The in -depth emission reduction path and transformation financial opportunities of the Greater Bay Area: Starting from the three major aspects of transformation financial support catalogs, promote the development of financial integration and development of the Bay Area

Southern Finance and Economics All -Media Council Reporter Guo Xiaojie Guangzhou Report

Transformation finance is gradually becoming one of the important directions for green finance and sustainable development.

The Guangdong -Hong Kong -Macao Greater Bay Area is the preemptive place for the realization of the "double carbon" goal and green development. It is also one of the areas with the highest level of opening up and the strongest economic vitality in my country.

At present, Guangdong Province's industrial development is one of the provinces with the strongest economic vitality and the highest level of urbanization in the Mainland. It will be tried first and first in the field of green finance to achieve good results. The introduction of international advanced experience has obvious advantages in providing support for transformation of financial innovation and landing.

On September 23, at the "Guangdong -Hong Kong -Macao Greater Bay Area Deeper Eatflement Path and Transformation Financial Opportunities" seminar, green financial experts and practitioners from all parties such as the financial industry, academic circles, In -depth discussion.

In order to promote the faster development of transformation finance, some industry experts have suggested that it is necessary to strengthen the formulation of tools such as directory standards, the establishment of scientific goals, and the integration and development of the Greater Bay Area carbon market.

Transforming finance pays more attention to the carbon density industry

Li Xiaozhen, the persistent financial director of the Beijing Representative Office (hereinafter referred to as WRI), said that the transformation finance and green finance belong to the "sustainable finance" category of transformation finance and green finance. Important supplements.

What is "transformation finance"? As early as March 2019, the Economic Cooperation and Development Organization formally proposed the concept of transformation of finance. In March 2020, the European Union further distinguished the concept of green finance and transformation finance in sustain financial finance, defining transformation finance as "for the impact of climate change, and using diversified financial instruments on economic activities or traditional carbon -density -type economic activities or in traditional carbon -density -type economic activities or The financial support of market entities transforms low -carbon and zero -carbon emissions. "

For my country, my country's energy structure is still mainly coal in the short term. The transformation pressure in industrial, transportation, and construction is relatively large. The transformation of the high -carbon industry needs to increase investment in social funds.

Li Xiaozhen said that the existing green financial system has not covered some carbon -intensive industries, such as the transformation of the eight major energy consumption industries.

"Financial institutions are often considered due to the high regulatory risk, high technical recognition costs, and 'washing green' risks, etc., and the status quo of the traditional high -emission industry is common." It is required that the governance and guarantee measures are not in place, and the lack of factors such as the support of corresponding transformation of financial products will be superimposed, resulting in financial services that financial institutions have no willingness or ability to provide financial services for transformation financial activities.

In order to promote transformation finance to better empower the low -carbon transformation in the high -carbon industry and promote the formulation of the standards of transformation activities, at the G20 Treasury Secretary and Central Bank President meeting held in February this year, Yi Gang, President of the People's Bank of China, announced that the People's Bank of China announced that the People's Bank of China announced that As the co -chair of the G20 Sustainable Financial Working Group, it will jointly formulate a transformation financial framework with all parties.

Ma Jun, director of the Green Financial Professional Committee of the Chinese Society of Finance, once revealed that the G20 transformation financial framework has now passed three rounds of discussions. After September, the working group will submit the documents to the G20 central bank governor and finance minister for consideration. G20 summit. It is expected that by mid -November, the summit will be officially recognized.

It is reported that the framework establishes five basic consensus of definition standards, information disclosure, financial instrument innovation, policy incentives, and fair transformation. Among them, the transformation of justice, that is, the financial and social risks brought by the transformation, is an innovative content.

From the perspective of the industry, if the above -mentioned framework can be widely recognized and applied worldwide, it will support more potential high -carbon industries and enterprises to transform to green and low -carbon.

The advantages of the development and transformation of the Greater Bay Area are obvious

Regardless of the current situation of financial resources or industrial structure, the Guangdong -Hong Kong -Macao Greater Bay Area has a unique advantage of developing and transforming finance.

In recent years, the Greater Bay Area has entered a stage of high -quality development. According to relevant data, in 2021, the financial industry in the Greater Bay Area accounted for more than 10%of GDP. The latest 32nd Global Financial Center Index released on September 22 shows that Hong Kong ranks 4th in the world, ninth in Shenzhen, and Guangzhou ranked 25th.

Policies such as the "Development Planning of the Guangdong -Hong Kong -Macao Greater Bay Area" and other policies have been implemented one after another, providing policy support for the high -quality development and high -level open structure of the Greater Bay Area's financial industry. At present, the three major exchanges of the Guangdong -Hong Kong -Macao Greater Bay Area, three major exchanges including the Hong Kong Stock Exchange, Shenzhen Stock Exchange, and Guangzhou Futures Exchange, three major platforms in Nansha, Zhuhai Hengqin, and Shenzhen Qianhai have been further integrated. The market size and financial development space is huge.

In terms of green finance, the Guangdong -Hong Kong -Macao Greater Bay Area also has a good development foundation. Among them, Guangzhou and Shenzhen, as the first batch of carbon emissions transactions, have accumulated ten years of experience. A few days ago, Guangzhou Nansha and Shenzhen Futian have also been approved in the country's first batch of climate investment and financing pilots. Under the favorable policy, the Greater Bay Area has obvious advantages in green financial resources.

Li Xiaozhen believes that in 2021, mainland companies obtained a total of $ 6.7 billion in sustainable development linked loans, of which nearly 40%of the loans were provided by the Hong Kong Militance, and about 80%of the main bonds issued by green sustainable bonds issued issued by the Hong Kong market are from the Mainland. It can be seen that Hong Kong plays an important role in helping enhance global capital to participate in China's low -carbon transformation.

What is the progress of the Guangdong -Hong Kong -Macao Greater Bay Area? Dr. Huang Zhuohui, assistant researcher at the Climate Energy Department of WRI Beijing Representative Office, said that the Greater Bay Area has initially formed an optimized industrial structure and energy structure, and has also made a good policy system construction and work system construction for the development of low -carbon transportation and low -carbon buildings. Wait for work. According to WRI research data, the current use of energy in the Greater Bay Area accounted for about 34%, and non -fossil energy accounts for about 31%, leading ahead of the national average. However, the overall energy consumption and carbon emissions of the Greater Bay Area are high, and there is still much room for improvement.

"We hope that the Greater Bay Area is concerned about the traditional high -carbon industry and the industry that is difficult to reduce emission reduction in the short term. By transforming finance, it can help the low -carbon transformation of these industries to promote the realization of the carbon and targets of the Greater Bay Area." Huang Zhuohui said.

The development of financial development still needs to be improved in the system and market level

Since 2016, the Hong Kong Federation Exchange has implemented ESG forced information disclosure for listed issuers. In November 2021, combined with the suggestion of TCFD (climate -related financial disclosure work group), the Hong Kong Joint Exchange published the "Guidelines for Climate Information Disclosure" to further refine the requirements of the disclosure of climate information.

At the same time, the work of the Mainland in the formulation of environmental information disclosure and transformation financial standards and the construction of carbon accounting systems has gradually carried out.

As early as 2021, the Bank of China Guangzhou Branch launched the pilot work of environmental information disclosure of financial institutions, and selected 13 legal person banking institutions such as Guangzhou and Zhuhai as the first batch of pilot institutions to take the lead in carrying out the pilot work of environmental information disclosure.

In March last year, Shenzhen also released the country's first green financial regulations in the field of green finance in the country, which requires that the listed companies such as the financial industry registered in Shenzhen should disclose environmental information from 2022.

However, as of currently, the cities in the Greater Bay Area still need to establish a unified environmental information disclosure standard and institutional system, and improve the existing environmental information disclosure framework.

Liang Xi, a professor of sustainable transformation of the University of London, suggested that scientific disclosure should be strengthened and pays attention to the additional displacement brought by transformation of finance. The disclosure of many green financial products in the past is too simple. For example, comparing the discharge of offshore wind power or photovoltaic projects with power grid emissions projects, this is not really disclosed based on additional reduction of displacement.

At the policy level, Li Xiaozhen proposed that the carbon market in my country is still the spot market, and more diverse financial products and trading tools are needed. Li Xiaozhen suggested that it can be included in more industries, introduced more transaction entities and explore financial derivative innovation.

It is reported that since it was officially launched in July last year, the national carbon market has been included in the key emission enterprises in more than 2,100 power generation industries, and covers approximately 4.5 billion tons of carbon dioxide emissions. It is already the world's largest carbon market. However, it needs to be further improved in terms of industry, quota allocation and CCER (voluntary reduction of displacement), the introduction of financial institutions, and financial derivative innovation.

In addition, Li Xiaozhen believes that in the market participation subject of transformed finance, it is mainly bank participation, and the participating entities are relatively single. The innovation of transformation financial products also needs to be strengthened in demonstration landing and large -scale development.

Promote the rapid development of financial transformation in the Bay Area in the three major aspects

However, from the perspective of the industry, the Greater Bay Area has been at the forefront of green financial product innovation. At present, some banks in Guangdong Province have continuously tried to launch financing products linked to carbon emission reduction or sustainable development; in March this year, the Hong Kong Stock Exchange listed the first carbon futures ETF to further expand the coverage of Hong Kong listed goods ETF to carbon credit to carbon credit product.

In order to promote the faster development of transformation finance, some industry experts have suggested that it is necessary to strengthen the formulation of tools such as directory standards, the establishment of scientific goals, and the integration and development of the Greater Bay Area carbon market.

Among them, the construction of mutually recognized transformation financial standard frameworks in the Greater Bay Area is one of the key tasks for the development of the transformation of the Greater Bay Area.

Li Xiaozhen believes that on the basis of building a framework, the formation of transformed financial support for key industries and disclosure requirements and evaluation guidelines can accelerate the liquidity of transformation of financial markets in the Greater Bay Area and even the national transformation, reduce transaction costs, promote energy transformation and climate investment financing span Border transaction.

"The Greater Bay Area can give full play to its digital technology advantages, financial resources advantages, and platform advantages of the Guangdong -Hong Kong -Macao Greater Bay Area Green Financial Alliance, and establish the Guangdong -Hong Kong -Macao Greater Bay Area's key industry transformation project library and transformation financial tool box." Li Xiaozhen said.

Xiao Sirui, deputy secretary -general of the Green Financial Professional Committee of the Guangdong Finance Society, said that at present, some cities in the Mainland have first released the transformation financial catalog. However, Guangdong's conditions are more complex and the industrial structure is special, and it is necessary to design a financial catalog that conforms to the actual situation. At present, the Guangdong carbon market has been included in the six major industries. This is the transformation data that design transformation of financial products in the future.

Shosui believes that how to do a good job in the connection of carbon data and energy consumption data to form a transformation financial support catalog that can be practiced on the ground needs to be considered at present. At present, under the guidance of the People's Bank of China and the Guangzhou Branch of the People's Bank of China, the Guangdong Green Gold Commission and other institutions are conducting relevant seminars and explorations.

While the framework and directory are gradually set up and improved, it is particularly important to set up scientific carbon targets.

According to WRI, the relevant data of scientific carbon target initiative shows that currently more than 3670 companies and financial institutions worldwide have adopted action to set up scientific carbon targets, of which 1,730 have promised scientific carbon targets, and 1,343 further promised nets zero zero Target. At present, some financial institutions are already tools such as the target settings of the net zero emissions of the carbon neutralization and the net zero emissions of the loan investment and financing portfolio, the exploration of the path, and the MRV (the process of quantitativeness and data quality assurance of carbon emissions), which affect and Promote the green low -carbon transformation of the enterprise.

By building the carbon market in the Guangdong -Hong Kong -Macao Greater Bay Area to promote the development of the Greater Bay Area, it is also one of the current key tasks.

On September 15, the "14th Five -Year Plan" of the construction of ecological civilization in Guangzhou "was introduced. The" Plan "proposed that" the construction of the carbon emission right exchanges of the Guangdong -Hong Kong -Macao Greater Bay Area should be explored, and International carbon trading business ". As early as March 2021, when the working group led by the Hong Kong Stock Exchange and the Hong Kong Securities Regulatory Commission evaluated the development opportunities of the carbon market in Hong Kong, it had proposed to promote the carbon market in the Guangdong -Hong Kong -Macao Greater Bay Area.

"The Greater Bay Area is the development of China's carbon market. Guangzhou and Shenzhen are one of the earliest pilots in China's carbon emission rights. They have accumulated good experience in transaction varieties, quota auctions, market size and liquidity." Li Xiaozhen It is said that in the future, if you can promote the unified carbon market in the construction area in the Guangdong -Hong Kong -Macao Greater Bay Area, introduce financial institutions, especially international investors to participate in the innovation of carbon financial derivatives, and promote the implementation of carbon futures transactions. In particular, it plays a demonstration role in the first trial of effective use of carbon pricing functions.

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