The 2025 Sustainable Global Leaders Conference is being held from October 16 to 18 at the Shanghai World Expo Park in Huangpu District. During the thematic dialogue on "The Restructuring of Global Economic Governance and the Future of Carbon Markets and Carbon Finance," Liu Shuguang, Chairman of JuPeng Bio Holding Group Co., Ltd., shared insights on carbon governance pathways, the gap in green finance, and innovations in financial tools. He proposed leveraging a "Government (G) - Technology (T) - Finance (F)" framework to transform carbon burdens into carbon benefits while calling for optimized policies and resource allocation.
Liu emphasized the need for a collaborative approach to carbon governance and sustainable development through the "GTF framework," which integrates government (G), technology (T), and finance (F). "First, the government needs effective policy guidance, and businesses should focus on carbon-related technologies, especially low-carbon and negative-carbon technologies. Importantly, financial support is essential, particularly in the early stages of technology development, where appropriate financial tools must align with government policy to enable effective technological advancement."
Liu outlined two critical facts regarding China's carbon landscape: on one hand, "China bears the world's largest carbon burden, emitting 12 billion tons of carbon dioxide annually, which is extremely significant," while on the other hand, "China also has vast effective carbon resources that are currently being wasted," such as biomass straw, municipal solid waste, and high-concentration industrial exhaust gases.
He believes the current core task is "how to convert the carbon burden and effective carbon resources into carbon benefits or earnings." By applying the GTF framework, "we aim to reduce China's carbon burden and utilize effective carbon resources to generate carbon revenue," which is a key area needing urgent attention.
Discussing the financial support for carbon trading, Liu pointed out the existing multidimensional mismatches. On an international level, "the volume of global financial bonds is substantial and growing rapidly, reaching 8 trillion USD." However, "the proportion of China’s annual carbon emissions compared to the total used for supporting green funds and bonds in that $8 trillion is, I believe, mismatched," highlighting a clear disparity in the allocation of green financial resources between China and abroad.
Regionally, he noted significant north-south disparities. "In regions like the Yangtze River Delta and the Pearl River Delta, which are economically advanced, the alignment of green finance support, government awareness, and the scale of green funds is quite impressive. Conversely, high-emission regions such as the northwest have relatively weak green finance support, despite having high carbon emissions," indicating a noticeable misalignment between regional resource availability and emission needs.
From the perspective of policy implementation, Liu criticized the lag in the approval efficiency of the CCER (China Certified Emission Reduction) methodologies. He urged, "Can we take this opportunity to call on relevant departments to be more open-minded and better adopt or introduce good technologies before imposing restrictions?"
Looking ahead, Liu Shuguang believes that the integration of financial tools with carbon assets will serve as a crucial breakthrough, particularly highlighting the connection between Real World Assets (RWA) and the carbon market. He explained that this direction holds advantages as "carbon assets can be transparently recognized and effectively established under international unified standards, thus facilitating their entry into the carbon market for trading," showcasing significant practical value for exploration.