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在线翻译:
szdaily -> Markets -> 
CICC seeks to help fund carbon neutrality target
    2021-04-26  08:53    Shenzhen Daily

DOMESTIC investment bank China International Capital Corp. (CICC) has made green finance a “top priority” to help fund China’s carbon neutrality pledge.

CICC has formed a “green agility team” of 20-plus investment bankers dedicated to channeling funding into low carbon and clean energy projects, managing director Cheng Daming said.

Special “green” task forces have also been set up covering business sectors including fixed income, private equity, wealth management and research, as CICC seeks to capitalize on China’s green finance boom, said Cheng, who is coordinating the efforts.

Chinese regulators have been trying to create incentives for financial institutions to deliver the funds to meet President Xi Jinping’s pledge to make China carbon neutral by 2060.

Such a commitment, Xi said at the Climate Leaders’ Summit on Thursday, “requires hard efforts from China.”

To achieve net zero emissions, China will need 140 trillion yuan (US$21.5 trillion) worth of green investment over the next 40 years, 40 percent of which requires equity and bond financing, CICC estimates.

However, China’s green investment is highly dependent on bank lending. For green finance to be guided by market forces, technological breakthroughs must be made in clean energy to slash utilization costs, which requires equity financing, Cheng said.

“For new energy startups, their demand for capital will be enormous,” he said, adding that CICC will help them raise money via both private, and public equity markets.

In the fixed income market, CICC underwrote several of China’s first batch of “carbon neutrality” bonds in February, and aims to channel foreign capital into China’s green bond market.

Last week, the People’s Bank of China banned green bond proceeds from being invested in fossil fuel projects and said it was working to harmonize bond standards with European counterparts, a move that would facilitate foreign investment. (SD-Agencies)

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