? ? ?SUMMARY?1.1 ? 1.2 ? 1.3 ? 2.1 ? 2.2 ? 2.3 ? 3.1 ? 3.2 ? 3.3 ? ? ? ? ? ? ?CDM? ? ? ? ? 19 19 20 ? 24 26 30 ? 32 35 38 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?1.? ? ? ? ? ? ? ? ?“?”? “?”? ?“?”? ? ? ? ? ? ? ? ? ?2. ? ? ?3. ? ?2015?2020? ?19,632?24,646?2015? 12,219?2015?GDP?1.88%? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?4. ? ? ? ?CDM? ?OVERVIEWCLIMATE FINANCE SOURCES Climate finance in China comes from both domestic and foreign sources, which can be grouped into five basic categories: Public finance (domestic and international) Carbon market finance (essentially through the Clean Development Mechanism) Mainstream private sector finance (such as domestic and foreign bank loans) Direct investment (domestic and foreign) Charitable and NGO finance Figure 1 on the following page illustrates the flows and relationships of these different sources.?FIGURE 1. Climate finance sources and flows in China1 SOURCESMEDIAINSTRUMENTSCHANNELDEPLOYMENTPublic finance from developed countriesDonationDiverse channels of disbursementAdaptationMitigationConcessional loansIncentive policiesRisk managementBondsStock equityOthersCarbon credit and derivativesLoans with market interest rateMultilateral financial institutions and fundsBilateral financial institutions and fundsChina CDM FundOther policy fundsPolicy banksSocial security fundSovereign wealth fundsInsurance companiesCommercial banksInvestment banksInvestment fund managersOthersCarbon finance services and intermediaries; carbon funds, carbon assets management