央行研究所雷曜：金融市场需提升对环境气候因素定价能力

Core Viewpoint - The article discusses the evolution and significance of green finance in China, emphasizing its role in supporting green industry development and addressing climate issues through market-based solutions [1][2]. Group 1: Green Finance Development - Green finance has transitioned from an exploratory phase to a rapid development stage over the past decade, becoming an essential policy tool for global climate governance [1][2]. - In 2022, the issuance of green bonds exceeded 600 billion, with total outstanding bonds surpassing 2 trillion, indicating substantial future growth potential [2]. - As of June this year, the balance of green loans grew by 25.5% year-on-year, with a growth rate of 14.4% in the first half of the year [2]. Group 2: Market Mechanisms and Policy Support - Green finance does not overly rely on subsidies; the cumulative balance of various green financial products has exceeded 40 trillion, with bond custody surpassing 2 trillion, primarily driven by market mechanisms [2][3]. - Stricter environmental regulations have enhanced market expectations for returns on green industries, leading to a consensus among investors to favor green and ESG-compliant financial products [3]. - The success of green finance is fundamentally linked to market operations, requiring technological and mechanism innovations to enhance the long-term investment value of green projects [3][4]. Group 3: Adaptation to Industry Characteristics - Green finance has adapted to the "pendulum" nature of green industries, where initial investments yield lower returns, necessitating policy guidance to balance environmental benefits and profitability [4]. - As the potential for returns increases and green products become more widespread, the focus of investment decisions shifts towards profitability, completing a cycle in green industry development [4]. - Future efforts should focus on implementing central policies related to green finance, fostering consensus, and integrating various fields to enhance the role of green finance in promoting global sustainable development [4].