Innovative green financial products help the environmental protection upgrade of the textile industry
Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the “Opinions on Establishing and Improving the Value Realization Mechanism of Ecological Products,” which proposed a number of policies such as promoting the transaction of ecological resource rights and interests and increasing support for green finance. .
Encouraged by a series of policies, although the banking industry actively strengthens the layout of green financial business, it is still difficult for green financial products to penetrate into all areas of society.
A few days ago, a reporter from China Business News learned during grassroots research that green finance is difficult to implement. One of the main reasons is that enterprises lack qualified collateral in the traditional sense, and banking institutions urgently need to accelerate the implementation of ecological resource rights transactions. At the same time, some banks also lack a complete green financial product system and management system, which hinders the implementation of green finance.
“Compared with traditional projects, the green finance professionalism required for the promotion of green finance projects by financial institutions is relatively strong, and banks’ ability to effectively identify green projects and develop corresponding products and services needs to be further improved.” Deputy Director of the Corporate Finance Department of Hengfeng Bank General Manager Geng Wei pointed out.
Emission rights mortgage loan sample: Tanlu ecological resource equity mortgage
As the construction of ecological civilization gradually deepens, regulatory authorities and financial institutions are paying increasing attention to the development of green finance. At the end of 2020, my country’s green loan balance was approximately US$1.8 trillion, and the stock of green bonds was approximately US$125 billion.
However, the reporter learned during grassroots visits that there are differences between green financial products and traditional financial products. A person from a state-owned bank pointed out: “Many green finance companies do not have qualified collateral in the traditional sense, but there are some necessary production factors in the production process that have the characteristics of trading, such as water rights, pollution rights, and carbon emission rights. etc. This requires banks to innovate credit products, adjust credit standards, and formulate a series of new rules such as pricing standards and rating standards.”
Take emission rights as an example. Recently, when reporters visited Zhejiang Province, the largest printing and dyeing province in my country, they learned that local printing and dyeing enterprises had faced huge financing difficulties. problem.
It is understood that in the early stages of the development of the printing and dyeing industry, enterprises were operating independently, with old technology, incomplete equipment, and an extensive expansion development model. The printing and dyeing industry showed “high pollution, high energy consumption, high emissions”. The industry concentration in the printing and dyeing industry is low, and a large number of small and medium-sized enterprises cannot afford the high cost ofenvironmental protectionequipment to meet wastewaterdischarge standards. Therefore, this field was once considered a “black industry” by banks, and financing was difficult.
In order to resolve the “three highs” of printing and dyeing enterprises, Keqiao District, Shaoxing City launched the printing and dyeing agglomeration upgrade project in 2010. In accordance with the overall goal of “green high-end, world-leading”, through printing and dyeing agglomeration, rectification and improvement, Energy conservation and emission reduction, elimination of backwardness, ecological management and other important measures promote industrial upgrading and transformation.
At the same time, in order to alleviate the financing problems of printing and dyeing enterprises, in 2008, Shaoxing City, Zhejiang Province, as a national pilot for the paid use and trading of emission rights, took the lead in establishing an emission rights trading system and implemented a total-volume control type of paid use and trading of emission rights. The right to discharge pollutants refers to the right that emitters enjoy according to law to discharge pollutants into the environment within the quota allocated by the environmental protection supervision and management department, and on the premise of ensuring that the exercise of this right does not harm other public environmental rights and interests. Emission rights can be traded in the local market of Shaoxing through market transactions, public bidding, direct transfer, etc. The tradable nature of emission rights makes them mortgageable.
Transferable emission rights have brought new hope to the financing of printing and dyeing enterprises. With the gradual improvement of corresponding systems and procedures, mortgage loans with emission rights have become more feasible, and many banks have planned to study mortgage loans with emission rights.
Tang Zhiwei, head of Shaoxing Branch of Hengfeng Bank, pointed out that the difficulty for banks to carry out emission rights mortgage loans is mainly that emission rights are not standardized collateral in the traditional sense. Banks need to enter them into the system and make a series of system adjustments. .
Since the launch of the emission rights mortgage business, Hengfeng Bank Shaoxing Branch has supported 14 printing and dyeing enterprises that are mortgaged by emission rights, and has issued a total of 818.96 million yuan in loans. Zhejiang Ellis Dyeing and Finishing Co., Ltd. (hereinafter referred to as “Ellis Dyeing and Finishing”) located in Keqiao District, Shaoxing City is the beneficiary of the emission rights mortgage loan. The company’s daily emission quota is 9844.1 tons. Hengfeng Bank Shaoxing Branch After a full evaluation, it pledged 9844.1 tons/day of emission rights in its name and granted a credit of 147 million yuan to assist the company’s production and transformation and upgrading.
Improve top-level design to promote the implementation of green finance
How to value emission rights as collateral? Tang Zhiwei believes that the average bank’s pricing of emission rights is based on previous industry conditions, but this bank mainly refers to the government’s guidance repurchase price and market prices to increase the value of the collateral.
“Emission rights are a necessary production factor for printing and dyeing factories, and the amount of emissions matches the company’s production capacity. FundamentallyAccording to the regulations of Keqiao District, the amount of pollutants discharged by enterprises every month is limited. If the amount of pollutants discharged approaches the limit, production will be reduced or stopped. ” Chen Jiangang, chairman of Ellis Dyeing and Finishing, told reporters, “If an enterprise wants to expand production, there are three paths. One is to transform equipment, the other is to improve sewage treatment capacity, and the third is to It is the merger and acquisition of emission rights. Therefore, emission rights are now in very short supply. ”
It is understood that the price of emission rights is one price per day. Judging from the recent auction of emission rights, the auction price was more than 50,000 yuan/ton. If the auction scale is larger, the price may be 30,000 yuan/ton. Small scale may cost 50,000 yuan/ton.
“Promoting green finance projects involves the judgment of environmental protection information of financing objects, the assessment of environmental risks and the pricing of financial products. Financial institutions need to further improve their comprehensive capabilities in environmental protection technology, regulations and finance to implement them.” Geng Wei said so.
Talking about the post-loan management of green finance business, Tang Zhiwei told reporters that, similar to loans in traditional industries, it still depends on the operating conditions of the company, and at the same time, attention should be paid to changes in emission prices.
The above-mentioned state-owned bank officials reminded that banks should pay attention to asset quality challenges when developing green financial services. “Industrial transformation, changes in demand, operating costs, profits and cash flow, as well as differences in the intensity of environmentally friendly production factors such as pollution discharge capacity and carbon emissions, will lead to varying degrees of changes in the financial status of enterprises in related industries and affect these enterprises. Loan solvency.”
It is understood that in 2020, Hengfeng Bank continued to increase the issuance of green credit to customers in industries such as rail transit, new energy, energy conservation, environmental protection, and green agriculture. The balance of green credit increased by 52.8% compared with the same period; non-performing loans in green credit were 0.21 billion, accounting for 0.2% of all green loans, and asset quality remains at a good level.
The management of a city commercial bank told reporters that if the bank wants to promote green financial business, it needs to improve top-level design, strengthen organizational leadership, continuously consolidate the work responsibilities of each department, and improve the green financial management system, so as to promote the implementation of green financial business. .
Haining Guangyao Thermal Power Co., Ltd. (hereinafter referred to as “Guangyao Thermal Power”), located in the Haining Economic Development Zone in the Yangtze River Economic Belt National Transformation and Upgrading Demonstration Development Zone, has experienced the response speed of Hengfeng Bank’s green credit.
It is reported that Guangyao Thermal Power mainly provides steam and power services to enterprises in Haining Economic Development Park, with an annual steam supply of approximately 900,000 tons. In 2020, in response to the country’s vigorous development of natural gas distributed energy systems to adjust the energy structure and improve energy utilization, Guangyao Thermal Power plans to implement clean transformation of the production process and plans to build and develop natural gas distributed energy station projects. However, the total investment of this project is nearly 610 million yuan, and it is planned to enter the production stage in the near future. In order to ensure the smooth progress of the project, Guangyao Thermal Power also faces the problem of insufficient project funds.
At that time, a number of banks actively carried out due diligence and formulated financing plans for Guangyao Thermal Power’s financing needs. Hengfeng Bank Jiaxing Haining Branch learned about the company’s industrial structure adjustment and responded quickly to customers’ financing needs. After in-depth communication with Guangyao Thermal Power, Jiaxing Haining Branch explored a new model of bank-enterprise green finance cooperation and actively promoted the project loan. It took three months and finally led to the implementation of the project financing loan.
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