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To achieve the goal of 'Net-zero Europe' by 2050, the European Union (EU) has set up detailed policies in the fields of energy and climate. This paper summarizes the main characteristics of relevant policies in the EU and UK and their implications for China by reviewing these policies in the achievement of the carbon neutrality goal and other goals in the energy and climate fields. The characteristics of these energy and climate policies include: ① Top-down and bottom-up approaches are adopted to distribute the EU' s overall emission reduction targets to member states in accordance with the principle of fairness, and each member state formulates and adjusts its own goals to ensure the realization of the overall goals. ② Detailed transition plans are formulated for the power, industry, transportation, and building sectors; importance is attached to the application of new and renewable energy technologies such as solar, wind, and hydrogen energy; specific goals are set concerning coal power transition, nuclear energy development, energy efficiency improvement, carbon capture and storage, electrification, and building renovations; and the importance of energy security in transition planning is stressed. ③ A sound and mature emissions trading system and a fair transition mechanism are established to support the realization of the transition goals, and developing countries are helped to reduce emissions through technical dialogues and climate financing. To reach peak carbon emissions and achieve carbon neutrality, China should develop relevant roadmaps at national, sectoral, and provincial levels and strengthen R&D of key decarbonization technologies. At the same time, China should enhance its regulatory regime, and improve the carbon emissions trading system, the green financial system, and the just transition mechanism. [ABSTRACT FROM AUTHOR]

Green bonds have increasingly been utilized around the world as a source of financing for renewable energy development, designed with compliance requirements and measurable economic returns to investors, while mitigating climate change. However, the efficacy of green bond arranged in the emerging economies for financing renewable energy assets and how the underlying risks are managed have remained to be explored. The paper aims to examine the evolving green financial system sponsored by both public and private institutions in managing such risks within China's emerging economy. A case study of green financing for a bundle of wind power assets led by a state-owned enterprise (SOE) reveals an alternative approach by structuring public–private collaboration while stipulating market-based financial incentives to institutional stakeholders under a political economy. This institutional consortium is composed of a state development bank, a commercial bank, credit rating agencies, institutional and private investors, regional power purchasers, and carbon trading entities. Financial stakeholders' risk in such emerging sustainable investment is moderated by these participating institutions and structured "upsides" from carbon trading aligned with the framework of green finance and standards for green bond development. The results reveal the potentials of scaling up the development of renewable energy by adequately managing and sharing key risks, while allocating substantial funding into renewable energy projects under such a green financial system that is to be complementary with a scalable post COVID-19 economic recovery. [ABSTRACT FROM AUTHOR]