氣候融資問題最早源于全球環境合作,隨著氣候治理與全球經濟、貿易和可持續發展等領域的協同演化發展,這一概念的內涵不斷得到豐富,包括了來自發達國家的公共資金資源如何用于支持全球提供氣候公共物品;如何管理和調控全球的金融市場和機構,為氣候目標的實現提供更多的資金;以及政策、市場與機構如何應對包括氣候變遷、極端天氣、能源轉型、碳價格在內的相關風險三個方面的內涵。本文系統回顧了全球氣候融資的發展歷程,概括出它在演化過程中表現的三個階段:由碳融資到氣候融資過渡、由公共部門向私人部門轉移、氣候風險主流化提速與氣候融資體系面臨重構。通過梳理最新的與氣候資金相關的法律文件、信息通報、文獻資料和智庫報告,可以發現目前全球氣候融資格局具有如下局限:(1)全球氣候公共物品供給尚未形成一體化機制;(2)各種資金機制之間的低協同性降低了氣候公共物品的供給效率;(3)新舊多邊發展機構缺乏協同機制與模式創新。本文進一步考慮美國"去氣候化"策略對全球氣候融資的影響,表明美國政府的退出策略加深了各界對巴黎目標的擔憂,氣候融資領導力由此進入更迭期。另外,化石能源投資短期內有反彈跡象,但向新能源轉型的全球趨勢尚未受到明顯沖擊。最后,本文提出了中國在未來全球氣候公共物品供給中角色定位及政策建議,包括推動建立一體化的全球氣候公共物品供給機制、完善新興多邊機構在應對氣候變化中的作用路徑與方式創新以及以氣候變化的南南合作為契機,加強我國氣候融資軟實力等。

This paper studies and reaches systematic carding on the development process of global finance,pointing out that the evolution of global climate finance has experienced three-stage transformation: from carbon finance to climate finance; the focus is shifting to the private sectors; the climate risk is becoming increasingly mainstreamed,while the climate finance system is confronted with reconstruction. According to the latest research and systematic review on the relevant documents,information,literature and thinktank report on the topic of climate capital,we argue that the current global climate finance pattern presents four aspects of the limitations:(1)the global world lacks integrated public goods supply mechanism in the area of climate;(2) the shortage of necessary coordination between different funding mechanisms leads to the decline of the overall efficiency of the provision of the climate publicgoods;(3) the old and new multilateral development agencies need to develop synergistic systems and foster the innovation of the developmental model. Aimed at the impact of the US government’s exit climate strategy on global climate finance,this paper combines current research predictions with market responses,which indicates that the accumulating concerns of the Paris target,states that climate finance leadership is on the way of transition. Fossil energy investment has rebounded in a short period of time and the global trend of the transformation to the world with new energy hasn’t been strongly affected. At the last of the paper,we propose a series of suggestions on the promotion of international community and multilateral cooperation in the re-construction of international cooperation mechanism; the establishment of parallel and coordinated climate public goods supply mechanism with the ODA in order to speed up the multi-innovation of emerging multilateral institutions that plays a functional role as channel in response to climate change; the improvement of China’s soft power in the field of climate finance based on the breakthrough of South-South cooperation.