构建支持绿色技术创新的金融服务体系

目前,如何构建市场导向的绿色技术创新体系得到政府、市场、企业、学界等多方重视,绿色技术创新有望成为推动绿色可持续发展的新动力。但是我国面临着绿色技术创新能力不足,绿色产品和服务成本过高的问题,这将制约绿色发展的可持续性。要加快推动绿色技术创新,必须解决绿色技术企业面临的一系列融资问题,构建一个有效支持绿色技术创新的金融服务体系[1]。该体系应该包括如下特点:(1)多层次的融资和风险管理模式,包括股票市场、PE/VC、投贷联动、担保和保险机制,以解决银行不愿贷、风险资金不到位的问题;(2)政府提供一定的激励机制,包括孵化、担保、贴息等,以降低绿色技术企业的融资成本和风险溢价,缓解绿色项目的环境外部性问题;(3)提供有较长期限的资金,以满足部分绿色技术项目回报周期长的特点;(4)建立一套适合于绿色技术和绿色PE/VC基金的界定标准和环境效益评估标准,利用数字技术提升绿色评估能力,降低评估成本。基于此框架提出十条具体的政策建议。

Build a Financial Service System that Supports Green Technology Innovation

At present, how to build a market-oriented green technology innovation system has received much attention from the government, the market, enterprises, and academia. Green development is expected to become a more important new driver for sustainable and high-quality growth in the coming decades. However, China’s green agenda is faced with the problem of insufficient green technology innovation capability and the resulting high costs of green products and services. To accelerate green technology innovations, it is necessary to address a series of financing problems faced by green technology companies. In this report, we propose a series of reforms to develop a new financial services system to support green tech innovation. The new system will be featured by:(1) multi-tier financial services,including the stock market, PE/VC funds, venture loans, guarantee and insurance mechanisms, to solve the problem of overreliance on bank financing which does not have the right risk appetite;(2) government support and incentives, including incubation, guarantees, interest subsidies, to reduce the financing costs and risk premiums of green technology companies;(3) funding sources with longer-term investment horizon to align with the development cycles of green technologies;(4) an enabling environment including green tech taxonomies and standards for estimating and disclosing environmental benefits, application of digital technologies to improve the quality of green verification and reduce evaluation costs. This article puts forward ten specific policy recommendations under this framework.