Original title: Bringing financial water to the green economy
● Our reporter Huang Yiling and Kang Xi
On October 29, the “2021 Tianfu Financial Forum” was held in Chengdu. The guests at the conference reached a high degree of consensus on the contribution of green finance to carbon peaking and carbon neutrality, and pointed out that financial institutions and the national team of financial media should take multiple measures to help achieve the “dual carbon” goal.
“2021 Tianfu Financial Forum” is jointly guided by the Sichuan Provincial People’s Government and Xinhua News Agency, with academic guidance provided by the China Institute of Finance, hosted by the Sichuan Provincial Local Financial Supervision and Administration Bureau, and undertaken by the Bank of Sichuan Co., Ltd.
Work together to promote the achievement of the “dual carbon” goal
To promote the achievement of the “dual carbon” goal, policy guidance is indispensable. Yan Wenbin, member of the Xinhua News Agency’s party group and deputy president, believes that the current green finance-related policies can help achieve carbon peaks and carbon neutral goals in many ways.
“On the one hand, promote the green allocation of resources, and guide the transfer of market funds from high energy-consuming and high-polluting industries to green and environmentally friendly industries through encouragement and support policies and restraint mechanisms. At the same time, the government actively promotes the issuance of green bonds and cultivating ESG, etc. To further promote the transformation of enterprises from technology and structure to green and low-carbon,” said Yan Wenbin. On the other hand, promote the innovation of product transactions and promote the scientific and three-dimensional environmental evaluation system from the policy level. Companies are required to fully disclose information on carbon emissions, environmental governance, water and energy conservation, etc., to a greater extent, to eliminate the problem of information asymmetry between funders and financiers.
In addition to policy guidance, the support of financial forces is indispensable. Zhang Qingsong, President of the Agricultural Bank of China, believes that banking and financial institutions are an important part of China’s economy and finance and must be an important force in achieving the “dual-carbon” goal in China. We must improve our political position, fulfill our social responsibilities, and actively build a green financial business. System to promote the establishment of a market-oriented path for the realization of the value of ecological products.
“The capital market can play an important role in guiding the allocation of resources to the green and low-carbon fields, reasonably determining the pricing of green and low-carbon assets, innovating tools, and mitigating risks in the green and low-carbon fields,” said Li Hui, deputy general manager of the Shenzhen Stock Exchange.
Yan Wenbin pointed out that in the future, Xinhua News Agency and its financial media will strive to “strengthen reporting and analysis from a macro perspective, and provide a positive public opinion environment for improving the green financial policy system”, “providing high-end financial think tank support to promote the realization of the “dual carbon” goal” and “full Give full play to the responsibility of the media, strengthen the information disclosure and risk assessment of corporate environmental management, “build internal and external communication bridges, and promote internal and external linkages between China and the global green financial market” to help achieve the “dual carbon” goal.
Financial institutions usher in new business growth points
From the perspective of financial institutions, the realization of the “dual-carbon” goal poses new demands and challenges for financial services, and at the same time brings new opportunities.
“The low-carbon transformation will create huge investment and financing needs, and financial institutions will usher in new business growth points.” said Liu Jianjun, President of China Postal Savings Bank. According to estimates from the Institute of Climate Change and Sustainable Development of Tsinghua University, achieving carbon neutrality The accumulated new investment is about 138 trillion yuan, which is more than 2.5% of the annual GDP. Facing a funding gap of one hundred billion yuan, financial institutions are required to actively participate, innovate and enrich green financial products, increase the proportion of green financial business, and establish an image of a responsible commercial bank.
Liu Jianjun believes that in the process of low-carbon transition, as some high-carbon companies and projects gradually withdraw, the quality of financial assets will be under pressure. Financial institutions must have a clear understanding of this, strengthen forward-looking research and judgment on climate transition risks, and speed up the adjustment of development plans. Business direction and service targets, plan ahead and improve the corresponding risk prevention mechanism.
Liu Jiandong, Risk Director of Bank of China, proposed that commercial banks should take the initiative to play a leading role and meet the demand for green financial services through multiple channels. They can invest funds in green and low-carbon industries through indirect financial instruments such as credit, or through capital markets, venture capital, etc. Direct financial tools can guide the flow of funds to green and low-carbon industries. It can also use means such as resource allocation to guide the flow of social capital, labor and other elements to green and low-carbon industries.
A reporter from China Securities News noted that some banks have revealed the “blueprint” for future green finance at the forum. “We hope that Sichuan Bank’s green finance will account for more than 25% by 2030,” said Lin Gang, Party Secretary and Chairman of Sichuan Bank. Liu Jiandong said that during the “14th Five-Year Plan” period, the Bank of China will provide no less than 1 trillion yuan in financial support for the green industry, and the proportion of green credit will increase year by year.
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