德国与英国政策性银行的绿色金融实践比较及其启示

A Comparison of Green Finance Practices between the Policy Banks of Germany and the UK and Its Implications

近年来,促进绿色金融发展,填补绿色经济资金缺口,成为世界主要经济体政府面临的共同任务,而政策性银行发挥的引领性作用越来越受到重视。本文聚焦于绿色经济领域扮演关键角色的欧盟国家政策性银行的典型代表——德国复兴信贷银行(Kf W)和英国绿色投资银行(GIB),基于现阶段发展绿色金融的主要障碍与困难构建了一个简明的分析框架,进而梳理对比两者承担的绿色金融功能。分析表明,作为本国绿色金融体系的"龙头"机构,德国复兴信贷银行和英国绿色投资银行分别以独特的方式承担着为绿色项目提供资金、拉动私人投资以及从技术和规则层面推动本国构建与完善绿色金融体系的重要功能。比较而言,英国绿色投资银行发挥的政策信号作用更加明确,而德国复兴信贷银行在可投资金规模上更有优势。这两家银行在投资方式和所有权上的差异还体现了德国和英国在发展绿色经济过程中平衡政府与市场关系的不同路径。上述发现对中国构建绿色金融体系具有借鉴意义。

In recent years,promoting green finance and filling the financial gap of green economy has become a common task of the governments of major economies in the world. The leading role played by policy banks has attracted greater attentions. This article focuses on the Kf W of Germany and GIB of the UK,the representatives of EU countries' policy banks that play a key role in the green economy. Based on the major obstacles and difficulties in developing green finance at this stage,this article constructs a concise analysis framework in order to sort out and make a comparison of the green finance functions undertaken by these two banks. The analysis shows that as the leading institutions of national green financial system,the Kf W and GIB,in their own ways,undertake important functions in financing green projects,stimulating private investment and promoting the construction and improvement of the national green financial systems from technical and regulatory perspectives. Generally speaking,the GIB plays a clearer role of policy signaling,while the Kf W has more advantages in terms of available capital scale. The differences between Kf W and GIB in terms of investment methods and ownership as well reflect the different paths of the two countries in balancing the roles between government and market in the process of developing green economy. These findings are of reference for China to build its own green financial system.