Low-carbon transformation has a long way to go, green finance has great potential

The next five years will be an important window for economic transformation and upgrading.
Zhao Haiying, a member of the National Committee of the Chinese People's Political Consultative Conference and deputy general manager of China Investment Corporation, believes that my country should start with basic work, give full play to the market mechanism, and guide funds to help the economy's low-carbon transformation and upgrading.
Zhao Haiying suggested that the guidance of regulatory agencies and the promotion of industry associations should jointly improve the carbon emission information disclosure guidelines.
Information disclosure is the first step and basic link to achieve carbon neutrality.
Quantitative disclosure of carbon emissions and carbon footprint information is an important shortcoming in the governance of listed companies in my country.

In fact, in terms of carbon emission information disclosure, domestic listed companies still have many problems, such as the lack of clear laws and regulations, and the lack of adequate social supervision.
In this regard, Li Dongsheng, a representative of the National People’s Congress and the founder of TCL, said: “I suggest that we first establish a regulatory system for carbon information disclosure of listed companies, benchmarking the global ESG corporate social responsibility evaluation system, and at the same time incorporate this content into the listing review standards.
Guide non-listed companies to comply with relevant laws and regulations.
Second, build a public platform for carbon information disclosure.
Third, provide policy support to companies that meet the standards.
Fourth, guide companies to establish carbon information disclosure awareness and improve internal information collection mechanisms.
In addition, we must strengthen Investor education and strengthen the public’s awareness of supervision.
"

Gui Haoming, chief market expert at Shenwan Hongyuan, said in an interview with a reporter from the Securities Daily: "Carbon peaking and carbon neutrality are a long-term goal, so this issue will definitely be discussed at the National Two Sessions.
"

Become a long-term investment opportunity in the future

"Carbon peak, carbon neutral" also has a high degree of attention in the capital market.
Essence Securities' strategy team believes that this is a 40-year-long theme investment opportunity.

Flush Software officially added the carbon neutral concept sector in early March, and the number of concept stocks has gradually increased to 56.
According to the "Securities Daily" reporter statistics, as of March 5, the organization had conducted surveys on 11 listed companies with carbon neutral stocks during the year.
Among them, Zhongtai Chemical received the most attention, welcoming a total of 29 institutions, followed by Nanda Environment and China National Inspection and Quarantine Group, which were investigated by institutions 21 and 14 times respectively.

In terms of investment opportunities, Liang Zhonghua said, “Investment opportunities related to carbon neutrality include two categories: one is energy conservation and emission reduction.
Taking the power equipment industry as an example, in order to promote energy conservation and emission reduction, the grid is particularly important for the transmission and deployment of clean energy.
Important.
The construction of UHV and energy Internet will become key investment directions; the second is new energy, which mainly includes photovoltaic, wind power, new energy vehicles and other industries.
Because the main reason for the increase in carbon concentration is the excessive consumption of fossil fuels, and the promotion of new energy The use of solar energy can fundamentally solve this problem.
As an important form of new energy, photovoltaics and wind power are expected to further increase their share in the future.
"

From the perspective of the industrial chain, Chen Li combined with valuation to explore investment opportunities with clear themes.
He told the "Securities Daily" reporter that on the one hand, the new energy automobile industry may usher in rapid development.
With the tightening of global carbon emission standards, many countries have increased subsidies for car purchases, stimulating the rapid growth of new energy vehicle sales, which will drive the prosperity of the entire industry chain, including three thematic directions: First, as passenger car applications accelerate , The lithium iron phosphate industry has ushered in a ten-year golden growth period; second, in March 2020, charging piles are included in a new infrastructure project, and the policy level clearly stated that it will study and optimize the construction of charging facilities to speed up the construction process; Yes, at a time when lithium battery subsidies are declining and the deadline for energy conservation and emission reduction is approaching, the vigorous development of fuel cells is unstoppable.

“On the other hand, the prosperity of the photovoltaic new energy industry will continue.
” Chen Li further stated, “It specifically includes two thematic directions, one is the direction of new energy supporting energy storage.
With the advancement of the battery industry to reduce costs and increase efficiency.
The cost of photovoltaic systems will fall, and the economics of energy storage will be further improved, and commercialization and large-scale development that do not rely on subsidies will gradually be realized.
Second, the fields with international competitiveness.
Policy support, new energy economics, and stability The demand for electricity supply will drive a substantial increase in the demand for photovoltaic installations in the US in 2021.
"

From a broader perspective, Gui Haoming told a reporter from the Securities Daily: “The concept of carbon peaking and carbon neutrality is actually a natural balance between humans and society, including increasing the absorption of carbon dioxide and the emission of oxygen.
The harmony of the environment.
So carbon peaking and carbon neutrality may have more concepts and more themes.
Similarly, reflected in the capital market, we also need to broaden our thinking.
"

Green finance is promising

In the process of achieving carbon peak and carbon neutral goals, green finance is an important supporting support.

On December 25, 2020, the Central Bank’s Monetary Policy Committee proposed “improving the green financial system with the goal of promoting carbon peak and carbon neutrality”.
The Central Bank Work Conference held on January 4, 2021 once again mentioned “Implementing major decisions and deployments of carbon peaking and carbon neutrality, and improving the green financial policy framework and incentive mechanism”.

How to further improve the green financial policy system with the purpose of serving green and low-carbon development is also a key topic of concern to the representatives of the National People's Congress and CPPCC members at the two sessions.

In order to promote the development of green finance in my country, Zhu Surong, deputy to the National People's Congress and President of the Shenyang Branch of the People's Bank of China, put forward four suggestions.
The first is to improve the green financial policy framework.
Formulate the "Green Finance Law" to clarify the scope of green finance, basic principles, development goals and requirements, safeguard measures, etc.
, and accelerate the top-level design of green finance; the second is to improve supporting policies for green finance.
Standardize financial institutions and enterprises, and provide forward-looking guidance on the innovation of green financial products and services; the third is to unify green financial standards.
Under the overall framework and principle requirements of the Green Finance Law, amend green credit and green industry standards, establish standards for defining green funds and green insurance, and realize the unification and effective connection of green finance standards; the fourth is to strengthen the incentive and restraint mechanism for green finance .
For behaviors and market entities that violate the green and low-carbon principles, it is necessary to clarify penalties, and increase the cost of violations of laws and regulations by restricting market access, market financing and other restraint and disciplinary measures.

Mingming, deputy director of the CITIC Securities Research Institute and chief FICC analyst, said in an interview with the Securities Daily, “As an important way to achieve the goal of carbon neutrality, there is still a lot of room for the development of green finance in China.
Differentiated credit can be used.
Facilitate the development of the environmental protection industry and guide the transformation of the energy structure; enrich financing channels, innovate and develop green financial products; improve the green financial system and build a long-term mechanism; improve green financial standards, strengthen environmental information disclosure and regulatory mechanisms; promote financial institutions to conduct risk assessment And stress testing, strengthen the prudent management of climate-related financial risks; deepen green finance cooperation with the international market, and actively use multilateral and bilateral platforms to communicate with the world.
"

Up to now, the quality of my country's green financial assets is generally good, the green loan non-performing rate is far lower than the national commercial bank non-performing loan rate, and there are no default cases of green bonds.
According to statistics from the Wind Green Bond Concept Section, as of the end of 2020, the cumulative issuance scale of labelled green bonds in my country's domestic market exceeded 1 trillion yuan, reaching 1152.
143 billion yuan, and the stock size was 872.
127 billion yuan.

Under the goal of carbon neutrality, there is ample room for green finance to develop.
Guo Xinming, deputy to the National People's Congress and president of the Nanjing Branch of the People's Bank of China, suggested innovating green financial products and services and building a multi-level green financial market system.
Expand the issuance of green bonds, actively support the issuance of green bonds by enterprises and financial institutions, encourage institutional investors to increase the proportion of green bond subscriptions; explore and promote the development of green securitization products and green asset management products, and support the development of green securities and related investment industries Invest in products to better fulfill ESG responsibilities; develop climate change-related green insurance products, and promote the internalization of climate risks through insurance product pricing; establish a catastrophe insurance system to improve the catastrophe protection system for major risks related to climate change.

Obviously, the green bond market will usher in major opportunities in 2021.
In order to implement the goal of carbon peak and carbon neutrality, the State Council issued the "Guiding Opinions on Accelerating the Establishment and Improvement of a Green and Low-Carbon Circular Development Economic System", which not only mentioned the need to vigorously develop green finance and green credit, but also pointed out that "supporting finance Institutions and related enterprises carry out green financing in the international market and promote the two-way opening of the green financial market in an orderly manner.
"This will bring new increments to the green market, improve market development, and accelerate integration with the international market.
In addition to the opportunities, there are also challenges, such as insufficient environmental information disclosure, the need for innovation in green bond rating models, and the financial risks brought about by transformation, which all need to be resolved urgently.

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