Copy the risk of climate change, financial institutions should grasp market opportunities

21st Century Economic Herald reporter Li Dchangyu intern Zhang Xu Beijing report

"The influx of bees into the low -carbon field is unrealistic. It is also impossible to make a reasonable financing in the middle of the transformation process." Recently, at the 2022 China International Financial Annual Forum "Climate Investment Finance: Financial Help Green Recovery" sub -forum, Zhou Yueqiu, chief economist of Industrial and Commercial Bank of China.

Global climate change has become a common challenge facing all human beings in the 21st century. Facing the urgent needs of green and low -carbon transformation in economic and social, climate investment and financing has become the primary issue in the global financial industry.

"To achieve the" dual carbon "goal requires a lot of green low -carbon investment, it also creates huge demand for investment and financing, bringing new business growth points to commercial banks." In the above forum In the speech, on the one hand, many institutions predict that new investment demand for carbon neutrality and targets is more than 1 million yuan, and commercial banks need to actively participate, innovate green financial products, and increase the growth and proportion of green financial business. On the other hand, the environmental climate risk of traditional high -carbon industries has continued to increase. Commercial banks need to focus on policy and market opportunities, vigorously develop green finance and climate financing, optimize the asset structure, and strengthen environmental and climate risk (management) to facilitate the realization of realization High -quality development.

Zhou Yueqiu said, "Green Finance has three functions in dealing with climate change: resource allocation, risk management, and carbon market. Financial response to climate change depends on carbon emission reduction and carbon transactions. It's very clear and significant. "

As the main body of financial institutions and vigorously developing green finance, it is not only the responsibility of commercial banks to actively fulfill social responsibility and achieve the goal of "dual carbon". Internal requirements.

Green Finance should pay attention to the transformation of traditional industries

High -quality climate investment and financing services help the high -quality development of the economy.

In June of this year, the "Green Financial Guidance of the Banking Insurance Industry" was officially implemented, proposing that the banking insurance industry should promote green finance from a strategic high degree, increase support for green, low -carbon, and circular economy, prevent environmental, social and governance risks, promote the promotion of Economic and social development comprehensive green and low -carbon transformation. Provide the industry's institutional framework.

Zhou Yueqiu introduced that with the introduction of the "1+N" policy system, the launch of the carbon emission reduction support tools, the establishment of industry catalogs and guidelines, etc., through a series of mechanism arrangements to guide green capital resource allocation, and financial institution policy and product innovation of products and product innovation The implementation of the operation, China's green finance has achieved rapid development, forming an effective climate investment and financing pattern. At the end of 2021, China's green loan balance reached about 16 trillion yuan, ranking first in the world; green bonds were nearly 600 billion yuan, the world's second.

Green finance has developed rapidly. However, in terms of climate change, fossil fuels and other high -emission industries are essential to achieve the global overall climate goal in the transformation. Therefore, green finance must not only support the industrial development of low -carbon and zero -carbon fields, but also pay attention to the green upgrade of traditional high -carbon and carbon -containing industries.

Zhou Yueqiu believes that carbon reduction means changes in the industrial structure. Green finance can guide funds into the field of emission reduction in the need of low -carbon transformation funds. "The focus of optimizing resource allocation should be placed in tools such as rich green finance, transformation finance, carbon finance, etc., so that fund allocation and different types of green and transformation projects are more adapted in terms of duration and cost. Increase the proportion of green. Support the green upgrade of traditional industries, energy saving and carbon reduction. "

"Long -term green low -carbon transformation will be the general trend. Commercial banks and other financial institutions should strengthen their confidence, increase support for green finance and climate financing projects and enterprises, innovate green financial products and services, actively explore transformation finance, enhance environmental climate risk Management ability helps to achieve green and low -carbon transformation and development. "Yao Hong said.

Climate information disclosure needs to be in line with international standards

Establishing and improving the green financial standard system is an important foundation for financial support for green and low -carbon development. The healthy development of green finance is also inseparable from comprehensive, accurate and timely environmental information disclosure.

"At present, banks are often difficult to collect high -quality (comprehensive, comparable, consistent and credible) carbon emissions data from customers, especially customers in high -emission industry." Mr. Wang Yunfeng mentioned in his speech.

Talking about the current trend of the disclosure of carbon emissions information disclosure. Wang Yunfeng believes that the international convergence of climate information disclosure and benchmarking is crucial, which will reduce friction and repeat cross -border information. In addition, banks also need more customers to analyze their climate risk, strategy and corresponding emission data to better understand the climate adaptability of customers.

In terms of environmental and climatic risk analysis, domestic practice has also begun. In 2015, ICBC launched the pressure test of risk analysis related to the environment, and in recent years, it has focused on climate risk -related analysis. In 2021, the People's Bank of China required 24 banks to conduct climate pressure tests. The first stage has been completed, and more banks will be promoted in the future.

For financial institutions, it is a forward -looking arrangement to build its own climate pressure test system, incorporate climate risk into a comprehensive risk strategy, and strengthen risk recognition and management. Zhou Yueqiu said. In 2021, the People's Bank of China formulated and released the financial industry standard "Guidelines for the Environmental Information Disclosure of Financial Institutions". Many regions continued to improve the scientificity and effectiveness of disclosure, and guided more than 200 financial institutions in the green financial reform and innovation pilot zone to complete the environmental information disclosure report Preparation and exploring various disclosure methods.

From the perspective of Zhou Yueqiu, information disclosure is a basic institutional arrangement, an active choice to improve the efficiency of environmental management, pay attention to environmental risks, and accept social supervision.

"China has completed the transformation from followers to leaders in the field of information disclosure." Zhou Yueqiu said. The construction of the system of the system of the People's Bank of China clarified the disclosure content, elements, principles, requirements, guidelines, etc. Many Chinese financial institutions also play an important role in the revision of Sustainable financial information disclosure standards such as ISSB and TCSB.

Foreign and financial institutions help China's low -carbon transformation

Climate change and climate risk have become a focus of global attention. Asset owners have continued to rise because of their attention to climate change.

With the acceleration of the reform and opening up of my country's financial industry, foreign financial institutions have become important partners in my country's financial institutions to promote the high -quality development of the industry.

According to Yao Hong, as of the end of June 2022, the balance of green loans of postal savings banks was 433.7 billion yuan, an increase of 36.76%year -on -year, which was 23.8 percentage points higher than the year -on -year growth rate of various loans. Since the support of the People's Bank of China carbon emission reduction support tools, a total of 27 billion yuan of carbon emission reduction loans to 258 projects have been issued to the annual carbon reduction displacement of 4.5 million tons of carbon dioxide.

A few days ago, the central bank also included the two foreign banks of German Bank (China) and French Industrial Bank (China) into the scope of financial institutions for carbon emission reduction support tools. At the same time, it is stated that the next step will be considered into other willing and conditional foreign financial institutions to use its advantages in the field of green finance to help the Chinese economy transform into green low -carbon.

Insiders believe that the central bank's expansion of carbon emission reduction support tool financial institutions to foreign banks is that these foreign banks actually have a lot of accumulation and attempts in the support of carbon emission reduction financial support abroad, and the core capabilities of banks are relatively strong.

According to Wang Yunfeng's speech, HSBC has actively participated in the Green Financial Cooperation Framework of China in recent years. Transformation Financial Research Group, etc. "In the next step, we hope to cooperate with China's regulatory agencies and financial institutions to establish clear transformation standards, and collaborate with international standards to establish a unified transformation financial catalog."

Unlike other financial industry, insurance can directly slow down and hedge climate risk, and slow down the physical and transformation shocks brought by climate change. The insurance industry can provide market -oriented insurance risk management services and financial support for environmental improvement, climate change and efficient utilization of resource saving and efficient utilization through the green transformation of liabilities and assets. Therefore, in the process of financial support for green and low -carbon development, the role of insurance industry is very unique.

The dynamic balance of energy reduction, emission reduction and empowerment is an important issue in the financial industry. Chang Qing, president of Munich Reinsurance, said in the meeting that ESG's goal is to uniformly measure the asset side and liabilities. However, it is impossible to solve the emission reduction and energy reduction alone. What's more important is how to empower the traditional industry.

From the perspective of evergreen, on the one hand, ESG should become part of the top -level design of the institution, and it is effectively implemented in architecture, process, and business practice. On the other hand, different market development stages are different. It is necessary to do a good job of solutions for green products and relatively unified market development stages.

It is understood that Munich Reinsurance has launched a certain practice on the carbon signs and zero -carbon farms provided by agricultural grasslands provided by agricultural grasslands provided by agricultural grasslands provided by agricultural grasslands provided by agricultural grassland. "We hope not only will provide more emerging insurance solutions in the low -carbon industry, but also in the carbon and even traditional industries. At the same time, it will gradually reduce the underwriting capacity and capital investment in fossil energy insurance in the future. The arrangement exits. "Chang Qing said.

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