上海启动绿色外债试点：首批3家企业签约融资超3亿元

Core Viewpoint - The successful launch of the green foreign debt pilot program in Shanghai marks a significant step in enhancing cross-border green finance services and directing global funds to support local low-carbon industries [1] Group 1: Pilot Program Overview - The pilot program allows domestic non-financial enterprises to raise foreign currency funds specifically for green or low-carbon transition projects, with reduced impact on their overall cross-border financing risk-weighted balance [2] - As of November 2025, three key enterprises focusing on the "dual carbon" sector have signed green foreign debt agreements, raising over 300 million RMB for projects in distributed renewable energy, energy storage, and circular economy [1][2] Group 2: Implementation Details - The Shanghai branch of the State Administration of Foreign Exchange issued guidelines for the pilot program, detailing operational pathways and emphasizing support for non-financial enterprises established for over a year, excluding certain sectors like real estate and local government financing platforms [2] - The program includes incentives for cross-border financing, with a risk conversion factor of 0.5 for green foreign debt, and mandates that funds must be fully returned to China and used exclusively for designated projects [2] Group 3: Financial Institutions' Role - Several financial institutions demonstrated efficient service in the initial phase, with China Bank completing a $15 million green foreign debt registration for a smart supply chain project in one working day [3] - BNP Paribas assisted a distributed solar project in raising $29 million for acquiring photovoltaic assets, while China Construction Bank facilitated a green foreign debt registration for a renewable energy company in under half a day [3] Group 4: Future Prospects - Analysts highlight Shanghai's unique advantage in integrating policy precision, industry advancement, international collaboration, and long-term mechanisms, creating a closed-loop system for green finance [4] - The pilot program is expected to deepen the innovation of "green foreign debt + carbon finance," enhancing the efficiency of global resource allocation to the Yangtze River Delta green industry cluster [5] - The Shanghai branch of the State Administration of Foreign Exchange plans to improve the long-term mechanism of the green foreign debt pilot and innovate cross-border investment and financing policies [5]