The special re-lending is mainly aimed at national commercial banks, and the loan interest rate is roughly the same as the LPR of the same maturity grade, reflecting the targeted support for specific areas
Less than two weeks after the central bank launched the financial support tool for carbon emission reduction, the state once again took action to increase financial measures to support green and low-carbon development.
The State Council executive meeting held on November 17 decided to establish a special re-loan to support the clean and efficient use of coal to promote green and low-carbon development.
Special re-loan scale-200 billion yuan!
Data map: coal mine.
Photo by China News Agency reporter Wei Liang
Focus! Aiming at the "main battlefield" of carbon reduction
The meeting pointed out that my country’s energy resource endowment is dominated by coal. It is necessary to proceed from the actual conditions of the country, focus on improving the level of clean and efficient use of coal, and accelerate the promotion of the commercial application of mature technologies.
The energy and power industry has always been the "main battlefield" for carbon reduction, and China's power supply structure has been dominated by coal power.
According to data previously released by the China Electricity Council, as of the end of 2020, the country's full-caliber power generation installed capacity was 2.2 billion kilowatts.
Among them, the full-caliber coal-fired power installed capacity was 1.08 billion kilowatts, accounting for 49.1% of the total installed capacity, which fell below 50% for the first time, but still occupies nearly half of the country.
From the perspective of power generation, coal-fired power generation also accounts for the bulk.
According to statistics from the China Electricity Council, in 2020, the country's full-caliber power generation will be 7.6 trillion kilowatt-hours.
Among them, coal-fired power generation was 4.63 trillion kWh, an increase of 1.7% year-on-year, accounting for 60.8% of the country's full-caliber power generation, a year-on-year decrease of 1.4 percentage points.
Yang Weimin, deputy director of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference, recently stated in public that coal-fired power may still be the main power source for a period of time to come. Therefore, it is necessary to speed up the flexible transformation of coal power to convert coal power to electricity and power power.
He emphasized that green finance and monetary policy tools that support carbon reduction should support the flexible transformation of coal power.
Cheng Lin, director of the Green Finance International Cooperation and Research Center of the Beijing Institute of Green Finance and Sustainable Development, predicts that in the next 30 years, carbon neutrality will bring about nearly 500 trillion yuan in green and low-carbon investment demand.
These funds include not only the use of existing green financial tools to support projects that meet the existing green and zero-carbon standards, but also the need to support the transformation of high-carbon companies and high-carbon assets to low-carbon and zero-carbon through transformation finance.
Data map: People's Bank of China.
Photo by China News Agency reporter Zhang Xinglong
Overweight! Set up a special reloan of 200 billion yuan
Finance supports green and low-carbon development, and recent official actions have continued.
On November 8, the Central Bank launched a carbon emission reduction support tool to provide financial institutions with low-cost funds, and guide financial institutions to provide carbon reduction to all types of enterprises in key areas of carbon emission reduction under the premise of independent decision-making and risk-taking. To arrange loans, the loan interest rate should be roughly the same as the market quoted interest rate (LPR) for loans of the same maturity grade.
The analysis pointed out that the carbon emission reduction support tool is "additive", using incremental funds to support investment and construction in key areas such as clean energy, thereby increasing the overall energy supply capacity. Financial institutions should provide financing support in accordance with the principles of marketization and rule of law. Contribute to the country's energy security and supply and green and low-carbon transition.
The National Standing Committee decided to establish a special re-loan of 200 billion yuan to support the clean and efficient use of coal based on the establishment of financial support tools for carbon emission reduction in the early stage, forming a policy scale and promoting green and low-carbon development.
The 200 billion yuan special re-loan established this time, in accordance with focused, more operable requirements and market-oriented principles, specifically supports safe, efficient, green and intelligent mining of coal, clean and efficient processing of coal, clean and efficient utilization of coal and electricity, and clean combustion and cleanliness in industry. Heat supply, clean heating for civil use, comprehensive utilization of coal resources and vigorously promote the development and utilization of coalbed methane.
The specific method is that national banks independently issue preferential loans to projects within the scope of support that meet the standards. The interest rate is roughly the same as the market quoted interest rate for loans of the same maturity level. The People's Bank of China can provide re-lending support at the same amount of loan principal.
At the same time, the meeting called for the overall study of measures to reduce the proportion of project capital, appropriate tax incentives, strengthen government special debt funding support, and accelerate depreciation measures to increase support for clean and efficient coal utilization projects.
What are the similarities and differences between successive moves?
Two major initiatives have been launched in a short period of time. What are the similarities and differences between the two?
Observations believe that, like carbon emission reduction support tools, this special re-lending is mainly aimed at national commercial banks, and the loan interest rate is roughly the same as the LPR of the same maturity grade, reflecting the targeted support for specific areas.
However, compared to carbon emission reduction support tools that pay more attention to the new energy field, special refinancing focuses more on traditional energy upgrades, which will help provide financial institutions with stable and low-cost funds and increase their willingness and ability to support the clean and efficient use of coal. .
Cheng Lin said that before the goal of carbon neutrality is achieved in 2060, most of China's financial assets and the economic activities they support will need to undergo transformation.
In this process, it is necessary to launch various financial products to support transformation, including transformation funds, transformation loans, transformation bonds, transformation guarantees and other financing tools.
Taking the transformation of coal power companies as an example, Cheng Lin pointed out that in the process of transforming to new energy-based businesses, it needs policy support in terms of land supply, renewable energy consumption, and carbon emission rights trading.
In terms of financing and financial supervision, through the central bank's re-lending incentive mechanism for green finance, the establishment of special policies to support transitional finance. These measures will help increase the rate of return of social capital on transitional investment, thereby encouraging more financial resources to participate in low carbon Transformation project.
Wang Jingwen, a senior researcher at the China Minsheng Banking Research Institute, said that, in general, based on my country’s energy endowment and current status of use, under the “dual carbon” goal, and in accordance with the principle of steady, orderly and gradual progress, the National Standing Committee will support it through targeted financial policies. , To promote the clean and efficient use of coal, and to achieve the goal of green development.
Author: Wang Enbo