A foreigner said at the Lujiazui Forum, "Shanghai is the place with the most enthusiasm for green finance."

Release time:Jun 19, 2024 18:26 PM

Decarbonization is the most important challenge of this century. McKinsey conducted a survey in 2020, and the results showed that in order to achieve net zero carbon emissions by 2050, the annual investment is 3.5 trillion US dollars. "Banks alone cannot solve so much funds. We must let the capital market play a role in order to achieve the transformation of the global economy." Philip BROWN, CEO of Clearstream Banking Limited, said. Finance is precisely responsible for the allocation of resources. At the fourth plenary session of the 2024 Lujiazui Forum, financial professionals from home and abroad gathered together to explore and think about the latest green finance.

"Promoting green, low-carbon and sustainable development has become a broad consensus of the international community. From the perspective of the financial industry, developing green finance is a requirement for long-term structural transformation and development," said Ma Jianyang, chairman of the China Interbank Market Clearing Co., Ltd.

Looking at China, some results have already emerged. As of the end of the first quarter of 2024, the balance of green loans in RMB and foreign currencies in China was 33.8 trillion yuan, and the outstanding scale of green bonds was about 1.9 trillion yuan, both ranking among the top in the world.

However, Tu Guangshao, executive director of the Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University, said that there are still imbalances in the development of green finance in China.

First, there is an imbalance between supply and demand in terms of the total amount of green finance resources.

Secondly, there is an imbalance between infrastructure and practical activities. Tu Guangshao believes that the infrastructure of green finance needs to be further consolidated and improved, such as the relevant indicator system, accounting system, standard system and evaluation system. "One of the important reasons for the emergence of 'greenwashing' is that the infrastructure construction needs to be improved, which will also have a negative impact on the allocation efficiency of financial resources."

Third, there is an imbalance in the green financial system. Tu Guangshao said that currently, financial resources support pure green industries with greater strength and proportion, such as new energy, green environmental protection technology and other industries, but support for transitional finance is relatively small, which is a common problem faced by the world.

Fourth, the structure of green finance is unbalanced. Simply put, the proportion of debt-driven is relatively large, while the proportion of equity is relatively small, and both are necessary in the improvement and development of the green financial system.

Finally, there is an imbalance in the service objects, that is, there are more large enterprises and fewer small enterprises. However, the vast majority of China's enterprises are small and medium-sized enterprises, and they also face the needs and difficulties of green and low-carbon transformation.

Among these imbalances, some are regional characteristics, while others are common problems. How to solve these problems? Innovation and cooperation have become the consensus in the industry and are also the keywords at the forum.

"Green finance is an innovative business. The development of green finance does require continuous innovation in products and services, as well as market innovation," said Zhu Jian, Chairman of Guotai Junan Securities Co., Ltd. Guotai Junan has been engaged in carbon finance business for more than ten years and is a major member of eight carbon trading venues in China. Currently, it can provide carbon spot asset transactions, carbon emission reduction purchase transactions, carbon repurchase transactions, carbon offset integration and quota-to-emission reduction replacement transactions, etc., and can provide full-chain carbon financial services. In the past ten years, Guotai Junan has always insisted on innovation first, and landed the first CCER transaction in the securities industry in China. It is the first unit to land businesses such as income certificates linked to carbon emission quotas, and is also one of the first units to participate in the repurchase of carbon forward innovative product transactions.

Shanghai Clearing House is one of the institutions participating in green international cooperation. Shanghai Clearing House has cooperated with Hong Kong Debt Instrument CMU to launch "Issuance Connect" and "Southbound Connect" and other businesses, becoming an important channel for foreign institutions to invest in the domestic bond market, including green bonds. At the same time, it cooperates with the Luxembourg Stock Exchange to provide green bond issuers with domestic and overseas simultaneous information disclosure services.

"I see that the place with the greatest enthusiasm for the topic of green finance is Shanghai. There is a passion for innovation here. We are on the right track and will definitely achieve our goals," said Roland BOEHM, member of the board of directors for international corporate business at Commerzbank.

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