Inquiry Community: Research Bureau of the People's Bank of China
Inquiry Publications
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China Green Finance Task Force Report
Date: 01-Apr-2015In 2014 the Research Bureau of the People’s Bank of China convened a Green Finance Task Force made up of 40 experts from ministries, financial regulators, academics, banks and other financial institutions, complemented by international experts brought together by the UNEP Inquiry to consider the steps that China could take to establish a green financial
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China Green Finance Task Force Report: Theoretical Framework
Date: 02-Apr-2015Despite the considerable headway made in the promotion of green credit by the government of China, efforts for building a green finance system remain fragmented and conceptual. This paper develops a theoretical framework for green finance. A ‘green finance system’ refers to a series of policies, institutional arrangements and related infrastructure building that, through loans, private equity,
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China Green Finance Task Force Report: Emissions Trading
Date: 02-Apr-2015Carbon and pollution trading markets are important financial infrastructures for the promotion of emission abatement at lower costs and with higher efficiency. This paper proposes the following recommendations on the development of carbon and pollution trading markets, which is underway in China: Improve relevant institutional design and effectiveness of the trading mechanism Establish both national and regional
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China Green Finance Task Force Report: Green Funds
Date: 02-Apr-2015This paper sets out the case for promoting the development of green industry funds as public-private partnerships (PPPs) to use limited government funding to leverage private capital into green sectors. It is envisaged that green industry funds will serve as the platform through which private capital can converge into professionally managed green investments with government as one investment
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China Green Taskforce Report: Green Rating
Date: 02-Apr-2015Green ratings for projects and financing for companies as part of a green credit information system makes it possible to evaluate the positive and negative environmental externalities of these projects and enterprises in a science-based manner and justify the decision-making of fiscal subsidies or penalties, discounts of bank interest rates and bond financing cost. This
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China Green Finance Task Force Report: Green Investor Networks
Date: 02-Apr-2015This paper set out the case for financial institutes and associations in China to establish a green investor network, to monitor investees’ performance of their environmental obligations, foster green investment capabilities, and hold educational programs. Internationally, green investor networks such as the UNEP Finance Initiative and the UN Principles for Responsible Investment have played a
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China Green Finance Task Force Report: Stock Index
Date: 02-Apr-2015Traditional energy and other highly polluting industries account for a significant share of China’s major stock indices, meaning that passive investments based on stock indices encourage investment polluting industries. Creating green stock indices (stock indices with a significant share of green enterprises) is an international practice to increase the share of green investment by institutional
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China Green Finance Task Force Report: Green Insurance
Date: 02-Apr-2015The rapid and continuous increase of environmental incidents in China in recent years has led to severe impacts on its sustainable social and economic development and public health. This paper sets out the case for green insurance as a market-based risk management mechanism which could play a proactive role in preventing and transferring environmental pollution risks and
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China Green Finance Task Force Report: Lender Liability
Date: 02-Apr-2015In the event of a project causing environmental damage, in many countries its commercial lenders can also face legal liabilities. This forces lenders to take environmental impact into consideration in making investment and financing decisions. This paper makes the case for establishing environmental legal liabilities for commercial banks in China and highlights steps to take to implement this: Revise
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China Green Finance Task Force Report: Mandatory Disclosure
Date: 02-Apr-2015This paper makes the case that compulsory disclosure of environmental information by listed companies and bond issuers is an effective measure to increase the sense of corporate social responsibility, improve corporate environmental performance, incentivize investors to refrain from polluting investments and strengthening green investments. It recommends: CSRC and stock exchanges formulate rules on compulsory environmental