Wang Huizhi
Associate Researcher, Institute of Economic Analysis and Forecasting, Tianjin Academy of Social Sciences
Finance has played a key role in promoting the green and low-carbon transition of the economy and sustainable development. Therefore, accelerating the development of green finance is an important part of serving the national carbon emission reduction target and green development strategy.
With the goal of carbon peak and carbon neutrality, a large amount of capital is needed to invest in green and low-carbon fields such as carbon emission reduction and clean energy. According to research and calculations by relevant institutions, to achieve carbon peaks, China‘s annual funding needs to exceed 3 trillion yuan. At present, China’s climate investment and financing have problems such as narrow channels, uncertain sources of investment and financing, and uneven regional development. The low-carbon emission reduction finance provided by traditional financial institutions cannot meet the funding needs of China's low-carbon transformation and development. It is urgent to give play to the guiding role of green finance to attract more social capital into the green and low-carbon field.
We should establish a green finance policy system oriented towards carbon peaking and carbon neutrality. Formulate and improve China's laws and regulations related to climate change, clarify the investment and financing policies under the carbon peak and carbon neutral goals, and determine the responsibilities of financial institutions in carbon investment and financing projects. Integrate carbon peak and carbon neutral goals into top-level design of financial institution development concepts, development strategies and development plans, strengthen financial policy support for low-carbon development, promote the development of green finance, especially the climate investment and finance market, and encourage financial institutions to participate in low-carbon development and green financial products related to climate change. At the same time, improve the policy coordination mechanism between green finance and carbon peaking and carbon neutrality, strengthen the coordination of fiscal, taxation, and green finance policies with the national low-carbon development medium and long-term strategic goals and related industry policies, and establish low-carbon projects and low-carbon policies. The coordination mechanism of investment and financing channels forms a joint force for green finance development policies.
We should improve the investment and financing standard system with carbon peaking and carbon neutrality as the core elements. In accordance with the goals of carbon peak and carbon neutrality, improve the green finance standard system, revise the green credit, green industry and other related standards, strengthen the connection between green finance standards and existing relevant technology and industry standards, and promote the development of green finance in China and the Principles, “Equator Principles”, “Climate Bond Standards”, “Sustainable Finance Classification Scheme” and other international standards are in line to achieve “domestic unification and international integration” of green finance standards. Take carbon peaking and carbon neutrality as core elements, incorporate it into the green finance standard system, and establish a standard system for green investment and financing in the low-carbon field, including low-carbon project standards, climate information disclosure standards, and low-carbon performance evaluation standards. Promote the establishment of a third-party certification system for low-carbon projects to effectively screen and define low-carbon projects.
We should establish a green financial incentive mechanism oriented towards carbon peaking and carbon neutrality. Improve the investment and financing environment for green and low-carbon industries and projects, and guide funds to favor industries and projects that address climate change and low-carbon emissions. Encourage financial institutions to set up re-lending mechanisms specifically to support low-carbon projects, actively explore transformation financing, including financial instruments such as transformation funds, transformation bonds, transformation insurance, and support the low-carbon transformation and upgrading of high-carbon industries and enterprises. Expand financing channels, guide society and market entities to carry out green investment and financing activities, effectively mobilize social capital in the process of low-carbon project investment and financing, and promote cooperation between government and social capital through a variety of cooperation models. Incorporate carbon footprint into the evaluation and assessment system of bank assets, reduce the risk weight of green and low-carbon assets, increase the risk weight of high-carbon assets, strengthen financial risk prevention, and explore the establishment of a climate investment and financing risk management mechanism under the goal of carbon peak and carbon neutrality , Improve the multi-level green and low-carbon technology innovation risk management system. Accelerate the construction of pilot projects for climate investment and financing, and explore a number of investment and financing development models that are point-to-face, sustainable and extendable.
Promote the development of carbon emission rights and carbon finance with the goal of carbon peaking and carbon neutrality. Accelerate the construction of a unified national carbon emission trading market, establish institutionalized total volume limits, price control mechanisms and carbon market pricing rules, strengthen the financial attributes of the carbon market, improve the carbon market risk control mechanism, and gradually expand the industry in the carbon trading market Coverage and subject coverage. Benchmarking internationally leading carbon market standards, exploring the innovation of multiple types of carbon trading products, and actively developing new green financial products and financial tools such as carbon futures, carbon options, carbon funds, cross-border transfers of green assets and carbon finance, and continuously improving carbon Market liquidity. Strengthen the linkage between my country's green finance and the global green finance market, further enhance the openness of the green investment and financing market, and gradually realize the integration with the international green finance market.
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