Experts suggest that the financial industry should play a greater role in supporting technology-led and low-carbon innovation
The Central Financial Work Conference proposed to accelerate the construction of a financial power, and do a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance. Recently, the "2023 Tsinghua University Global Securities Market Forum" hosted by the Global Securities Market Research Institute of Tsinghua University was held in Beijing. A number of experts exchanged views and offered suggestions on topics such as how the financial industry can promote technology leadership, low-carbon innovation and sustainable development.
Green Transition The financial industry has a lot to offer
Pan Jiahua, deputy director of the National Climate Change Expert Committee, said that the demand for carbon peaking is more urgent. On a global scale, climate change has changed from "global warming" to "global scalping".
"For the financial industry, this is not only an opportunity, but also a responsibility and responsibility that should be taken on the initiative. Pan Jiahua said that fossil energy is highly capital-intensive, has a long return cycle, and has risks such as early retirement and weakened competitiveness, while industries such as wind and solar power, power batteries, heat pumps, and electric vehicles have great potential in stimulating employment, promoting growth, improving people's livelihood and well-being, and ensuring energy security.
Yang Kaizhong, dean of the School of Applied Economics of the University of Chinese Academy of Social Sciences, believes that at present, the high-quality development of China's economy and society has entered a new stage. A very important and key part of this new phase is green development. Green development is development that minimizes the impact on the environment. Studying the human drivers of environmental shocks is a fundamental issue in driving green development.
While ensuring energy security and maintaining the growth of oil and gas production, PetroChina has accelerated the green transformation in all areas of the industrial chain, and has formulated clear goals and plans in terms of new energy development, green oil and gas production, and scientific and technological innovation.
Wang Zengye, chief economist of CNPC Capital Co., Ltd. and director of the Green Finance and Innovation Development Research Department of China Urban Economics Association, introduced that CNPC Capital has actively carried out financial services around PetroChina's "double carbon and three new" goals (carbon peak, carbon neutrality, new energy, new materials and new technologies), developed and gradually improved the green financial product system, and the scale of green investment and financing has been expanding, covering many fields of the petroleum and petrochemical industry chain. CNPC Capital has further strengthened its support for green industries through the innovation of diversified financial products such as green credit, green bonds, green trusts, and green insurance.
Accelerate scientific and technological innovation and grasp the key points
To accelerate the construction of a financial power, finance should provide high-quality services for economic and social development. However, compared with the needs of high-quality economic development, China's multi-level financial system is not developed enough, financial products are not rich enough, the breadth and depth of the financial market need to be further expanded, and the ability to provide financial services to the real economy needs to be further improved. To promote high-quality development, how can the financial industry make efforts?
"High-quality development has put forward higher requirements for the financial industry, and scientific and technological innovation also needs the service support of the financial industry. Bai Chongen, dean of the School of Economics and Management of Tsinghua University, believes that the key point for finance to promote high-quality development is to focus on the improvement of enterprise efficiency and innovative development. Efficiency improvement and innovative development mainly come from scientific and technological innovation and institutional innovation.
Bai Chongen said that there are many shortcomings in the current domestic financial system, such as the degree of dependence on foreign investment, risk awareness, and the need for some listing rules to adapt to the needs of innovation. It is hoped that the financial market can further improve the efficiency of resource allocation, continuously optimize the system, and gradually solve the problem of overcapacity in some industries, and at the same time, it is also necessary to prevent systemic risks, coordinate safe development, and build a national financial security system.
Chi Yongsheng, secretary-general of the Global Securities Market Research Institute of Tsinghua University, believes that scientific and technological innovation and green development are not independent achievements of the financial securities industry or a specific industry, but also need the support of top-level design at the national level, the research and promotion of think tanks, and the active participation of enterprises.
Chi Yongsheng introduced that the Global Securities Market Research Institute of Tsinghua University is carrying out the 2024 "Science and Technology Innovation and Low-Carbon Development Plan", bringing together experts and scholars, policy makers, and entrepreneurs from industrial benchmarking enterprises in the field of scientific and technological innovation and low-carbon development to jointly carry out academic exploration, industry prospects, enterprise research, and industrial exchanges and cooperation.
Establish a long-term investment philosophy to promote sustainable development
For China's capital market, it is very important to establish a long-term investment philosophy.
Chen Gang, chief research director and director of the research institute of Orient Securities, believes that the implementation of the concept of long-term investment is high-quality development for enterprises, and the implementation of investors is to truly understand ESG and use ESG investment concepts to invest.
"At present, ESG investment needs to focus on the role of technology and green in enterprises. Chen Gang believes that technology is the biggest intangible asset of an enterprise, and it is also the biggest variable, which will bring continuous innovation and change. Green is the key to achieving sustainable development. Therefore, in order to achieve good results in ESG investment, it is necessary to promote companies to do a good job in the technology and green fields.
Ma Xianfeng, CEO of China Chengxin Group, believes that China's green financial system is relatively complete in the world and is currently in steady progress, which can provide important support for the realization of the "double carbon" goal. In recent years, the ESG information disclosure of listed companies has been greatly improved, and the mandatory requirements for subsequent sustainable development information disclosure need to be more and more refined.
Bin Hui, deputy general manager of the Shanghai Environment and Energy Exchange, said that this year, China's carbon trading volume and transaction price have shown a steady upward trend, and the market activity has been increasing. It is suggested that the quota method can be optimized to further promote the use of CCER (National Certified Voluntary Emission Reductions) and promote the enhancement of the liquidity of the national carbon market allowance market.
Mao Jiye, professor at the Business School of Chinese University and academic member of Tsinghua Securities Research Institute, proposed that digital transformation is a powerful tool to achieve sustainable development.
Mao Jiye said that in today's era of artificial intelligence models and digital economy, more and more enterprises are introducing a new generation of management software in the entire value chain to achieve full interconnection. Digital tools such as artificial intelligence, cloud computing, and big data can restructure the organization and business of enterprises, achieve disruptive innovation at the level of cost reduction and efficiency increase, and promote sustainable development.
