According to the Kyoto Protocol, China, as a non-Annex I country, does not need to undertake the task of reducing greenhouse gas emissions 20 12 years ago, but China can participate in the development of projects under the clean development mechanism (CDM) as a developing country. This situation determines that the current carbon finance business in China is mainly aimed at investment and financing of CDM projects and related financial intermediary services.
At present, China's commercial banks have also carried out carbon finance-related businesses, and launched CDM project financing, structured products linked to carbon trading and other businesses and products. In terms of project financing, Industrial Bank cooperated with IFC on behalf of the bank. As of March 2009, all 34 branches of the Bank have issued loans for energy-saving and emission-reduction projects, supporting 965,438+0 energy-saving and emission-reduction projects nationwide. Bank of China and Shenzhen Development Bank have successively launched wealth management products whose yields are linked to overseas carbon dioxide emission quota futures prices.
The development prospect of carbon finance market in China is very broad, which indicates huge financial demand and profitable business opportunities. Specifically, the current carbon finance business of China Commercial Bank has the following significance:
First, promote the healthy economic development of China. The credit investment of commercial banks should gradually tilt to the fields and industries that meet the requirements of CDM projects, so as to promote the development of CDM projects in China and realize the organic combination of maintaining economic growth in the short term and transforming the economic development mode in the long term. In addition, promoting the development of low-carbon economy to promote the development of real economy and gradually get rid of the crisis has become the understanding of all countries. By developing CDM projects, especially hydropower, wind energy and solar energy, China can undoubtedly promote the development of new energy industry in China and conform to the international economic development trend.
Second, promote the strategic transformation of commercial banks. First of all, the CDM project contains a huge demand for financial intermediary services. Commercial banks can broaden the income sources of intermediary business and gradually optimize the income structure of commercial banks by providing financial leasing, financial consultancy, fund account management and fund custody. Secondly, as a brand-new business, carbon finance objectively requires commercial banks to innovate business operation mode, financial products and services and risk management methods, which can promote the innovation ability of commercial banks in China; Thirdly, CDM projects often require the cooperation of financial institutions in two or more countries, so Chinese commercial banks can improve their bargaining power in participating in international business, strengthen their business dealings with international financial institutions, and continuously accumulate international business experience.
Third, establish a good social image. In fact, carbon finance business is complementary to the green credit that has been developed by commercial banks in China. Compared with green credit, the social benefits of carbon finance business have more objective measurement standards and more solid institutional guarantee.
Fourth, it is beneficial to the sustainable development of China commercial banks. At present, China commercial banks develop carbon finance business, on the one hand, to tap the huge business opportunities under the existing cooperation framework, on the other hand, to realize talent reserve and experience accumulation, and to make necessary preparations for any possible changes in the future carbon finance business model. The fact that the world is the largest emitter of greenhouse gases determines the huge market space of carbon finance in China, and it is of great strategic significance for commercial banks to make necessary preparations.
Fifth, enhance the international competitiveness of China commercial banks. Compared with foreign financial institutions, carbon finance business is the shortcoming of China Commercial Bank, which directly restricts the development of related businesses of China Commercial Bank. Therefore, if China Commercial Bank can't adapt to this trend, change its business strategy in time and actively explore carbon finance business, it will directly lead to the loss of basic skills of China Commercial Bank to conduct business in the future international finance field, which is also not conducive to the improvement of China Commercial Bank's international competitiveness and will seriously restrict the pace of China Commercial Bank's international operation.
Although the carbon finance business of China Commercial Bank has broad market prospects and development space, at present, China Commercial Bank has not been involved extensively and deeply, and its business model is relatively simple. The concrete analysis is mainly about four factors: First, commercial banks have insufficient understanding of carbon finance business. Second, commercial banks lack relevant institutions and talents. Third, the carbon finance business is risky. Fourth, policy incentives are insufficient.
At present, carbon finance has become a new field of global financial institutions' competition, and it is the general trend for China commercial banks to expand carbon finance business. Therefore, efforts should be made from commercial banks' own and external policy environment to eliminate the main obstacles restricting the development of carbon finance in China and promote the development of carbon finance business in commercial banks in China.
At the level of commercial banks, we should first change our concepts, actively improve institutions and cultivate talents. Secondly, we need to innovate and actively expand the carbon finance business model. The third is to control risks and ensure the steady development of carbon finance business. Fourth, operate flexibly and actively respond to the changes in the future carbon finance business model.
At the policy environment level, the first is to formulate an incentive mechanism to promote the development of carbon finance. The second is to improve laws and regulations and standardize the development of carbon finance. The third is to build a trading platform and unify the carbon trading market. At present, on the basis of the establishment and development of Beijing Environment Exchange, Shanghai Environment and Energy Exchange and Tianjin Emissions Exchange, we can start to improve the exchange system and promote the continuous expansion of participants. The fourth is to cultivate intermediaries and promote the development of carbon finance.