| In August 2016,the People's Bank of China and the Ministry of Finance,the National Development and Reform Commission,the Environmental Protection Department,the China Banking Regulatory Commission,the China Securities Regulatory Commission,and the China Insurance Regulatory Commission jointly issued the “Guiding Opinions on Building a Green Financial System”(hereinafter referred to as “Guiding Opinions”).The "Guidance Opinion" is of great significance to the development of China's green finance.For the first time,it defines the definition of green finance,and proposes to adopt green credit,green securities,PPP,environmental rights trading and other means to promote green investment and financing.Since then,China's green finance has developed rapidly,and has made remarkable achievements in areas such as environmental protection,energy conservation,clean energy,and green transportation.PPP refers to the cooperation between the government and social capital to build and operate public goods.Compared with the traditional government procurement model,the government and social capital share the risks and improve the quality and efficiency of the project in the PPP model.Since the 1980 s,it has flourished in China.The "Guiding Opinions" proposes "advocating cooperation between the government and social capital and adopting the PPP model to develop green finance." This provision combines the two and is completely feasible.According to the characteristics of PPP and green finance,green finance and PPP both have the nature of providing public services and overlap in the field.PPP projects include pollution control,energy transformation and other green projects.In terms of interaction,they can also promote each other.On the one hand,using PPP to attract social capital and government cooperation can promote the development of green finance by guiding investment direction,curbing pollution projects and developing green projects,attracting more funds to green finance,using PPP to introduce competition mechanism and mature professional construction and operation technology can improve the quality of green finance projects and provide experience for green finance projects.PPP has enriched the financing tools of green finance and improved the green financial system.On the other hand,green finance can solve the problem of common financing difficulties of PPP and provide various financing methods for PPP.Green PPP projects can be financed by applying for green credit and issuing green bonds,which reducesfinancing costs and improves the financing convenience greatly.Therefore,in theory,the development of PPP in the context of green finance is a win-win situation.However,in practice,in the context of green finance,the use of PPP mode to build and operate green projects has encountered many problems.The first problem is that the green project is not qualified,that is,the "green project" constructed by PPP does not meet the standard of green project,or is not suitable for PPP.The main reason for this problem is the lack of “green” identification criteria,the poor operability of value for money evaluation and financial affordability evaluation,The evaluation indexes of value for money and financial endurance are imperfect.It is suggested to compile a green industry catalogue,quantify green standards,improve the evaluation system and improve the two evaluation methods.The second problem is that green projects are not attractive to social capital.The proportion of green projects in PPP projects is low.Social capital,especially private capital,is not positive.Mainly because of low revenues from green projects,large financing scales,opaque information,lack of high-level legislation,an the existence of government credit risks.In this regard,we should speed up the project,enhance the competitiveness of enterprises,improve the return mechanism of green projects,reduce government credit risks,improve legislation,and promote information disclosure.The third issue is the lack of innovation in green project financing tools.At present,China's green projects have a single financing tool,mainly green credit.However,the development of green credit itself is also limited,and there are still problems of imperfect guarantee mechanism and mismatch of maturity.In this regard,on the one hand,we should improve the guarantee mechanism and encourage financial institutions to provide green credit.On the other hand,we should enrich the financing tools and encourage financial institutions and enterprises to issue green bonds and add green industry funds. |
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