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Leveraging Green Finance to Promote Green Development

来源:经济日报 作者: 阅读:23999 网友评论0 Updated: 2016-11-24 09:25 Source: Economic Daily Author: Read: 23999 2010 0 comments


In recent years, with the help of green finance, the pace of green development in many places has been steady. This is Rudong Wind Farm in Nantong, Jiangsu, taken on November 16. Nantong, Jiangsu has made every effort to promote the coastal wind power industry, the marine high-end equipment industry, and the marine biological industry to move towards the mid-to-high end, build a modern fishery industry system, and transform to green. Photo by Li Cungen (from Xinhua News Agency)

China's economy has entered a new normal, and the significance of developing green finance is self-evident. What is the path to green finance innovation? Experts suggest that efforts should be made to promote the integration of finance and taxation finance with banking finance, build a sound incentive and restraint mechanism, and speed up the establishment of a third-party assessment and certification mechanism. In this way, we can inject strong green momentum into green development, economic transformation, industrial upgrading, and sustainable development—

What is the path of green economy development and green finance innovation? How to improve the green financial system? On November 23, at the Second Green Finance Summit Forum, experts and scholars participating in the conference focused on related hot topics to make suggestions for the development of green finance.

Promote policy synergy

As Wang Yuqing, chairman of the Chinese Society for Environmental Sciences, said, "Green finance and green development are inseparable." As one of the five development concepts, green development is an inevitable choice for China's sustainable economic development entering the new normal.

Because of this, the development of green finance has become widely recognized and is included in national-level planning. "Developing green finance and establishing a green development fund" was clearly mentioned in the "Thirteenth Five-Year Plan". In 2016, the seven departments, including the People's Bank of China and the Ministry of Finance, jointly issued the "Guiding Opinions on Building a Green Financial System." A series of incentive measures to support and encourage green investment and financing. At the G20 Hangzhou Summit this year, under the initiative of our country, green finance was even included in the G20 agenda for the first time.

In fact, the development of green finance is not only an inevitable choice for green development, but also an important issue facing economic transformation and upgrading and sustainable development.

Cao Heping, chairman of the Green Finance Branch of the Chinese Society for Environmental Sciences and vice president of the Digital China Research Institute of Peking University, pointed out that China ’s per capita GDP is transitioning from 8,000 US dollars to 12,000 US dollars. If green finance can play its due role, it will effectively promote the unit economy. Reduce energy consumption and emissions, upgrade people's material living conditions and infrastructure services, and improve environmental, health, cultural, and travel quality.

At present, green finance is still in its infancy in China. "How to effectively link major financial and taxation engineering projects in green finance with the financial institutions of banks in China is the most difficult problem for green finance innovation." Cao Heping pointed out that in the green development, the government led funds and government-led projects in the past. It is more active, but the financial system of the banking system has not kept pace, and it is even out of touch. "If these two pieces are docked, it will inject strong momentum into green development."

Construction of incentive and restraint mechanisms

The development of green finance is not just a matter of more green credit and issuing some green bonds. It is a systematic project.

Ma Jun, chief economist of the People's Bank of China, believes that building a green financial system requires three goals. The first is to solve the difficult and expensive financing of green projects; the second is to make the financing of polluting projects difficult and expensive; and the third is to strengthen the forecasting preferences of enterprises and consumers to make them more inclined to green development and green. Products, green investments.

Establishing a good incentive and restraint mechanism is the source of power for the development of green finance. "The key is to make explicit the hidden income of green mountains and green hills and the hidden costs of environmental pollution." Zhang Chenghui, director of the Financial Research Institute of the Development Research Center of the State Council, said that green projects have long investment periods, large initial investment, and long income periods. And the investment risk is high. At present, many financial institutions have insufficient incentives to develop green credit and green bonds. Without constructing a healthy incentive and restraint mechanism, the development of green finance is likely to become hot and cold.

How is the incentive mechanism established? Zhang Chenghui believes that, on the one hand, fiscal development should be tilted toward green development. For example, in government procurement, we should focus on purchasing green products or corporate products that adhere to the concept of green development. State-owned enterprises and state-owned financial institutions should be encouraged to To sell green products and green financial products. On the other hand, we must give full play to the role of policy-oriented financial institutions in green credit and green insurance, and we can also reduce taxes in a targeted manner.

Corresponding to the incentive mechanism is the constraint mechanism. Many experts have proposed that green finance legislation should be promoted and a green financial system should be established in a legal form. It is necessary to improve environmental protection laws, regulations and implementation rules, and further clarify or even strengthen the legal responsibilities of environmental polluters.

Set up an information sharing platform

In the environment where green finance is hot, many companies have also tasted the sweetness. Li Qilin, the secretary of Beijing Qingxin Environmental Technology Co., Ltd. said, "After the company received the green approval, the subscription situation for the issuance of green bond financing was very good. In the long run, it saved the company financial costs of 10 million yuan."

According to statistics from China Chengxin International, as of November 14, a total of 37 green bonds were issued in China this year, and the issuance scale reached 134.33 billion yuan, accounting for about 30% of the global green bond issuance scale during the same period.

Ma Jun believes that China's green finance has a very clear development framework, but it also faces a lot of problems in the specific operational level. For example, to support green finance through reloans, in addition to traditional reloans, you can also consider launching PSL Tools to support mid- to long-term green projects.

Zhang Chenghui suggested that, in terms of supporting measures, firstly realize the transparent sharing of information and establish an information platform, and the industrial management department, environmental protection department and financial supervision department should establish a two-way communication and sharing platform. In addition, it is necessary to give full play to the role of third-party institutions and guide existing professional service institutions, including credit rating agencies, asset appraisal agencies, and accounting firms, to carry out green finance-related businesses. Zhang Chenghui also said, "The government must establish a cooperation mechanism with third-party agencies, make full use of social supervision and social assessment forces to timely feedback on environmental law enforcement, and timely feedback on the implementation of green, financial and environmental protection policies.

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