At present, all walks of life in China are actively exploring the goal of carbon peak and carbon neutralization, and the banking industry is no exception. Recently, many Chinese banks have launched carbon accounts to accelerate green financial innovation and help achieve the “double carbon” goal.
On the 22nd, China Citic Bank Corporation Limited(601998) officially launched the personal carbon inclusive platform – “CITIC carbon account”. The account automatically collects individual low-carbon behavior data under different life scenarios through user authorization, and accumulates individual carbon emission reductions through scientific measurement methods, providing each user with strong proof of practicing green and low-carbon life.
China Citic Bank Corporation Limited(601998) vice president LV Tiangui said that China Citic Bank Corporation Limited(601998) fully recognized the great significance of green bank construction, vigorously promoted the construction of green financial system and explored and formulated green financial solutions. The “CITIC carbon account” released this time focuses on the construction of carbon inclusive mechanism in the city, makes users’ green and low-carbon behavior measurable and traceable, and promotes the wide integration of green and low-carbon into people’s life.
In fact, in addition to China Citic Bank Corporation Limited(601998) , there are also many banks “testing the water” carbon account products. For example, in early March, the Beijing Financial Technology Innovation regulatory tool implementation working group announced that China Construction Bank Corporation(601939) plans to build a customer’s personal “carbon account book” and provide personal financial services such as credit card quota upgrading, installment benefits, bank card consumption discounts, payment concessions and equity exchange in the points mall based on the “carbon account book”.
For another example, Qujiang rural commercial bank, under the circumstance that Quzhou central sub branch of the central bank actively promotes the financial scenario application of personal carbon account, launched “point carbon into gold loan” for individual customers, divided customers into three levels of “dark green”, “medium green” and “light green” according to individual carbon points, and provided differentiated preferential policies in three aspects of “credit amount, loan interest rate and handling process”.
Shanghai Pudong Development Bank Co.Ltd(600000) will launch a carbon account system suitable for enterprises and individuals. Relying on this system, on the one hand, banks will identify the carbon emissions of enterprises and individuals and provide differentiated rapid settlement, cheaper funds and more flexible services for all enterprises and individuals that reduce and fix carbon; On the other hand, it will also provide customers with more rights and interests linked to green consumption and credit.
According to pan Helin, CO director of the digital economy and financial innovation research center of the International United Business School of Zhejiang University, carbon account is a financial institution that tracks users’ carbon emission reduction behavior through financial services, quantifies users’ carbon emission reduction behavior, forms a carbon account balance, then links the carbon account balance with financial services and users’ rights and interests, and can even convert the carbon account balance into real cash in the future. Carbon accounts include both enterprise oriented and individual oriented carbon accounts. The personal carbon account is the key to the recent pilot breakthrough of China’s financial institutions.
Pan Helin pointed out that financial institutions evaluate users’ carbon emission reduction behavior and form carbon account balance by collecting users’ daily financial consumption data. In this way, financial institutions can not only encourage users to increase carbon emission reduction behavior through carbon account balance, but also guide users to choose more energy-saving and emission reducing products and services through personal carbon account. The current individual carbon account plays a nurturing role. By linking the carbon emission reduction behavior with the balance value of the carbon account, individuals are guided to participate in the accumulation of carbon right value, so as to lay a cognitive foundation for individuals to enter the field of carbon right trading in the future.
Dong ximiao, chief researcher of qinnong bank, also held similar opinions. Dong ximiao said that as a financial service innovation, commercial banks launched personal “carbon accounts” to link financial services and user behavior under the carbon emission reduction target, which not only helps to promote the green and low-carbon concept in the whole society, but also helps to further enrich and expand their own financial service scenarios.
However, Dong ximiao reminded that at present, Bank Of China Limited(601988) personal “carbon account” is still in the initial stage of exploration, and there are still some deficiencies in practice. For example, there is no corresponding system and method to open the “carbon account”. In the context of China’s acceleration towards the goal of carbon peak and carbon neutralization, further measures should be taken to improve the institutional arrangements related to individual “carbon accounts”, encourage commercial banks and the public to participate more in carbon emission reduction actions, and then accelerate the construction of a carbon inclusive system for the whole society. The financial management department shall timely formulate the relevant systems of bank individual “carbon account”, try to launch the national group standard of bank individual “carbon account”, and provide support and reference for the development of “carbon account” in the banking industry.
