The green and low-carbon economy has once again become a hot topic. On March 5, the Second Session of the 14th National People's Congress opened at the Great Hall of the People in Beijing. Premier Li Qiang made the "Work Report" (hereinafter referred to as the "Report"). The report pointed out that the construction of ecological civilization should be strengthened and green and low-carbon development should be promoted. We must not only vigorously develop a green and low-carbon economy, but also actively and steadily promote carbon peak and carbon neutrality.
Since the beginning of the year, the Interim Regulations on the Administration of Carbon Emission Trading and the Guidelines for the Self-Regulatory of Listed Companies - Sustainable Development Report (Trial) (Draft for Comments) (hereinafter referred to as the "Sustainable Development Report") have been released one after another. There is a view that on the basis of maintaining policy stability, we can continue to increase the support of green finance, continuously improve the product system of green credit, green bonds, carbon finance, etc., and mobilize more resources to support the green economy.
The "big proposition" of green and low-carbon economy
On March 5, Premier Li Qiang made a "report" and listed "strengthening the construction of ecological civilization and promoting green and low-carbon development" as one of the key tasks in 2024.
Specifically, the report mentions that we should vigorously develop a green and low-carbon economy. Promote the green transformation of industrial structure, energy structure, transportation structure, and urban and rural construction development. Implement a comprehensive conservation strategy and accelerate energy-saving and water-saving transformation in key areas. Improve the fiscal, tax, financial, investment, first-class policies and related market-oriented mechanisms that support green development, promote the development of the waste recycling industry, promote the research and development and application of advanced technologies for energy conservation and carbon reduction, and accelerate the formation of a green and low-carbon chain. Build a Beautiful China Pilot Zone and create a highland for green and low-carbon development.
At the same time, the report also proposes to actively and steadily promote carbon peak and carbon neutrality. Solidly carry out the "Ten Actions to Peak Carbon Emissions". Improve the ability of carbon emission statistical accounting and verification, establish a carbon footprint management system, and expand the coverage of the national carbon market. We will further promote the energy revolution, control fossil energy consumption, and accelerate the construction of a new energy system. Strengthen the construction of large-scale wind power and photovoltaic bases and transmission channels, promote the development and utilization of distributed energy, develop new energy storage, promote the use of green electricity and international mutual recognition, and give full play to the role of coal and coal-fired power to ensure the energy demand of economic and social development.
Jia Zhi, managing director of Hualin** Asset Management Tribe, commented that the green economy is of great significance to protect the environment, reduce dependence on traditional energy, and promote sustainable economic development. Under the "double carbon" goal, China's green economy has made great progress, especially the new energy vehicle industry chain, which has jumped to the forefront of the world. In terms of new energy development, including photovoltaic, wind energy, hydropower, hydrogen energy and other directions, there has been rapid improvement. In the future, new energy will be the main driving force for economic development.
Wang Hongying, President of China (Hong Kong) Financial Derivatives Investment Research Institute, also mentioned that in the context of the development of new quality productivity, China's economy is facing a critical time window of "emerging plus transition", and promoting the development of green and low-carbon economy in this context can greatly improve labor efficiency and further enhance the trend of high-quality economic development, thereby enhancing the inherent competitiveness of China's economic development, so the development of green and low-carbon economy plays a vital role in China's economic transformation.
Policy documents have been "released" one after another
In recent years, the development of green finance has been one of China's key tasks. The ** financial work conference in October 2023 also pointed out that it is necessary to do a good job in "green finance articles". In order to support China's continuous promotion of green economy construction, relevant policies and documents have also been issued recently.
For example, the China Securities Regulatory Commission (CSRC) has recently solicited opinions on the recent issuance of ESG guidelines by three major exchanges. On February 8, the China Securities Regulatory Commission (CSRC) issued a unified guide to the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Beijing Stock Exchange to issue a blockbuster guideline at the same time - the "Sustainable Development Report". In terms of the content of the rules, the Sustainability Report Guidelines establish a sustainability information disclosure framework and clarify environmental, social and corporate governance disclosure topics.
According to the Shanghai Stock Exchange, in 2023, a total of 1,023 listed companies on the Shanghai Stock Exchange will disclose their 2022 social responsibility reports, ESG reports or sustainability reports, with a disclosure rate of 47%, and the number and proportion of disclosures will reach a new high. In addition, according to the requirements of the exchange, the sample companies that continue to be included in the SSE 180, STAR 50, SZSE 100 and ChiNext indices during the reporting period, as well as companies listed at the same time at home and abroad, are required to disclose the first batch of mandatory ESG reports. According to the estimation of Industrial **, as of February 10, there were more than 450 such listed companies, accounting for 51% of the A** value.
In addition, in order to standardize carbon emission trading and related activities, strengthen the control of greenhouse gas emissions, actively and steadily promote carbon peak and carbon neutrality, promote green and low-carbon development of the economy and society, and promote the construction of ecological civilization, in January 2024, the "Interim Regulations on the Administration of Carbon Emission Trading" was promulgated, which will come into force on May 1.
As early as October 2011, eight provinces and cities, including Beijing, Shanghai and Guangdong, launched pilot projects for local carbon emission trading markets. In December 2017, the construction of the national carbon emission trading market was launched. In July 2021, the national carbon emission trading market opened. According to Zhao Yingmin, vice minister of the Ministry of Ecology and Environment, since the launch of the national carbon emission trading market in 2021, a total of 4 carbon allowances have been traded400 million tons, with a turnover of about 24.9 billion yuan.
Since the 'dual carbon' transition, the country has formulated a series of policies to support the green economy, and on the basis of maintaining policy stability, it can continue to increase the support of green finance, continuously improve the product system of green credit, green bonds, carbon finance and other products, and mobilize more resources to support the green economy. Jia Zhi said.
According to the People's Bank of China, the construction of China's green financial system has achieved remarkable results, and a multi-level and diversified green financial market based on green loans and green bonds has been formed, providing a strong impetus for serving the green and low-carbon development of the real economy. As of the end of the third quarter of 2023, the balance of green loans in China was 2858 trillion yuan, a year-on-year increase of 368%, ranking first in the world; The balance of the domestic green bond market is 198 trillion yuan, ranking second in the world.
In the view of Yang Delong, chief economist of Qianhai Open Source, it is still necessary to continue to promote the development of new energy in the future, and there is still a lot of room for improvement in the proportion of green power generation such as photovoltaic and wind power generation in the overall power generation system in China. In addition, in terms of new energy vehicles, including the construction of charging piles and policy support, it still needs to be continuously promoted.