Ma Jun: If the transformation of the high carbon industry cannot receive effective financial support, it may lead to the delay of the "double carbon" process

The 21st Century Business Herald reporter Li Dchangyu intern Zhou Yiting reported that "If the transformation of the high carbon industry cannot get effective financial support, it will cause the 'double carbon' process delay or even fail. Financial risks, which leads to unemployment and affect social stability. "On July 8th, the director of the Beijing Green Finance and Sustainable Development Research Institute, the joint director of the macro and green financial laboratory of Peking University, and the director of the Green Financial Professional Committee of the Chinese Finance Society Ma Jun delivered a keynote speech entitled "Transformation Finance: Market Practice and Policy Framework Outlook".

On the same day, the National Development Research Institute of Peking University jointly issued a report on the Macro and Green Financial Lab, Beijing Green Finance and Sustainable Development Research Institute, and Natural Resources Protection Association (NRDC). Take Shanxi and Inner Mongolia as an example (referred to as the report).

In the keynote speech delivered by the above conference, Ma Jun emphasized that under the traditional green financial framework, it has not been fully supported by the vital transformation activity of carbon neutrality and target; the purpose of establishing a transformation financial framework is to guide more society Fund supports high -carbon economic activities (including enterprises, projects and financial assets) to transform low -carbon and zero -carbon targets.

As the co -chair of the G20 Sustainable Financial Working Group, Ma Jun said that the G20 Sustainable Financial Working Group is drafting the G20 transformation financial framework. The framework includes five core elements: definition standards, disclosure requirements, financial instruments, incentive policies, and fair transformation. Domestic is also doing its best to promote the establishment of my country's transformation financial system. In the future, regulatory agencies, local governments, financial institutions, high -carbon enterprises and third -party service institutions work together to make full use of the transformation financial mechanism to leverage more social capital to support my country. "The goal is smoothly realized.

How big is the scope of the transformation activity?

In recent years, my country's green financial market has flourished and has grown rapidly.

According to Ma Jun, as of the end of March 2022, my country's green credit market has reached its largest scale in the world, with a stock of 18 trillion yuan, and a growth rate of 33%last year. In the past six years, my country has issued a total of 2 trillion green debt, ranking second in scale, and the circulation volume increased by 170%last year. According to incomplete statistics, my country has issued more than 700 green fund products. Green financial products are constantly innovating, and green ABS (asset -supported securities), green ETF (transaction open index funds), carbon financial products, green insurance, etc.

In April 2022, the People's Bank of China proposed to support the development of green and low -carbon as the main line, continue to deepen the research of transformation of finance, to achieve effective connection between green finance and transformation finance, and form a operable policy measure.

Against the background of the booming green financial market, transformation of finance as an emerging concept, in terms of supporting the transformation of the high -carbon industry, also has a lot of pain points and difficulties.

Ma Jun said that in the field of climate change, traditional green finance focuses on supporting projects with low carbon emissions and close to pure green, such as new energy and electric vehicles. In this context, the transformation activities of the high carbon industry are difficult to get full support from green finance.

In the high -carbon industry, such as the eight major industries that people are well known, including power generation, petrochemical, chemical, building materials, steel, non -ferrous, papermaking, aviation, are already or will be included in the carbon trading market; other industries such as construction and highway transport High carbon emissions.

If the transformation of the high carbon industry cannot receive effective financial support, or it will cause the "3060" target delay or even failure, some high -carbon companies will go bankrupt because they cannot transform smoothly, which will cause banks and equity investors to face financial risks, which will cause trigger triggers The layoff crisis affects social stability.

How big is the scope of the transformation activity? Ma Jun believes that according to the green economic activity defined by my country's green industry catalog, only about 10%of GDP, the remaining 90%are "non -green activities" that do not meet the requirements of green labels. These "non -green activities" with a certain carbon emissions can also be divided into transformed non -green activities and non -transformation non -green activities.

"Based on this, the scale of non -green activities that can be transformed in the future may be far greater than green economic activities." Ma Jun said that the requirements for the establishment of a transformation financial framework will be proposed to guide more social funds to support high -carbon high -carbon -high carbon -to -high carbon -to -high carbon -to -high -carbon -to -high carbon -to -high -carbon support Economic activities (including enterprises, projects and financial assets) transformed to low -carbon and zero -carbon targets.

Fully promote the establishment of my country's transformation financial system

In recent years, many domestic and foreign markets have innovated many transformation financial tools.

According to Ma Jun, internationally, the more popular are the two debt -based financing instruments of sustainable linked loans and sustainable hook bonds.

Sustainable linked loans and bonds will set up a KPI related to enterprise or project transformation performance to adjust the interest rate of loans or bonds by considering its carbon reduction effect. It is worth noting that the amount of sustainable linked bonds in 2021 increased very quickly, reaching about 10 times the previous year. In addition, the equity -based capital tool that supports transformation is also under development.

From a domestic point of view, there are also many trials in transformation of financial. Since last year, my country's financial institutions have successively launched financial instruments such as sustainable linked loans, sustainable hook bonds, transformation bonds, and low -carbon transformation bonds.

At present, large -scale financial institutions such as CCB and Postal Savings have issued carbon reduction in the green building and power industry; some companies have also issued sustainable linking bonds to support carbon reduction activities. In addition, the Bank of China and CCB issued a framework or declaration document on the transformation bonds, which demonstrated the transformation activities it supported, and promised to be consistent with the "Climate Transformation Financial Manual" issued by the International Capital Market Association ICMA in principle. Among them, of which, of which, of which, of which, of which Including financing subjects must set up scientific carbon targets to avoid carbon locks, and meet the requirements of the principle of "no major damage". Recently, the interbank market dealer association issued the "Notice on Carrying out the Pilot Relevant Innovation Pilot Related Innovation of Transformed Bonds", which proposed a series of more specific fields of transformation bonds and regulated the use of funds for raising funds.

Ma Jun said that although market participants are very enthusiastic and the innovation of financial product innovation is also fast, from the perspective of the overall situation at home and abroad, the current standard (method) of the definition of transformation activities is still lacking, which can easily lead to "green washing". Or because financial institutions are worried that they are regarded as "washing green" and are unwilling to participate; lack of clear requirements for disclosure of how to disclose transformation activities, or have different requirements; transforming financial instruments are relatively single; policy incentives are not in place; "justice" transformation is transformed Have not received enough attention yet.

As the co -chair of the G20 Sustainable Financial Working Group, he believes that "market practice still faces many problems, and the next step is to be solved by establishing a transformation financial framework."

How should local governments promote transformation of finance?

According to Ma Jun, at present, many ministries and commissions such as the Development and Reform Commission have issued a series of guiding documents related to the transformation path, providing a basis and reference for the compilation of the transformation financial catalog for the People's Bank of China. At the beginning of the year, the China Financial Society has established a transformation financial working group, and has also carried out research on transformation financial standards, information disclosure and product research.

Huzhou is the first local government in my country to introduce the transformation financial catalog. Its transformation directory covers 9 industries, and puts forward quantitative requirements for the carbon reduction effects that various transformation paths can generate.

Specifically, how should local governments promote transformation finance? Ma Jun made three suggestions as a reference:

First, the transformation financial catalog must be established. Before the national level transformation directory is released, the conditions can be tried first.

Second, set up a transformation project library according to the directory. The transformation project can be included in the green project library, and through the local green gold platform, to connect banks, insurance, funds and other resources, and select a batch of demonstration projects in these projects to guide other enterprises in the industry in the industry. The project transforms. At the same time, local governments should consider setting up a low -carbon transformation guidance fund to provide the sources of supplementary capital for demonstration projects.

In addition, a certain incentive mechanism is required. In addition to the existing green financial incentive mechanisms, some innovative incentive mechanisms should also be used, such as new energy indicators, land approval, electricity price subsidies, etc. Local governments can gradually emerge in the process of continuous exploration.

(Coordinating: Ma Chunyuan)

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