Research Status and Pathway Prospects of Green Finance in Promoting the Achievement of Carbon Neutrality Goals
In the context of carbon neutrality,there will be a demand for green investments of 487 trillion CNY across 211 sectors in China for the next 30 years.How to use green finance to provide significant financial support for carbon neutrality and how to prevent and mitigate major financial risks in the process of achieving carbon neutrality in order to ensure the timely and smooth realization of carbon neutrality goals is an urgent and important problem that needs to be addressed.Scholars have extensively explored this issue from both theoretical and practical perspectives,resulting in groundbreaking research outcomes.This paper systematically reviews the relevant literature and latest research progress on green finance and carbon neutrality both domestically and internationally.From the perspectives of fund allocation,price discovery,and risk management,the necessity and key characteristics of promoting carbon neutrality through green finance in China are analyzed."Promoting the realization of carbon neutrality through green finance"is interpreted as a systemic project that requires private sector funding,tailored implementation according to local conditions,and involvement of various stakeholders.And we propose two paths for it:"the policy design"and"the financial innovation"corresponding to"top-down"and"down-top".In terms of policy research,scholars have focused on the design of policies and their impact mechanisms on carbon emissions.This includes fiscal and taxation policies(such as carbon taxes),financial support policies(including differential loan interest rates and capital market access),financial infrastructure construction policies(such as the development of green finance standards systems),and international cooperation policies(such as the Belt and Road Initiative).They generally believe that these policies can effectively promote carbon neutrality through avenues such as mobilizing social capital and mitigating information asymmetry.However,existing research has paid little attention to policies that consider regional differences,synergies,and temporal dynamics in their design.Moreover,the scope of policy effectiveness evaluation also needs to be expanded.In the field of financial innovation,scholars'research focuses on three areas:pricing innovation,financial instruments innovation,and risk management innovation.In terms of pricing innovation,carbon pricing has formed a relatively mature methodological system,but further exploration is required for accurate pricing of climate risks.In terms of financial instruments innovation,certain achievements have been made in the development of green credit and green bonds to support carbon neutrality goals,while there is insufficient attention given to the design of green insurance and financing for the transition of high-carbon enterprises.In terms of risk management innovation,the management methods for climate transition risk have not yet formed a systematic framework,and there is a lack of research on systemic risks,risk measurement and early warning related to carbon finance trading markets.Finally,this paper provides a prospect on the path of green finance promoting the achievement of carbon neutrality goals,focusing on five aspects:further optimizing the policy system,improving climate-related information disclosure standards and data sharing mechanisms,strengthening the application of financial technology,enhancing attention to climate transition risks,and promoting organizational modes and innovation of green financial products.
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