碳减排支持工具精准直达、成效显现——撬动更多资金投向绿色低碳领域

Core Viewpoint - The People's Bank of China (PBOC) has implemented the Carbon Emission Reduction Support Tool to promote green and low-carbon development, with significant financial backing and initial positive outcomes in supporting projects across various regions and sectors [2][5]. Financial Support and Tools - As of March 2022, the PBOC issued 138.56 billion yuan through the Carbon Emission Reduction Support Tool, facilitating 230.92 billion yuan in carbon reduction loans to 1,969 enterprises across 31 provinces [2]. - The tool operates on a "lend first, borrow later" mechanism, allowing 21 national banks to provide preferential loans for projects in clean energy, energy conservation, and carbon reduction technologies [3]. - The tool is expected to become a crucial monetary policy instrument for achieving China's dual carbon goals, with a leverage ratio set at 60% of the carbon reduction loan principal [3]. Loan Rates and Impact - The carbon reduction loan interest rate is set at 1.75%, which is the lowest re-lending rate currently available, aimed at reducing the financing costs for financial institutions [4]. - The cumulative issuance of the Carbon Emission Reduction Support Tool has reached 182.7 billion yuan, supporting 304.5 billion yuan in loans and leading to a reduction of over 60 million tons of carbon emissions [5]. Product Innovation and Development - Financial institutions are innovating products and services to optimize the implementation of the Carbon Emission Reduction Support Tool, with banks like Industrial Bank promoting carbon reduction-linked loans [6]. - Agricultural Bank has developed a multi-layered business system that includes green credit and carbon finance, with green credit balances reaching 1.98 trillion yuan by the end of 2021, a 30.6% increase year-on-year [7]. Policy Coordination and Challenges - The report highlights the need for improved policy coordination to enhance the effectiveness of the Carbon Emission Reduction Support Tool, including better fiscal incentives and clearer standards for carbon accounting [10][11]. - The tool's implementation has faced challenges, such as the need for enhanced environmental information disclosure and the establishment of a robust data measurement framework for carbon reduction [10][11].