On December 10, many regulators and industry celebrities gathered at the 4th Bund Financial Summit to explain in detail the connotation of low-carbon transformation and the development of green finance .
Zhou Xiaochuan: Further research is needed to
The relationship between energy supply and energy security
Boao Forum for Asia Vice Chairman and People's Bank of China Former President Zhou Xiaochuan said that further research is needed to activate the relationship between energy supply and energy security. "What needs to be implemented most in the future is the relationship between power supply, power industry transformation and power safety," he said.
Zhou Xiaochuan believes that electricity is a way to reflect a large part of the energy demand in the future. The future emission reduction efforts of many industries are to reduce the use of petroleum fossil energy and switch to the use of electricity. Vigorously increasing the installed capacity of current solar and wind energy is the most important thing. More broadly speaking, it is the installed capacity of renewable energy.
"With the development of energy storage technology and the installation capacity of renewable energy is getting larger and larger, some peak-shaving equipment can be gradually withdrawn in the future. At the same time, there are also very important tasks in power grid construction, power grid scheduling capabilities, power grid transformation, and power grid price setting mechanism reform. We must make efforts in this regard to lay the foundation for the gradual fading of fossil energy in the future." Zhou Xiaochuan said.
Xuan Changneng: Avoid simple machinery
"decoalization" and "sports-style" carbon reduction
0 Deputy Governor of the People's Bank of China Xuan Changneng said that due to factors such as resource endowment and economic development stage, my country is highly dependent on fossil energy, and the task of low-carbon transformation is heavier and more challenging. In the process of promoting energy transformation, some regions have the phenomenon of "breaking before establishment" and have failed to handle the relationship between stability and progress. carbon peak carbon neutrality goal cannot be achieved overnight. We must insist on seeking progress while maintaining stability, establishing first and then breaking, coordinate the current and long-term, and properly handle the relationship between energy transformation, economic development, and people's livelihood security. Financial institutions should continue to improve their ability to identify green and low-carbon economic activities, actively respond to financial risks related to climate change, avoid the "decoalization" and "sports-style" carbon reduction of simple machinery, and help green and low-carbon development move forward steadily.
Xuanchangneng said that at present, the basic framework and business model of green finance have been relatively clear, and the coverage of incentive policy measures has been significantly expanded. If regulatory constraints are insufficient for a long time, it will not only be detrimental to the effectiveness of the incentive and constraint mechanism, but may also cause moral risks. Among the assets of my country's financial institutions, the high-carbon industry has a high proportion of credit assets. Climate change and low-carbon transformation will have a significant impact on the wealth pattern and asset management industry. Some financial institutions withdraw from high-carbon assets such as fossil energy too quickly, which will increase the risk of transformation; if they withdraw from high-carbon assets too slowly, it will not only be conducive to achieving the goal of carbon peak and carbon neutrality, but will also increase financial risks. In this regard, we should guide financial institutions to continuously improve their green financial capabilities and support the orderly and low-carbon transformation of the economy in accordance with the requirements of the carbon peak and carbon neutrality timetable and roadmap.
In terms of transformation finance, Xuan Changneng said that we must speed up the development of transformation finance standards. People's Bank of China launched the research on transformation finance in 2021. At present, the basic principles of transformation finance have been initially clarified, and the research on transformation financial standards in four fields including steel, coal-fired power, construction and building materials, agriculture, etc. will be published publicly when conditions are ripe, providing a basis for meeting the reasonable financing financing needs for the high-carbon industry.
In addition, it is necessary to strengthen the transformation of financial incentive and constraint mechanism. Xuan Changneng said that in 2021, the People's Bank of China innovatively launched a special re-lending to support the clean and efficient use of coal, encouraging more social funds to invest in green and low-carbon fields and achieve positive results. In the future, we should actively explore and timely launch financial and financial support tools, continuously expand policy coverage, and fully mobilize social funds to invest in projects with significant carbon emission reduction benefits. Research and improve the comprehensive evaluation index system of green finance, orderly expand the scope of evaluation and expand the application scenarios of evaluation results.
Wang Xin: In-depth research and improvement of my country's financial incentive and constraint policies
Wang Xin, director of the Research Bureau of the People's Bank of China, introduced that my country has initially established a green financial policy system. In 2016, the People's Bank of China took the lead in issuing the " Guiding Opinions on Building a Green Financial System ", which has formed a green financial system with "three major functions" and "five pillars". The central bank and financial regulatory authorities have taken many measures in the formulation of green finance standards, carbon accounting, environmental information disclosure green finance evaluation of financial institutions.
Wang Xin said that we must conduct in-depth research and improvement of my country's financial incentive and constraint policies. Specifically, we will timely expand the applicable institutions and support areas of structural monetary policy, so as to benefit more small and medium-sized enterprises; the design of policy tools should focus on the requirements of supporting the transformation and development of green and low-carbon in the medium and long term, and the coordination and intensity of relevant tools can be adjusted appropriately; study the feasibility of countercyclical capital buffering , difference reserve ratio , and the feasibility of different risk weights for different assets; appropriately increase the mortgage rate of green assets; facilitate and standardize the issuance and transaction of green financial products , reduce financing costs, and encourage the securitization of green loan ; further promote the improvement of green finance and transformation financial standards, strengthen carbon accounting for financial institutions, and promote mandatory information disclosure .
Liu Shijin: The core of green transformation is the innovation and replacement of green technology
13th National Committee of the Chinese People's Political Consultative Conference Economic Committee Deputy Director Liu Shijin said that China's energy transformation must take a transformation path that prioritizes incremental growth, replaces the old with the new, actively innovates and market-driven. The key to solving the dilemma of carbon reduction and growth and achieving a win-win situation for carbon reduction and and growth is actually the replacement of green technology by innovation and the decline in carbon reduction costs.
Liu Shijin divides carbon reduction types into recession type carbon reduction, efficiency type carbon reduction and innovative type carbon reduction. Among them, innovative carbon reduction is to achieve low carbon and zero carbon emissions of through innovation through the formation of new processes, technologies, etc. while achieving the same output. If this type of technology is used to replace the original high-carbon technology, carbon emissions can be reduced under the premise of achieving the same output.
"The core of green transformation is the innovation and replacement of green technology." Liu Shijin emphasized that green technology needs to achieve three goals: one is high-tech productivity, second is less or zero emissions, and third is more competitive and low cost compared with traditional industries.
Edited by: Zheng Yashuo
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