A Study On The Carbon Finance Business Innovation Of Commercial Banks

With the increasing global warming, all of the countries take action to cope with the climate change one after another; the quantity of our country’s greenhouse gas emission is the largest among all the countries, what’s more, our country is in the key period of economic transformation, we need to adjust the existing way of production and life in the perspective of low-carbon, so as to realize the sustainable development of economy.On the base of theoretical analysis method and comparative analysis method, the paper studied the current situation and future development direction in the aspect of commercial bank’s carbon finance business innovation. Through the analysis of the carbon trading market abroad and the carbon finance business of commercial bank, the paper extracted the experiences which we need to refer to,for example, strongly supporting of the governmental policy, establishing of carbon finance platform, perfecting of carbon trading system, commercial bank’s actively involvement and so on; the theoretical analysis manifested that the relationships between carbon trading market and the carbon finance business of commercial banks was close, carbon trading market had achieved great development under the effect of linkage between system innovation and technique innovation, and it gave birth to the carbon finance business of commercial bank. The promotion of carbon finance business of commercial bank excavated new business opportunity, satisfied the need of carbon trading market, facilitated the development of carbon trading market. On the whole, carbon trading market and carbon finance business of commercial bank had the relationship of promoting each other mutually.According to the basic development course of carbon finance abroad, the paper judged that the development of our carbon finance was in the transition phase. Generally speaking, in this phase, the orientation of basic policy, the foundation of carbon exchange, the improvement of infrastructure, laid a foundation for the development of carbon trading market, so as to carry out carbon finance business tentatively. On the base of the comprehensive introduction of our country’s carbon finance and the carbon finance business of commercial banks, the paper made a comparison of the situations in home and abroad and concluded the main problem facing the development of our country’s carbon finance in the transition phase, mainly displayed in that the policy leading the low-carbon development is not perfect, the national unified carbon trading market had not formed yet, the system of carbon finance organization services was confronted with many problems. Combing the basic rules of the development of carbon finance with the practical situations of our country, the paper put forward the strategy、principle and path of our country in developing carbon finance. The strategy is:through the foundation of carbon trading market, according to the control of the total amount mechanism, in the way of quota and project to realize the restriction and encourage to the emission reduction of domestic enterprises; continuing to exploit CDM project, expressing the function of carbon trading market fully and striving for more initiative; according to the specific circumstance, assisted the carbon trading market by designing carbon tax, consequently forming the pattern of carbon emission trading and carbon tax development complementally. The principle of development is as follows:reducing the emission from voluntary to enforcement, participating in domestic market before international competition, guiding by government before dominating by market, developing underlying transaction before innovating derivative products, in mandatory mechanism carrying out quota before project, developing from local pilot to national promotion. The development path is:through the establishment of unified national carbon trading market to progress from the transitory phase to adaptive phase, through the connection to international market to progress from adaptive phase to mature stage.The development of carbon trading market gives birth to carbon finance business of commercial banks, in the stage of establishing our national carbon trading market positively, commercial banks should stick to such strategy:the commercial banks should participate in the carbon trading market abroad selectively, medium and large commercial banks should participate in domestic carbon trading market, the commercial banks should insist long-term and flexible support strategy in low-carbon credit. The development of commercial banks’ carbon finance business is the process of continuous innovation. The carbon finance business innovation can follow these aspects:demand orientation, exploring carbon finance needs from the carbon trading market which is in the process of building; learning the foreign advanced experience, choosing the suitable carbon financial mode; according to the traditional business of banks, innovating carbon finance business related to carbon emission reduction; from the perspective of the industry chain to exploit carbon finance business innovation; all major banks joint together to innovate in carbon finance. In combination with the basic process of the development of carbon finance and our specific situations, the paper looks into distance of carbon finance business of our commercial banks, in the transition phase, in consideration of our "total amount control and quota transaction, it is proper to carry out the business of carbon factoring, carbon funds and trusteeship, trade settlement and so forth; in the adaptive phase, the mechanism similar to CDM may appear to make the emission reduction more comprehensive, Chinese’s pledge credit in carbon assets, intermediary services, carbon financial derivates, finance products of carbon finance; in the mature phase, through the connection to international market, the secondary market will be more advanced and commercial banks will launch more abundant business.