中国商业银行发展碳金融业务研究
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摘要
摘要：随着参与碳交易的国家和国际组织不断增多,碳交易市场扩容迅速,交易品种增多,交易结构复杂度提高,与之密切相关的碳金融市场也日渐受到关注。作为发展中国家,中国没有承担强制性的碳减排义务,没有以国家主体的身份参与碳交易市场,但是长期以来一直积极致力于发展清洁发展机制(CDM),成为全球经核证的减排量(CERs)指标的最大卖家。而中国商业银行的碳金融业务范围却相对狭窄,仅仅局限在能效贷款、CDM项目融资等方面。为了提高在未来碳市场上的竞争力,本文首先采用实证分析与规范分析结合法,对《京都议定书》等框架公约及制度设计理念进行了分析,从经济学角度分析碳交易产生的必然性,探讨碳金融的发展趋势和中国碳金融市场的挑战及机遇。在此基础上,采用比较分析法,对美国银行、荷兰银行等国际商业银行的碳金融的实践进行了剖析,对中国商业银行碳金融业务现状进行了介绍,最后根据中国CDM项目开发特点,提出中国商业银行应从开拓CDM项目债权融资和股权融资渠道、开发挂钩碳指标银行理财产品、以个人银行渠道普及碳金融、借助国际金融公司和碳基金组织专业力量,加强与碳交易所合作,探索多方位开展碳金融服务等六个方面,发展碳金融业务,提升碳金融参与水平的建议。
ABSTRACT:With the increasing participation of carbon trading among countries and international organizations, carbon trading market experienced a rapid expansion. Varieties of carbon trading have been increased, structure of transactions have become more complicated. Therefore, financial activities following the massive increase in carbon trading drew more and more attention of the world economy. As a member of the developing countries, China has not been enforced on obligations for carbon emission reduction, and has not been involved in carbon trading market as the subject of the state. However, China has long been actively engaged in the the Clean Development Mechanism (CDM) projects, and became the biggest seller of the global the Certified Emission Reduction(CERS) standard. Unfortunately, the financial services that commercial banks of China could offer to the carbon trading activities are relatively underdeveloped, they have been limited on bank loans and the CDM project financing etc. To improve the competitiveness of China carbon trading activities in the world market, the paper study the carbon trading mechanism by using the method of combining empirical analysis and normative analysis, to understand the financial development trend of carbon trading activities, and especially to search for opportunities and to define challenges that China commercial banks face. The comparative analysis is also adopted to discuss real cases of carbon trading activities from the Bank of America, the ABN Bank and some other global commercial banks. And finally, the paper presented six financial services that China commercial banks may provide for the carbon trading activities.
ABSTRACT:With the increasing participation of carbon trading among countries and international organizations, carbon trading market experienced a rapid expansion. Varieties of carbon trading have been increased, structure of transactions have become more complicated. Therefore, financial activities following the massive increase in carbon trading drew more and more attention of the world economy. As a member of the developing countries, China has not been enforced on obligations for carbon emission reduction, and has not been involved in carbon trading market as the subject of the state. However, China has long been actively engaged in the the Clean Development Mechanism (CDM) projects, and became the biggest seller of the global the Certified Emission Reduction(CERS) standard. Unfortunately, the financial services that commercial banks of China could offer to the carbon trading activities are relatively underdeveloped, they have been limited on bank loans and the CDM project financing etc. To improve the competitiveness of China carbon trading activities in the world market, the paper study the carbon trading mechanism by using the method of combining empirical analysis and normative analysis, to understand the financial development trend of carbon trading activities, and especially to search for opportunities and to define challenges that China commercial banks face. The comparative analysis is also adopted to discuss real cases of carbon trading activities from the Bank of America, the ABN Bank and some other global commercial banks. And finally, the paper presented six financial services that China commercial banks may provide for the carbon trading activities.
引文
[1].贾灵、焦志延京都议定书及其灵活性机制世界环境,1999,(1)
[2].李志平《京都议定书》与温室气体国际减排交易制度环境保护,2004.(2)
[3].王书治、陈宇斌、周学文气候变化与可持续发展之间的关系山西气象,2005.
[4].王顺金融风险管理北京,中国金融出版社,2007.
[5].文淑惠、钱月：国际CDM融资渠道及云南省CDM项目潜在领域融资潜力分析[J].前沿论坛,P50-53.
[6].王留之等略论我国碳交易的现状与金融创新研究,现代财经,2009(6)
[7].高天皎碳交易及其相关市场的发展现状简述,中国矿业,2007(8)
[8].杨佳琛 国际碳交易市场及其衍生金融产品分析,金融财经,2009(2)
[9].庄贵阳低碳经济：气候变化背景下的中国发展之路,北京,气象出版社,2007.
[10].张坤民,潘家华,崔大鹏主编低碳经济论,北京,中国环境科学出版社,2008.
[11].王颖管清友碳交易计价结算货币：理论、现实与选择当代亚太,2009(1)110-128.
[12].许玮浅析高新技术企业的融资渠道问题,集团经济研究,2007(12)
[13].郑爽碳市场的经济分析,中国环境,2007(9)
[14].郑爽提高我国在国际碳市场竞争力的研究,中国环境,2008(5)
[15].金乐琴、刘瑞低碳经济与中国经济发展模式转型,经济问题探索,2009(1),P84-87.
[16].陈瑞清发展低碳经济,建设新型能源战略基地,北方经济,2009(6),P4-7.
[17].张亮我国节能与新能源行业的融资模式,发展研究,2009(7),P38-41.
[18].刘传哲能源金融的国内外研究动态与进展,中国矿业,2009(8),P11-15.
[19].何莽、李金刚中小型新能源科技企业的成长周期及融资模式研究,商场现代化,2008(11),P259-260.
[20].张安宁、唐在富发达国家发展低碳经济的实践与启示,中国财政,2009(8)P68-70.
[21].苑德军建立适应低碳经济发展的碳金融制度,金融时报2009(9)
[22].朱家贤、碳金融创新与中国排放权交易,地方财政研究2010(1)P14-19.
[23].曾刚国际碳交易市场上的金融机构,当代金融家2009(9).
[24].董玉华、碳金融对商业银行的启示,环境经济,2010(63)P23-26.
[25].司徒秋玲、徐烨商业银行参与碳金融市场问题的思考,中国新技术新产品2010P214-215.
[26].寿睿碳金融市场发展现状及其对商业银行的启示,现代商业P25-26.
[27].周宏春世界碳交易市场的发展与启示,科技与经济P39-48.
[28].袁璐碳货币未来金融体系新规则环球财经P59-61.
[29].江淑敏、徐天祥我国碳市场构建的设想,中国新技术新产品2009(10)101.
[30].刘晖企业碳交易问题初探企业改革与管理P9-10.
[31].联合国环境规划署(www.une.org).
[32].芝加哥气候交易所(www.chicagoclimatex.com).
[33].世界银行(http://www.worldbank.org.cn)
[34].Cheng F.Lee,Sue J.Lin,Chareles Lewis Analysis of the imacts of combining carbon taxation and emission trading on different industry sectors,Energy olicy,2008(36), P722-729.
[35].K.John Holmes,Robert M.Friedman,Design alternatives for a domestic carbon trading scheme in the United States,Global environmental Change,2000(10), P273-288.
[36].Ger Klaassen,Andries Nentjes,Mark Smith,Testing the theory of emissions trading:Experimental evidence on alternative mechanisms for golbal carbon trading,Ecological Economics 53(2005), P47-58.
[37].Innovative financial services give a competitive edge, finance & business world 2010,.
[38].Carbon Trading:Buyer's Perspective www.asiacarbonexchange.com 2009.
[39].Markus Pietikainen innovative financial services give a competitive edge,finance & business world.2010.
[40].Thomas Eichner · Rudiger Pethig,, EU-type carbon emissions trade and the distributional impact of overlapping emissions taxes 2010.
[41 J.Oscar Reyes Carbon Trading:a brief introduction, carbon trade watch 2009.
[42].Springer Science+Business Media, LLC 2010, energy risk enviornmental rankings commodity Risk Management &Trading.2009.
[43].Frontiers in finance-December 2009]Carbon Series carbon trading and finance, finance & business world.2010.
1庄贵阳低碳经济：气候变化背景下的中国发展之路,北京,气象出版社,2007
2高天皎碳交易及其相关市场的发展现状简述,中国矿业,2007(8)
3王绍仪,资金融通论,2002
4李志平《京都议定书》与温室气体国际减排交易制度环境保护,2004.(2)
5周宏春世界碳交易市场的发展与启示,科技与经济P39-48.
6.朱家贤、碳金融创新与中国排放权交易,地方财政研究2010(1)P14-19.
8杨佳琛国际碳交易市场及其衍生金融产品分析,金融财经,2009(2).
9 Ger Klaassen, Andries Nentjes, Mark Smith,Testing the theory of emissions trading: Experimental evidence on alternative mechanisms for golbal carbon trading, Ecological Economics 53(2005), P47-58.
10 Oscar Reyes Carbon Trading:a brief introduction, Carbon Trade Watch 2009.
11 Cheng F.Lee,Sue J.Lin,Chareles Lewis, Analysis of the imacts of combining carbon taxation and emission trading on different industry sectors, Energy Policy,2008(36), P722-729.
12 Thomas Eichner and Rudiger Pethig,EU-type carbon emissions trade and the distributional impact of overlapping emissions taxes 2010.
13 Springer Science and Business Media, LLC 2010, energy risk enviornmental rankings commodity, Risk Management & Trading.2009.
14 Markus Pietikainen, Innovative financial services give a competitive edge,Finance & Business World.2010.
15周宏春,世界碳交易市场的发展与启示,科技与经济P39-48.
16张安宁、唐在富,发达国家发展低碳经济的实践与启示,中国财政,2009(8)P68-70.
17袁璐,碳货币未来金融体系新规则,环球财经,P59-61.
18杨佳琛国际碳交易市场及其衍生金融产品分析,金融财经,2009(2).
19江淑敏、徐天祥我国碳市场构建的设想,中国新技术新产品2009(10)P101.
20司徒秋玲、徐烨商业银行参与碳金融市场问题的思考,中国新技术新产品2010 P214-215.
21高天皎碳交易及其相关市场的发展现状简述,中国矿业,2007(8)
22刘晖企业碳交易问题初探企业改革与管理P9-10.
23文淑惠、钱月：国际CDM融资渠道及云南省CDM项目潜在领域融资潜力分析[J].前沿论坛,P50-53
24郑爽提高我国在国际碳市场竞争力的研究,中国环境,2008(5)
25王留之等略论我国碳交易的现状与金融创新研究,现代财经,2009(6).
26王颖管清友碳交易计价结算货币：理论、现实与选择当代亚太,2009(1)P110-128.
27苑德军建立适应低碳经济发展的碳金融制度,金融时报2009(9)
28董玉华、碳金融对商业银行的启示,环境经济,2010(63)P23-26.
29曾刚国际碳交易市场上的金融机构,当代金融家2009(9).
[2].李志平《京都议定书》与温室气体国际减排交易制度环境保护,2004.(2)
[3].王书治、陈宇斌、周学文气候变化与可持续发展之间的关系山西气象,2005.
[4].王顺金融风险管理北京,中国金融出版社,2007.
[5].文淑惠、钱月：国际CDM融资渠道及云南省CDM项目潜在领域融资潜力分析[J].前沿论坛,P50-53.
[6].王留之等略论我国碳交易的现状与金融创新研究,现代财经,2009(6)
[7].高天皎碳交易及其相关市场的发展现状简述,中国矿业,2007(8)
[8].杨佳琛 国际碳交易市场及其衍生金融产品分析,金融财经,2009(2)
[9].庄贵阳低碳经济：气候变化背景下的中国发展之路,北京,气象出版社,2007.
[10].张坤民,潘家华,崔大鹏主编低碳经济论,北京,中国环境科学出版社,2008.
[11].王颖管清友碳交易计价结算货币：理论、现实与选择当代亚太,2009(1)110-128.
[12].许玮浅析高新技术企业的融资渠道问题,集团经济研究,2007(12)
[13].郑爽碳市场的经济分析,中国环境,2007(9)
[14].郑爽提高我国在国际碳市场竞争力的研究,中国环境,2008(5)
[15].金乐琴、刘瑞低碳经济与中国经济发展模式转型,经济问题探索,2009(1),P84-87.
[16].陈瑞清发展低碳经济,建设新型能源战略基地,北方经济,2009(6),P4-7.
[17].张亮我国节能与新能源行业的融资模式,发展研究,2009(7),P38-41.
[18].刘传哲能源金融的国内外研究动态与进展,中国矿业,2009(8),P11-15.
[19].何莽、李金刚中小型新能源科技企业的成长周期及融资模式研究,商场现代化,2008(11),P259-260.
[20].张安宁、唐在富发达国家发展低碳经济的实践与启示,中国财政,2009(8)P68-70.
[21].苑德军建立适应低碳经济发展的碳金融制度,金融时报2009(9)
[22].朱家贤、碳金融创新与中国排放权交易,地方财政研究2010(1)P14-19.
[23].曾刚国际碳交易市场上的金融机构,当代金融家2009(9).
[24].董玉华、碳金融对商业银行的启示,环境经济,2010(63)P23-26.
[25].司徒秋玲、徐烨商业银行参与碳金融市场问题的思考,中国新技术新产品2010P214-215.
[26].寿睿碳金融市场发展现状及其对商业银行的启示,现代商业P25-26.
[27].周宏春世界碳交易市场的发展与启示,科技与经济P39-48.
[28].袁璐碳货币未来金融体系新规则环球财经P59-61.
[29].江淑敏、徐天祥我国碳市场构建的设想,中国新技术新产品2009(10)101.
[30].刘晖企业碳交易问题初探企业改革与管理P9-10.
[31].联合国环境规划署(www.une.org).
[32].芝加哥气候交易所(www.chicagoclimatex.com).
[33].世界银行(http://www.worldbank.org.cn)
[34].Cheng F.Lee,Sue J.Lin,Chareles Lewis Analysis of the imacts of combining carbon taxation and emission trading on different industry sectors,Energy olicy,2008(36), P722-729.
[35].K.John Holmes,Robert M.Friedman,Design alternatives for a domestic carbon trading scheme in the United States,Global environmental Change,2000(10), P273-288.
[36].Ger Klaassen,Andries Nentjes,Mark Smith,Testing the theory of emissions trading:Experimental evidence on alternative mechanisms for golbal carbon trading,Ecological Economics 53(2005), P47-58.
[37].Innovative financial services give a competitive edge, finance & business world 2010,.
[38].Carbon Trading:Buyer's Perspective www.asiacarbonexchange.com 2009.
[39].Markus Pietikainen innovative financial services give a competitive edge,finance & business world.2010.
[40].Thomas Eichner · Rudiger Pethig,, EU-type carbon emissions trade and the distributional impact of overlapping emissions taxes 2010.
[41 J.Oscar Reyes Carbon Trading:a brief introduction, carbon trade watch 2009.
[42].Springer Science+Business Media, LLC 2010, energy risk enviornmental rankings commodity Risk Management &Trading.2009.
[43].Frontiers in finance-December 2009]Carbon Series carbon trading and finance, finance & business world.2010.
1庄贵阳低碳经济：气候变化背景下的中国发展之路,北京,气象出版社,2007
2高天皎碳交易及其相关市场的发展现状简述,中国矿业,2007(8)
3王绍仪,资金融通论,2002
4李志平《京都议定书》与温室气体国际减排交易制度环境保护,2004.(2)
5周宏春世界碳交易市场的发展与启示,科技与经济P39-48.
6.朱家贤、碳金融创新与中国排放权交易,地方财政研究2010(1)P14-19.
8杨佳琛国际碳交易市场及其衍生金融产品分析,金融财经,2009(2).
9 Ger Klaassen, Andries Nentjes, Mark Smith,Testing the theory of emissions trading: Experimental evidence on alternative mechanisms for golbal carbon trading, Ecological Economics 53(2005), P47-58.
10 Oscar Reyes Carbon Trading:a brief introduction, Carbon Trade Watch 2009.
11 Cheng F.Lee,Sue J.Lin,Chareles Lewis, Analysis of the imacts of combining carbon taxation and emission trading on different industry sectors, Energy Policy,2008(36), P722-729.
12 Thomas Eichner and Rudiger Pethig,EU-type carbon emissions trade and the distributional impact of overlapping emissions taxes 2010.
13 Springer Science and Business Media, LLC 2010, energy risk enviornmental rankings commodity, Risk Management & Trading.2009.
14 Markus Pietikainen, Innovative financial services give a competitive edge,Finance & Business World.2010.
15周宏春,世界碳交易市场的发展与启示,科技与经济P39-48.
16张安宁、唐在富,发达国家发展低碳经济的实践与启示,中国财政,2009(8)P68-70.
17袁璐,碳货币未来金融体系新规则,环球财经,P59-61.
18杨佳琛国际碳交易市场及其衍生金融产品分析,金融财经,2009(2).
19江淑敏、徐天祥我国碳市场构建的设想,中国新技术新产品2009(10)P101.
20司徒秋玲、徐烨商业银行参与碳金融市场问题的思考,中国新技术新产品2010 P214-215.
21高天皎碳交易及其相关市场的发展现状简述,中国矿业,2007(8)
22刘晖企业碳交易问题初探企业改革与管理P9-10.
23文淑惠、钱月：国际CDM融资渠道及云南省CDM项目潜在领域融资潜力分析[J].前沿论坛,P50-53
24郑爽提高我国在国际碳市场竞争力的研究,中国环境,2008(5)
25王留之等略论我国碳交易的现状与金融创新研究,现代财经,2009(6).
26王颖管清友碳交易计价结算货币：理论、现实与选择当代亚太,2009(1)P110-128.
27苑德军建立适应低碳经济发展的碳金融制度,金融时报2009(9)
28董玉华、碳金融对商业银行的启示,环境经济,2010(63)P23-26.
29曾刚国际碳交易市场上的金融机构,当代金融家2009(9).