To serve the national "dual carbon" strategic goal and fully leverage the pivotal role of green finance in guiding resource allocation and promoting comprehensive green transformation of the economy and society, Shanghai Clearing House sets provincial carbon markets as innovative pilots, with a focus on serving the national unified carbon market. We actively explore and establish carbon finance business models both in spot and derivatives market which can be replicated and promoted in scale. In 2017, in collaboration with the c, we launched China's first and only standardized carbon financial derivative product—the Shanghai Emission Allowance Forward (SHEAF), which adopts a central counterparty (CCP) clearing model and aligns with international practices. In 2024, together with the Guangzhou Emissions Exchange and commercial banks, we introduced an online emission allowance pledge information service to help small and medium-sized enterprises optimize their carbon assets and broaden financing channels, which was implemented in the Hubei carbon market in 2026. Currently, the Shanghai Clearing House is advancing the development of carbon emission rights repurchase clearing business, aiming to launch it in 2026.