The government can only cover a small portion, requiring millions of RMB. Central Bank Governor Yi Gang: Achieving the "3060" target funding | Green | Yi Gang
At the 14th Lujiazui Forum held today, Yi Gang, the President of the People's Bank of China, believed that achieving the "3060" goal requires a large amount of investment in green transformation and green technology. According to relevant calculations, the required funds will reach the level of millions of yuan. With such a large funding demand, government funds can only cover a small portion, mainly by mobilizing social capital participation, fully leveraging the decisive role of the market in resource allocation, utilizing the price discovery and risk management functions of financial instruments, and achieving the optimal growth path under constraint conditions.
The financial sector can reduce the cost of social capital participation in green transformation and promote the development of the green finance market by formulating green finance standards, promoting environmental information disclosure, appropriately improving information transparency, and providing low-cost financial support. At present, China's market has formed a multi-level green finance market system, mainly consisting of green loans and green bonds, with various green financial instruments flourishing. As of the end of the first quarter of 2023, China's balance of domestic and foreign currency green loans exceeded 25 trillion yuan, and the balance of green bonds exceeded 1.5 trillion yuan, both ranking among the top in the world.
Yi Gang stated that Shanghai is the location of the national carbon emission trading market and started relatively early in the green and low-carbon transformation. In recent years, based on new development concepts and stages, Shanghai has proposed the goal of building an international green finance hub and has taken the lead in launching multiple green finance products, fully mobilizing the enthusiasm and innovation of market entities. In the future, Shanghai can play a greater leading role in the field of green finance.