国际金融机构、多边倡议与中国金融机构 煤电融资政策比较分析.pdf
2019年2月February 2019国际金融机构、多边倡议与中国金融机构煤电融资政策比较分析Comparative Analysis of Coal-Fired Power Financing Policies Of International Financial Institutions, Multilateral Initiatives and Chinese Financial Institutions1.1. 世界银行(World Bank) 1.2. 亚洲开发银行(ADB) 1.3. 欧洲投资银行 (EIB) 1.4. 欧洲复兴开发银行(EBRD) 1.5. 北欧投资银行(NIB) 1.6. 亚洲基础设施投资银行(AIIB)0203040506060909102.1. 经济合作与发展组织(OECD)官方支持出口信贷安排2.2. 北欧五国与美国联合声明2.3. 中美元首气候变化联合声明5.1 中国银行保险监督管理委员会 5.2 中国国家开发银行5.3 中国工商银行5.4 兴业银行 (中国)01HÁ µ¥ ¿ µ ¦ 0203SxçÏ ¿ µ M1ç2226272705 ES“v SE Á ¿ µ ¥ç04C ¿g µ ¦06ÏSÁ µ ¿g µ M1¦² yp在应对全球气候变化、推动世界能源转型和低碳发展的趋势下,越来越多的政府决策者与投资者意识到,煤电投资活动对公众健康存在诸多危害、对环境与社会会造成不少负面影响,而政府和企业也会因此面临的很多财务和名誉风险,因此正逐步加强和推动公共、社会资本退出煤炭行业并流向绿色产业的政策与行动。2015 年通过的2030 年可持续发展议程和巴黎协定,承诺要通过可实施的政策、技术和手段推动全球低碳减排,共同应对气候变化带来的挑战。若要实现巴黎协定的减排目标,大多已建和新建煤电项目都需要在寿命期满之前被淘汰。2015 年 11 月,经济合作与发展组织的 29 个成员国就通过出口信贷机构的政策调整限制燃煤发电厂融资达成一致,并决定在2017 年 1 月起正式实施该政策。在经合组织成员国中,英国、加拿大、法国、芬兰、荷兰和西班牙也先后正式宣布将逐步淘汰煤电1,德国政府也表态要减少对煤电行业的财政支持,并在 2019 年1 月宣布将逐渐停止以煤炭作为电力来源并于 2038 年前关闭所有煤电项目。同时,欧洲、日本电力行业巨头也纷纷表态要退出煤电,如西班牙电力集团、丸红株式会社等。2019 年 3 月,中国央企中最大的投资控股企业,国家开发投资集团有限公司宣布目前已完全退出煤炭业务,未来将主要投资新能源2。除对环境与气候造成影响外,煤炭行业投融资活动也会使投资者面临搁浅资产等财务风险,因此,金融机构也纷纷表态,要对煤电项目投融资持慎重或拒绝态度。2013 年,世界银行集团表示将停止向新建燃煤电厂和煤矿开采业提供贷款,除非投资所在国缺少煤炭融资来源并且能源需求只能由燃煤发电来满足。除世行外,欧洲复兴开发银行(EBRD)、亚洲开发银行(ADB)、欧洲投资银行(EIB)、亚洲基础设施投资银行(AIIB)、北欧投资银行(NIB)等多边开发性银行也先后在限制煤电和采煤行业融资上作出承诺。美国摩根大通银行、花旗银行和英国巴克莱银行等商业银行也表示将放弃对煤电项目提供融资服务。2019 年 2 月,奥地利维也纳保险集团也宣布不再为新建煤电厂和煤矿项目提供保险业务。据能源经济与金融分析研究所(IEEFA)最新发布的报告,超过 100 个全球主要金融机构已经或正在制订煤电投资限制政策。报告指出,2018 年初到现在,已有 34 份新发布或有重要改进的金融机构限制煤电申明发布,平均每两周一份3。随着多边开发性金融机构对煤电行业环境成本巨大这一认识的加深及可再生能源的兴起,煤电项目融资在发达国家与地区遭受的阻力也与日俱增。然而,在可再生能源技术与开发成本颇高的欠发达国家与地区,由于其城镇化的迅猛发展及快速增长的电力需求,成本低廉的非清洁能源项目仍是该国或地区的主要电力来源。以亚洲为例,东南亚地区在 2016 至 2020 年间电力需求预计达 8800万千瓦,到2030年将升至2.3亿千瓦4。南亚地区电力需求更高,2030年或将超过3.8亿千瓦。同时,在东南亚、南亚和东亚等区域,煤电在其能源结构中所占份额巨大且呈增长趋势。令人担忧的是,上述国家和地区同时也是受气候变化影响较大且应对气候变化能力较弱的区域。据统计,全球前十个气候风险最大的国家中,有六个在亚洲地区5。1英国决定在2025年前关闭所有煤电设施;法国计划到2021年关闭所有燃煤电厂;芬兰打算到2030年全面禁煤;荷兰计划从2030年起禁止使用煤炭发电;西班牙电力集团计划到2020年完全关闭煤电厂。2https//gold.org/c/2019-03-12/c6262336.html 3http//ieefa.org/ieefa-report-every-two-weeks-a-bank-insurer-or-lender-announces-new-coal-restrictions/ 4http//www.fe- 5http//www.ghub.org/p8637 中国在限制高污染高耗能的煤炭行业投融资这一问题上积极响应,相继出台了一系列促进煤电行业转型升级与降低煤耗和污染的政策。首先,从煤炭消费总量控制方面着手,联合政府智库、科研院所和行业协会等机构进行政策研究,为设定全国煤炭总量控制目标、实施路线图和行动计划提供政策建议和可操作措施,努力实现资源节约、环境保护、气候变化与经济可持续发展的多重目标。在多方协力推动下,中国已将控制煤炭消费总量纳入“十三五”规划,强调通过“三去一降一补”(去产能、去杠杆、去库存、降成本、补短板)深化煤炭行业供给侧结构性改革并加快其实现与升级的步伐。目前,“十三五”规划正步入最后时期,据预测中国或将超额完成能源总量和强度“双控”目标,煤炭消费达峰且长期趋势性下降将不会改变;其次,联合多边金融机构大力发展绿色金融。随着绿色金融体系构建工作的逐步深入,国家和社会各界越来越意识到金融行业的资金分配与投资决策会影响生态环境的变化,与实现可持续发展目标与金融业的绿色化转型密切相关。国际上,赤道原则组织和联合国环境规划署下设的金融行动机构极大地推动了绿色金融在全球的发展,中国也积极响应并出台了有关防范过剩产能信贷风险的文件与绿色信贷政策,减缓了银行业对煤炭开采业的大量投资。此类政策的影响随着“一带一路”倡议的提出和实施逐渐扩大至带路沿线国家,在某种程度上引导中国投资者(主要是金融机构)在选择投融资项目时将巴黎协定总目标和生态文明建设逐步纳入其投资决策中,推动资金流入绿色低碳产业,实现可持续、负责任的投资,以降低生态足迹。例如,印度阿达尼集团(Adani Group)拟在澳大利亚昆士兰州加利利盆地(Galilee Basin)建设的卡迈克尔煤矿项目,考虑到该项目所蕴含的巨大环境成本,中国三大银行(中国建设银行、中国工商银行、中国银行)先后发表声明,表示不会对卡迈克尔煤矿项目给予财务支持。此举是中国金融机构拒绝向高污染高风险煤炭投资的典型案例。但在大力推广绿色低碳和能源转型政策的同时,中国金融机构也支持了不少煤电项目。据统计,中国金融机构在境外为煤电项目提供的资金总量约为360亿美元6。本报告通过梳理国际多边开发性金融机构、多边倡议、二十国集团国家的金融机构(包括开发性金融机构和出口信贷机构)、大型商业银行,以及中国金融监管机构和主要银行在煤炭相关行业投融资的限制性政策,并对其进行简要的分析和对比,为中国金融机构细化其低碳转型政策与标准,以及制定系统、完善的环境社会保障制度和行业(尤其是能源和电力等领域)投资策略,将国家和全球气候目标全面、充分地融入机构运营和相关业务中,助力全球应对气候变化行动和实现可持续发展目标提供参考和借鉴。6http// the context of tackling climate change, promoting energy transation and low-carbon development, more and more government policymakers and investors are realizing the negative impacts of coal-fired investments on public health, the environment and society, which leads to increasing financial and reputational risks. Therefore, policymak-ers and investors are gradually strengthening and promoting the policies and actions that direct public and private finance to divest from the coal industry and shift to green industries. The 2030 Agenda for Sustainable Development and the Paris Agreement, adopted in 2015, commit to promoting global greenhouse emissions reduction through implementable policies, technologies and means to jointly address the challenges posed by climate change. To achieve the Paris Agreement, most of the existing and new coal-fired power projects need to be phased out before their expiration date. In November, 2015, 29 member countries of the Organization for Economic Co-operation and Development OECD reached an agreement on restricting the financing of coal-fired power plants by adjusting policy of export credit agencies. Among the OECD members, the United Kingdom, Canada, France, Finland, the Netherlands and Spain have officially announced that they will phase out coal-fired power 1. German government also expressed its intention to reduce fiscal support for the coal-fired power industry, and in January 2019 an-nounced plans to gradually phase out coal as a source of electricity in order to close all coal-fired projects by 2038. Meanwhile, European and Japanese power industry giants have also expressed their willingness to withdraw from coal-fired power, such as the Spanish Power Group and Marubeni Corporation. In March 2019, China Development and Investment Group Co., Ltd., the largest investment holding company among Central Government-owned Enter-prises, announced that it has completely exited from coal business and will mainly invest in new energy in the future.In addition to the environmental and climate impacts, the investment and financing activities in the coal industry will also expose investors to financial risks such as stranded assets. Therefore, financial institutions also expressed that they should be cautious about or reject the investment and financing of coal-fired power projects. In 2013, the World Bank Group stated that it would stop lending to new coal-fired power plants and coal mining industries unless in rare circumstances, which would be to meet basic energy needs in countries with no alternatives to coal and a lack of financing for coal power. In addition to the World Bank, multilateral development banks such as the European Bank for Reconstruction and Development EBRD, the Asian Development Bank ADB, the European Investment Bank EIB, the Asian Infrastructure Investment Bank AIIB and the Nordic Investment Bank NIB have also made com-mitments to limit financing for the coal-fired power and coal mining industries. Commercial Banks such as JPMorgan Chase Bank, Citibank and Barclays Bank of the U.K. also expressed their willingness to abandon financing services for coal-fired power projects. In February 2019, the Austrian Vienna Insurance Group also announced that it would no longer provide insurance for new coal-fired power plants and coal mining projects. According to the latest report released by the Institute of Energy Economics and Financial Analysis IEEFA, more than 100 world’s major financial institutions made or are in the process of ulating restricting policies regarding coal-fired power invest-ment. The report noted that since the beginning of 2018, 34 new or revised statements have been issued by financial institutions regarding the restriction of coal-fired power, which is one statement every two weeks on average. With the increasing awareness among multilateral development finance institutions of the huge environmental cost of the coal-fired power industry and the rapid development of renewable energy, the financing for coal-fired power projects in developed countries and regions is facing increasing resistance. However, low-cost non-clean energy projects are still the main source of electricity in less developed countries and regions to meet the increasing demand for power in the process of the rapid urbanization, as environmental cost is not internalized and the costs of renew-able energy technology as well as research and development are high. In Asia, for example, new electricity demand in Southeast Asia is expected to reach 88 gigawatts between 2016 and 2020, and will rise to 230 gigawatts by 2030. Electricity demand in South Asia is even higher, expected to exceed 380 gigawatts by 2030. At the same time, in regions including Southeast Asia, South Asia and East Asia, coal-fired power accounts for a major share in their energy structure and is still growing. What is worrying is that these countries and regions are quite vulnerable to climate change, with more negative impacts by the climate change and less capability to cope with it. According to statistics, six of the world s top ten countries with the highest climate risks are in Asia.China has taken active measures to restrict investment and financing in the coal industry with high pollution and energy consumption, and has issued a series of policies to promote the transation and upgrade of the coal-fired power industry and the reduction of overall coal consumption and pollution. First of all, from the aspect of coal con-sumption control, to achieve the goals of resource conservation, environmental protection, tackling climate change and sustainable development, by joining the forces of institutions including government think-tanks, research institu-tions and industry associations which conduct policy research to provide policy recommendations and operational measures for setting national coal use control goals as well as implementing roadmaps and action plans. With the joint efforts of those parties, China has incorporated the target of total coal consumption control into the “13th Five-Year Plan”, emphasizing the supply-side structural re of the coal industry and accelerating the pace of its implementation and improvement by cutting overcapacity, reducing excess inventory, deleveraging, lowering costs, and strengthening areas of weakness. At present, the “13thFive-Year Plan” is entering the final period. Estimates indicate that China may over-achieve double control targets on the total energy consumption and intensity, and coal consumption may have reached its peak and the long-term decline will continue. Secondly, to vigorously develop green finance by collaborating with multilateral financial institutions. As the establishment of the green financial system is moving forward, the government and relevant sectors are increasingly aware that the capital allocation and investment decisions of the financial industry will affect the ecological environment, which is closely related to the realization of Sustainable Development Goals and green transation of the financial industry. Internationally, the Equator Principles Organization and the United Nations Environment Program Finance Initiative have greatly pro-moted the development of green finance in the world. China has also responded positively and issued documents to prevent the risk of over-capacity credit and green credit policies, which has slowed down the banking industry’s massive investment in the coal mining industry. With the introduction and implementation of the “Belt and Road” Initiative, the implications of such policies are gradually shown in BRI projects. These policies, to some extent, pro-mote Chinese investors mainly financial institutions to take the overall goal of the Paris Agreement and the con-struction of ecological civilization into consideration when making investment decisions. As a result, the ecological footprint could be reduced by promoting capital flows into green and low-carbon industries, as well as achieving sus-tainable and responsible investment. For example, the Adani Group in India plans on building a Carmichael coal mine project in the Galilee Basin in Queensland, Australia. Considering the huge environmental costs of the project, Chi-na s three major banks China Construction Bank, the Industrial and Commercial Bank of China, and Bank of China issued statements respectively saying that they will not provide financial support for the Carmichael coal mine project. This move is an example of Chinese financial institutions refusing to invest in high-polluting, high-risk coal projects. However, while promoting green, low-carbon development and energy transation policies, Chinese financial institutions have also financed a number of coal-fired power projects. It’s reported that Chinese financial institutions have provided about 36 billion for coal-fired power projects overseas in total.The report reviewed and analyzed the restrictive policies on investing and financing in coal-related industries among international multilateral financial institutions, multilateral initiatives, financial institutions in G20 countries including the Developmental Financial Institution, and Export Credit Agencies, large commercial banks, as well as Chinese financial regulators and major banks. The report provides recommendations for Chinese financial institutions to refine low-carbon transation policies and standards, ulate systematic and comprehensive environmental and social safeguard as well as isectoral investment strategiesespecially those of energy and power sectors, and com-prehensively integrate the national and global climate goals into the institutional operations and related businesses. The goal is to help Chinese financial institutions participate in global actions with regards to tackling climate change and achieving the goals of sustainable development.1The UK decided to close all coal-fired power facilities by 2025; France plans to shut down all coal-fired power plants by 2021; Finland plans to completely ban coal by 2030; the Netherlands plans to ban coal-fired power generation by 2030; the Spanish Power Group plans to completely shut down all the coal-fired power plant by 2020.In the context of tackling climate change, promoting energy transation and low-carbon development, more and more government policymakers and investors are realizing the negative impacts of coal-fired investments on public health, the environment and society, which leads to increasing financial and reputational risks. Therefore, policymak-ers and investors are gradually strengthening and promoting the policies and actions that direct public and private finance to divest from the coal industry and shift to green industries. The 2030 Agenda for Sustainable Development and the Paris Agreement, adopted in 2015, commit to promoting global greenhouse emissions reduction through implementable policies, technologies and means to jointly address the challenges posed by climate change. To achieve the Paris Agreement, most of the existing and new coal-fired power projects need to be phased out before their expiration date. In November, 2015, 29 member countries of the Organization for Economic Co-operation and Development OECD reached an agreement on restricting the financing of coal-fired power plants by adjusting policy of export credit