On October 29, the "2021 Tianfu Financial Forum" with the theme of "Green Finance Helps 'Carbon Peaking and Carbon Neutrality'" was held in Chengdu. Yan Wenbin, member of the party group and vice president of Xinhua News Agency, said that this forum is not only an important platform for the financial industry to discuss how to help the "double carbon" process, but also a rare opportunity for the financial media national team to discuss how to actively integrate and serve.
In the next 40 years, the investment required to achieve the "carbon neutrality" goal in China will be at the level of 100 billion yuan. So, how can the financial industry contribute to the "double carbon" process? In the process of achieving the "double carbon" goal, what opportunities and challenges will the financial industry usher in?
Multiple measures are taken simultaneously to help achieve the "double carbon" goal
The "2021 Tianfu Financial Forum" is jointly guided by the Sichuan Provincial People's Government and Xinhua News Agency, provided academic guidance by the China Society of Finance and Finance, hosted by the Sichuan Provincial Financial Supervision and Administration Bureau, and hosted by Sichuan Bank Co., Ltd.
Yan Wenbin said through a video speech that China has become the world's largest energy producer and the world's largest energy consumer, and it is urgent to vigorously develop green finance and promote the transformation from high-carbon energy to low-carbon energy.
Yan Wenbin believes that the current green finance-related policies can help achieve the goals of "carbon peaking" and "carbon neutrality" from three aspects - promoting the greening of resource allocation, promoting product trading innovation, and promoting the scientific and three-dimensional environmental assessment system. Through encouraging support policies and constraint mechanisms, guide the transfer of market funds from industries with high energy consumption and high pollution to industries that are green and environmentally friendly. At the same time, the government actively provides targeted support to green industries through the issuance of green bonds and the cultivation of ESG, and further promotes the transformation of enterprises from technology and structure to green and low-carbon.
Yan Wenbin further pointed out that in the future, Xinhua News Agency and its financial media will strive to help achieve the "double carbon" goal from four aspects: strengthen macro perspective reporting and analysis; provide high-end financial think tank support for promoting the realization of the "double carbon" goal; 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 to promote the internal and external linkage between China and the global green financial market.
Financial institutions should increase investment in green finance
In the process of achieving the "double carbon" goal, financial institutions are innovating financial services, increasing investment in green finance, and helping the green and low-carbon development of the economy and society.
Zhang Qingsong, president of the Agricultural Bank of China, said: "Financial institutions, especially bank financial institutions, are an important part of China's economy and finance, and must be an important force for China to achieve the goal of 'double carbon', we must improve our political position, fulfill our social responsibilities, actively build a green financial business system, and promote the establishment of a market-oriented path for the realization of the value of ecological products." ”
Financial institutions should deeply understand the significance of "carbon peaking" and "carbon neutrality" to China's financial industry. Liu Jianjun, President of the Postal Savings Bank of China, said: "Achieving 'carbon peak' and 'carbon neutrality' is an extensive and profound economic and social systemic change, which is both a challenge and an opportunity for the transformation and development of financial institutions. ”
Liu Jianjun said that in terms of opportunities, low-carbon transformation will create huge investment and financing needs, and financial institutions will usher in new business growth points. According to the Institute of Climate Change and Sustainable Development of Tsinghua University, achieving "carbon neutrality" requires a cumulative new investment of about 138 trillion yuan, more than 2.5% of GDP per year. In terms of challenges, some high-carbon enterprises and projects in the process of low-carbon transformation will gradually withdraw, and the quality of financial assets will be under the pressure of fission.
Liu Jiandong, risk director of bank of China, believes that commercial banks should conform to the trend of the green revolution and seize the huge opportunities brought about by the transformation of economic growth mode. At the same time, take the initiative to play a leading role. In the next 40 years, the investment required to achieve the "carbon neutrality" goal in China will be at the level of 100 billion yuan. Financial institutions need to take more initiative, give full play to the role of capital bridges, and help the green and low-carbon development of the economy and society through commercial and sustainable market means.
Commercial banks have set clear green finance targets. "After careful consideration and research, we hope that the proportion of green finance in Sichuan Bank can exceed 25% by 2030, which is our small goal." Lin Gang, secretary of the party committee and chairman of the board of directors of the Bank of Sichuan, said. Liu Jiandong also said that during the "14th Five-Year Plan" period, the Bank of China will provide no less than 1 trillion yuan of financial support for the green industry, and achieve an increase in the proportion of green credit year by year.
The exchange functions as a market hub
All along, the stock exchange has actively implemented the concept of green sustainable development, given full play to the function of market hub, promoted the improvement of resource allocation efficiency, and actively provided direct financing support for the development of green industries. Li Hui, deputy general manager of the Shenzhen Stock Exchange, said that the capital market can play an important role in guiding the allocation of resources to the green and low-carbon field, reasonably determining the pricing of green and low-carbon assets, innovating tools, and alleviating risks in the green and low-carbon field.
At present, there are more than 260 listed companies engaged in green industries in Shenzhen, with a cumulative equity financing of nearly 800 billion yuan and a total market value of more than 7 trillion yuan, accounting for 20% of the total market value of listed companies in Shenzhen.
The "14th Five-Year Plan" is a critical period and window period for achieving "carbon peaking". Li Hui said: "The Shenzhen Stock Exchange will consciously stand in a new stage of development, support green and low-carbon development and achieve sustainable development into the strategic development plan, fully and accurately implement the concept of green and low carbon, actively serve to support the green and low-carbon transformation, give full play to the role of the platform hub, and take financial assistance to 'carbon peak', 'carbon neutrality' and green and low-carbon development as the top priority of the work." ”
Editor: Cao Shuai
