工业园区绿色发展重点领域及其开发性金融应用研究

工业园区的绿色发展是我国经济绿色转型和可持续发展的基石,对实现我国生态文明建设具有重要的意义。而工业园区绿色发展中的基础设施建设等任务的资金需求周期长、盈利性较弱,极其需要开发性金融的大力支持。本文识别了开发性金融引导工业园区绿色发展的重点领域,主要包括构建生态产业链、完善环境基础设施建设、推进清洁生产、促进园区环境能力建设等,并进一步分析了各领域的建设目的、重点项目及实施主体。同时,从加强多方合作、优化投融资方式等角度,提出提升开发性金融服务能力、有效支持工业园区绿色发展的建议。     

The gap report of global climate change mitigation,finance, and governance after the United States declared its withdrawal from the Paris Agreement

On 1 June 2017, the US President Donald Trump officially announced the withdrawal from the Paris Agreement, thus the study on the reasons of withdrawal, the potential impacts, and coping strategies has become a focus among policy circles and of the international community. Based on the self-developed US Policy Assessment Model, this paper systematically evaluates the three potential “major deficits” in terms of mitigation, climate finance, and global climate governance, as a result of the US withdrawal from the Paris Agreement and puts forward policy suggestions for coping with such transformations accordingly. The study shows that the United States ’withdrawal from the Paris Agreement will affect the existence and implementation of successive climate policies and result in an additional 8.8–13.4% increase in the global emissions reduction deficit. The United States’ withdrawal will also deteriorate the existing climate finance mechanism. The Green Climate Fund (GCF)’s funding gap will increase by US$2 billion, while the gap of long-term climate finance will increase by about US$5 billion a year. Either the China–EU or the “BASIC plus” mechanism could fill the governance deficit caused by the United States and the lack of political momentum may continue for a while in the future.     

The value of flexibility in conservation financing

Land‐acquisition strategies employed by conservation organizations vary in their flexibility. Conservation‐planning theory largely fails to reflect this by presenting models that are either extremely inflexible—parcel acquisitions are irreversible and budgets are fixed—or extremely flexible—previously acquired parcels can readily be sold. This latter approach, the selling of protected areas, is infeasible or problematic in many situations. We considered the value to conservation organizations of increasing the flexibility of their land‐acquisition strategies through their approach to financing deals. Specifically, we modeled 2 acquisition‐financing methods commonly used by conservation organizations: borrowing and budget carry‐over. Using simulated data, we compared results from these models with those from an inflexible fixed‐budget model and an extremely flexible selling model in which previous acquisitions could be sold to fund new acquisitions. We then examined 3 case studies of how conservation organizations use borrowing and budget carry‐over in practice. Model comparisons showed that borrowing and budget carry‐over always returned considerably higher rewards than the fixed‐budget model. How they performed relative to the selling model depended on the relative conservation value of past acquisitions. Both the models and case studies showed that incorporating flexibility through borrowing or budget carry‐over gives conservation organizations the ability to purchase parcels of higher conservation value than when budgets are fixed without the problems associated with the selling of protected areas.     

Shortfalls in minerals investments

The international minerals industry continues to have a substantial investment shortfall. The widening exploration and mineral development gaps, not only in the lesser developed countries but also in the developed nations, are sowing the seeds for future mineral supply disruptions and conflicts. Mutuality of interests demands concerted initiatives, individual as well as collective, to reverse the investment trends established by international mineral finance and the multinational corporations in order to pave the way for secure mineral supplies in the future at acceptable prices.     

中国银行业与中国的碳金融发展

本文介绍了碳金融的定义以及中国构建完善碳金融体系的背景,指出我国的CDM市场虽然是全球最大的CDM市场,但碳金融还处于起步阶段,缺乏国际CERs定价权,CDM项目存在巨大的风险,这些问题亟需解决。中国的银行业作为中国金融机构的主要组成部分,在构建完善的碳金融市场上起到了十分关键的作用。分析了目前中国银行业参与碳金融的现状及存在的问题,提出了中央银行和中国商业银行介入碳金融的方法。中央银行应与商业银行相互配合使中国的碳金融市场尽快发展和完善。     

地震类突发事件中的公共财政应急机制

通过对我国地震应急组织体系及财政应对地震类灾害的流程分析,结合国外应对地震类突发事件的成功经验,分析了我国公共财政应对地震类灾害事件中存在的不足,最后通过对应急管理主体机理特征的分析,提出了公共财政应对地震类突发事件的五大机制,即公共财政日常运行机制、震前预警防范机制、震时响应机制、震后恢复重建机制和财政监督检查机制.     

Sovereign financial disaster risk management: The case of Mexico

In 2006, Mexico became the first transition country to transfer part of its public-sector natural catastrophe risk to the international reinsurance and capital markets. The Mexican case is of considerable interest to highly exposed transition and developing countries, many of which are considering similar transactions. Risk financing instruments can assure governments of sufficient post-disaster capital to provide emergency response, disaster relief to the affected population and repair public infrastructure. The costs of financial instruments, however, can greatly exceed expected losses, and for this reason it is important to closely examine their benefits and alternatives. This paper analyzes the Mexican case from the perspective of the risk cedent (the Ministry of Finance and Public Credit), which was informed by analyses provided by the International Institute for Applied Systems Analysis (IIASA). The rationale for a government to insure its contingent liabilities is presented along with the fiscal, legal and institutional context of the Mexican transaction. Using publicly available data, the paper scrutinizes the choice the authorities faced between two different risk-transfer instruments: reinsurance and a catastrophe bond. Making use of IIASA's catastrophe simulation model (CATSIM), this financial risk management decision is analyzed within the context of a public investment decision.     

绿色金融改革政策的碳减排效应

以绿色金融改革创新试验区政策为例,基于2013~2019年间我国280个地级市的面板数据,运用双重差分法识别绿色金融改革政策是否具有碳减排效应以及其作用机制.研究发现,绿色金融改革政策具有显著碳减排效应（平均值为-0.375）,且呈现逐年递增.机制分析发现,绿色金融改革政策主要通过降低能源消耗强度、提升绿色技术创新水平发挥碳减排效应.此外,绿色金融改革政策具有正向溢出效应,绿色金融改革政策的碳减排效应会辐射到试点区域的周边地区.但绿色金融改革政策并未发挥多污染物减排协同效应.基于此,本文提出了扩大改革试验区范围、加大对绿色金融主体的激励和引导以及发挥绿色金融政策协同效应等政策建议.     

Green financing,interrupted. Potential directions for sustainable finance in Luxembourg

ABSTRACT

This paper has a quintessentially explorative character. It aims at identifying existing as well as potential (yet missing) links between the finance industry and local businesses that aspire to more sustainable economic practices. Building on the observation that green investments have been gaining weight in global investors’ strategies, we analyse how sustainable – in the most comprehensive sense of the word – green investments could ultimately be(come), when green assets are still managed according to the logic of “financialised finance”. This latter’s technologies of commodification, securitisation and derivatives-trading allegedly oppose alternative economic practices that pursue economic sustainability through social and environmental gains. In contrast, we investigate how the finance industry relates to alternative financial practices, products and organisations that offer sustainability-oriented financing services, – for example, regional banks, cooperatives and the like, – with a specific focus on green, social and solidarity businesses. Both approaches subscribe to apparently contradictory ideologies. We establish a beneficial dialogue between the opposing models of “green capitalism” and “alternative economies” so as to identify potential points of intersection. The context of Luxembourg’s local/regional economies provides a great opportunity to empirically access three levels of investigation: the private sector, the public sector and an international financial centre, a key facilitator for green finance, thus utilising insights from the concept of bricolage. Whilst supporters of Luxembourg’s emerging green finance profile recognise its positive impact on the small country’s national branding, in combination with economic stimuli, more critical commentators point to pure “green washing” effects.     

An overview of the environmental finance policies in China: retrofitting an integrated mechanism for environmental management

Considering the significant roles of the policies in developing environmental finance, an overview is conducted on the environmental finance policies （EFPs） in China. This paper analyzed the definition, scope, evolution and main instruments of EFPs. The implementation progress of financial activities on each instrument are investigated respectively. Then the experiences learned from and failures discovered in the development of the EFPs are discussed well recommendations for further improvement of the EFPs and their implementation are provided. Our study found that the EFPs have been established in China after a four-phase evolution since the early 1980s. The policies have played a critical role in leading to a rapid development in environmental finance by involving more financial instruments to accomplish the objective-led environmental plans. Driven by the policies, the new green credit （GC）, green security （GS）, and green insurance （GI） instruments have been phased in as supplements to the conventional command and control approaches to improve the environmental governance of financial activities and pollution sources. However, the market mechanism of financial institution is limited due to their defensive and incapable performance on implementation some of EFP instruments. To further strengthen the effectiveness of EFPs in facilitating environmental man- agement, recommendations are made mainly on the aspects including developing more specific policy guidelines, enhancing information sharing and disclosure, providing sufficient economic incentives, establishing environmental liabilities with financial activities, and involving issues related to climate change, and biodiversity and ecosystem service.