Since the establishment of the "double carbon" goal, China's green finance has developed rapidly. Among them, green loans, green bonds, ESG, carbon emission trading and other carbon finance practices for the enterprise sector are in full swing; However, for the residential sector, which accounts for more than half of the carbon emissions, policies and markets still need to pay more attention to personal carbon finance.
The residential sector accounts for a high proportion of carbon emissions and covers a wide range. Financial means need to be used to promote carbon emission reduction. The carbon emission of China's residential sector accounts for about 50% of the whole society, and is widely distributed in many fields such as energy, health care and food. It is difficult to ensure the emission reduction efficiency by relying on traditional publicity and education or policy incentives. It is necessary to develop personal carbon finance and use market means to guide the change of residents' consumption behavior.
There have been many attempts in the theory and practice of overseas personal carbon finance. Among them: 1) residential sector carbon trading (PCT) is an early and widely studied personal carbon finance scheme. PCT can stimulate emission reduction through economic rewards and punishments, emission awareness and social effects. However, due to statistical difficulties and unfair distribution, there is no large-scale practice in the world. 2) The small-scale practice of PCT includes niche in Australia and citicap in Finland. Both of them prove that PCT has effect in emission reduction, but to implement it on a large scale, it needs a series of preconditions such as more perfect statistics, reasonable distribution and better publicity. 3) Some commercial banks reduce the statistical demand and bypass the quota allocation link by directly rewarding the resident departments with points, so as to encourage the residents to develop emission reduction awareness and social habits, which also promotes the emission reduction of the resident departments.
At present, China has not tried to build PCT, mainly through carbon inclusive carbon finance to guide residents to reduce emissions. 1) Chinese individual carbon finance participants include commercial banks, local governments, Internet companies and other entities; 2) As far as the carbon inclusive system is concerned, China's representative attempts include carbon inclusive pilot projects in Guangzhou and Qingdao, as well as Internet carbon inclusive platforms such as ant forest and low-carbon planet; 3) In recent years, commercial banks have successively launched carbon credit cards based on the "point exchange" mode of carbon GSP, and began to explore the establishment of a more comprehensive personal carbon account system, which has enriched the practice of personal carbon finance.
The development of personal carbon finance in the residential sector still faces many challenges, which need to be gradually solved in the future development process: 1) the development of PCT faces many difficulties, including data and distribution; 2) The energy consumption of residential sector is relatively rigid, and the rise of carbon price and energy price may have an impact on low-income families; 3) Carbon emission reduction in the residential sector needs to take into account the quality of life of residents, and it is relatively difficult to promote the transformation of consumption behavior; 4) Various policies for carbon finance still need to be further clarified; 5) Various technologies and policies related to carbon finance still need to be further clarified; 6) To promote the emission reduction of the residential sector, the primary task is to help the residential sector understand the relevant background of carbon emissions. China still needs to make efforts in this regard.
Investment suggestions: 1) with the development of personal carbon finance, the demand for personal carbon accounting has increased, bringing greater development space for relevant enterprises; 2) It is expected that enterprises and individuals will benefit from the development of the Internet banking platform; 3) The development of personal carbon finance improves the demand for information security, and relevant service providers have good prospects.
Risk tips: 1) repeated outbreaks and steady growth of carbon emission reduction; 2) Residents' willingness to participate is less than expected; 3) Policies restrict the development of carbon finance.
