Jin Guanping: Coordinate and coordinate the development of green finance
Recently, the People's Bank of China, the Ministry of Ecology and Environment, the State Financial Supervision and Administration Bureau, and the China Securities Regulatory Commission jointly held a symposium on green finance to serve the construction of a beautiful China, conveying and studying the overall arrangements of the Party Central Committee and the State Council on comprehensively promoting the construction of a beautiful China, and exchanging financial support We will review relevant experiences and practices in green and low-carbon development and the construction of a beautiful China, and study and deploy the next phase of work.
Building a Beautiful China is a major strategic arrangement made by the Party Central Committee, and developing green finance is an inevitable requirement to serve the construction of a Beautiful China. In recent years, my country’s green finance development has achieved remarkable results. As of the end of March this year, the balance of green loans was 33.8 trillion yuan, a year-on-year increase of 35.1%, which was 25.9 percentage points higher than the growth rate of all loans; the balance of green bonds exceeded 1.9 trillion yuan, of which the balance of green financial bonds was approximately 870 billion yuan, accounting for The overall stock of green bonds exceeds 40%, providing a stable source of funds for financial institutions to issue green credit.
Giving full play to the role of green finance and assisting the construction of a beautiful China is the common mission and responsibility of the financial system and the ecological environment system. Green finance is a systematic project that involves laws and regulations, standard systems, environmental factor markets, financial infrastructure, financial products and services, policy support systems, international cooperation and many other links. Cross-field and cross-department collaboration must be strengthened. It can be said that the development of green finance relies on collaboration, but it is also difficult to do so. It is necessary to further strengthen top-level design, establish a joint working mechanism, and promote efficient policy coordination.
Improving laws and regulations is a guarantee. There is no rule without rules, and the rule of law can consolidate the foundation, stabilize expectations, and benefit the long-term. The ecological environment system and financial system must make overall plans, clarify rules, and unify standards. On the one hand, we should steadily promote legislative work and encourage qualified localities to take the lead in promulgating local green finance regulations in accordance with the law. On the other hand, we should improve the green finance standard system to avoid hindering business implementation due to inconsistent standards. At present, it is necessary to effectively play the role of the bond and stock markets, unify the use of funds raised by green bonds, information disclosure, and regulatory requirements, study and formulate green stock standards, and unify green stock business rules.
The construction environment factor market is the foundation. To develop green finance, we need to look beyond finance to find good strategies. For example, if we want to carry out climate investment and financing activities, we need a carbon price as a reference, and to form a carbon price, we need a unified national carbon market. At present, my country's carbon market consists of two parts, namely the national carbon emission rights trading market and the national greenhouse gas voluntary emission reduction trading market. The two markets have their own focus and are interconnected. It is necessary to expand the industry coverage of my country's carbon market in stages and gradually, increase market activity, improve the quality of carbon emission data, and give full play to the role of the price discovery mechanism.
Enriching financial products and services is the driving force. The implementation of green finance relies on various financial products and services. Financial services should rely on the environmental factor market to further enhance the level of professionalism. First, we must have breadth and explore innovative products such as environmental equity mortgage loans, environmental benefit-linked loans, and green credit asset securitization. Second, there must be precision. Financial institutions and financing entities must disclose environmental information, be open, transparent, and well-documented, ensure that financial resources flow accurately to green areas, and prevent "greenwashing" and other behaviors.
We must also coordinate development and security, and take into account both the long term and the present. When finance serves the green and low-carbon development of the economy, it cannot ignore the transformation of traditional energy. It is necessary to provide strong financial guarantee for energy security, accurately support areas such as clean energy, guaranteed supply of electricity and coal, and clean and efficient utilization of coal and electricity, and support high-emission industries and projects to achieve digital and intelligent upgrades.
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