China’s central bank briefs LATAM finance officials & development banks on green finance & green bonds: With a bonus presentation from Sean Kidney
By our new Climate Bonds China staffer, Ivy Lau
Meeting in Beijing
In the headquarters of China’s central bank on Beijing’s Chang’an Avenue, a delegation from Latin America countries filled the boardroom last week, seeking a briefing on China’s experience in developing a green bond market and green finance.
Fuelled by China’s commitment to the UN Paris Agreement, development of green finance has become a top agenda item for Chinese policymakers. China’s Green Bonds market last year went from zero to hero (it’s now the largest in the world!), making China an intriguing exemplar of financial activities going green.
During the briefing, senior officials from the People’s Bank of China (PBOC) and other regulators showcased China’s approach to green finance, and discussed how it’s been dealing with challenges that have arisen.
Yin Yong, Deputy Governor of PBOC, and Ma Jun, Chief Economist of PBOC Research Bureau were the lead speakers.
Ma Jun noted that:
“Green bonds already make up 2% of Chinese bonds, whereas globally the figure is less than 0.2%. But the potential is huge, because 20% of investments in China need to be green to meet our national objectives. So we expect the green bond market to continue to have very strong growth.”
Ma Jun said that China’s green ambitions will need international as well as domestic capital. There are some differences between Chinese green definitions and international accepted definitions due to China’s urgent air pollution priorities, but about 90% are common.
That means that overseas investors can choose from a large portion of Chinese green bonds that are internationally recognized,
China Banking Regulatory Commission’s Ye Yenfei presented on their Green Credit Guidelines; the head of PBOC’s Financial Markets Division, Cao Yuanyuan, explained the PBOC’s green bond regulations.
Climate Bonds CEO Sean Kidney provided an update on global green bond markets and practice.
Sean Kidney said he expected 2017 to see: “a lot of international collaboration. We have seen commitment from the EIB and China Green Finance Committee to look at harmonization of green bond guidelines between EU and China, and we will see this year the growth of bi-lateral green finance agreements.”
He also noted that green bond issuance opens the door to other sorts of green finance initiatives. “In the end, it’s not just fixed income we need, but equity, bank lending and sovereign support. Green bonds are just the start.”
The LATAM Delegation
Led by the InterAmerican Development Bank, the LATAM delegation is made up of representatives of national development banks from Latin America and the Caribbean, including from Argentina, Brazil, Chile. Peru, Brazil, Colombia and Mexico, as well as a smattering of regulators. It is spending a week visiting green finance organisations in Beijing and Shanghai.
Representatives of the delegation said that Latin America aims to strengthen its partnership with China in supporting climate related financial activities. In terms of green bonds, members of the delegation were very keen to learn more about implementations of green bond standards, regulations, fiscal incentives, risk management and certification.
It was a lively Q&A.
Look soon for more on the spot China updates from Ivy,
Till next time,
Climate Bonds
中国人民银行与拉丁美洲财金官员及开发银行就绿色金融进行交流 + 肖恩．基德尼向代表团介绍全球绿色债券市场最新情况
作者：气候债券倡议组织．刘欣欣
于北京举办会议
上周初，座落於北京长安大街的中国人民银行总部迎来专程访华丶由拉丁美洲及加勒比地区多国政府部门高层组成的代表团，他们齐集中国人民银行会议室，期望就中国发展绿色债券市场及绿色金融监管的经验，向中国人民银行及监管部门借鉴。
中国全力支持联合国《巴黎气候协议》，发展绿色金融已成为政策制定当局的首要任务。去年，中国绿色债券市场突飞猛进（目前已成为全球最大市场！），为全球金融活动迈向绿色发展提供重要参考。
在这次的知识交流中，中国人民银行及金融监管机构的高层官员向代表团展示了中国发展绿色金融的举措，并就中国如何应当中挑战进行了讨论。
交流会的主要演讲者包括中国人民银行副行长殷勇和中国人民银行首席经济学家马骏。马骏表示：「目前，绿色债券占到了中国债券市场总份额的2%，但从全球范围来看，这一比例要小于0.2%。中国市场的发展潜力仍然很大，因为只有当绿色投资额占到全国投资总额的20%时，我们才能满足国家绿色发展目标。所以我们期待绿色债券市场继续彰显强有力的增长势头。」
马骏又说，中国发展绿色金融同时需要国际和境内资本的配合。目前，中国的绿色定义与国际认可的绿色定义存在一些差异，主要体现在防治大气污染方面，但是90%左右的内容是一致的。这意味着国际投资者还是可以投资於绝大部分由中国发行人发行并符合国际认可定义的绿色债券。
接着，中国银监会政策研究局巡视员叶燕斐向代表团讲解《绿色信贷指引》，而中国人民银行金融市场司发行处处长曹媛媛则向代表团说明绿色债券规定。此外，气候债券倡议组织首席执行官肖恩．基德尼（Sean Kidney）向代表团介绍全球绿色债券市场与实践的最新情况。
肖恩．基德尼表示，预期2017年可以看到很多国际层面的协作。「我们已看到EIB与中国金融学会绿色金融专业委员会承诺推动欧盟与中国之间绿色债券标准一致化的研究。今年更多双边绿色金融协议可期。」
他说，绿色债券发行开启了通向其他绿色金融倡议的大门，「最终，我们不只需要绿色定息产品，还需要有绿色股票丶绿色信贷，以及主权基金支持绿色资产配置。绿色债券只是开端。」
拉丁美洲及加勒比地区代表团
由美洲开发银行牵头，拉丁美洲及加勒比地区代表团成员包括来自阿根廷丶巴西、智利丶秘鲁丶巴西丶哥伦比亚及墨西哥的国家开发银行及监管机构代表。代表团访华行程为期一周，期间参观了北京及上海的绿色金融机构。
代表团发言人表示，期望未来拉丁美洲与中国加强夥伴关系，以支持应对气候变化的相关金融活动。於交流过程中，代表团对中国绿色债券的标准制定丶相关法规丶政府激励措施丶风险管控及债券认证等方面的发展经验尤其关注，在答问环节中踊跃提问。
刘欣欣将呈现更多关于中国的更新报道
敬请期待下次更新
气候债券倡议组织
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