“双碳”政策推动银行信贷深度绿色转型

Core Viewpoint - The green transformation of bank credit structures is crucial for supporting the green transition and high-quality development of the economy, with a notable increase in green loan balances in China, reaching 36.6 trillion yuan by the end of 2024, a year-on-year growth of 13.18% [1][8]. Summary by Sections International Experience in Green Credit - The global exploration of green finance began in the 1970s, with Germany establishing the first policy-oriented environmental bank in 1974, followed by the U.S. introducing the "Superfund Act" in 1980, which established the polluter pays principle [2]. - The Equator Principles, introduced in 2003, marked the formation of international green credit standards, providing a framework for financial institutions to assess environmental and social risks [2]. Domestic Practice of Green Credit in China - The development of green credit in China can be divided into four stages: 1. Foundation Stage (1995-2006): Initial integration of environmental factors into credit decision-making [3]. 2. Exploration Stage (2007-2011): Green credit became a national environmental economic policy tool, focusing on pollution reduction [4]. 3. System Construction Stage (2012-2015): Establishment of a comprehensive green credit management system [5]. 4. Strategic Deepening Stage (2016-present): Development of a diversified product system for green finance [6]. Challenges in Green Transformation - Despite improvements in the policy framework, banks face several challenges in green transformation, including: 1. Outdated risk pricing mechanisms threatening financial stability [5]. 2. Insufficient market-driven incentives slowing down the transformation process [6]. 3. Deviations in standard execution hindering resource allocation efficiency [6]. 4. Inadequate information disclosure mechanisms exacerbating transparency issues [6]. Green Financial Product System - The balance of green loans in China has steadily increased, reaching 36.6 trillion yuan by the end of 2024, with a year-on-year growth of 13.18%, accounting for 12.7% of total loans [8]. - The issuance of green bonds has also seen rapid growth, with a total of 2,669 green bonds issued by the end of 2024, amounting to 4.16 trillion yuan [9]. Impact of "Dual Carbon" Policy on Credit Structure - The "dual carbon" policy influences credit structures across four dimensions: 1. Household Dimension: The narrative around carbon neutrality drives consumer behavior towards low-carbon products [10]. 2. Market Dimension: Carbon market policies reshape corporate financing environments, increasing costs for high-carbon enterprises [11]. 3. Government Dimension: Environmental tax policies create cost pressures on high-carbon enterprises, encouraging low-carbon investments [12]. 4. Banking Dimension: Targeted tools optimize resource allocation, enhancing the willingness of banks to supply green credit [12]. Future Outlook - Future carbon reduction policies in China are expected to evolve towards deeper market mechanisms and stronger legal frameworks, with an emphasis on aligning environmental information disclosure with international standards [13]. - Commercial banks need to enhance their core capabilities in risk pricing, product innovation, and data governance to effectively respond to the green transformation trend [14].