From 200,000 yuan to 397 million yuan, "climate loans" help Wenzhou companies transform into green enterprises
2024-08-11
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Chao News Client Wu Heming/Text
In the process of exploring new paths for ecological value conversion, the Financial Supervision Branch of Wenzhou City, Zhejiang Province, jointly with the meteorological department, innovatively launched the "Climate Loan" project, with Yueqing and Ruian as pilots, and effectively improved the disaster prevention and mitigation capabilities and green development levels of enterprises through financial leverage and departmental collaboration. Since 2022, Ruian City has successfully issued the country's first "Climate Loan", with an amount of 200,000 yuan and an interest rate of only 4.35%, which can save customers 4,300 yuan in interest a year. After two years, as of the end of June this year, the "Climate Loan" has benefited 255 companies, with a loan balance of 397 million yuan, becoming another highlight of the development of green finance.
Green transformation brings tangible benefits
Multi-dimensional assessment helps enterprises achieve green development
In the production workshop of Hongqi Cable Electrical Instrument Group Co., Ltd. in Wenzhou Yueqing Economic Development Zone, automated machines are running efficiently. "This is the fast-charging cable for new energy vehicles. After the equipment transformation, one employee can now look after 6-7 machines," said Wang Keqin, the company's general manager, proudly. Last year, the output value of Hongqi Cable Group's new energy sector increased by 30%-40%, thanks to the company's close adherence to national industrial policies and its active layout in the new energy field.
"The earlier we start to deploy new energy, the more we can seize the market opportunities." Wang Chuncun, the legal representative of Hongqi Cable Group, said in an interview with the media, "If we don't do it now, the gains will outweigh the losses in the future. This is not only a need for the company's own development, but also related to the impact on the environment, corporate image and social responsibility." With the support of local financial institutions, Hongqi Cable Group has invested heavily in building new plants, purchasing new equipment, and carried out comprehensive green transformation. Through the "climate loan", the company can save about 30,000 yuan in financial costs each year, greatly enhancing the company's competitiveness.
"Hongqi Cable Group's current climate-friendly score is 69 points, which makes it a 'climate-friendly enterprise' with room for improvement. The company is improving its meteorological disaster defense capabilities and carbon efficiency through standardized factory disaster prevention and mitigation construction, equipment upgrades, and sustainable development technology updates. This can not only make production safer and more environmentally friendly, but also improve the 'climate-friendly enterprise' score through these measures." Zhang Mengzhen, deputy chief of the Disaster Reduction Section of the Yueqing Meteorological Bureau, introduced in an interview with Insurance News.
In order to give full play to the advantages of climate resources, Wenzhou Meteorological Bureau and financial regulatory authorities have comprehensively evaluated the disaster prevention and mitigation capabilities, green development, carbon effects and other aspects of enterprises from a meteorological perspective. A detailed indicator evaluation system has been developed around multiple dimensions such as the rating of the degree of natural disaster risk, the rating of the self-purification capacity of the atmosphere, and the rating of the meteorological disaster defense capacity.
Zhong Liping, deputy director of the Wenzhou Supervision Branch of the State Financial Supervision and Administration Bureau, explained that with the cooperation of the Economic and Information Technology Department and other departments, they repeatedly communicated and discussed with the Municipal Meteorological Bureau to form a more objective, evaluable and implementable indicator system. "The 'climate loan' model is also a useful supplement to the original green finance indicator evaluation system of Industrial Bank. It is more objective and clear to evaluate a company's disaster prevention and mitigation capabilities, green development and carbon efficiency from a meteorological perspective."
Zheng Feng, member of the Party Leadership Group and deputy director of Wenzhou Meteorological Bureau, said: "As a coastal city, Wenzhou has a high frequency of meteorological disasters. We have been exploring how to leverage financial leverage and departmental collaboration to promote meteorological disaster prevention measures, enhance corporate property preservation capabilities, achieve the effect of 1+1>2, and help local economic development."
Scientific evaluation system promotes green finance
Policy coordination promotes high-quality development of enterprises
Zhu Yanjun, Party Secretary and Director of Wenzhou Supervision Bureau of the State Financial Supervision and Administration Bureau, said that financial services are a systematic project that requires the coordination of all parties and the "+" of work synergy. As a beneficial exploration of the "finance + meteorology" service model, "climate loans" still have room for improvement and enhancement.
At the same time, he also said that the scientificity and applicability of the relevant indicator system should be continuously evaluated in practice, and the credit model should be further adjusted and optimized to lay a solid foundation for the city's and even a larger range of promotion and application. In order to transfer the interest and premium income generated by risk reduction to enterprises and reduce the cost of enterprises obtaining financial services, banks and insurance institutions should be encouraged to strengthen bank-insurance cooperation, explore the provision of comprehensive meteorological "insurance + loan" financial services to enterprises, and transfer the interest and premium income generated by risk reduction to enterprises to reduce the cost of enterprises obtaining financial services.
Yang Youcai, Party Committee Member and Deputy Director of Yueqing Municipal Bureau of Economics and Information Technology, believes that "climate loans" add financial elements to some elements of climate, making this system more scientific, feasible and valuable for promotion. "We apply the carbon average results to green factories, conduct carbon efficiency assessments on enterprises above designated size, and give five grades of red, orange, yellow, blue and green based on the ratio of carbon emissions to production benefits. This is used as a five-color chart for evaluating the carbon efficiency of industrial enterprises, which is used to determine the green capabilities of enterprises and is linked to bank credit policies."
With the in-depth implementation of the "climate loan" project, Wenzhou's green finance development will usher in a broader space. A relevant person in charge of the Zhejiang Regulatory Bureau of the State Financial Supervision and Administration Bureau said that the Zhejiang Regulatory Bureau will closely follow the spirit of the Central Financial Work Conference, seize the new track of "dual carbon" development, and promote the integrated development of Zhejiang's inclusive finance, green finance, and science and technology finance, making inclusive finance greener and green finance more inclusive.
According to relevant personnel from the Green Finance Department of Industrial Bank, the scale of the bank's green finance business has grown steadily since 2023, with green loans growing by more than 20% compared with the beginning of the year, and significant comprehensive returns. In the future, "climate loans" will continue to be optimized and improved to provide more companies with precise financial support and promote the high-quality development of the green economy in Wenzhou and even the whole country.
Partial sources: Wenzhou Financial Regulatory Bureau of the National Financial Regulatory Bureau, China Banking and Insurance News
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