Intensive deployment of "double carbon" support policies and accelerated the formation of capital "guarantee network"
2021-10-15
Recently, many departments have made an intensive voice, releasing a new round of signal of financial support to ensure the goal of carbon peaking and carbon neutralization (hereinafter referred to as "double carbon"). Improving the green financial evaluation system, guiding the financial system to provide financing support, and mobilizing more social funds to support green and low-carbon development will become the next policy starting point. As an important tool of financial support for the "double carbon" goal, the carbon emission reduction support tool is ready, and the next step will enter the release and implementation stage. Ministries and commissions intensively voice and deploy fund "guarantee network" Recently, many ministries and commissions such as the people's Bank of China, the national development and Reform Commission and the Ministry of ecological environment have made an intensive voice, emphasizing that they will further mobilize the enthusiasm of financial institutions and social funds and organize a "safety net" of "double carbon" funds. Li Gao, director of the climate change Department of the Ministry of ecology and environment, recently said at the 2021 meeting of the International Academy of green finance of the Central University of Finance and economics that promoting the systematic response of the financial system is of special significance to the implementation of the national strategy to actively respond to climate change and the realization of the "double carbon" goal. "To this end, we actively promote climate investment and financing together with the competent financial authorities, financial regulatory authorities and investment authorities." Chen Hongwan, director of the Department of Finance and credit construction of the national development and Reform Commission, said that the "double carbon" goal puts forward new and higher requirements for the development of green finance. Achieving carbon neutrality requires a huge amount of investment. We should guide the financial system to provide financing support in a market-oriented way. At the 2021 annual meeting of the green finance professional committee of the China finance society, Chen Yulu, vice president of the people's Bank of China, said that the low-carbon transformation of high-carbon industries and enterprises needs a lot of financial support. The current green financial system can not fully cover the transformation financial activities. We should deeply study how to establish the definition standards, disclosure requirements, incentive mechanism and supporting measures of transformation finance, Carry out pilot projects and issue corresponding guidance. Wang Xin, director of the Research Bureau of the people's Bank of China, recently wrote an article in China finance and suggested that priority should be given to exploring innovative monetary policy tools in the Great Bay area of Guangdong, Hong Kong and Macao to support the development of green finance. For example, create a refinancing mechanism to support green transformation projects, study reducing the risk weight of bank green credit assets, and set differentiated reserve ratio according to the scale of bank green credit. Gao Li, spokesman of China Securities Regulatory Commission, said at a regular press conference not long ago that she would further improve the green stock index system, support index institutions and market institutions to cooperate in the development of relevant financial products, and better serve the high-quality development of green industry. Previously, in response to the relevant suggestions of the deputies to the National People's Congress, the Ministry of Finance said that it was taking the lead in drafting the guiding opinions on financial support for carbon peak and carbon neutralization, which planned to enrich and improve a series of fiscal and tax support policies, actively build a fiscal and tax policy system to effectively promote green and low-carbon development, and give full play to the basic and important pillar role of Finance in national governance, Guide and drive more policies and social funds to support green and low-carbon development. Carbon emission reduction support tools are about to be implemented From the recent statement of the people's Bank of China, as an important starting point for financial support for the "double carbon" goal, the carbon emission reduction support tool is ready, and the next step will enter the release and implementation stage. At the regular meeting of the monetary policy committee of the people's Bank of China in the third quarter of 2021, it was mentioned that we should orderly promote the implementation and entry into force of carbon emission reduction support tools, so as to promote the realization of carbon peak and carbon neutralization and improve the green financial system. The people's Bank of China introduced the establishment of carbon emission reduction policy support tools in detail in the previous second quarter China monetary policy implementation report. It is understood that the carbon emission reduction support tool provides preferential interest rate financing, accurately and directly supports green development, and can effectively leverage social funds to promote emission reduction. At the same time, carbon emission reduction support tools can be "operable, calculable and verifiable", that is, clearly support key areas with significant carbon emission reduction effects, financial institutions can calculate carbon emission reduction driven by loans, and third-party professional institutions can verify the authenticity of information disclosed by financial institutions. Dong ximiao, chief researcher of Zhaolian finance, said that the carbon emission reduction support tools can include green refinancing, rediscount, differentiated deposit reserve ratio, targeted medium-term lending facility (tmlf), etc. from the current situation, it may be similar to the two monetary instruments directly reaching the real economy, that is, providing targeted low-cost funds to financial institutions that meet certain conditions, Financial institutions are required to provide financial support at preferential interest rates for key projects of energy conservation and environmental protection, such as green refinancing. Wang Yifeng, chief financial analyst of Everbright Securities, said that the carbon emission reduction support tool is an important structural monetary policy tool directly to the real economy. It is preliminarily judged that green finance refinancing is an optional way to support carbon emission reduction. In addition, the central bank can also strengthen policy support by setting differentiated deposit reserve ratio for qualified financial institutions, providing loan policy support related to carbon emission reduction on the conversion rate of qualified collateral, and strengthening the assessment of "double carbon" related indicators in the macro Prudential assessment (MPA) system. Difficulties such as single source of funds to be solved At present, China has made remarkable achievements in financial support for the realization of "double carbon". According to the data of the people's Bank of China, at the end of the second quarter of this year, the balance of domestic and foreign currency green loans in China reached 14 trillion yuan, a year-on-year increase of 26.5%. In the first eight months of this year, the issuance scale of China's green bonds exceeded 350 billion yuan, a year-on-year increase of 152%, exceeding the issuance amount of last year. Among them, carbon neutral bonds issued a total of more than 180 billion yuan. Although the absolute scale is considerable, there are still some difficulties in investment and financing in the "double carbon" field. "At present, the capital source of 'double carbon' investment and financing is relatively single, and it still relies on green credit. Direct investment and financing varieties such as green bonds and green equity financing are small in scale and account for a relatively low proportion. In addition, without the support of more risk mitigation tools, the investment and financing of green industry depends more on the policy level, and the willingness of social capital to actively intervene is not high The government's subjective initiative and sustainability are also insufficient to form a reasonable and effective pricing in the field of green finance, "said Ren Tao, a distinguished researcher of the national finance and development laboratory. Wang Yifeng believes that there are still some problems in China's investment and financing in the "double carbon" field, such as the relative lack of standard unity, and the information disclosure system still needs to be improved. For example, the "green drift" behavior in the development of some climate investment and financing may interfere with the effectiveness of some green credit. Wang Yifeng suggested to further improve the top-level design of green finance. On the one hand, establish a mandatory information reporting and disclosure system covering all kinds of financial institutions and financing subjects to promote information sharing between financial institutions and enterprises; On the other hand, financial institutions are guided to provide corresponding financial support through multiple ways such as monetary policy, credit policy, regulatory policy and industry self-discipline. At the same time, the ability of the financial system to manage climate change related risks is enhanced through tools such as climate risk stress test, environmental and climate risk analysis, and risk weight adjustment of green and brown assets. Ren Tao believes that we can give priority to supporting the listing, financing and refinancing of green enterprises under the same conditions, vigorously improve the proportion of direct financing of green industries, strengthen the disclosure of investment and financing information of green industries, and bring the investment and underwriting of green bonds into the evaluation scope of social responsibility of financial institutions. Give full play to the local initiative in the field of green finance, such as actively supporting the regional pilot work of green finance, encouraging local governments to strengthen financial investment support, formulating a negative list of investment to curb high-carbon investment, encouraging the introduction of models such as "government bank guarantee", "government bank insurance", "bank loan + risk guarantee compensation" and "tax financing", and establishing loss sharing, risk compensation Guarantee and credit enhancement mechanisms. (outlook new era)
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