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Shandong Issues Three-Year Action Plan for Carbon Finance Development

Source：The seanews 05-04-2023 15:53:51

Recently,theGeneralOfficeofShandongProvincialPeople'sGovernmentissuedtheThree-YearActionPlanforCarbonFinanceDevelopmentinShandongProvince(2023-2025).ThePlanoutlinesfivemajorinitiatives,namely,theestablishmentofcarbonfinancialinfrastructure,implementationofcarbonfinancialpilotdemonstrations,promotionofcarbontradingpractices,supportforcarbonfinancialendeavors,andencouragementofsocialcapitalinvestment.

ThePlansetsatargettoachievesignificantmilestonesbytheendof2023,includingtheformationofaninstitutionalsystemaimedatadvancingthedevelopmentofcarbonfinanceinShandongProvince,thepreliminaryestablishmentoffinancialstandardsandincentivemechanismsfortransformation,theinitialdraftingofcarbonaccountproceduresforkeyindustrialenterprises,andnotableprogressintheinnovationofcarbonfinancialproducts,suchascarboncredits,carbonbonds,andcarbonfunds.

Bytheendof2025,thePlanaimstoachievearangeofadvances.Carbonfinancialproductssuchascarbonassetcustodyandcarboninsuranceareexpectedtoundergosignificantgrowthanddiversification,whileengagementinthecarbontradingmarketisexpectedtoimprovemarkedly.Additionally,carbonaccountsareanticipatedtobeappliedmorewidelyandacarbonfinancialserviceplatformthatintegratesevaluation,financing,anddataanalysiswillbelaunched.ThefinancingscaleofcarbonbondsisexpectedtoexceedRMB10billion,andgreenloansarelikelytoexperiencegrowthrateshigherthanallloans.Withtheseinitiativesinplace,thecarbonfinancialsystemwilltakeshapeandwillprovidecriticalsupportfortheconstructionofaleadingareafocusedongreen,low-carbon,andhigh-qualitydevelopment.