金融监管与绿色金融发展：实践与研究综述

Financial Supervision and Green Finance Development: A Survey on Practices and Researches

"绿色发展"需要大量资金支持,而目前各国普遍存在着巨大的绿色融资缺口。由于绿色项目成本高、回收期长,且需额外的绿色认证,因此银行为绿色项目提供融资的动力严重不足。考虑到银行经营的核心是资本,近年来已有不少学者和一些领先的监管当局开始考虑通过降低绿色资产风险权重,来引导更多资金流向绿色部门。风险权重的高低,本质上应与风险大小存在对应关系。本文通过梳理我国绿色信贷实践发现,我国绿色信贷的不良率远远低于同期内总体贷款的不良率。从全球来看,无论从理论上还是实践上,绿色项目在中长期也都显示出风险更低的特征。作为对2008年国际金融危机的反思,目前各国监管当局更为关注跨周期风险因素,并试图针对这一风险因素建立起逆周期的监管框架。而对绿色资产设定更低的风险权重,与全球当前正在探索的这一宏观审慎监管思路具有内在的一致性。

There exists a severe shortage of funds for green finance in all countries since ＂Green Development＂requires a lot of financial support. Due to the high cost of green projects, long payback period, and the additionalneed for green certification, the incentives for banks to finance green projects are inadequate. Considering theimportance of capital for banks, many scholars and some leading regulatory authorities have begun to considerreducing the risk weight of green assets to guide more funds to the green sector in recent years. But the risk weightshould be intrinsically related to the level of risk. This paper finds that the non-performing rate of green creditin China is far lower than that of overall loans in the same period. In addition, globally, both in theory and inpractice, green projects have been characterized by lower risk in the medium and long term. As a response to the2008 global financial crisis, national regulatory authorities are paying more attention to cross-cycle risk factorsand trying to establish a counter-cyclical regulatory framework for them. The lower risk weight of green assets isintrinsically consistent with the macro-prudential supervision ideas currently being explored around the world.