On April 16, at the round table forum of "2022 Tsinghua Wudaokou global financial forum" held in Beijing, guests discussed the development of green finance under the goal of "double carbon".
green financing with high return
Zhang Xiaoyan, vice president of Wudaokou School of Finance and Chair Professor of finance of Tsinghua University, pointed out that green credit is the largest product in China's green financial market. By the end of 2021, the scale of green credit had reached 15 trillion yuan, accounting for 7.8% of the total loan scale. The growth rate is fast, and the volume ranks first in the world, but the proportion is relatively small and there is much room for progress. The second is green bonds. By the end of 2021, the balance of green bonds was 1.7 trillion yuan, accounting for 1.3% of the stock of the whole market.
Zhang Xiaoyan said that China's green financial market is still in the initial acceleration stage, focusing on fixed income products and less equity products. The policies related to green investment and financing and the green market service system have not been improved.
"In the future, investors should be encouraged to make green and zero carbon investment on the investment side, and the financing side should help financing enterprises improve environmental performance and make financing enterprises realize that the return of green financing is high." Zhang Yan said.
conduct climate risk stress test
Wang Xin, director of the Research Bureau of the people's Bank of China, believes that the financial risks related to climate and biodiversity should be considered as a whole. More and more central banks carry out climate related financial risk assessment and stress testing, including financial institutions and macroeconomic finance.
"The people's Bank of China is organizing financial institutions to carry out climate risk stress tests." Wang Xin said that we should study and carry out climate risk stress test at the macro level, and design multiple links such as climate risk identification, macroeconomic scenario and industrial scenario analysis.
Wang Xin said that the interaction between climate system and ecosystem should be considered as a whole, and the impact of biodiversity decline should be considered in the climate risk stress test.
green financial products are not fully market-oriented
He Ping, vice president of the school of economics and management of Tsinghua University, believes that at present, from the strict definition of marketization, green financial products (including green loans and green bonds) belong to quasi financial products, because pricing is not market-oriented, and there is no essential difference from financial means and carbon tax, which is what needs to be improved most in the future green financial market.
"In the future, the only pricing of green product price is that it may bring differences in corporate profits or default rates, which is reflected in the price of green products. To realize market-oriented green finance, we need to establish a unified carbon market, and all carbon related things need unified pricing." He Ping said that for enterprises adopting green emission technologies, the benefits from emission reduction should be directly reflected in financing costs, financial services and products.
How to establish the price correlation between carbon emission rights and carbon sinks? He Ping believes that to establish a complete carbon emission trading accounting system, we need to scientifically allocate carbon emission rights among carbon producers, forestry producers and growers, or determine the conversion ratio of carbon sink and carbon emission rights, so as to balance the development trend and production incentives of carbon sequestration and emission in the whole society.
