作为国内绿色金融先行者，兴业银行深入践行"两山"理念，积极开发具有生态价值实现意义的特色产 品，在全国率先落地碳排放权质押贷款、取水权质押贷款、林权质押贷款等创新产品，提升企业绿色融 资可得性。近年来在探索生态价值实现方面更是频频发力——在四川落地首笔GEP（生态系统生产总 值）质押贷款，在福建落地全国首张市场化交易的林业生物资产票据质押贷款，破解企业缺乏抵押物的 融资难题，支持福建省内首笔以数字人民币采购海洋渔业碳汇的交易，助力海洋经济高质量发展等，畅 通"绿水青山"和"金山银山"的双向转化通道，以金融"含绿量"提升生态"含金量"。 截至9月末，兴业银行绿色金融融资余额2.47万亿元，其中绿色贷款余额11037.81亿元，所支持项目可实 现年减排二氧化碳超2700万吨。 中证报中证网讯（王珞）近日，兴业银行落地系统内首笔VEP质押贷款，以国家AAAA级风景区四川西 昌邛海湿地景区一、二、三期特定地域生态价值（VEP）为质押，向项目运营方投放贷款1亿元。 据介绍，VEP是特定地域空间内，以生态系统为基础的适宜产业在未来一定开发期限内所能产生的各类 生态产品收益的价值总值，主要体现为物质供给、调节服务和文化服务 ...

Core Insights - The article discusses the transformation of ecological products into financial assets, addressing challenges such as difficulty in measurement, collateralization, trading, and monetization [1][2]. Group 1: VEP Pledge Loan - Recently, Industrial Bank launched its first VEP (Value of Ecological Products) pledge loan, providing a loan of 100 million yuan to the project operator of the Sichuan Xichang Qionghai Wetland Scenic Area, which is a national AAAA-level scenic area [1]. - VEP represents the total value of various ecological product revenues that can be generated from specific geographic areas over a defined development period, encompassing material supply, regulatory services, and cultural services [1]. - The VEP pledge loan is a green loan product that quantifies ecological values such as vegetation biomass, water conservation, climate regulation, oxygen release, carbon sequestration, and biodiversity maintenance [1]. Group 2: Green Financial Innovations - As a pioneer in green finance in China, Industrial Bank actively develops products that realize ecological value, having introduced innovative products like carbon emission rights pledge loans, water rights pledge loans, and forest rights pledge loans [2]. - The bank has made significant strides in ecological value realization, including the first GEP (Gross Ecosystem Product) pledge loan in Sichuan and the first market-based forestry biological asset bill pledge loan in Fujian [2]. - As of the end of September, Industrial Bank's green finance financing balance reached 2.47 trillion yuan, with a green loan balance of 1.103781 trillion yuan, supporting projects that can achieve annual carbon dioxide emissions reductions exceeding 27 million tons [2].

Core Viewpoint - The transformation of Longjiang River in Fuzhou City, from an ecologically challenged state to a clean and green environment, is significantly attributed to the continuous support of green finance, particularly through the provision of preferential loans by Industrial Bank [1][2] Group 1: Green Finance Development - Since 2022, Industrial Bank has provided a total of 217 million yuan in green preferential loans for the comprehensive governance project of Longjiang River, significantly reducing financing costs and ensuring project progress [1] - As of June 2025, the balance of green loans at Industrial Bank reached 1,075.6 billion yuan, maintaining the leading position among joint-stock banks, with projects supported achieving annual CO2 emissions reduction of 27.86 million tons and annual water savings of 18.36 million tons [2] - Industrial Bank is the only domestic bank to receive the highest ESG rating for six consecutive years from MSCI, reflecting its strong commitment to green finance [2] Group 2: Challenges in Green Finance - The transformation of ecological value into economic value remains a challenge, particularly in terms of valuation and financial recognition [3] - There is a need for effective mechanisms to track funds and assess benefits to ensure that green funds are used appropriately and to incentivize borrowers to maintain low-carbon practices [6][8] - Industrial Bank has actively explored solutions to these challenges, including the establishment of risk-sharing mechanisms in collaboration with government and enterprises [8] Group 3: Innovative Loan Models - Industrial Bank has pioneered various types of loans linked to ecological performance, such as a 270 million yuan loan for the ecological protection project at Xiazhu Lake, which incorporates future carbon credit sales as a repayment source [5][6] - The bank has developed a loan mechanism where interest rates are tied to the ecological performance of projects, providing incentives for borrowers to achieve green performance targets [7] - The bank emphasizes that it will not lower risk standards for projects labeled as "green," ensuring that all projects meet stringent risk control requirements [9]