Leaders of the G20 met in the Chinese city of Hangzhou earlier this month and released a final公报这首先强调绿色金融是支持全球可持续增长的有效手段。

这公报builds on the work of the G20 Green Finance Study Group, a Chinese initiative co-chaired by the People’s Bank of China. In addition to this development, seven Chinese government ministries jointly released建立绿色金融体系的指南a few days before the G20 Summit, laying out action points on how China can green its financial system. Together, these announcements mark a major milestone in creating a vision for green finance that governments can adopt.

Policy Signal for Systemic Change

这re’s been a lot of discussion in recent years on how to internalize externalities (such as a chemical plant’s damage to the environment or a rooftop solar power system’s contribution to clean air) in order to move funds away from polluting sectors like fossil fuels and toward green sectors like renewable energy. But the scope of “green finance” really hasn’t been fully defined or agreed upon in China or internationally. In China, green finance has been more oriented towards environmental protection, while in the Western countries it is more about climate change.

这建立绿色金融体系的指南as well as theG20 Green Finance Synthesis Report(developed by the G20 Green Finance Study Group) both set out to give a clear definition of green finance. The documents call for finance from banks, corporations and investors to be directed at “economic activities that are supportive of environment improvement, climate change mitigation and more efficient resource utilization,” including the “financing, operation and risk management for projects in areas such as environmental protection, energy savings, clean energy, green transportation and green buildings”.

还值得强调的是，该定义不仅是指资助经济活动所需的资金，还指启用这种融资所需的监管和政策制度。这为财务和环境治理系统的系统变化提供了明确的政策信号。必威官网亚洲体育有了正确的政策，各国可以打破当前绿色金融的一些障碍，例如银行缺乏长期融资绿色基础设施项目（在金融行话中称为“成熟不匹配”）和不披露其有关其信息的信息对投资者的环境绩效（称为“信息不对称”）。

在中国增加绿色金融的措施

China’s new Guidelines call for government ministries and financial institutions to collaborate on the development of a wide range of financial instruments to move money from high-polluting to low-polluting sectors, including green credits, green bonds, green insurance, green equity indices, green development funds and carbon finance (for more information on these instruments, please refer to the report “Establishing China’s Green Financial System”由中国人民银行的绿色金融工作队撰写）。政府还将利用一系列政策工具，包括使用中央银行的保留运营，利息补贴和保证来激励绿色投资。

两项建议与国际社会目前对中国金融体系的关注特别相关。第一个与绿色债券有关。自从中国人民银行和国家发展与改革委员会分别发布指令on green bonds at the end of 2015, the market has witnessed exponential growth. In the past seven months alone, Chinese financial institutions and corporations issued 120 billion yuan ($18 billion) of green bonds, 40 percent of the world’s total. Following this rapid growth, there have been concerns about “绿色,” or businesses using green bonds to finance polluting projects instead of green ones due to a lack of a solid reporting and verification system. The Guidelines call for harmonization of the two domestic green bond standards and development of third-party verification bodies in line with international practices.

Chinese overseas investment is another关心in the international community, due to Chinese financial institutions and corporations not paying enough attention to the integration of environmental and social considerations. To safeguard the reputation of China’s initiatives like the “Belt and Road Initiative，”该国计划加强与邻国的连通性和经济融合的计划，该指南呼吁中国银行，公司和多边发展银行：加强环境风险管理以保护社区；改善公司的环境绩效披露，以提供更好的投资决策；发行绿色债券，以提高绿色基础设施项目的资金；增强绿色供应链管理以保护自然资源；并探索使用环境污染责任保险来减轻环境风险。

该准则将由相关的中国政府部门实施。在国际一级，该准则鼓励根据G20框架进行更多国际绿色金融合作，这在G20绿色金融合成报告和领导人的公报中得到了很好的反映。中国人民银行首席经济学家马·朱·纳（Ma Jun看法中国作为“世界上首次尝试综合政策方案的努力，以促进向绿色经济发展的雄心勃勃的转变。”

Now the next question is: How can we get others to follow China’s lead?