Research On Green Investment Decision-making And Incentive Mechanism Of “One Belt, One Road” Energy Project

In recent years,the impact of global warming on human society and economy has been expanding,and with the development of economic globalization and information era,the "Belt and Road" energy project investment has received attention from all walks of life.For financial institutions,green investment practices have changed the traditional investment model,and the concept of sustainable development and responsible investment has gradually penetrated into all walks of life,making it imperative to build a green "Belt and Road".In order to achieve the goal of energy transformation under the Belt and Road Initiative,energy companies need to reduce environmental impact,increase investment in low-carbon technology research and development,and thus improve the green level of projects.However,responsible investors are faced with the problem of cooperation between investors with different preferences and "freeriding" behavior of energy companies in the process of energy project investment,so the design of decision-making and incentive mechanism is of great practical significance.In this paper,we study the decision making of financial institutions and the incentive mechanism of energy enterprises in the energy projects of "Belt and Road",considering the preferences of responsible investors and different sets of strategies,and analyze two models of co-financing and entanglement contracts.On the one hand,we study the investment decision of different preferences of responsible investors in the green investment process of "Belt and Road" energy projects;on the other hand,we study the incentive mechanism of financial institutions to energy enterprises in the green investment behavior of "Belt and Road" energy projects.On the other hand,the design of incentive mechanism of green investment behavior of financial institutions to energy enterprises in "Belt and Road" energy projects is studied.The main work is as follows.(1)This paper investigates the decision-making problem of different preferences of responsible investors in the energy projects of "Belt and Road".An effective project evaluation system is proposed based on the F-ESG index system,evidence-based reasoning and a large group decision making model by comparing and analyzing the joint financiers formed by various financial institutions.The results show that the group consensus level reaches 95.1%after several rounds of discussion and negotiation process,and the optimal investment target is selected through the proposed index system and decision model.The study shows that the decision-making framework established in this paper can help international institutional investors solve energy investment problems efficiently and provide concrete solutions for policy makers to achieve green and high-quality cooperation in "Belt and Road" investment and financing.(2)Considering the influence of government policies on energy projects,this paper investigates the design of green investment incentives between financial institutions and energy enterprises in the energy projects of "Belt and Road".A non-zero-sum game model between financial institutions and energy companies is established,and the comparison of the game strategy sets and benefits between the two parties is analyzed based on the classical environment,the separable state quantum environment and the maximum entanglement quantum environment,and the entanglement contract design and policy influence effects are explored through case studies.The study shows that the introduction of quantum environment can expand the strategy set of both sides of the game,and then achieve both Nash equilibrium and Pareto optimality through entanglement contract,which can solve the prisoner’s dilemma caused by free-rider behavior.At the same time,the government strengthens the disciplinary system and regulation to help improve the green level of energy projects.