To achieve the "30·60" target, where did one hundred billion yuan of funds come from?

Need policy guidance

In promoting the realization of the "30·60" target, market-oriented PE/VC institutions also have a lot of room and will play an important role.

Xuan Jiyou, co-founder of Golden Peanut Business School and manager of private equity funds, said that the establishment of green finance mainly includes green bonds and green trusts.
At present, relevant policies have released signals to actively guide the construction of green finance.
Green banks and ecological banks will take the lead, and private investment including PE/VC institutions will enter a large amount of guidance.
At present, all parties are still in the groping stage.
On the road to asset securitization of specific projects, green bonds may eventually be the dominant one, which has been piloted in some places.
Green bonds may become a pioneer indicator of this wave of green finance.

Financial technology expert and Ali MVP Ma Chao said in an interview with a reporter from the Securities Daily that at least one hundred billion yuan of funding is needed to achieve the "30·60" target.
Faced with such a large amount of investment, public finances cannot fully cover it, so policy guidance is very important.
In the process of capital introduction, market-oriented private capital occupies an important position, and they will accelerate their entry into the fields of energy-saving and emission-reduction smart manufacturing, new energy technology, and green environmental protection engineering and construction.

Ma Chao believes that whether it is trust, bond or equity investment, a unified green finance certification standard should be formulated, and tax relief and income subsidies for products that meet the standard should be given, which is also an important link in the establishment of a green financial system.

"When formulating green finance standards, relevant departments should also take into account the huge role of energy-saving and efficiency-enhancing projects for the goal of carbon neutrality, guide investment in these energy-saving and efficiency-enhancing projects, and actively guide the inflow of private capital to carbon neutrality.
Give preferential policies appropriately.
" Ma Chao said.

Guo Haifei, deputy director of the Green Innovation Center of the Industry and Finance Platform of the China Investment Association Advisory Committee, told a reporter from the Securities Daily that the cumulative scale of green bond issuance by the China Development Bank has exceeded 50 billion yuan, so that more funds can be invested in low-carbon and environmentally friendly green.
The central bank also has relevant re-discount and re-lending policies for green finance, encouraging commercial banks to invest in the green finance industry, and encouraging more enterprises and social capital to actively invest in green projects.

Proportion of direct financing

Will improve quickly

“I think it’s difficult to estimate the growth rate of direct financing in green finance for the time being, because it is difficult to determine a more accurate figure in the estimate of one hundred billion yuan in demand for funds, and the composition of funds to achieve the '30·60' target, government investment, The growth rate of indirect financing and direct financing will also be different.
" said Zheng Lei, chief economist of Baoxin Finance.

With the continuous advancement of the work to achieve the "30·60" target, direct financing methods have received great attention from many parties.
Zheng Lei said that from the overall funding requirements to achieve the "30·60" target, it can be roughly estimated that the future funding sources will be divided into three parts: government input, indirect financing and direct financing.
The proportion of these three parts is roughly divided into two.
:4:4.
Among them, the ratio of indirect financing and direct financing will be fine-tuned, and the current source of funds is mainly government and indirect financing.

With regard to the growth rate of direct financing, China Postal Savings Bank researcher Lou Feipeng also expressed the same view.
In an interview with the "Securities Daily" reporter, he said that at present, it is certain that in order to achieve the "30·60" target, the scale of green direct financing is expected to maintain rapid growth.

In terms of suggestions for expanding the scale of direct financing, Lou Feipeng believes that expanding the scale of green direct financing is an important part of my country’s reform to expand the scale of direct financing.
For now, there are still some issues that need to be improved in terms of expanding green direct financing, such as bond As a result of market segmentation, green bond identification standards are not uniform, and information disclosure is not uniform.
It is necessary to reform and unify standards to promote the better development of green bonds.
At the same time, for green bond rating standards, it is also necessary to develop more targeted rating models based on international experience.

Wang Peng believes that from a practical perspective, the current growth rate of green finance is relatively limited.
Although it has played a certain role in driving the green industry, the overall scale is not particularly large.
At the same time, the participation methods of green finance and the participation of institutions The enthusiasm is relatively low.
The participating institutions are mainly banks, and the forms of participation are more related to credit methods.
Product innovation is not enough, including bonds, funds, equity, etc.
The proportion of direct financing is relatively limited, and the risks are relatively high.

"The future development direction of direct financing is: First, it is necessary to establish a green finance-related evaluation index system, and to issue national and local green finance implementation rules.
With the integration of future business formats and product innovation, more standardization is needed.
The detailed rules cannot be'disorganized as soon as you put it away, and you will die as soon as you manage it.
' Second, relevant departments can give a certain amount of "real money" support to play a guiding role and support financial institution innovation, such as through equity, funds, carbon Trading and other forms are applied to the new energy industry and environmental protection material industry, and the innovative development of financial products is carried out in a diversified manner, not just limited to green credit.
" Wang Peng said.

Four major environmental protection related sectors

Worthy of attention

At present, the world is in an important historical period of transition from high-carbon to low-carbon and net-zero carbon, which has promoted the reconstruction of the value chain of many industries including energy, manufacturing, technology, and consumption.
Market-oriented PE/VC institutions have also sensed this.
1.
The huge space and potential opportunities of the market in transition are being actively deployed, and the optimal allocation of resources is constantly being explored.

Hillhouse Capital’s founder and CEO Zhang Lei recently publicly stated that when green transformation becomes the future, it will effectively guide a large amount of social capital to shift to the carbon neutral field, and it is time for green equity (PE/VC) investment.
In the "green new infrastructure" fields such as new energy technology, materials, and processes, Hillhouse has laid out the upstream and downstream industries of photovoltaics, new energy vehicles and chips in accordance with the carbon neutral technology roadmap.

According to Zhang Lei, some new green technologies and models are constantly emerging in the fields of electricity, transportation, industry, new materials, construction, agriculture, negative carbon emissions, and information communication and digitalization, giving birth to important investment opportunities.

According to data from Oriental Wealth Choice Financial Terminal, in 2020, many environmental-related sector indexes have achieved good growth rates.
Among them, the photovoltaic sector index (903007.
ETI) increased by 149.
48% throughout the year; the wind power sector index (903005.
ETI) increased by 46.
81% throughout the year; the new energy vehicle sector index (910033.
EI) increased by 24.
31% throughout the year; the garbage classification sector index (861276.
EI) The annual increase was 12.
89%.

You Yi said that the current investment direction of the environmental protection industry has become increasingly clear.
In terms of renewable energy, wind power, photovoltaics, ocean energy, hydrogen energy and other fields as well as energy storage technology are all key investment areas; in industry, smart manufacturing, new energy vehicles, and The material chemical industry that produces easily recyclable and degradable materials has received relevant financial support.
With the advancement of the infrastructure REITs policy, environmental protection companies involved in people's livelihood such as waste-to-energy, waste treatment, water production and sewage treatment, public transportation and other related green asset projects are expected to use REITs to achieve asset listings.

Hexin Securities investment consultant analysts believe that from the market perspective, carbon neutral stocks have recently been active.
PE/VC institutions prefer smart manufacturing, semiconductors, new materials and other fields, and some funds will most likely flow into this market in the later period.