金融监管与气候风险:实践、争议与启示

Financial Regulation and Climate Risk:Practice, Controversy and implications

当前金融系统气候风险管理实践的目标主要为促进经济低碳转型以减少温室气体排放,这本质上是针对气候风险产生的原因进行管理,而关于气候变化导致的金融风险本身关注得相对不多。从政策工具看,相关实践主要基于货币信贷政策工具开展,将气候风险纳入审慎监管政策尚处于研究阶段。已有实践的争议集中在气候风险评估的可信度、气候风险纳入金融政策的可行性、是否存在潜在风险和“绿色”分类标准制定是否科学四个方面,这些争议具有重要的启示意义:一是将气候风险纳入金融政策框架,应同时兼顾促进经济低碳转型和防范金融风险;二是政策协调对金融系统气候风险管理至关重要,这既包括部门间的政策协调,也包括金融政策本身的协调;三是金融支持经济低碳转型本身有一定风险,有必要进一步加强研究;四是基础设施建设在气候风险管理中的作用举足轻重。

Current climate risk management practices in the financial system are mainly aimed at promoting the low-carbon transition of the economy to reduce greenhouse gas emissions, which is essentially to manage the causes of the risks, with relatively little attention paid to the risks themselves. From the perspective of policy tools, relevant practices are mainly carried out based on monetary and credit policy tools, and the inclusion of climate risk in prudential regulatory policies is still in the research stage. Existing practice controversy focused on the credibility of climate risk assessment, climate risk into the financial policy, whether there is the potential risk and the feasibility of the “green”classification standards from four aspects, such as whether scientific. These disputes has important implications:first, putting the climate risk into the monetary policy framework, should be both promoting low carbon economic transformation and guard against financial risks;second, policy coordination is crucial to the climate risk management of the financial system, including inter-departmental policy coordination and financial policy coordination itself;third,financial support for low-carbon economic transition itself has certain risks, and it is necessary to further strengthen the research;fourth, infrastructure plays a pivotal role in climate risk management.