This issue of the Quarterly focuses on international trends, Chinese practice, and realworld bottlenecks in inclusive green finance, exploring how to foster more effective synergies between green transition and financial inclusion through standard alignment, product innovation, digital infrastructure, and public funding support.

In the early summer of 2026, the landscape of global sustainable finance governance is undergoing a profound restructuring. With the global implementation of ISSB standards and the phased recalibration of the European Union’s regulatory framework, the market stands at a critical crossroads defined by "compliance reshaping" and "standard-setting competition." This quarterly issue provides an in-depth analysis of the trends in sustainable information disclosure, explores the challenges of institutional implementation, and offers a forward-looking perspective on its long-term significance.

As the "15th Five-Year Plan" period kicks off, accelerating the green and low-carbon transition is taking center stage in the pursuit of high-quality development. Consequently, the carbon market, serving as the core mechanism driving this transformation, is growing in significance. However, extensive debate persists among academics and industry practitioners regarding the role financial products should play in the carbon market, and international practices have also demonstrated divergent models.

As the global response to climate change intensifies, public finance systems are facing increasing pressures. A key challenge for policymakers worldwide is to design fiscal policy instruments that balance efficiency with equity, while effectively steering the green transition of economies and societies.

Currently, global climate governance and the international trade system are undergoing drastic changes simultaneously, and the contradiction between countries' differentiated climate policies and trade competitiveness is also deepening continuously.

The number of countries adopting green taxonomy has increased from just a few to nearly 50 over the past five years. How has green taxonomy developed during this time? What challenges does it face? What is the way forward?

Amid the intensifying global climate crisis, a challenging post-pandemic economic recovery, and mounting geopolitical tensions, green industrial policies are gaining renewed attention and emerging as a critical priority on the global policy agenda.

To meet the goals of the Paris Agreement, there is a significant need to increase investments, particularly in developing countries. However, due to constrained fiscal capacities, a substantial portion of the required investments must come from the private sector. Blended finance is widely regarded as the key to mobilizing private capital.

A 'just transition' means moving to a low-carbon economy in a way that's fair to everyone. While the initiative is well recognized among the international community, who will pay for it remains an unsettled issue.

Does climate change pose risks to the financial system? If so, how should central banks and regulatory authorities address these climate risks?

China's CCER, relaunched in 2023, is expected to establish the world's largest voluntary carbon market. What are the key challenges in the development of voluntary carbon markets? How can the CCER market connect with global markets and align with international standards?

Why carbon pricing schemes are not popular? Why many countries prefer "non-pricing" policy instruments? What are the optimal policy packages for achiving net zero?

How does the Carbon Border Adjustment Mechanism (CBAM) impact global trade, and how does it shape the global climate policy landscape?

Does ESG (Environmental, Social, and Governance) add value to investments? Where will ESG investing be in the next five years?

What is the Transition Finance Framework, and does it help facilitate green investment?