in the 2023 quota management of the national carbon emission trading market. The total amount of quotas that should be cleared is 5.244 billion tons, and the actual amount cleared is 5.243 billion tons. The completion rate of quota clearance has reached the highest level in history. In November, the State Council issued a white paper titled "China's Action to Achieve Carbon Peak and Carbon Neutrality", which elaborated on the Chinese path to promote carbon peak and carbon neutrality to the world system. The white paper points out that in the past five years, China has firmly established and practiced the concept that green mountains and clear waters are as valuable as mountains of gold and silver, and has taken strong actions and made arduous efforts to promote historic achievements in green and low-carbon transformation. The white paper mentions that in the past five years, China has built the world's most systematic and complete carbon reduction policy system, established the world's largest and fastest developing renewable energy system, formed the world's largest and most complete new energy industry chain, achieved the world's largest and fastest promotion and application of new energy vehicles, contributed about a quarter of the world's new green area, and become one of the countries with the fastest decline in energy intensity in the world. It has explored an effective path for green and low-carbon development in developing countries, making important contributions to addressing global climate change and achieving sustainable human development. However, what truly makes the low-carbon narrative vivid and impactful in 2025 is the collective action of market entities. The annual ESG series report recently released by the China Association of Listed Companies reveals a key change: ESG (Environmental, Social and Governance) information disclosure has shifted from "regulatory requirements" to "value necessity". More than half of A-share listed companies have released relevant reports, stating that they are not simply responding to policies, but actively internalizing environmental responsibility as their core competitiveness under multiple pressures from global supply chains, international capital, and consumer preferences. Hu Jianyu, Managing Partner of Deloitte China's Sustainability and Emerging Technologies Assurance Business, pointed out that more and more Chinese companies are actively managing ESG. ESG is no longer just a "bottom line requirement" for corporate compliance, but has become a key factor determining the long-term sustainable operation of enterprises, efficient and stable operation of capital markets, and even the healthy development of the entire value chain. Precise drip irrigation of financial vitality, and simultaneous progress in green investment and financing scale and innovation. As of the end of the third quarter of 2025, the balance of green loans in China has reached 43.51 trillion yuan, maintaining high-speed growth. More notably, the issuance of green finance bonds is expected to experience a surge in 2025. According to Wind data, as of mid December, the scale of green financial bonds issued by the banking industry this year exceeded 530 billion yuan, an increase of over 186% compared to the same period last year, showing characteristics of doubled scale and diversified entities. The focus of market attention is expanding from "pure green" projects to the broader field of "transformational finance". Ma Jun, Director of the Green Finance Professional Committee of the Chinese Society of Finance, believes that transformational finance is the next trend, and the amount of financing to support the low-carbon transformation of high carbon industries in the future will be extremely considerable, as it is related to the process of 90% of China's economic activities moving towards zero carbon. It is worth noting that the recently held Central Economic Work Conference has included "dual carbon" as a key task for next year. The meeting pointed out that we should adhere to the guidance of "dual carbon" and promote comprehensive green transformation. Deepen the energy-saving and carbon reduction transformation of key industries. Develop a plan outline for building an energy powerhouse, accelerate the construction of a new energy system, and expand the application of green electricity. Strengthen the construction of the national carbon emission trading market. Implement comprehensive solid waste management actions, deepen the defense of blue sky, clear water, and clean land, and strengthen the treatment of new pollutants. Solidly promote the "Three North" project and implement the integration and optimization of natural protected areas. Strengthen the construction of meteorological monitoring, forecasting, and early warning systems, accelerate efforts to fill the gaps in flood control, drainage, and disaster relief infrastructure in northern regions, and improve the ability to cope with extreme weather conditions. Looking ahead, China's low-carbon transformation has entered a "deep promotion period" dominated by the market. The industry believes that future competitions will focus more on how to reduce green premiums through technological innovation, how to discover more effective carbon prices through mechanisms such as carbon markets, and how to build green competitiveness covering the entire industry chain. This profound systemic change is not only related to climate goals, but also a reshaping of development models, industrial future, and national competitiveness. (New Society)