How to develop green finance to better serve the construction of a beautiful China?
Recently, the People's Bank of China, the Ministry of Ecology and Environment, the State Financial Supervision and Administration, and the China Securities Regulatory Commission jointly held a symposium on green financial services for the construction of a beautiful China to convey learningXiThe Party Central Committee and the State Council have made overall arrangements for comprehensively promoting the construction of a beautiful China, exchanged experiences and practices related to financial support for green and low-carbon development and the construction of a beautiful China, and studied and deployed the next stage of work.
Building a Beautiful China is a major strategic arrangement made by the Party Central Committee, and developing green finance is an inevitable requirement to serve the construction of a Beautiful China. In recent years, my country's green finance development has achieved remarkable results. As of the end of March this year, the balance of green loans was 33.8 trillion yuan, a year-on-year increase of 35.1%, 25.9 percentage points higher than the growth rate of all loans; the balance of green bonds exceeded 1.9 trillion yuan, of which the balance of green financial bonds was approximately 870 billion yuan., accounting for more than 40% of the overall stock of green bonds, providing a stable source of funding for financial institutions to launch green credit.
Giving full play to the role of green finance and helping build a beautiful China is the common mission and responsibility of the financial system and the ecological and environmental system. Green finance is a systematic project involving many links such as laws and regulations, standard systems, environmental factor markets, financial infrastructure, financial products and services, policy support systems, and international cooperation. Cross-field and cross-department collaboration must be strengthened. It can be said that the development of green finance focuses on collaboration, but also the difficulty lies in collaboration. It is necessary to further strengthen top-level design, establish a joint working mechanism, and promote efficient policy coordination.
Improving laws and regulations is the guarantee. Without rules, there is no circle. The rule of law can consolidate the foundation, stabilize expectations, and benefit the long term. The ecological environment system and the financial system must be planned in an overall manner, clear rules, and unify standards. On the one hand, we will steadily promote legislative work and encourage qualified localities to take the lead in introducing local green finance regulations in accordance with the law. On the other hand, improve the green finance standard system to avoid inconsistent standards hindering the implementation of business. At present, it is necessary to effectively play the role of bond and stock markets, unify the use of raised funds, information disclosure, and regulatory requirements for green bonds, study and formulate green stock standards, and unify green stock business rules.
Building a market for environmental factors is the foundation. To develop green finance, we must look beyond finance and find good strategies. For example, if climate investment and financing activities are to be carried out, carbon prices must be used as a reference, and forming carbon prices requires a unified national carbon market. At present, my country's carbon market consists of two parts, namely, the national carbon emissions trading market and the national voluntary greenhouse gas emission reduction trading market. The two markets have their own focuses and are interconnected. It is necessary to gradually expand the industry coverage of my country's carbon market in stages, increase market activity, improve the quality of carbon emission data, and give full play to the role of a price discovery mechanism.
Enriching financial products and services is the driving force. The implementation of green finance relies on various financial products and services. Financial services should rely on the market of environmental factors to further enhance the level of specialization. First, we must have breadth and explore innovative products such as environmental rights mortgage loans, environmental benefit-linked loans, and green credit asset securitization. Second, it must be precise. Financial institutions and financing entities must carry out environmental information disclosure that is open, transparent, and evidence-based to ensure that financial resources flow accurately to the green field and prevent behaviors such as "green washing" and "green bleaching".
It is also necessary to coordinate development and security, taking into account the long-term and the present. When finance serves the green and low-carbon development of the economy, it cannot ignore the transformation of traditional energy. It is necessary to provide strong financial guarantees for energy security, accurately support clean energy, guaranteed supply of thermal coal, clean and efficient utilization of coal and electricity, and support high-emission industries and projects to achieve digital and intelligent upgrades.
Original title:Coordinate and collaborate to develop green finance
