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The website of the People's Bank of China reported on October 12 that in order to implement the decisions and arrangements of the Party Central Committee and the State Council on comprehensively promoting the construction of a beautiful China and helping the construction of a beautiful China with the high-quality development of green finance, the People's Bank of China, the Ministry of Ecology and Environment, the State Administration of Financial Supervision and the China Securities Regulatory Commission jointly issued the "Opinions on Giving Play to the Role of Green Finance to Serve the Construction of a Beautiful China".
Source: People's Bank of China website
Overview of key points
Focusing on the actual needs of the construction of Beautiful China, we will make overall plans for a number of landmark major engineering projects, and increase docking and financing support
Build a Beautiful China construction project library to effectively improve the accuracy of financial support
We will continue to increase the provision of green credit and develop green financial products such as green bonds and green asset securitization
Focus on key links and areas such as regional ecological and environmental protection projects and carbon markets, and increase innovation in green financial products
Study expanding the scope of support tools for carbon emission reduction, extending the policy period, and increasing the scale of re-lending
19 key measures were put forward from four aspects
The "Opinions" put forward 19 key measures from four aspects: increasing support in key areas, improving the professional service capacity of green finance, enriching green financial products and services, and strengthening implementation guarantees.
According to the person in charge of the relevant department of the People's Bank of China, the main considerations for choosing these four areas are: First, focusing on the key areas of the construction of a beautiful China, focusing on carbon reduction, pollution reduction, green expansion and growth, supporting the above areas can effectively improve the quality of the ecological environment, accelerate the green and low-carbon transformation and upgrading of the industrial structure, effectively respond to climate change, and accelerate the formation of a new pattern of building a beautiful China oriented to the realization of harmonious coexistence between man and nature, which has strong ecological and environmental benefits.
By strengthening green financial products and services, supporting the research and development of environmental protection and green and low-carbon technologies, infrastructure transformation and process optimization, etc., good market benefits can be obtained, and related projects have a certain degree of commercial sustainability and meet the conditions for financial support in accordance with the principle of marketization.
Enhance the capacity of financial institutions to provide green financial services
The "Opinions" make it clear that focusing on the actual needs of the construction of a beautiful China, we will make overall plans for a number of landmark major engineering projects and increase docking financing support. In accordance with the requirements of coordinated promotion of carbon reduction, pollution reduction, green expansion, and growth, we will build a Beautiful China construction project library around key areas such as the construction of the Beautiful China Pilot Zone, the green and low-carbon development of key industries, the in-depth promotion of pollution prevention and control, and ecological protection and restoration, so as to effectively improve the accuracy of financial support.
The "Opinions" emphasize that efforts should be made to improve the ability of financial institutions to provide green financial services and enrich green financial products and services. Financial institutions such as banks, insurance, securities, and funds should improve the quality of green finance supply by improving their working mechanisms, optimizing process management, promoting the application of financial technology, and strengthening team building. We will continue to increase the provision of green credit, develop green financial products such as green bonds and green asset securitization, and strengthen green financing support. Focus on key links and areas such as regional ecological and environmental protection projects, carbon markets, resource and environmental elements, eco-environment-oriented development (EOD) projects, diversified climate investment and financing, and green consumption, and increase innovation in green financial products.
Improve structural monetary policy tools
According to the above-mentioned person in charge, the "Opinions" promote the financial sector, industrial sector and business entities to work in the same direction in accordance with the principle of policy guidance and market leadership, and jointly serve the construction of a beautiful China.
The first is to improve the structural monetary policy tools. Study expanding the scope of support tools for carbon emission reduction, extending the policy period, increasing the scale of re-lending, and providing more low-cost and precise support for key areas of green development and low-carbon transformation.
The second is to give full play to the role of the carbon market. Steadily expand the industry coverage of the national carbon emission trading market, gradually enrich the trading varieties, trading entities and trading methods, comprehensively strengthen the capacity building of the carbon market, and promote carbon emission reduction by key emitting enterprises and industry enterprises.
The third is to optimize the incentive and restraint mechanism. Improve the assessment and evaluation system of green finance for financial institutions, evaluate the implementation of green finance policies, and strengthen the use of assessment results. Encourage enterprises to formulate transformation plans, and study and give incentives to enterprises that have made clear commitments to green and low-carbon transformation and have good results.
Strengthen environmental information disclosure
In order to do a good job in the implementation of the "Opinions", the above-mentioned responsible person said that the People's Bank of China will work with relevant departments to establish and improve the working mechanism, refine the work tasks, and earnestly implement the "Opinions".
In terms of strengthening departmental coordination, establish and improve the working mechanism for the construction of a beautiful China with green financial services, and strengthen the coordination and cooperation between the industrial sector, the financial sector and market entities. Build a database of key projects, strengthen the connection between government and banks and enterprises, and push them to various financial institutions from time to time. Improve the policy guarantee system, and coordinate and solve the difficult problems of policy implementation in a timely manner.
At the same time, improve the supporting basic system. Promote the establishment of a unified standard system for green finance and transition finance, and strengthen statistical monitoring. Establish and improve standards and methods for carbon emission accounting, project carbon emission reduction accounting, product carbon footprint accounting and other standards and methods for enterprises in key industries, and establish and improve the registration and trading system for the confirmation of rights to resources and environmental elements.
Improve the quality of green financial services. Through refining standards and carrying out special training, we will guide financial institutions to focus on the real environmental benefits of green loans and green bonds, strengthen environmental information disclosure, and ensure that capital investment meets the requirements of green and low-carbon development, while supporting the key areas of Beautiful China's construction.