China Proposed to Establish A Green Stock Index and Develop Carbon Emission Rights Futures Trading Business
The General Office of the CPC Central Committee and the General Office of the State Council issued "Opinions on deepening the reform of ecological protection compensation system". The Opinions propose to research and development establish a green stock index and develop carbon emission rights futures business based on financing tools for various types of resource and environmental rights such as water rights, emission rights and carbon emission rights.
In terms of improving the market trading mechanism, the opinion proposes to establish an initial allocation system for water rights, emission rights and carbon emission rights under the premise of reasonable and scientific control of the total amount. Gradually carry out market-oriented environmental rights trading. Encourage inter-regional trading of water rights to solve new water demand based on the total amount of water taken and used rights and interests in the region. Clarify the right to use water resources of the people who take the water, and encourage the people who take the water right to transfer the right to take the water with compensation on the basis of the economical use of water resources. Accelerate the construction of the national energy use rights and carbon emission rights trading market. Improve the carbon emission offset mechanism based on the national voluntary greenhouse gas emission reduction trading mechanism, and incorporate voluntary greenhouse gas emission reduction projects in forestry, renewable energy, methane utilization and other fields with various ecological and social benefits into the national carbon emission trading market.
In terms of expanding market-based financing channels, the Opinions make it clear that expanding the scope of green financial reform and innovation test site pilot, the ecological protection compensation financing mechanism and model innovation as an important pilot content. Promote the ecological industry chain financial model. Encourage banking financial institutions to provide green credit services that meet the characteristics of green project finance. Encourage eligible non-financial enterprises and institutions to issue green bonds. Encourage insurance institutions to develop innovative green insurance products to participate in ecological protection compensation.
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