构建绿色银行的国际实践与经验.docxVIP

PAGE 2 构建绿色银行的国际实践与经验 朱寿庆、周李焕朱寿庆是世界资源研究所（ 朱寿庆是世界资源研究所（World Resources Institute）的高级研究员、周李焕是世界资源研究所的研究助理。 免责申明：本文发表的看法、阐述和结论仅为作者的观点，不一定反映世界资源研究所的观点或政策，也不表示世界资源研究所同意这些观点。 摘要 虽然中国已出台多项政策治理环境污染和应对气候变化，但是中国向低碳经济转型仍然面临巨大的投资缺口。本文探讨了设立绿色银行这一减小投资缺口的新方法，并总结了构建绿色银行的国际经验与实践。 绿色银行能够有效降减轻再生能源和节能领域的市场失灵并促进这些领域的投资。这些领域的市场失灵包括：使用化石能源带来的负外部性、可再生能源项目融资中的信息不对称和交易成本等。通过深入考察两家国家级绿色银行和三家省级绿色银行的案例，本文提供了绿色银行在商业模式、融资、风险和投资管理等方面的良好实践。 作者相信，构建绿色银行的国际经验可以为绿化中国的金融体系提供借鉴。为此，作者对中国设立绿色银行提供以下政策建议：（1）“政府主导、市场运作“的顶层设计原则；（2）采取前期财政拨款、后期发型绿色债券的方式融资；（3）用PPP等模式引导私营部门资金进入绿色产业；（4）构建完善的风险管理体系；（5）建立透明的信息公开机制；（6）绿色银行应对私营部门起示范带动作用。  International Practices and Experience on Green Banks Abstract China has stipulated a series of policies and measures to address climate change, but a significant gap exists in financing the transition towards a low-carbon economy. This memo summarizes international experience on green banks as a new approach to address the financing gap. Green banks could effectively mitigate market failures and scale up investment in renewable energy and energy efficiency. These market failures include negative externalities of using fossil fuel, asymmetric information in financing clean technologies, and transaction costs. By looking in depth into two national and three provincial green banks, this memo presents good practices in financing green banks, business models, governance, risk management and investment orientation. The authors believe that the experience of international green banks could benefit China in the effort to green its financial system, and conclude the memo by providing the following policy recommendations to set up a green bank in China: Use “Government-led governance, market-based operation” as the principle to design the top-level structure; Financing model: initially funded by government, and issue green bonds once in operation; Utilize PPP model to attract private capital to green sectors; Build a robust risk management system; Establish transparent information dis