Tu Guangshao: It is recommended to restart CCER as soon as possible to strengthen interaction between markets
Securities Times reporter Jiang Dang
Tu Guangshao, executive director of Shanghai Advanced Institute of Finance of Shanghai Jiao Tong University, said at the second Minmetals Industry Finance Forum that there are three imbalances in the current development of China's green financial system, and it is necessary to further improve the market system and serve green development. Focusing on the construction of the carbon market, he suggested that we should pay attention to the construction of the carbon market system, restart CCER (National Certified Voluntary Emission Reduction) as soon as possible, gradually promote the expansion of the carbon market, strengthen the interaction between markets, and realize the effective docking of the carbon market to the financial market and capital market.
In Tu Guangshao's view, there are three imbalances in the current development of China's green financial system. First, the scale of equity and debt products is unbalanced. At present, China's green finance is developing rapidly, but it is still dominated by green credit, and there is a large space for the development of green bonds, green insurance, green funds (such as ESG investment, etc.), green trusts and other products, especially the development of equity investment represented by green funds (sustainable funds) is still far from the mature market, and there are deficiencies in the number and scale of funds.
Second, the structure of industries and sectors in which finance supports low-carbon development is unbalanced. There are more funds to support the development of pure green industries, but insufficient funds to support the low-carbon transformation of high-carbon industries. In fact, whether the low-carbon transformation of enterprises in high-carbon industries is successful is of decisive significance to China's achievement of carbon peaking and carbon neutrality goals, and it is necessary to increase efforts to promote transition finance.
Third, the term structure of green financial products is also unbalanced. Carbon peaking and carbon neutrality are continuous capital investment and require huge amounts of funds, but at present, China's long-term capital allocation is insufficient.
Tu Guangshao stressed that only by optimizing and improving the market system for green and low-carbon development and realizing the organic and efficient interaction between markets can we accelerate the formation of a complete chain from carbon pricing, carbon assets, enterprise valuation to green and low-carbon investment and financing, give play to the functional role of the market in allocating resources, and provide support for achieving the dual carbon goal.
The sound and perfect market system, including the carbon market, is an important task to achieve the goals of carbon peak and carbon neutrality. Tu Guangshao suggested that, first, we should pay attention to the construction of the carbon market system, and restart CCER (National Certified Voluntary Emission Reduction) as soon as possible; Second, the carbon market should be gradually expanded, including the expansion of industry sectors and product tools, the introduction of more carbon asset management institutions and financial asset management institutions, as well as the improvement of trading mechanisms to enrich trading varieties; The third is to strengthen the interaction between markets, consolidate infrastructure, open up different markets through investors, realize the link between the carbon market and the financial market and capital market, strengthen regulatory coordination, and increase the effectiveness of the market.
