Oct 21, 2021
Hot Sharing | Green Finance under the
In order to cope with the long-term task of climate change, the world economy has been vigorously advocating a "green recovery" after the epidemic. With China’s long-term goal of carbon neutrality by 2060, the entire socio-economic system, including China’s financial system, has faced tremendous challenges. China’s green finance has developed rapidly and green credit has grown steadily. Green finance refers to economic activities that support environmental improvement, response to climate change, and resource conservation and efficient use, that is, investment and financing, project operations, risk management, etc. for projects in the fields of environmental protection, energy conservation, clean energy, green transportation, and green buildings. Financial services. Green finance is an important part of China's "dual carbon" target policy framework. In coordination with industrial policies, consumption policies, tax policies, and carbon market transactions, green finance plays an important role in promoting the realization of the "dual carbon" target. As China put forward the long-term goal of peaking carbon by 2030 and carbon neutral by 2060 at the 75th United Nations General Assembly, the energy and environmental transformation should be combined with national conditions and strive to explore a path of green finance with Chinese characteristics. In the short term, the current novel coronavirus crisis provides governments with a key opportunity to implement green recovery plans. They can formulate new growth strategies to promote economic transformation, so as to solve current structural problems while enhancing the resilience of the economy to future shocks; In the long run, the sustainable development goals of the economy under the new normal are facing increasing resource and environmental pressures. Vigorously developing green industries and promoting the transformation of energy structure are urgently needed to achieve China's carbon neutrality goals. China's green finance market mainly includes the green credit market, green bond market, green fund market, green insurance market and environmental trading market. The current green credit market and green bond market are relatively active green financial markets in China, and the green credit market is developing rapidly. From a national perspective, China has started the construction of a “top-down” green credit policy system since 2007, and has initially established a green financial system framework with abundant policy tools, reasonable policy incentives, and sophisticated evaluation mechanisms. Since 2008, six banks, including Industrial Bank, Bank of Jiangsu and Bank of Huzhou, have successively adopted the "Equator Principles" as a corporate lending standard, in line with international green credit standards. Prior to this, the central government’s willingness to develop green finance and the local government’s willingness to prioritize the development of regional economies and finan...
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