Realistic dilemma,constraints,and model innovation of forestry carbon sink credit financing
As the main path for realizing the value of forestry carbon sinks,forestry carbon sink credit financing is of great value in re-vitalizing forestry carbon sink resources,enhancing the value of carbon sink assets,and alleviating the financing constraints of carbon sink operating enterprises.At present,some regions in China have explored the pilot forestry carbon sinks pledge financing business,but are faced with the realistic dilemma that it is difficult to replicate and promote the existing model.This article analyzes the financ-ing mode and existing deficiencies of typical cases,examines the problems forestry carbon sink credit financing is currently facing,and explores the fundamental reasons affecting the forestry carbon sinks to play the role of pledge.The study finds that:① The legal attri-butes of forestry carbon sinks are not clear,and there is a lack of legal basis for the change of relevant rights and interests involved in the process of pledge establishment.② The lack of standards for assessing the value of forestry carbon sinks makes it difficult for banks to recognize the results of the assessment of the value of the pledge.③ It is difficult to dispose of the forestry carbon sink assets and re-alize the pledge right,and the banks cannot effectively control the risk of credit defaults due to the lack of realization paths for the pledge right.Therefore,by introducing the policy pledge,value recognition,and financial credit enhancement functions of forestry car-bon sink insurance and the guarantee credit enhancement role of the carbon sink storage mechanism in the realization of the pledge right,this study innovatively puts forward three forestry carbon credit financing models,namely,'forest right mortgage with forestry car-bon sink pledge+carbon sink value insurance+forest right(carbon sink)storage guarantee,''forestry carbon sink(expected return right)value insurance policy pledge+carbon sink storage guarantee,'and'forestry carbon sink asset pledge+carbon sink price index insurance,'providing feasible paths for the promotion of forestry carbon sink pledge financing.Finally,in view of the constraints of for-estry carbon credit financing,specific strategies are proposed to promote the effective development of forestry carbon credit financing in five aspects:improving the institutional framework of forestry carbon sinks,unifying the standard of carbon sink assessment and ac-counting,optimizing and innovating carbon insurance products,establishing the guarantee system for the storage of carbon sinks,and constructing the financial support system for forestry carbon sinks.