G20 and green finance
Under the initiative of our country, the green finance issue was first included in the G20 agenda this year, and the green finance research group was set up to launch the G20 comprehensive report on green finance. In this report, the definition, purpose and scope of green finance are defined, and the challenges facing the development of green finance are given, and the global sustainable development is supported for the development of the global green finance. Exhibition.
From the first appearance of green financial issues to the G20 and the seven ministries and commissions, such as the peopleundefineds Bank of China, jointly issued < guidelines for the construction of a green financial system, our country has become the first economy to establish a green financial policy system in the world.
The peopleundefineds Bank of China emphasizes that the main purpose of building a green financial system is to mobilize and encourage more social capital to invest in the green industry and to effectively inhibit the pollution investment. The construction of a green financial system will not only help to accelerate the transformation of our economy to green, but also help to promote the technology of environmental protection, new energy and energy conservation. Progress has been made to speed up the cultivation of new economic growth points.
From the global point of view, green finance, as a new type of financing in recent years, is becoming an important driving force to promote green growth and sustainable development in the world. The green finance system in China is becoming the leader of the global green finance, whether from top level design or private participation.
For example, the Internet financial giant ant gold suit has recently opened a carbon account for 450 million Alipay users, the largest individual carbon account platform in the world so far.
Recently, the peopleundefineds Bank of China, the Ministry of Finance and other seven ministries and commissions jointly issued < the guidance for the construction of the green financial system > (hereinafter referred to as < opinion >) to fully deploy the Chinese green financial system, which is difficult to solve in the green industry, and the financing is expensive.
Ma Jun, chief economist of the Research Bureau of the peopleundefineds Bank of China, and director of the China Financial Society, green finance Specialized Committee, said the introduction of "opinion" marks a high consensus in China from the highest strategic level to the relevant ministries and commissions.
"China is in the golden age of green financial development," said Ceng Gang, director of the Research Office of the financial bank of the Chinese Academy of social sciences. While building and perfecting its own green financial system, China also actively participates in the formulation of global green financial rules, contributing to the contribution of "Chinese wisdom" to the global economic development of green low-carbon development.
The establishment of the National Green Development Fund
A strong commitment from the central government
Before the opening of the G20 summit, carbon emissions accounted for 38% of the worldundefineds top two economies - China and the United States, almost at the same time officially ratification of the Paris climate change agreement (hereinafter referred to as the Paris agreement).
"To achieve the goal of environmental pollution control in China and the international commitment to the peak of carbon emissions in 2030 or before, it is expected that 3 trillion to 4 trillion yuan of green investment is expected every year. However, the industry estimates that financial funds can only cover about 15%, so the vast majority of green investment needs from social funds." Ma Jun in an interpretation It is pointed out in the article that opinion will become an important and active policy signal to guide financial industry and enterprises to carry out green investment and financing.
"In the past, green finance in our country was mainly limited to green credit," Ma Jun said. But many green projects, especially new projects, needed equity financing first, because it needed capital to make debt financing further. So it was necessary to build a number of green equity funds to promote equity financing for green projects. Many green items. Because of these uncertainties, private funds are not too willing to invest in these projects. If the governmentundefineds funds are involved in these projects, it will greatly reduce the resistance of private funds to the risks of such projects. Meaning and vote.
Ma Jun thought that the first proposal was to "establish a national green development fund, invest in green industry, reflect the guidance of the country on green investment and the role of policy signal". From the international perspective, China set up a green development fund at the national level, which is a rare central governmentundefineds strong commitment to green development.
One comparable case is the UK Green Investment Bank, founded in 2012. Although the agency is called "bank", it canundefinedt be stored and canundefinedt make debt, so it is in fact a green fund.
Largest labeling green bond issuer
To grow from zero to a hero in a year
China is the largest issuer of relevant climate bonds in 2016>, the largest issuer of related climate bonds, published by the Climate Bonds Initiative jointly released by the commercial bond and climate bond Initiative (Initiative). China also plays the role of the leader in the labeling green bond market. China is also the largest in early 2016. The labeling of green bond issuers.
According to statistics, up to now, the green bonds issued by China have already been nearly 120 billion yuan, and the comments on the development momentum of the green bond market of 45%. (Euromoney), which account for the global issuance of green bonds at the same time, are from zero to "grew from zero to hero" in one year.
Li Yifeng, deputy general manager of the Haitong Securities and bond financing department, analyses the biggest driving force in the green bond market, which is the support of the competent authorities on green bonds and the recognition of the investors on green bonds. At present, the two aspects are very positive, the authorities have relatively fast review of green bonds, and the investors are also very interested. Recognition, and at present, its interest rate is generally lower than the bond market interest rate.
It is understood that China is the first government supported by the government (the China Financial Society green financial Specialized Committee) to release the national green bond definition standard by the end of.2015, the peopleundefineds Bank of China and the China Financial Society, the green financial Specialized Committee, and the announcement of green financial debt and the green bond project support list. Chinaundefineds green bond market has been launched (2015 Edition). Since then, the NDRC and the two stock exchanges have also issued guidelines on green corporate bonds and green corporate bonds.
Ma Jun said that the development of green bond market has many advantages, for example, to open new financing channels for green enterprises and projects, to solve the mismatch between banks and enterprises, to provide new asset classes for investors and to strengthen the issuerundefineds green investment behavior through reputation effect.
Liang Xiaojing, senior manager of the asset and Liability Management Department of the Pudong Development Bank, also said that Chinaundefineds interest rate marketization has been basically completed, and the banksundefined channels for expanding liabilities are also more diversified. As one of the financial bonds, the issuance of green bonds will help to improve the structure of the assets and liabilities.
Joint participation of all market parties
Increase the "green" gold content and credibility
"Our green bond market is now a top-down drive, different from the bottom up from the social responsibility fund from abroad." Cao Jin, the director of asset innovation, said that as an investor, he was optimistic about the long-term development of green bonds, but the short-term investment examination was still concerned with yield and security. The low interest rate is really good for the green industry to reduce the cost of financing, but it also means that the investorsundefined income is insufficient, which may be contrary to the investorundefineds original intention. Therefore, it is necessary for regulators to take measures such as interest rates to attract investors to choose the green market.
Liu Yu, deputy director of the Shanghai stock exchangeundefineds bond business department, suggested that the quality of the issuance of green bonds is more important than the quantity. The green bond market should be "standardized and healthy". Every green bond is expected to be standardized and standardized in green authentication, sustainability assessment, and future green performance evaluation.
Wang Hua, Vice Chancellor of the Lyon School of business and President of the Asian campus, also proposed that green bonds are the areas of intersection of the financial sector and the environmental community. The market parties should jointly participate in the construction of the green bond ecosystem, make clearer "green" standards, and improve the value and credibility of the "green" label.
Ma Jun said, in his opinion, the next step is to improve the development direction of the green bond market, including "establishing and perfecting the standard for defining green bonds in China". The aim is to prevent the risk of regulatory arbitrage and to reduce the "search" cost of green bond coupons. "Study and explore green bond third party comments." "Evaluation and rating standards" to ensure that third party certification and green rating can be objective, to effectively evaluate the environmental benefits of green bond issuers and support projects, and to strengthen the issuerundefineds motivation to improve environmental information disclosure.
Green bond evaluation framework release
Itundefineds good for investors to put money into real green projects
A comprehensive report on the China Green bond assessment company and the global environmental consulting company Trucost has jointly launched a China Green bond assessment framework. The assessment framework is established after the comprehensive consideration of current policies and regulations to form a consensus on the environmental impact of green bonds, for issuers, and investment. The assessment framework has also been supported by the green finance Specialized Committee of the peopleundefineds Bank of China.
The assessment framework comprehensively analyzes the issuerundefineds past green credit records and information disclosure (including the positive and negative environmental impact of the project, risk control measures, project follow-up arrangements, etc.) and divides its green bonds into 5 levels and continues to follow in the duration of the bondundefineds survival.
Green bonds with the highest assessment (G5) should be best performed on project environmental risk control and long-term environmental goal completion. The higher the level, the higher the environmental goals disclosed, the better compliance of the environmental regulations, the transparency of disclosure and the better credit records.
According to the introduction, the main user of the assessment framework is a credit rating agency, but it has a certain reference value for the second party opinions and third party certification involved in green bonds. The assessment framework is provided free of charge and welcomes the feedback of the relevant participants.
Jin Yongshou, general manager of Dongfang Jincheng, said in August 31st the seven ministries, such as the peopleundefineds Bank of China, issued a guidance on the construction of the green financial system. It is necessary to unify the standard for the definition of green bonds and encourage the green assessment of third parties. The joint assessment framework for green bonds provides a clearer set of evaluation and analysis workers. It helps investors to invest green funds in real green projects instead of "green washing" projects.
Rid Mattison, chief executive of Trucost, said: "for the continued prosperity of the market, it is essential to build investor confidence and provide security for the issuer. So we hope our assessment framework will achieve this goal and ensure the financial sector to help the transition of Chinaundefineds economy green."
Original title: China ushered in the golden period of Green Financial Development
G20 and green finance