金融支持經濟社會綠色低碳轉型的探討——以山西金控集團戰略為例ExploringFinancialSupportfortheSocio-economicTransitiontowardsaGreenand

Low-carbonFuture--CasestudyofShanxi

FinancialHoldingsGroup’s

Strategies前言金融在推動實體經濟綠色低碳轉型中發揮重要作用。

為實現碳中和目標需要數百萬億的綠色、低碳投資，其中

，絕大部分需要通過金融體系動員社會資本來實現*。在此背景下

，如何引導資本市場加大對綠色、低

碳產業的投入

，促進企業提升綠色、低碳發展管理水平和創新能力

，成為社會和資本市場需要解決的重要議

題。山西省是典型的資源型經濟地區

，產業結構體現為以高碳產業為主，

山西金控集團是山西省最大的金融控股公司

，在落實地方經濟轉型及可持續發展目標中發揮重要作用。

山西金控集團主動創新

，與北京綠色金

融與可持續發展研究院合作

，研究制定自身綠色低碳轉型的綠色金融戰略，

以為支持山西省“在轉型發展上率先蹚出一條新路來”提供有力的金融支持。此次以山西金控的綠色金融戰略為案例

，探討金融支持經濟社會綠色低碳轉型的實踐，

文中所提到關于

山西金控的戰略目標、舉措等相關內容為北京綠色金融與可持續發展研究院課題組的初步研究結果及建議

，均為非公開的研討性分析行為

，不代表山西金控觀點。*資料來源：馬駿.以碳中和為目標完善綠色金融體系[N].金融時報，2020.1.182PrefaceFinance

plays

an

important

role

in

drivingthegreenand

low-carbontransformation

ofthe

real

economy.

Realizing

the

goal

of

carbonneutrality

entails

hundreds

oftrillions

RMB

ofgreen

and

low-carbon

investment,

most

ofwhich

relies

onthefinancial

systemto

leverage

socialcapital*.

Inthiscontext,

it

hasthus

becomecriticaltoguide

capital

market

to

increase

investment

andfacilitate

enterprises

to

bettermanageandinnovateingreenand

low-carbon

industries.With

high-carbon

industries

as

industrial

backbone,

Shanxi

Province

is

a

typical

resource-based

economic

region.

Shanxi

Financial

Holding

Group

(SFHG),

the

largest

of

its

kind

in

Shanxi

Province,

plays

a

vital

role

in

implementing

local

economic

transformation

andachievingsustainabledevelopmentgoals.The

Group

hastaken

the

initiative

to

work

with

our

Institute

of

Finance

and

Sustainability

in

aninnovative

bidto

develop

its

own

green

and

low-carbonfinancial

strategies

so

asto

provide

strongfinancial

support

for

Shanxi

Provinceto"taketheleadontheroadoftransformationanddevelopment".Taking

Shanxi

Financial

Holding's

green

finance

strategy

as

an

example,

this

paper

examines

the

practical

financial

support

for

the

green

and

low-carbon

transformation.

The

strategic

objectives

and

measures

of

Shanxi

Financial

Holding

mentioned

in

this

paper

arepreliminary

research

resultsandsuggestionsofthe

Instituteof

Finance

and

Sustainability.

As

non-public

deliberative

analysis,

they

shallnotconstitutetheviewsofShanxi

FinancialHoldingGroup.3*Source:Perfectthegreenfinancialsystemtoachievecarbon-neutralitygoalsby

MaJun

[N].

FinancialTimes,2020.1.18“2018年7月

，

銀監局首度依據綠色信貸指引作出處罰。

平安銀行存

在貸前調查不到位

，

向環保未達標的企業提供融資；

貸后管理失職，

流動資金貸款被挪用等違法違規事實

，

對此

，

天津銀監局決定對其

罰款人民幣50萬元。“2018年8月

，

襄大農牧因違反項目環評報告和批復規定

，

被福建綠

家園起訴

，

兩家銀行由于向其提供貸款

，

作為共同被告參加訴訟

，

三被告賠償款或達3800萬元。綠色低碳發展的政策導向：

國家、

產業及地方綠色低碳發展相關政

策；激勵約束機制：

人民銀行、

銀保監會、

地方政府等多種激勵約束機

制。綠色金融是國家綠色發展的要求，更是金融機構實現自身可持續發展的重要方向金融機構綠色轉型：自身可持續發展

的內生動力降低資金成本4獲得股東認可提升風險管理能

力形成品牌資產履行企業責任，

獲得社會環境效益優化業務結構環境和氣候風險演化成“金融機構的風險”政策引領發展方向（三）金融機構綠色發展研究PolicydirectionPolicy

guidanceforgreenlow-carbondevelopment:

Relevant

policiesconcerningnational,industrialandlocalgreenandlow-carbon

development:Incentiveandrestrictivemechanisms:Various

incentive

and

restrictive

mechanismsunveiledbythe

People’s

Bank

of

China

(PBoC),China

BankingandInsuranceRegulatoryCommission(CBIRC)

and

local

governments.Environmentalandclimaterisksevolveinto“risksoffinancial

institutions”In

July

2018,

the

then

China

Banking

Regulatory

Commission

issued

its

first

penalty

bill

in

accordance

with

the

green

credit

guidelines.Ping

AnBankwasfined

RMB500,000

byTianjin

Banking

Regulatory

Bureauforthe

fact

thatitprovidedloansforenterprisesthatfailedtomeetthe

environmental

protection

standards

without

performing

adequate

pre-loan

investigation

andmisappropriated

working

capital

tomakeloansinderelictionofdutyinpost-loanmanagement.In

August

2018,

Xiangda

Agriculture

and

Animal

Husbandry

was

sued

by

the

Green

Home

of

Fujian

for

violatingtheEnvironmentalImpact

Assessment

Report

and

Reply

rules.

Two

banks

participated

in

the

lawsuitas

co-defendants

for

providing

loans

to

Xiangda

Agriculture

and

AnimalHusbandry.Altogether,thethreedefendantswereorderedtomakecompensationsfetchingRMB38million.Greentransformation

offinancialinstitutions:

internaldrivingforce

for

theirownsustainabledevelopmentOptimizeIncrease

riskbusinessmanagementstructureabilityFulfillcorporateresponsibilitiesandgain

socialandenvironmentalbenefits(3)

ResearchonGreen

Development

ofFinancial

InstitutionsGreenfinance

isa

requirementforthecountrytorealizegreen

development,

aswell

as

directionforReducecapital

cost5Acquirestakeholders’recognitionDevelop

brand

assetfinancial

institutionstoachievesustainabledevelopment?英國智庫Vivid

Economics注重在低碳轉型背景下各產業和企業面臨轉型風險的研究，認為在2度情景下，煤炭板塊股票減值幅度將達到80%。?2ii研究所（2

Degrees

Investing

Initiative）對不同行業2度溫升情景下股權價值變化以及對應的貸款違約概率進行了研究。研究發現，2度溫升情景下，煤電企業將減值80%，煤電企業銀行貸款違約概率將提高4倍。?瑞士Carbon-Delta公司基于化石能源企業財務報表做了未來15年內若干企業估值減值測算。該研究選取ENEL作為研究對象，由于

該集團27%的電力由煤炭發電產生，研究認為在2度溫升情景下，集團在未來15年內可能面臨31.22%的減值風險。?依據馬駿、孫天印*（2020）研究，（1）在2度情景下，需求下降、價格競爭加劇、融資成本上升會使中國樣本煤電企業的違約概率從2020年的3%左右上升到2030年的22%左右；（2）僅僅由于新能源價格競爭和融資成本因素，中國樣本煤電企業的違約概率從2020年的3%左右上升到2030年的12%左右；（3）僅僅由于碳價上升和融資成本因素，

中國樣本煤電企業的違約概率從2020年的3%左右上升到2030年的11%左右。?截至2016年山西省屬七大煤炭集團全口徑融資負債達到7255億元，占全省各類融資的21%;貸款余額4400億元，

占全省各項貸款的23%**，總體來看山西省金融機構對煤炭相關行業投入水平較高。如不盡快擺脫對煤炭產業及相關高碳行業的依賴，集團業務將面

臨大幅萎縮的風險。*馬駿、孫天印.氣候轉型風險和物理風險的分析方法和應用——以煤電和按揭貸款為例[J].清華金融評論,2020(9).

氣候和環境風險將可能帶來信用風險、市場風險和聲譽風險（三）金融機構綠色發展研究6Climateandenvironmentalrisksmay

bringcredit,

market

and

reputational

risks?Vivideconomics,a

Britishthinktank,focusesonresearchingrisksfaced

byvarious

industries

and

enterprises

in

the

context

of

low-carbon

transformation.

It

believesthatunderthetwo-degreescenario(theglobaltemperaturerisesbytwo

degrees),coal

stocksare

likely

to

depreciate

by

as

much

as

80%?2ii

Research

Institute(2Degrees

Investing

Initiative)has

studiedthe

change

ofequityvalue

andthe

corresponding

loan

default

probability

in

different

industries

incasethetemperaturerisesbytwodegrees.It

isfoundthat

underthistwo-degreescenario,

coal

and

power

enterpriseswill

facea

devaluation

by

as

much

as

80%,andconsequentlythedefaultprobabilityofbankloansforsuchenterpriseswill

likelygo

up

byfourtimes.?TheSwitzerland-based

Carbon

Deltacompanyhasconducteda

valuation

and

depreciation

calculation

ofsome

enterprises

in

the

next

15years

based

on

thefinancialstatementsoffossilenergyenterprises.Thestudychose

Enelastheresearchobject.As27%oftheGroup'selectricityisgenerated

by

coal,

the

study

believes

thattheGroup,underthetwo-degreescenario,mayfaceariskofdepreciating

byas

much

as

31.22%

in

the

next

15

years.?AccordingtotheresearchofMaJunand

SunTianyin

*

(2020),

(1)

underthetwo-degree

scenario,the

decline

in

demand,the

intensification

of

price

competition

andtheriseoffinancingcostswill

increasethedefaultprobabilityofthesamplecoaland

power

enterprises

in

China

fromabout

3%

in

2020

to

about

22%

in

2030;

(2)

newenergypricecompetitionandfinancingcostswill

increasethedefaultprobabilityoftheseenterprisesfromabout

3%

in

2020

toabout

12%

in

2030;

(3)the

risingcarbonpriceandfinancingcostswill

drivethedefaultprobability

oftheseenterprisesto

risefromabout

3%

in

2020to

about

11%

in

2030.?Asof2016,thefull-scalefinancingliabilities

ofseven

majorcoalgroupsinShanxi

Province

had

fetched

RMB725.5

billion,

accounting

for21%

ofall

kinds

offinancingintheprovince;theloan

balancestoodat

RMB440

billion,

accountingfor23%**

ofall

kinds

ofloans

in

the

province.

Overall,

financial

institutions

have

investedheavilyincoal

relatedindustries

inShanxi

Province.

Ifwedo

not

get

rid

ofthedependence

on

the

coal

industry

and

related

high-carbon

industries

as

soon

as

possible,theGroupwillfacerisksofsharpdeteriorationin

its

business.*

Methodsandapplicationofclimatetransformationriskandphysicalriskanalysisas

exemplified

by

coal

electricity

and

loan

installments

by

Ma

Jun

and

SunTianyin[J].TsinghuaFinancialReview

2020(9).(3)

ResearchonGreen

Development

ofFinancial

Institutions7山西金控進行綠色低碳戰略轉型具有重要意義1、與山西金控服務山西省資源型經濟公正轉型、綠色低碳發展目標具有高度一致性，可提高區域金融業競爭力，充分發揮資源配置作用，更好地服務于本地企業融資和地區經濟發展，支持并引領山西省高碳產業結構的平穩綠色低碳轉型。2、有助于山西金控充分把握綠色低碳經濟、技術發展機遇，發揮多條線全牌照的優勢，整合區域內優質金融資源，提升規模集聚效應和資源利用效率，探索落實產品服務創新、拓展控股金融機構的客戶群體，實現展業、增效。3、有助于山西金控有效的識別和管理氣候與環境風險，統籌集團及集團公司的氣候與環境風險目標和

風控要求，建立健全ESG風險管理體系，提升集團運營的穩健性。8SignificanceforShanxi

FinancialHoldingsGrouptocarryoutthe

greenand

low-carbonstrategictransformation1.Suchatransformation

ishighlyconsistentwith

the

goal

ofShanxi

Financial

Holdings

Group

to

serve

the

fairtransformationofthe

resource-intensiveeconomyofShanxi

Provinceandachievegreen

low-carbon

development.

Itcan

helpimprovethecompetitivenessofthe

region’sfinancial

industry

by

givingfull

playto

the

role

of

resource

allocation.

Itcan

betterservethefinancingoflocalenterprises

and

local

economic

development,

therebysupportingand

leadingthe

high-carbon

industrialstructureto

realizeagreen

low-carbontransformation

in

a

stable

way.2.

Itcan

helpShanxi

Financial

HoldingsGrouptofullygraspthe

opportunities

coming

along

with

green

low-carbon

economicandtechnologicaldevelopmentand

leveragetheadvantagesofafull

range

of

licenses

in

variousbusinesslines.ThetransformationwillallowtheGroup

to

integrate

qualityfinancial

resources

in

the

region,increasescaleeffectsand

resource

utilization,exploreand

implement

productand

service

innovation

and

expand

thecustomergroupofholdingfinancialinstitutionsto

achieve

business

expansion

and

efficiency

growth.3.

ItcanalsohelpShanxi

Financial

HoldingsGroup

to

effectively

identify

and

manage

climate

and

environmentrisksandaligntheclimateandenvironment

risk

goals

and

risk

control

requirements

between

the

Group

and

itsmembercompaniesto

buildacomplete

ESGrisk

managementsystem

and

improve

the

operational

stability

oftheGroup.9?支持資源型經濟公正轉型的目標?金控集團綠色金融管理機制創新目標；?金控集團綠色金融產品體系創新目標??綠色企業、綠色項目支持目標；?

綠色投資規模目標；?降低高碳產業貸款和投資的相關目標

?

……服務于資源

型經濟向綠

色經濟轉型

的可持續金

融綜合服務

商建議山西金控提出全面戰略轉型的綠色低碳發展目標創新目標社會責任

目標市場目標10……WesuggestShanxi

Financial

HoldingsGrouptocommittoacomprehensivestrategictransformationtowardsgreenandlow-carbondevelopment?……?

Tosupportafairtransformationoftheresource-intensive

economy?

Toinnovatethegreenfinancemanagementmechanismof

Shanxi

FinancialHoldingsGroup?

ToinnovatethegreenfinanceproductsystemofShanxi

FinancialHoldingsGroup?

Tosupportgreenenterprisesandprojects?

Tomakegreen

investment?

Toreducingloansandinvestmentforhigh-carbon

industries

?

……Market

Objectives

Innovation

Objectivesserviceproviderand

supportthe

resource-intensiveeconomytotransformTo

becomea

sustainablecomprehensivefinancialSCRObjectivetowardsa

green

one11s加強數字技術

升展業增效和的運用，提

風控能力;1.建立服務產融對接的綠色金融綜合服務平臺；2.發展綠色債券和資產證券化業務；3.發揮綠色信托的靈活性和多方位服務功能……1.重點支持清潔能源和電動車等綠色低碳產業、綠色科技項目2.加大對綠色農業、綠色旅游和綠色消費的支持力度；3.有序退出高排放產業

，推動棕色項目轉型

，支持循環利用

加強組織協調，抓獲任務落實

強化人才建設、能力提升研究擴大交流合作，提升獲取外部資源能力圍繞綠色低碳目標建立重點戰略任務及舉措明確綠色金融支持的重點領域，加快退出高排放產業加大綠色金融產品創新力度，強化環境風險管理決策機制和治理體系內部激勵機制制度流程環境信息披露發展目標12Decision-makingmechanismandgovernancesystemSystematic

processInternalincentive

mechanismEnvironmentinformationdisclosure2.

Developgreenbondsandassetsecuritization

business3.

Leveragetheflexibilityandall-roundservicefunctionsofgreentrusts……Identifykeysectorstobesupportedbygreenfinanceandaccelerateexitfromhigh-emissionindustries1.Focusonsupportingcleanenergy,electricvehiclesand

other

greenlow-carbon

industriesandgreentechnologicalprojects2.

Increasesupportforgreenagriculture,greentourismandgreenconsumption3.

Exit

from

high-emission

industries,

advance

transformation

of

brown

projects

and

supportrecyclingEstablishingkeystrategictasksandmeasurestowardsthe

green

low-

carbongoals

DevelopmentGoals

S

i

itep

upappl

gitaltechno

ncreasethe

expand

buationof

giesandbilitytoiness,Step

uptal

buildingand

researchcaepnt

poolimproveabilitiesExpandcommunicationandcooperation,andimprovetheabilitytoacquireexternalStepupinnovationofgreenfinanceproducts

andimproveenvironmentriskmanagement1.Buildacomprehensiveserviceplatform

for

greenfinanceandEnhanceorganizationandcoordinationanddenhanceefficiencycontrolrisksfocusonimplementationresourcesic

lo

a

s13具體舉措1、加大對綠色低碳產業、項目及綠色科技的支持力度：a)

清潔能源b)

綠色建筑c)

綠色交通d)

工業低碳轉型e)

加大對綠色農業、綠色旅游和綠色消費的支持力度以促進企業提升綠色、低碳發展管理水平和創新能力，

引導綠色產業發展。2、

引導支持企業有序退出高排放產業

，推動棕色項目轉型

，支持循環利用：a)

如關注鋼鐵行業綠色技術研發應用

，如高爐富氫（或純氫）技術在鋼鐵行業的應用

，支持鋼鐵企業與水泥企業協同合作

，實現循環利用、打造綠色低碳水泥及制品b)又如探討發行煤電轉型債券

，推動煤電項目提前退役

，實現在風險可控前提下支持高碳行業、棕色項目的綠色轉型。3、加強環境和氣候風險管理

，開展環境和氣候信息披露，

引導和倒逼實體經濟綠色低碳轉型。a)

金融機構可圍繞30·60目標

，制定貸款和投資的碳中和規劃

，有序退出高碳產業

，如煤電企業；b)測算貸款和投資所支持項目的碳排放

，防范現有高碳產業投資組合中的擱淺資產風險；c)

加強環境和氣候信息披露：披露綠色資產規模和環境效益、棕色資產規模,以及全部資產的碳足跡等信息，

引導實體經濟綠色低碳轉型。14Specificmeasures1.Increasesupportforgreenlow-carbonindustries,

projectsand

greentechnology:a)cleanenergyb)greenbuildingc)

greentransportationd)

industriallow-carbontransformatione)stepupsupportforgreen

agriculture,greentourism

and

green

consumptionTohelpenterprisesimprovegreenlow-carbonmanagementand

innovationand

guidedevelopment

ofgreen

industries.2.

Guide

enterprisestoexitfrom

high-emission

industries

in

an

orderly

manner,

advancetransformation

of

brown

projects,

andsupport

recycling：a)

For

example,

focus

on

the

R&D

and

application

of

green

technologies

in

the

iron

and

steel

industry,

such

as

the

application

of

blast

furnace

hydrogen

rich

(or

pure

hydrogen)

technology

in

the

iron

and

steel

industry；support

cooperation

between

iron

and

steelenterprisesandcemententerprisestoachieverecyclinganddevelopgreenlow-carboncementand

related

products.b)Anotherexample

isto

explorethe

possibility

of

issuing

coal

power

transformation

bonds

to

encourage

earlier

retirement

of

coal

powerprojectsandachievegreentransformationofhigh-carbonindustriesandbrownprojects

onthe

premise

ofcontrolled

risks.3.

Strengthen

environment

and

climate

risk

management

and

disclose

environment

and

climate

information

to

guide

orforce

real

economies

totransforminagreen

low-carbon

manner.a)

Finan