The field of green development is the focus of current policies and markets. Where are the future development trends and investment opportunities? This paper systematically combs from the perspective of financing for reference.
Green financing is mainly green loans and bonds, with accelerated growth in recent years, especially in 2021
More than 80% of green financing is loans, about 10% is bonds, and the rest is non-standard financing such as trust. By the end of the third quarter of 2021, the stock scale of green financing has exceeded 17 trillion yuan, of which the scale of green loans is the largest, nearly 15 trillion yuan, accounting for more than 85% of all green financing; Green bonds rank second, accounting for about 10%, and the rest are non-standard financing such as green trust, insurance funds and green investment, with a total of about 5%.
The growth of green financing has accelerated in recent years, especially in 2021. The growth of green loans and green bonds is about 30%. Over the past two years, green loans have grown significantly faster than all loans, rising from 13.3% in the first quarter of 2020 to nearly 28% in the third quarter of 2021. The average value of new loans in a single quarter exceeded 940 billion yuan, accounting for more than 40% of enterprise loans; Green bonds grow faster, with a growth rate of more than 30% in 2021, especially green city investment bonds. Green trust and insurance funds have been used to scale up green investment, and the growth rate of insurance has exceeded that of trust.
Green financing mainly flows to the green infrastructure chain, focusing on clean energy and green upgrading of infrastructure
More than half of the green loans flow to the infrastructure chain, and the loan increment is inclined to clean energy and green upgrading of infrastructure. By the third quarter of 2021, green loans have been invested in electric combustion, accounting for about 28%, followed by transportation and storage, accounting for 27%. There are also many loans invested in clean energy, accounting for more than 1 / 4, which has increased particularly rapidly in recent years. Since 2020, more than 60% of the new green loans have been invested in clean energy and green upgrading of infrastructure. The average new scale of the two in a single quarter of 2021 has expanded to about 200 billion yuan and 410 billion yuan respectively.
More than 70% of green bonds are used for public utilities, transportation and other infrastructure chains; Insurance funds and innovative tools mainly support low-carbon areas. In the stock of green bonds, the financing of public utilities, transportation and building decoration industries ranked among the top three; New green financing is also concentrated in the infrastructure chain, accounting for more than 74% in 2021; Green city investment bonds are concentrated in eastern provinces and cities, and only Guangdong, Jiangsu and Zhejiang account for nearly 50%. In addition, the green investment of insurance funds mainly focuses on the green upgrading of infrastructure, accounting for 38%, and the investment in clean energy accounts for 32%, with a rapid growth rate of more than 31%.
With increased policy support, green financing will be expanded or continued to support green upgrading of manufacturing industry and clean energy
With the increase of policy support, loans, bonds and other financing may further tilt to the green field, driving the continuous expansion of relevant financing. Since 2021, the central government and relevant ministries and commissions have repeatedly emphasized increasing green development support and leveraging more financial resources to favor green and low-carbon industries; The central bank launched support tools such as carbon emission reduction, expanded the evaluation scope of green finance, and encouraged institutions to invest in green fields. With the support of policies, the scale of green loans and bond financing in the first three quarters alone increased by more than 51% compared with the whole year of 2020, and the proportion in new social finance increased significantly to 13%.
Looking ahead, green financing may focus on supporting green transformation and upgrading of manufacturing industry, green upgrading of infrastructure, clean energy and other fields. In combination with the green related planning during the 14th Five Year Plan period and the statements of large state-owned banks, green financing may focus on three areas: first, green transformation and upgrading of enterprises, promoting green manufacturing and optimizing product design; Second, support the clean energy industry, help accelerate the construction of new energy power generation and equipment manufacturing bases, and promote the diversified layout of photovoltaic power generation; Third, green upgrading of infrastructure, such as supporting facilities for clean energy vehicles.
Risk warning: possible errors and omissions in the statistical process.
