绿色金融政策及在中国的运用.PDFVIP

中国人民银行工作论文 No.2014/7 PBC Working Paper No.2014/7 2014 年 10 月 24 日 October 24,2014 绿色金融政策及在中国的运用 马骏???施娱??姚斌1? 摘要：要有效缓解环境污染问题，今后五年内中国在环保、节能、清洁能源等绿色产业的投资应达 到平均每年两万亿元以上。然而，目前的体制无法将绿色项目的巨大外部性内化，难以对绿色投资 提供充分的激励。本文在综述有关绿色金融发展国际经验的基础上，提出了中国建立绿色金融政策 体系的一个初步理论框架和九条政策建议。这些建议包括：1）推动建立专业化的绿色贷款和投资 机构，以绿色债券为融资来源之一；2）完善财政贴息机制，鼓励绿色贷款；3）要求商业银行和评 级公司在风险评估中充分引入环境因素，完善绿色信贷体系；4）建立公益性的环境成本信息系 统，为决策部门和全社会投资者提供依据；5)在更多的领域实行强制性绿色保险；6）加快推进碳交 易市场发展；7）建立上市公司的环保社会责任规范和信息披露机制；8）构建中国绿色投资者网 络，建立投资者社会责任体系；9)?提高消费者对绿色产品的消费偏好。 ? Abstract: To curb the unbearable pollution in China, the country has to invest annually about RMB2tr in its environmental, energy saving, and clean energy sectors in the coming five years. However, the current economic system fails to internalize the positive (negative) externality of green (polluting) projects into the corporates/consumers’ decision making, and thus provide the enough encouragement to the green investors . In this article, we construct a theoretical framework for thinking about “green financial policies”, review the relevant international experiences and, based on these, propose nine specific policy recommendations for China based on the international experience of green finance development. These policy recommendations are: 1) promoting to establish specialized green lending and investing institutions with green bonds as a major funding source; 2) improving and expanding the interest subsidy program for green loans; 3) requiring commercial banks and credit ratings companies to incorporate the environmental risk factor into risk assessment, and then perfecting the green lending system; 4) providing sector/company level environmental cost information to policy makers and investors as a semi-public good; 5) making green insu