In the face of the severe challenge of global climate change, carbon neutrality has become the core strategy for the economic development of various countries. From the breakthroughs in zero - carbon technologies to the innovation of green finance, carbon neutrality is not only a technological revolution but also an “alchemy” of value transition. This article will deeply analyze the technological paths and investment logic behind carbon neutrality and seek the “Davis Double - click” in the green economy.

I. Technological Paths to Carbon Neutrality: From Zero - carbon to Negative - carbon

1.1 The Three Pillars of Zero - carbon Technologies

The core of carbon neutrality lies in reducing carbon emissions, and zero - carbon technologies are the key to achieving this goal. Zero - carbon technologies mainly include the following three pillars:

1. Clean Energy: The large - scale application of renewable energy sources such as wind energy, solar energy, and hydropower. Take solar energy as an example. It has the characteristics of wide distribution and inexhaustibility. In recent years, with the continuous progress of photovoltaic technology, the efficiency of solar power generation has been gradually improved. Wind energy is divided into onshore wind power and offshore wind power. Offshore wind power has developed rapidly in recent years due to its advantages such as stable wind speed and no occupation of land area. Hydropower is a relatively mature clean energy source. Large - scale hydropower stations such as the Three Gorges Hydropower Station have a huge installed capacity and provide a large amount of stable clean electricity for the power grid.

2. Energy Conservation and Emission Reduction: Reduce energy consumption and carbon emissions through technological transformation, equipment renewal, and management optimization. For example, in the industrial field, many enterprises adopt advanced waste heat recovery technology to convert the waste heat generated in the production process into available energy and improve energy utilization efficiency. In the construction field, the promotion of energy - saving doors and windows, high - efficiency insulation materials, etc. can reduce building energy consumption. In the transportation field, the development of new energy vehicles can significantly reduce exhaust emissions compared with traditional fuel vehicles.

3. Carbon Capture, Utilization and Storage (CCUS): Capture and store the carbon dioxide generated in the industrial production process to prevent it from being emitted into the atmosphere. This technology mainly includes three links: carbon dioxide capture, transportation, and storage. In the capture link, there are various technologies such as pre - combustion capture, post - combustion capture, and oxy - fuel combustion available for selection according to different industrial scenarios. In terms of transportation, the captured carbon dioxide can be transported to suitable storage sites, such as depleted oil and gas fields and deep saline aquifers, through pipelines, ships, etc.

To present the relevant information of the three pillars of zero - carbon technologies more intuitively, the following is a comparison table:

Typical Case: The Rise of China’s Photovoltaic Industry

Through technological innovation and large - scale production, China’s photovoltaic industry has reduced the cost of photovoltaic power generation from 2 yuan per kWh in 2010 to 0.2 yuan per kWh in 2025, becoming the world’s largest photovoltaic market. In 2024, China’s installed photovoltaic capacity exceeded 500 GW, accounting for more than 40% of the global total installed capacity. The development of China’s photovoltaic industry benefits from policy support, R & D investment, and a complete industrial chain. Many enterprises have continuously increased R & D in photovoltaic cell technology, module manufacturing processes, etc., improved product conversion efficiency and quality, and at the same time, large - scale production has effectively reduced costs, making Chinese photovoltaic products highly competitive in the global market.

1.2 The Future Potential of Negative - carbon Technologies

Negative - carbon technologies refer to the absorption of carbon dioxide in the atmosphere through means such as afforestation and ocean carbon sequestration. For example:

• Forest Carbon Sinks: Through large - scale afforestation, China absorbs about 200 million tons of carbon dioxide annually. Forests are like huge “carbon reservoirs”. Trees absorb carbon dioxide through photosynthesis and fix it in wood, soil, and vegetation. With the increase in forest area and the improvement of forest quality, their carbon sequestration capacity will be further enhanced.

• Ocean Carbon Sinks: Increase the ocean’s ability to absorb carbon dioxide through technologies such as ocean fertilization and seaweed cultivation. The ocean covers most of the earth’s surface and has huge carbon sequestration potential. Ocean fertilization is to add specific nutrients to the ocean to promote the growth of phytoplankton, thereby increasing the absorption of carbon dioxide. Seaweed cultivation can not only absorb carbon dioxide but also has high economic value and can be used in many fields such as food and medicine.

II. Green Finance: The Capital Engine of Carbon Neutrality

2.1 The Definition and Role of Green Finance

Green finance refers to the financial services provided to support economic activities that improve the environment, address climate change, and enable efficient use of resources. It promotes the realization of the carbon neutrality goal by guiding social capital to flow into green fields. Green finance plays a crucial role in the process of carbon neutrality. On the one hand, it provides the necessary financial support for green projects, enabling many projects that were difficult to carry out due to lack of funds to be implemented. On the other hand, through market mechanisms, it prompts the transfer of funds from high - pollution and high - energy - consuming fields to green and low - carbon fields, optimizes resource allocation, and promotes the green transformation of the economic structure.

Data Support: The Scale and Growth of Green Finance

According to data from the People’s Bank of China, in 2024, the balance of green loans in China reached 20 trillion yuan, and the issuance scale of green bonds exceeded 5 trillion yuan, both ranking among the top in the world. The following is a table showing the growth of the scale of green finance in China:

It can be clearly seen from the table that in recent years, the balance of green loans and the issuance scale of green bonds in China have shown a steady growth trend, reflecting the continuous expansion of the green finance market.

2.2 Innovative Products of Green Finance

1. Green Credit: Provide low - interest loans for clean energy projects to reduce the financing costs of enterprises. Financial institutions such as banks offer preferential loan interest rates to enterprises based on the green attributes and risk assessment of projects. For example, for large - scale wind power projects, green credit can provide long - term and low - interest capital support, helping enterprises reduce repayment pressure and improve the feasibility and profitability of projects.

2. Green Bonds: Raise long - term and stable funds for green infrastructure projects. The issuers of green bonds can be governments, enterprises, etc. The raised funds are specially used for green projects, such as urban rail transit construction and sewage treatment facility upgrades. Green bonds have clear environmental benefit goals. Investors can contribute to environmental protection while obtaining economic returns.

3. Green Funds: Invest in low - carbon technologies, renewable energy, and other fields to share the dividends of the green economy. Green funds pool social funds and invest in green enterprises and projects with growth potential, promoting the R & D and industrial application of related technologies. For example, some enterprises focusing on the R & D of new energy vehicle battery technology may receive investment support from green funds.

The following is a comparison table of innovative products of green finance:

Typical Case: The Green Finance Practice of CICC

CICC has raised funds for a number of photovoltaic and wind power projects through the issuance of green bonds, with a cumulative investment scale of more than 10 billion yuan, promoting the rapid development of clean energy. CICC actively explores in the field of green finance. With its professional financial service capabilities and market influence, it accurately connects the financing needs of clean energy projects. By carefully designing green bond products, it has attracted the attention of a large number of investors, providing sufficient financial support for the smooth construction and operation of projects, and effectively promoting the development and growth of the clean energy industry.

III. Investment Logic: Seeking the “Davis Double - click” in the Green Economy

3.1 Investment Opportunities in the Context of Carbon Neutrality

Carbon neutrality is not only an environmental revolution but also an economic revolution. Investors can capture “Davis Double - click” opportunities through the following fields:

1. Clean Energy: The rapid growth of industries such as photovoltaics and wind power. With the continuous increase in the global demand for clean energy, the photovoltaic and wind power industries have entered a golden development period. The photovoltaic industry has continuously advanced in technology, continuously reduced costs, and gradually expanded its market share. Driven by technological innovation and large - scale development, the wind power industry also shows a good development trend, and offshore wind power has become a new investment hotspot.

2. Energy Conservation and Emission Reduction: The application of technologies such as high - efficiency energy - saving equipment and smart grids. In the field of energy conservation and emission reduction, the demand of enterprises for high - efficiency energy - saving equipment is increasing day by day. Investing in this field can benefit from the demand of enterprises to reduce costs and improve competitiveness. The development of smart grid technology helps to improve the operation efficiency and stability of the power system and optimize energy distribution, with broad market prospects.

3. Carbon Trading Market: Investment opportunities brought by carbon emission trading. With the gradual improvement of the carbon trading market, carbon emission rights have become an asset with market value. Enterprises can reduce carbon emissions through energy conservation and emission reduction and sell the surplus carbon emission rights for profit; while enterprises with excessive carbon emissions need to purchase carbon emission rights, which provides investors with investment opportunities to participate in the carbon trading market.

Data Support: The Capital Inflow of Carbon Neutrality ETF

In January 2025, the Carbon Neutrality ETF (159790) had a net capital inflow of 390 million yuan in 18 days, reflecting the high attention of the market to the carbon neutrality theme. This data shows that more and more investors are aware of the huge investment potential in the carbon neutrality field. By investing in the Carbon Neutrality ETF, they can indirectly participate in the development of carbon - neutrality - related industries and share the dividends brought by the growth of the industry.

3.2 Investment Strategies: The Balance between Long - termism and Opportunity Cost

1. Long - termism: Focus on industries with long - term growth potential, such as photovoltaics and new energy vehicles. These industries are supported by long - term policies, with continuous growth in market demand and great room for technological innovation. For example, with the continuous increase in the global demand for new energy vehicles, enterprises in the upstream and downstream of the new energy vehicle industry chain will usher in long - term development opportunities. From battery manufacturing, vehicle production to charging pile construction and other fields, there are broad investment prospects.

2. Opportunity Cost: Select enterprises with transformation potential in traditional high - carbon industries, such as steel and chemical industries. Although traditional high - carbon industries face emission reduction pressure, some enterprises are actively transforming to low - carbon through technological transformation, industrial upgrading, etc. Investing in these enterprises can not only obtain certain returns in the short term but also share the long - term growth dividends after the successful transformation of the enterprises. For example, some steel enterprises have increased their investment in electric arc furnace steelmaking technology, waste heat and pressure recovery and utilization, etc., to achieve energy conservation and emission reduction and enhance their competitiveness.

Typical Case: The “Davis Double - click” in the Steel Industry

In the context of carbon neutrality, some steel enterprises have achieved a double increase in performance and valuation through technological transformation and green transformation. Leading enterprises such as HBIS Group, Jianlong Group, Shougang Group, Beigang New Materials, and Xingtai Iron and Steel have reduced production costs by introducing advanced energy - saving and emission - reduction technologies, and at the same time, actively deployed green steel products to meet the market demand for low - carbon steel. The improvement in performance has made investors confident in the future development of the enterprises, driving the rise in stock prices and achieving the “Davis Double - click” of performance and valuation.

IV. The Future of Carbon Neutrality: The Co - evolutionary of Technology and Capital

4.1 The Virtuous Cycle of Technological Breakthroughs and Capital Support

The realization of carbon neutrality requires the co - evolutionary of technology and capital. Technological innovation provides investment opportunities for capital, and capital support accelerates the commercial application of technology. In the research and development of new energy battery technology, some enterprises have achieved technological breakthroughs through a large amount of R & D investment and developed battery products with better performance. This technological breakthrough has attracted the attention of capital. The injection of capital further promotes enterprises to expand production scale, optimize production processes, accelerate the commercialization process of products, and increase market share. At the same time, with the expansion of the market and the enhancement of the profitability of enterprises, it provides financial support for the further technological R & D of enterprises, forming a virtuous cycle.

4.2 Global Collaboration: The Common Mission of Carbon Neutrality

Carbon neutrality is not only China’s goal but also the common mission of the world. Through international cooperation, countries can share technology, capital, and market resources to accelerate the process of carbon neutrality. In terms of technology sharing, developed countries can transfer advanced clean energy technologies and energy - saving and emission - reduction technologies to developing countries to help developing countries enhance their ability to address climate change. In terms of capital cooperation, international financial institutions can provide financial support for green projects in various countries to promote the development of the global green industry. In terms of market resource sharing, countries can promote the global circulation of green products and services through the establishment of free trade agreements and other means to achieve mutual benefit and win - win results.

Conclusion

Carbon neutrality is not only a technological revolution but also an “alchemy” of value transition. From zero - carbon technologies to green finance, from clean energy to the carbon trading market, carbon neutrality has brought unprecedented opportunities and challenges to the global economy. In this transformation, the co - evolutionary of technology and capital will become the key force to