Low carbon economy; Financial support; Financial industry
I. Introduction
With the growth of population and the expansion of economic scale, the traditional economic growth model has brought increasingly serious pollution to the environment. In this context, in 2008, Wu Xiaoqing, a member of the Chinese People's Political Consultative Conference, made "low-carbon economy" the topic of the "two sessions". In June 2009, China Academy of Social Sciences published "Blue Book of Cities: Report on Urban Development in China (No.2)", pointing out that developing low-carbon economy is becoming the consensus of decision makers at all levels under the background of global climate change. Developing low-carbon economy is an inevitable choice to realize economic development and resource and environmental protection. In recent years, the financing demand for developing low-carbon economy is huge, which urgently needs the support of the financial industry. Therefore, financial support for low-carbon economy has become an important topic in the field of economics.
Second, the research status quo
Low-carbon economy is one of the best modes of global economic development. At present, many economically developed countries and regions in the world and some other developing countries have carried out preliminary practical activities of financial support for low-carbon economy. China has been taking active actions to support the development of low-carbon economy and make its own contribution to the development of low-carbon economy.
1. Present situation of foreign research and development. Low-carbon economy was first put forward by Britain and began to be practiced in that country. In 2003, Blair, then British Prime Minister, published the white paper "Our Future Energy-Creating a Low-carbon Economy", which first mentioned the concept of low-carbon economy. Low-carbon economy is a new economic development model with the characteristics of low energy consumption, low pollution, low emission, high efficiency, high benefit and high efficiency, and achieves greater output with less greenhouse gas emissions. Britain has introduced many economic policies, such as climate change tax, climate change agreement, emissions trading mechanism and carbon trust fund, to promote the development of low-carbon economy. Developed countries in Europe and America vigorously promote the "low-carbon revolution" with high energy efficiency and low emissions as the core, focus on developing "low-carbon technologies", make major adjustments to policies such as industry, energy, technology and trade, and seize opportunities and industrial commanding heights. According to the survey results of European business schools, in 2002, there were about 45 green venture capital companies in Europe and America, with a total investment of 654.38 billion euros. The main investment areas are renewable energy, water and clean technology and equipment. In June 2003, 65,438+00 major international banks in seven countries, including Barclays Bank, Citibank, ABN Amro and National Bank of West Germany, announced the implementation of the Equator Principle. In addition to Britain, the European Union and the United States and other developed countries and regions, financial support for low-carbon economy has been initially practiced, and Brazil and India have also begun to explore financial support for low-carbon economy in recent years. In recent years, Brazil has actively introduced foreign capital to support the development of low-carbon economy, especially in the next 30 years, it will use American funds to support the development of new energy. In addition, with the support of the power fund, Brazil has made outstanding achievements in energy conservation. The Indian government also attaches great importance to the development of low-carbon economy, actively utilizes foreign capital and encourages financial institutions to invest in low-carbon fields.
2. Domestic R&D status. Since 2007, the State Environmental Protection Administration and the financial industry have jointly launched a "green finance" system with "green credit", "green securities" and "green insurance" as the main contents, laying a foundation for the financial industry to support the low-carbon economy. This year, China's financial sector actively promoted the "green finance" system. The practice of financial support for low-carbon economy includes two aspects: credit support of banking industry and direct financing support. However, at present, it is still mainly supported by banking credit, and the proportion of direct financing support is small. On the one hand, the credit of the banking industry supports the practice of low-carbon economy. By the end of 2009 1 1, Industrial Bank had supported a total of 87 national energy conservation and emission reduction projects, with a financing amount of1373.7 billion yuan. Industrial and Commercial Bank of China takes the lead in fully implementing the green credit policy in China. At present, 98% of ICBC's loan enterprise customers are environmentally qualified enterprises, and the loan balance accounts for 99%. By the end of 2009, ICBC's e-banking business accounted for 55%. By the end of 2009, the balance of green credit projects of China Construction Bank had reached1810.97 million yuan. From 2007 to 2009, China Bank issued more than 200 billion green loans, with an annual growth rate of over 40%. Although the banking industry is actively practicing credit support for low-carbon economy, the scale of credit support for low-carbon economy by commercial banks at present is far from meeting the objective needs of low-carbon economy development. The latest research results of the Research Bureau of the People's Bank of China show that the proportion of green credit in the assets of commercial banks is only about 1%, and the funding gap is as high as 20 times. On the other hand, direct financing supports the exploration of low-carbon economy. Compared with commercial banks' credit support for low-carbon economy, direct financing supporting the development of low-carbon economy lags behind. First, listed companies. At present, there are less than 10 low-carbon concept companies listed on Shenzhen Stock Exchange and Shanghai Stock Exchange, with a total market value of 323.36 billion yuan, accounting for only 2.76% of the total market value. Second, in terms of funds. On July 20th, 2007, China Green Carbon Fund was established, which belongs to the national Public Offering of Fund. Later, China Green Fund was established in Dalian, Shanxi, Wenzhou, Hangzhou and Beijing. On June 9, 2007, China Clean Development Mechanism Fund was launched in Beijing.
Third, the main research content
(1) Study the problems existing in the process of China's financial support for low-carbon economy.
Look into it. First, the financial support policy of low-carbon economy is not perfect, which leads to the fact that China's financial institutions have not yet played their due positive role in the development of low-carbon economy. Second, financial institutions have insufficient understanding of financial services to support the development of low-carbon economy, which makes financial institutions dare not rashly provide corresponding financial support services for the development of low-carbon economy. Third, the lack of coordination between government departments and financial regulatory agencies has led to the failure to implement financial support measures for low-carbon economy. Fourthly, the intermediary market related to financial support for the development of low-carbon economy is underdeveloped, and it is difficult to have the ability to develop and implement CDM projects. Fifth, China has no right to participate and speak in the international carbon market. (2) Research on the role of finance in supporting the development of low-carbon economy. The development of low-carbon economy faces huge capital demand, which cannot be solved by government funds or private capital alone. The financial industry has the function of gathering all kinds of social capital and realizing the optimal allocation of resources, so it will become an important driving force and lever to realize the development of low-carbon economy. Moreover, the more developed a country's finance is, the higher the efficiency of resource allocation is, and the more it can promote the development of low-carbon economy. The specific functions of finance in supporting the development of low-carbon economy are as follows: First, the financial industry can combine the credit policy with the industrial policy of low-carbon economy, so as to implement the green credit policy, increase the input of credit funds, and promote the transition from high-carbon to low-carbon development; Second, the financial industry can combine financial institutions and government departments to establish a multi-participation multi-financing system to provide strong financial support for the development of low-carbon economy. (3) Study the financial support path of China's low-carbon economy. At present, the feasible ways for China's financial support for the development of low-carbon economy are as follows: First, financial institutions should re-establish the concepts of globalization, sustainable development and risk prevention of low-carbon economy, increase financial support for low-carbon economy, and promote the low-carbon economy industry to become bigger and stronger. The government's vigorous publicity can improve the whole society's understanding of actively developing low-carbon economy. Secondly, establish products such as stocks, funds, insurance, trusts and derivatives such as options and futures that adapt to the development of low-carbon economy, establish a mature low-carbon trading system, and the government provides supporting policies for it to build a scientific and reasonable low-carbon financial service system. Thirdly, only by actively cultivating talents with financial support for the development of low-carbon economy can we solve the problem of insufficient experience in financial support for the development of low-carbon economy in the near future. Finally, the low-carbon economy industry is a new industry, and there are still many imperfect market guarantee mechanisms in its development process. There are many risks in the financial industry supporting the development of low-carbon economy. Therefore, in order to ensure that finance supports the steady development of low-carbon economy, we must actively guard against and control risks.
Take the exam and contribute.
[1] Min Daqin, Zhou Zhiping. Policy Suggestions on Finance Supporting the Development of Low-carbon Economy [J]. Hainan Finance.20/kloc-0,6 (6):19 ~ 20 10/
[2] Fang Ping. Financial support for the development of low-carbon economy in China [J]. Heilongjiang Finance.2010,5 (5):15 ~18
[3] Chen Liuqin. Research on financial support for low-carbon economic development [J]. Research on financial development.20 20 10/0,7 (7): 3 ~ 8
[4] Li Li, Wang Chen, He. Research on financial support for the development of low-carbon economy [J]. Special economic zone. 20 1 1，2 (2): 276 ~ 278
[5] Shen, with. Analysis of low-carbon financial development countermeasures [J]. Theoretical research (bimonthly) 20 10/0,6 (3): 55 ~ 56
[6] Fan Qing. Financial support under the background of low-carbon economy [J] Manager (bimonthly) 20 10/0, 10 (5): 29
[7] Feng Jingsheng. Research on Financial Support for Green Economy Development in China [J]. Journal of Wuhan Training College of Agricultural Bank of China (bimonthly) 201,2 (3):1~18.
[8] Ni Lili. Path analysis of financial support for low-carbon economic transformation [J]. Science and Technology Plaza.20 20 10/0,8 (8): 232 ~ 234
[9] Tang Xiaoming. Development status of carbon finance in developed countries [J]. Enterprise Herald. 2009 (1 1): 173
[10] Zhu Hongzhang. Analysis of the reasons and countermeasures for the slow development of carbon finance in China [J]. Guide to Economic Research (Xunkan) .201,2 (1):19 ~ 21.
[1 1] Li Ping. Research on financial support of low-carbon economy [J]. Theoretical discussion (bimonthly) 20 10/0,5 (9-10): 67 ~ 70
Beam. Analysis on the Development of Carbon Finance Market in China [J]. Business Culture.2010,8 (8):130 ~131