王遥 wang yao -...

绿色金融的中国实践GREEN FINANCE IN CHINA

王遥 WANG YAO

中央财经大学绿色金融国际研究院

DIRECTOR，INTERNATIONAL INSTITUTE OF GREEN FINANCE, CUFE

中国金融学会绿色金融专业委员会

DEPUTY SECRETARY GENERAL，CHINA GREEN FINANCE COMMITTEE

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Framew

ork

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2 中国绿色金融发展概况Green Finance in China

未来展望Future Outlook

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全球绿色金融发展动态Green Finance at Global Scale

框架

G20框架下全球绿色金融发展Green Finance under the G20 Framework

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2017年，该小组提出了鼓励金

融机构开展环境风险分析和提

升环境数据可获得性的倡议

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G20绿色金融研究小组

2018年将延续“可持续金融”议题，着重于三方面：

可持续资产证券化

可持续PE和VC

可持续金融科技

Two priority themes in 2017:

• The application of environmental risk analysis

• The use of publicly available environmental data in the financial industry

02 Three major research topics in 2018:

• Sustainable asset securitization

• Sustainable PE & VC

• The use of financial technology to develop sustainable finance

G20 Green Finance Study Group

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G20框架下全球绿色金融发展Green Finance under the G20 Framework

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G20国家绿色金融实践

By June, 2018, more than 20 countries have provided strategic policy signals and frameworks for green finance.

02 Most G20 members have initiated their local green bond market, issuing their first green bond

• Many countries have issued sovereign or sub-sovereign green bonds, including Argentina, Canada, France, Germany, Mexico, Japan, Poland, etc.

National actions in green finance

01 01全球超过20个国家发布了相关绿色金融政策文件或释放了积极政策信号

许多国家启动了本国的绿色债券市场，首次发行了绿色债券• 多国发行了主权或准主权

绿色债券，包括阿根廷、加拿大、法国、德国、墨西哥、日本、波兰等

全球绿色债券规模持续扩张Continuous growth of global green bond market

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Source: Climate Bond Initiative

2017年，全球绿色债券市场发行达到1555亿美元，较2016年增长78%

2017 global issuance reached USD 155.5bn, increasing by 78% compared with 2016.

预计2018年绿色债券发行量将达2500-3000亿美元

2018 global issuance is estimated to range from 250bn to 300bn.

绿色金融国际倡议Collective Initiatives for Green Finance

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47个发展中国家加入可持续银行网络

• 47 developing countries have participated in Sustainable Banking Network (SBN)

17国央行或金融监管机构加入“央行绿色金融网络”

• Eight countries initiated A Network of Central Banks

and Supervisors for Greening the Financial System.

By Aug. 2018, 17 members, 5 observers.

17个国际金融中心加入全球绿色金融中心联盟

• 17 international financial centers have joined the International Network of Financial Centers for Sustainability

绿色金融国际倡议Collective Initiatives for Green Finance

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EP

70%UN PRI

50%

PSI

20%

发展中国家70%的国际项目贷款遵循赤道原则

联合国责任投资原则（UN PRI）成员管理全球资产达50%

联合国可持续保险原则成员覆盖全球保费20%

全球25大银行中92%加入了联合国可持续金融倡议

UNEP FI 92%

70% of international project loan follows Equator Principles in emerging markets

Global asset under management by Principles for Responsible Investment (PRI) accounts for 50%

Principles for Responsible Insurance (PSI) covers 20% of global premium

92% of the world’s 25 largest banks becomes UNEP FI members

中英绿色金融工作组UK-China Green Finance Taskforce

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中英经济与财金对话

“一带一路”绿色化

• 讨论针对中英投资者的“一带一路”投资环境风险管理的自愿准则

环境信息披露

• 组织两国金融机构开展环境信息披露工作试点

绿色资产证券化

• 研究推动绿色资产证券化的措施

ESG

• 就资产ESG表现与投资回报之间的相关性开展研究并发表成果

Green Belt & Road

• Discuss voluntary guidelines on green Belt& Road investment for Chinese and British investors.

ESG

Environmental Information Disclosure• Organize financial institutions to conduct

pilot projects on environmental information disclosures consistent with the TCFD.

Green Asset Securitization

• Research on measures to promote the securitization of green assets.

• Study the correlation between the ESG performance and investment return of assets.

China-UK Economic and Financial

Dialogue

中欧绿债标准一致化Harmonizing Green Bond Standards in China & the EU

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STARTEarly 2017 November 2017

在中国人民银行的支持下，欧洲投资银行和绿金委成立了联合研究组，开展中欧之间绿色债券标准一致化的研究课题

在波恩举行的气候大会上发布了第一阶段成果的白皮书《探寻绿色金融的共同语言》

With the support of PBoC, theEuropean Investment Bank andChina’s Green FinanceCommittee jointly announced aninitiative to enhance thecomparability of green financestandards in China and the EU.

A white paper, The Need for ACommon Language in GreenFinance, was released on COP23

Report Summary: Establishing China’s Green Financial System: Progress Report 2017http://unepinquiry.org/publication/establishing-chinas-green-financial-system-progress-report/

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http://unepinquiry.org/publication/establishing-chinas-green-financial-system-progress-report/

初始发展Initial

2007-2011

深化发展Consolidation

2011-2014

全面推进Implementation

2015 till now

期间推动绿色信贷、绿色证券和绿色保险的若干具体措施出台。

Carried out pilot carbon trading; established green credit policy framework; initiated pilot programs of environmental pollution liability insurance. 12

Released various green finance policies on green credit, green securities and green insurance.

主要表现为碳排放权交易试点、绿色信贷政策体系构建，以及环境污染责任险试点的推进。2014年7月，中国绿色金融工作小组提出“关于构建绿色金融体系的14条建议”。

绿色金融上升为国家战略; 出台了全球第一个系统的绿色金融政策框架。

Green finance is perceived as a national strategy in China, with the world’s first comprehensive policy framework of green finance being established.

1 发展历程Development process

地方实践

绿色信贷

绿色证券

绿色基金与PPP

环境权益交易

环境风险分析

绿色保险

中国绿色金融体系The Green Financial System of China

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国际合作

Local Practice

Green Credit

Green Securities

Green Funds and PPP

Environmental Credit Trading

Environmental Risk Analysis

Green Insurance

International Cooperation

2 政策框架Policy framework

中共中央、国务院发布《生态文明体制改革总体方案》

党的十九大报告多次提及发展绿色金融

习近平提出“创新、协调、绿色、开放、共享”的新发展理念

Overall Plan for the Reform of Eco-civilization System by the central committee of CPC and the StateCouncil

‘Green’ is included in the new vision of development, which is proposed by president Xi

七部委发布《关于构建绿色金融体系的指导意见》

Guidelines for Establishing the Green Financial System by seven ministries

The overall plan for the five green finance reform and innovation pilot zones were released jointly by the seven ministries

七部委联合印发五个建设绿色金融改革创新试验区总体方案

Green finance was mentioned several times in the report of the 19th

national congress of the CPC

2015.

92016.8 2017.6 2017.1

0

2015.10顶层设计Top-Level

Design

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2 政策框架Policy framework

绿色信贷Green Credit

• 分管部门相继出台关于绿色金融债、绿色企业债、绿色公司债与非金融企业绿色债券融资工具的发行指引

• China Banking Regulatory Commission has established an institutional framework consisting of guidelines, statistical system and evaluation system

绿色债券Green Bond

绿色信贷政策体系：• 《绿色信贷指引》• 《绿色信贷统计制度》• 《绿色信贷实施情况关

键评价指标》

Guidelines released bytheir competent authorities:• green financial bond• green corporate bond• green enterprise bond• green debt financing

instruments of non-financial enterprises

环保部与保监会联合出台：• 开展环境污染强制责任

保险试点的指导意见• 环境污染强制责任保险

实施条例（征求意见阶段）

绿色保险Green Insurance

Policy documents released concerning mandatory pollution liability insurance:• Guidelines for pilot

programs • Measures of the

administration (undergoing public consultation)

信息披露Information Disclosure

Ministry of Environmental Protection & the China Securities Regulatory Commission:• signed official

cooperative agreements to promote mandatory environmental information disclosure

部门细则Implementing Rules

环保部与证监会：• 《关于共同开展上市

公司环境信息披露工作的合作协议》

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绿色信贷稳步推进

3 市场进展

• 截至2018年6月，中国21家主要银行金融机构的绿色信贷余额达到7.7万亿元，占各项贷款余额的9.9%，不良贷款率仅0.39%；

• 银行业金融机构积极制定绿色信贷配套政策，开发绿色信贷产品达50余类。

绿色债券亮点突出

• 中国绿色债券市场持续增长：2017年8月至2018年8月，境内发行贴标绿色债券116只，金额1746亿元人民币，同比增长20.83%；

• 绿色金融债发行规模比例下降至58%；• 人民银行将绿色债券纳入MLF等货币

融资工具合格抵押品；• 发布了16个绿色债券指数。

Market Practice

Green credit has progressed steadily

• By Jun 2018, the outstanding green credit of 21 major banking and financial institutions in China amounted to RMB7.7 trillion, and accounted for 9.9% of all outstanding loans. Non performing loan ratio is 0.39%.

• Banks have been active in formulating their own policy framework, developing over 50 green credit products.

Significant development of green bonds

• A growth driver for Chinese green bond market: issued RMB 174.6 billion worth of green bonds, the number of issuance was 116, an increase of 20.83% year on year (From Aug 2017 to Aug 2018)

• Financial bonds account lower for 58% of the total issuance.

• Incorporated into eligible collateral for monetary instruments such as MLF by PBoC

• 16 green bond index have been released.16

3 市场进展Market Practice

绿色股票市场初具规模

• 截至2017年6月30日，绿色股票被动型指数基金达到22只，总规模为73.91亿元；绿色开放指数型基金11则达到25只，共计252.84亿元；

• 环境信息披露工作稳步推进；• 绿色企业上市融资与再融资积极性高。

2017年，绿色企业上市融资数明显高于去年同期，污染防治领域尤其明显。

Green stock market start taking shape

• 22 green stock passive index funds totalling RMB7.391 billion; and 25 green open-end index funds totallingRMB 25.284 billion (by Jun 2017)

• Environmental information disclosure has progressed steadily.

• A significant increase in the number of green enterprises engaging in IPO financing by 2017, particularly in the field of pollution control.

绿色保险创新活跃

• 环境污染强制责任保险：已有30个省份开展了试点；2017年，全国承保企业达1.6万家左右，提供风险保障超出306亿元；

• 巨灾保险：黑龙江省、广东省、厦门市试点

• 其他产品创新：a) 环境风险保障范围的创新延伸b) 建立与其他绿色资质的联动机制

Market innovation in green insurance

Mandatory pollution liability insurance:• Local level: 30 provinces piloting• Insured over 16,000 enterprises, with

risk coverage of RMB30.6 billion (2017)Catastrophe insurance pilot:• Heilongjiang, Guangdong and XiamenProduct and service innovation:• Extensive insurance coverage• Linkage between green insurance and

other green-related qualifications 17


绿色基金与PPP发展迅速

• 2017年，中国基金业协会备案的绿色基金共250只，其中绿色产业基金达228只；

• PPP模式在绿色产业中广为运用。截至2017年底，全国入库的PPP项目中绿色低碳项目3979个，投资额4.1万亿元，占全国入库项目比重分别为 55.8%、38.0%。

Rapid development of green funds & PPP

全国统一碳市场正式启动

• 首批纳入的电力行业将覆盖企业1700多家，总排放规模35亿吨，占全国碳排放总量的39%；

• 全国碳市场将分为三步启动：基础建设期（一年左右）；模拟交易期；深化完善期。

The launched national carbon market

• A total of 250 green funds were registered with the Asset Management Association of China, of which 228were green industry funds. (by 2017)

• 3979 green and low-carbon PPP projects, with a total investment of RMB6.4 trillion, were included in the national PPP projects catalogue, accounting for 55.8% of the projects and 38% of the investments in that catalogue

• Utilities will be the first industry to cover, including over 1700 enterprises, with a total emission of 3.5 billion tons, accounting for 39% of China’s carbon emissions.

Roadmap:• Step 1: take a year to establish the

essential market infrastructure• Step 2: Take a year to test out the

market by mock-trading• Step 3: To initiate spot trading 18


Environmental risk analysis becomes a key research subject

China is leading the global greening process

• Proactively initiate international topics on green finance, incorporating green finance into the G20 agenda for the first time.

• About RMB35 billion in green bonds issued overseas in the first half of 2018, accounting for 40% of China's total green bond issuance.

• Collaborate on index products, such as CUFE-CNI Green Bond Index, CSI 300 Green Leading Stock, SSE Green Corporate Bond Index, SSE Green Bond Index, etc.

环境风险分析成为研究重点

• 工商银行先后对火电、水泥与钢铁行业进行了信用风险影响的环境压力测试；

• 中财绿金院将沪深300作为一个资产组合，分别就碳风险、水风险、大气污染风险和环境处罚风险进行了资产管理业环境压力测试

• ICBC: carried out on the credit risk of some high-polluting industries.

• IIGF-CUFE: measured the impact of carbon price risk, water resource risk and environmental penalty risk on the returns and market value of CSI 300 Index.

中国引领全球绿色进程

• 主动设置国际绿色金融议题，历史性地将绿色金融纳入了G20议题；

• 积极发行境外绿色债券，2018年上半年境外发行的贴标绿色债券金额约350亿元人民币，占中国贴标绿色债券发行总量的40%；

• 全力推进指数产品国际合作（中财-国证绿色债券指数”、“沪深300绿色领先股票指数”，上证绿色企业债券指数和上证绿色债券指数）

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1 发展障碍Main Challenges

绿色金融相关标准亟待统一The disharmony among different green financial standards

相关法律依据有待建立健全The absence of relevant legislation

绿色金融产品模式较为单一The monotony of green financial products

利益相关方的能力建设有待增强The underdeveloped capacity among stakeholders

国际合作仍存在一定障碍Barriers existed in international cooperation

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2 展望与建议Outlook and Suggestions

健全绿色金融法律制度

在《商业银行法》、《证券法》、《保险法》中加入“绿色”元素

在生态补偿、环境权益交易、绿色PPP、绿色基金等领域确保立法先行展望1

Outlook #1 To enhance the legislation of green finance

To incorporate green elements into the Law on Commercial Banks, the Securities Law, and the Insurance Law.

To accelerate legislations for eco-system compensation, environmental credit trading, green PPP, green funds, etc.

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强化对绿色金融的政策扶持力度货币政策：将绿色金融纳入MPA体系、再贷款、再贴现等

财税政策：为金融机构开展绿色金融业务提供税收优惠、担保、贴息

等

约束机制：加强环保执法、建立绿色金融产品与绿色资质的联动机制展望2

Outlook #2 To enhance policy support on green finance

Monetary instrument: to incorporate green finance into Macro Prudential Assessment(MPA) system, re-lending, rediscount, etc.

Fiscal and tax instrument: to provide tax preferences, interest discounts, or guarantees for financial institutions to develop green finance.

Restrictive mechanism: to enhance law enforcement, to establish linkage mechanisms between green financial products and other green-related qualifications.

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推进绿色金融标准化工程形成全国统一的绿色界定标准

构建绿色金融活动影响及测度统计体系，建立统一的绿色金融评估机

制

推动绿色金融产品标准化，进而助推绿色资产证券化展望3

Outlook #3 To promote standardization in green finance To unify the definition of ‘green’ at national scale.To establish a statistical system for measuring green finance

flows, while standardizing the green finance performance evaluation.

To convert green assets to marketable standardized products through asset securitization.

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加强利益相关方的能力建设

环境风险分析：系统重要性金融机构率先试点、加强方法学开发与推

广

组织建设：建立专门的绿色金融分部、培育第三方绿色评级机构

绿色投资者培育：组建绿色投资者网络、加强媒体宣传与舆论引导

人才培养：绿金委、学术机构等组织着力培育专业人才展望4

Outlook #4 To facilitate capacity-building among stakeholdersEnvironmental risk analysis: to guide systematically important

financial institutions to conduct first; to promote methodology research & application.

Organization Development: to establish green finance institutions or branch; to develop third-party green rating agencies.

Green Investment Concept: to establish green investor networks and strengthen media coverage and public education.

Professional education facilitated jointly by the GFC, research institutes, etc.

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全面铺开绿色金融国际合作

跨境资本流动：释放明确的资本账户开放政策信息，提供透明详细的

指导

绿色定义：推动各国绿色定义基本框架的一致化

信息渠道：加强数据库建设、开发国际化的绿色指数、开展投资者路

演等展望5

Outlook #5To strengthen international collaboration

Cross-border capital flow: Release clear policies; offer transparent and detailed guidance on the inbound and outbound flow of foreign capital

Green definitions: to harmonize the fundamental framework of green definitions in different countries

Information channel: to establish a green finance database; to develop green indexes aligned with international markets; to conduct investor roadshow.

更多绿金院信息详见: http://iigf.cufe.edu.cn，More information on the IIGF: http://iigf.cufe.edu.cn/eindex/ or

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http://iigf.cufe.edu.cn/eindex/

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