Carbon reduction support tools are ready to come out
Our reporter Ma Chunyang Zhou Lin
In the latest "China Monetary Policy Implementation Report" released for the second quarter of 2021, the People's Bank of China pointed out that the People's Bank of China has established carbon emission reduction support tools to provide low-cost funds to qualified financial institutions to support financial institutions with significant carbon emissions. Provide preferential interest rate financing for key projects with emission reduction effects.
This will be a structural monetary policy tool directly to the real economy, supporting the development of clean energy, energy saving and environmental protection, and carbon emission reduction technologies in a precise and direct manner, and leveraging more social funds to promote carbon emission reduction.
During the "14th Five-Year Plan" period, my country will speed up the development and utilization of clean energy, which urgently needs to solve the problem of funding sources.
Tian Lihui, dean of the Institute of Financial Development of Nankai University, believes that the realization of the "dual carbon" goal will inevitably require adjustments in resource allocation and financial support.
The central bank’s design and launch of carbon emission reduction support tools is a necessary response and effective implementation of the national “dual-carbon” goal.
Pan Helin, executive dean of the Institute of Digital Economy, Zhongnan University of Economics and Law, believes that there are several reasons for launching carbon reduction support tools.
First, respond to the national strategy, help achieve the "dual-carbon" goal, and promote green finance; secondly, the "dual-carbon" project is more certain, can obtain stable returns, and has less risk; thirdly, it reduces the approval process through direct credit access. , So that "dual carbon" projects can obtain low-interest credit support, and solve the problem of "dual-carbon" corporate financing difficulties and high financing.
"From a technical perspective, the central bank introduced carbon emission reduction support tools because compared with some existing monetary policy tools, carbon emission reduction tools have many advantages and can make up for the deficiencies of existing tools." Essence Securities analyst pool Guangsheng said.
Tian Lihui believes that carbon emission reduction support tools are structural monetary policy tools that directly reach the real economy.
The central bank provides low-cost funds to qualified financial institutions that carry out carbon emission reduction work, and then supports relevant financial institutions to provide preferential interest rate financing for key projects with significant carbon emission reduction effects.
The CITIC Securities Mingming Bond Research Team believes that the "dual carbon" goal is a long-term task. Eligible financial institutions with corresponding green loans or green projects can benefit from carbon emission reduction support tools. Therefore, there is a high probability that they will launch more suitable for long-term development. Structured support tools rather than temporary support tools.
The central bank pointed out in the "Report" that the design of carbon emission reduction support tools is based on the principles of marketization, rule of law, and internationalization, fully embodies openness and transparency, and is "operable, calculable, and verifiable" to ensure the accuracy and accuracy of the tools. Directness.
What are the possible options for the central bank's carbon reduction support "toolbox"?
“Policy tools such as targeted re-lending and rediscounting can all become carbon emission reduction support tools.” said Zhou Maohua, an analyst at China Everbright Bank. Relatively low difficulties and bottlenecks, through the creation of carbon emission reduction support tools to reduce the cost of green projects, so that the prospects of green projects can be expected, and then leverage more financial resources to flow into the green economy, and accelerate the development of green industries.
Pan Helin believes that carbon emission reduction support tools will be more diverse. In addition to refinancing and rediscounting, policy support will be provided through targeted lending convenience. When financial institutions support carbon emission reduction projects to a certain scale, targeted RRR cuts will be given Wait for support.
Regarding how to improve the efficiency of carbon emission reduction support tools and help green project companies to maximize financing, Zhou Maohua suggested that one is to strengthen the relevant information disclosure system; the other is to conduct an independent evaluation of the implementation effects of support tools; the third is to improve supervision and legal systems, etc. Remove obstacles to the flow of market resources and promote the healthy development of market standards.
Dong Ximiao, chief researcher of China Merchants Union Finance, believes that the most important thing is to establish a scientific and effective information disclosure mechanism to achieve openness and transparency, that is, financial institutions’ use of carbon emission reduction tool funds for credit investment and results must be disclosed in a timely and accurate manner, and accept all parties. Supervision.
Our reporter Ma Chunyang Zhou Lin
Our reporter Ma Chunyang Zhou Lin