Shandong Province introduces ten measures to accelerate the implementation of carbon reduction support tools
To accelerate the promotion of green and low-carbon development and help achieve carbon peak and carbon neutrality goals, the People's Bank of China has established a carbon reduction support tool to support financial institutions in providing preferential interest rate financing for projects with significant carbon reduction effects in key areas of carbon reduction. On February 11th, the Jinan Branch of the People's Bank of China, the Provincial Development and Reform Commission, the Provincial Department of Science and Technology, the Provincial Department of Industry and Information Technology, the Provincial Department of Ecology and Environment, the Provincial Local Financial Supervision and Administration Bureau, the Provincial Energy Bureau, and the Shandong Banking and Insurance Regulatory Bureau issued the "Several Measures to Promote the Implementation and Effectiveness of Carbon Emission Reduction Support Tools to Assist Shandong Province's Green and Low Carbon Transformation" (hereinafter referred to as the "Several Measures"), promoting the accelerated implementation of carbon emission reduction support tools in Shandong Province and leveraging more financial resources to support Shandong Province's green and low-carbon transformation and development.
The "Several Measures" propose 10 practical and effective measures from five aspects: establishing a work promotion mechanism, creating a policy implementation atmosphere, improving the quality and efficiency of financial services, building a service organization system, and strengthening external incentives and constraints. The provincial industry regulatory department regularly sorts out the list of key projects in the three major fields of clean energy, energy conservation and environmental protection, and carbon emission reduction technology, organizes financial institutions to carry out various forms of bank enterprise docking activities in accordance with market-oriented and legal principles, and creates a good atmosphere for policy implementation through strengthening policy publicity and interpretation, holding business exchange and training, etc; Financial institutions improve service quality and efficiency by optimizing green credit management and innovating financial products; Various levels of government departments, project units, evaluation agencies, and other parties are working together to ensure the precise and efficient implementation of carbon reduction support tools and policies.
In recent years, the People's Bank of China Jinan Branch has attached great importance to green finance work and, together with relevant departments, has established a policy framework for the development of green finance in Shandong Province. It has prioritized the support of green development through the allocation of refinancing and rediscounting quotas, and promoted financial institutions to innovate green finance products such as carbon emission rights pledge loans, renewable energy subsidy confirmation loans, and carbon neutrality linked loans. Shandong Province's carbon emission rights pledge registration volume and pledge loan amount rank first in the country. As of the end of 2021, the balance of green loans in Shandong Province was 797.92 billion yuan, a year-on-year increase of 48.7%, 35.3 percentage points higher than the growth rate of various loans. The introduction of the "Several Measures" will further strengthen the institutional guarantee for the implementation of carbon reduction support tools in Shandong Province, drive financial institutions throughout the province to increase their support for key areas of carbon reduction, and assist in the high-quality development of Shandong Province's green transformation. (Reported by Wang Xinlei, a reporter from the Dazhong Daily client)
