Why should Shanghai not give up on this matter?, Lujiazui Forum Talks Again on Green Finance Green | Finance | Forum

Release time:Apr 13, 2024 21:12 PM

At the just concluded 14th Lujiazui Forum, the Governor of the People's Bank of China, Yi Gang, once again talked about green finance. The "carrot and stick" policy guidance direction quickly gained market attention. On the forum, green finance and ESG have been mentioned countless times. Both domestic and foreign financial regulatory authorities and institutions have expressed a strong interest in green finance.

In 2020, China announced the "30/60" target of dual carbon reduction to the world, marking the beginning of the world's largest carbon reduction initiative. In this context, the financial industry's approach to green development has multiple profound implications.

On the one hand, green finance is a necessary tool for achieving low-carbon transformation in society. According to relevant calculations, in order to achieve the "30/60" target, it is necessary to invest millions of RMB. In the face of such a huge amount of funds, government investment can only play a guiding role. More importantly, it is to stimulate market enthusiasm and improve resource allocation efficiency. By pricing carbon emissions, such as establishing carbon trading and carbon tax mechanisms, we can promote the realization of "whoever emits carbon will bear it", and finance can drive the overall transformation of society towards the normalization of "carbon management".

On the other hand, climate change is both a risk and an opportunity. Nobel laureate in economics Christopher Pisarides said in an interview at the Lujiazui Forum that China's era of relying on low-end manufacturing has passed, and only through new technologies can stable economic growth be achieved. The new formats and industries generated by low-carbon transformation belong to this category of new technologies. The unlimited possibilities brought by low-carbon economy will attract large-scale capital investment and bring new momentum to economic development, which is conducive to reducing the dependence of economic development on traditional industries, accelerating economic transformation and upgrading, and promoting high-quality development.

The intersection of green and finance points to long-term high-quality and sustainable development; For an international financial center city, whether it can lead the trend in this area also depends on its own level and competitiveness. Shanghai can and should play a crucial role in this process.

As Yi Gang said, Shanghai started its green and low-carbon transformation earlier. Shanghai is one of the earliest regions in China to initiate carbon trading pilot projects, and has initially formed a trading system that meets the requirements of carbon emission management. In 2021, the national carbon emission trading market was also established in Shanghai and operated steadily. In the past decade, Shanghai has been the first to launch innovative financial products such as green credit asset securitization and carbon neutral bonds, and has issued and implemented the first green finance regulations... As an international financial center, Shanghai has complete financial infrastructure and a complete range of financial institutions, with abundant financial resources. At the same time, Shanghai is also a technology center, and many energy-saving and carbon reducing industries will have their R&D departments located in Shanghai, with obvious advantages in investment and financing location. From any perspective, Shanghai, which is building an international green finance hub, has the responsibility and ability to play a greater leading role in the field of green finance.

At the end of the Lujiazui Forum, the first domestic expo with the theme of "carbon neutrality" will be held in Shanghai. At that time, the exhibition will showcase over a thousand cutting-edge green and low-carbon technologies and products at home and abroad. By building an industry docking and exchange platform, it will promote the promotion and application of carbon neutrality related technologies and the development of emerging industries, making new demonstrations for the green and low-carbon transformation of the economy and society. In a sense, this weekend is a special intersection. Grasping and strengthening this intersection will provide important strategic value for both the construction of Shanghai's "Five Centers" and the construction of an ecological city.

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