Financial institutions are looking forward to low-carbon finance. The industry generally cares about whether the carbon emission reduction in our country will be implemented in a mandatory or voluntary way. Zeng Gang, Director of the Bank Research Office of the Institute of Finance of the Chinese Academy of Social Sciences, believes that the current situation in our country determines that mandatory emission reduction will be difficult to implement in the short term, and voluntary emission reduction should be the current direction.
Low-carbon economy is expected to become a new key point for financial companies. However, experts still see the opportunities brought by the low-carbon financial market in China. Chen Ying, a member of the Board of Directors of the United Nations Global Compact, stated that it is very important to restore market confidence when discussing low-carbon finance. Low-carbon economy is a new entry point to deal with the financial crisis, and the market order can be rebuilt through this.
Zhuang Guiyang, Deputy Secretary-General of the Sustainable Development Center of the Chinese Academy of Social Sciences, suggested that priority should be given to the transformation of low-carbon financial models in infrastructure areas such as electricity, transportation, and construction. He said that the draft of the low-carbon finance guidance plan organized and compiled by the National Development and Reform Commission has been completed, and policies related to the development of low-carbon finance may be clarified.
He pointed out that financial support for carbon emission reduction should be provided under the current market mechanism, and incentive mechanisms should be established by creating new market mechanisms.
At the forum on domestic low-carbon finance and financial innovation held on the 25th, experts believed that carbon emission reduction urgently needs financial support. The development of low-carbon finance could become an important support for global finance to return to the track of sustainable development, and also provide a completely new development space for the financial system.
Mai Dewen, General Manager of Beijing Conditions Exchange, believed that China's carbon market has two distinct characteristics in the long term: one is non-mandatory, and the other is non-regulatory. From 2005 to 2012, China's carbon market was mainly for CDM projects market, which was mainly forward contract transactions; after 2013, China will develop a voluntary quota market for voluntary participation and mandatory emission reduction quotas, and eventually develop into a mandatory participation and mandatory quota emission reduction model; after 2020, China may develop a carbon futures market.
Some forward-looking financial columns have already actively participated in financial businesses related to carbon emission reduction. Zhang Jian, General Manager of the Corporate Banking Department of China Merchants Bank (18.00, 0.29, 1.64%), believed that only innovation can grasp new business opportunities in the future. Low-carbon represents new industries and new competitive advantages, and is also a response to national policies. In the future, green finance will become a highlight of China Merchants Bank's corporate business.
Voluntary emission reduction should be the current direction of carbon emission reduction. Joanna Lee, representative of the Carbon Disclosure Project (CDP), stated that investors need to know the carbon information of the companies in their investment portfolios, so as to better understand the creditworthiness of these companies and the impact of climate change on their profitability.
Joseph Zhang, Director of the Consulting Service Department of PricewaterhouseCoopers, believed that the scale of China's low-carbon finance market in the next 20-30 years is expected to reach 500 billion to 1 trillion US dollars, but there are still many obstacles to its promotion in China. Currently, many laws and regulations have not yet been issued. During the process of formulating laws, the participation of the public is insufficient. Foreign companies face barriers in terms of access. Some green technologies have not been widely verified and promoted in terms of technology.
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