The lack of support for green bonds on the real estate industry needs to be alert to the behavior of "pseudo -green" and "drift green"

Huaxia Times (chinatimes.net.cn) reporter Fu Le Ran East Beijing report

As an important way to achieve carbon peak, carbon neutrality, and the high -quality development of green finance has attracted much attention.

Specific to the landing link, construction, transportation, and energy are internationally recognized three major areas of energy consumption and carbon emissions. Its green is the key to my country's carbon peak, carbon neutrality and goals. As a "big household" of carbon emissions, the annual carbon emissions of the construction industry account for more than 40%of total carbon emissions. The construction industry and real estate industry is imperative to transform from green low -carbon.

On August 28, Xie Wenhong, the manager of the China District Manager of Climate Bond Initiative (CBI), told the China Times reporter that green bonds are important financing tools for the green financial market. Compared to non -green bonds, green bonds are favorable at the level of cost, efficiency, financial structure, and raising funds. However, the green low -carbon support for green bonds on the real estate industry is still insufficient. At the same time, the real estate industry chain is long, and some links lack carbon accounts and carbon data, and have not yet met the standards and requirements of green low -carbon buildings. They need to be alert to "pseudo -green" and "drift green" behavior.

Industry lack of ruler

Since the seven ministries and commissions such as the People's Bank of China and the Ministry of Finance jointly issued the "Guiding Opinions on the Construction of the Green Financial System" on August 31, 2016, my country's multi -level green financial market has initially formed, but in the field of green construction, the industry believes that investment is invested Financial support is far from enough.

Xie Wenhong introduced at the China International Green Finance and Green Low -Carbon Building Forum that in 2019, the global labeling green bonds raised funds for the average proportion of low -carbon buildings accounting for nearly 30%. The proportion of energy -saving and green buildings is less than 10%, of which RMB bonds account for only about 6%.

In 2021, the funds raised by China's green bond market to the low -carbon building raised by CBIs increased by 83%year -on -year. In the first half of 2022, China has also become the largest issuance country of green bonds in the world. Funding funds will also grow simultaneously.

According to data from the central settlement company, from 2017 to the first half of 2022, the size of the RMB green bonds could be continuously issued by about 101.04 billion yuan, of which the green bonds raised for green buildings were about 94.33 billion yuan, accounting for more than 90.7%. For ultra -low energy consumption buildings, it is 0. Among them, prefabricated buildings, existing buildings, energy -saving and green transformation and logistics green storage have not disclosed environmental benefits.

Why is the green low -carbon support for the real estate industry not enough?

Xie Wenhong's specific analysis is that at the enterprise level, for example, it is difficult for some building developers to continue to disclose the carbon reduction, pollutant emissions, energy consumption, and water consumption of the building to financial institutions. This does not meet the standards and requirements of green low -carbon buildings, and is suspected of "pseudo -green" and "drifting green".

Green debt and green finance require developers to continue to disclose monitoring data to allow third -party institutions to track and evaluate. For example, a green debt and building a green and low -carbon building must estimate the environmental benefits and the actual environmental benefits after completion, and continue to disclose and accept social supervision in the future. If you can't do the above, it will affect the market's confidence in the market.

At the industry level, on the one hand, there are inconsistent standards. The issuer is not diverse and lacks the understanding of the standards of green bonds, and the supply of qualified green bonds is in short supply. On the other hand, there is no difference between real estate development and green building development. The financing costs of green buildings themselves are high, and the green effect is difficult to guarantee. There are often decourse in design and operation and maintenance.

How to deal with these challenges? Xie Wenhong believes that it should further promote green definition and disclosure framework, including the coordination and consistency of policy incentive mechanisms. In terms of public policies and financing models, new types of assets that can be invested or packaged. At present, there are already consensus on green definitions between major global economies. How to adjust tariffs, capital flows, commodity trade, etc. according to the underlying consensus, etc. to make its cost lower to meet more needs.

In addition, he mentioned that if "green" is still difficult to achieve at present, you can also consider the transformation path. For example, through the setting of KPI, through the market industry standards, it will be transformed. Essence At present, the distribution institutions of transformation finance are mainly dominated by the power and industry. There are very few construction industries, but the building materials industry will become an important growth point in the future.

Encourage financial institutions to carry out green credit asset securitization business

How to support the high -quality development of green bonds with sustainable buildings? Shi Yi, deputy prime minister of the China Debt R & D Center, believes that it is recommended to promote the establishment of a unified green bond environmental benefit information disclosure standard. The issuer should disclose information in accordance with the unified standards to enhance the usefulness and comparability of information. It is recommended that related information can be disclosed digitized on a unified platform, increases the transparency of green information disclosure, and facilitates investors to price green efficiently and accurately.

He said that in terms of policy design, standard green bonds that meet environmental benefits information can be considered to set up a green issuance channel to give priority to approval or registration to improve the efficiency of green debt issuance. The competent authority can also strengthen the performance assessment of investment investment in financial institutions based on the environmental benefits of green bonds, and give priority to choosing green bonds to include the mortgage pool of monetary policy operations. Bank credit is an important financing channel for supporting the real estate industry, and the bond market can provide banks with wholesale funds, encouraging the issuance of green financial bonds to help serve multi -level green financing subjects.

"Promote the innovation of green bond product services and promote the issuance of green government bonds." Shi Yi mentioned that through the green investment target of sovereign credit, it attracted more domestic and overseas green investors, encouraged financial institutions to carry out green credit asset securitization business, encouraged encouragement Activate green assets through asset securitization and other methods.

In addition, in promoting the cross -border transactions of green bonds, the green bonds that meet the standards are allowed to be listed on the international exchanges, and the settlement centers are settled at the Central Settlement Center to achieve both safety and efficiency.

Editor -in -chief: Meng Junlian Editor: Zhang Zhiwei

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