Home-News-Securities Regulatory Commission: To propose mandatory disclosure requirements on emissions for all listed companies
Securities Regulatory Commission: To propose mandatory disclosure requirements on emissions for all listed companies
From: Inrront
Date：2017-07-06
After the convening of the “Green Revolution” sub-forum of the financial industry in the 2017 annual meeting of the Boao Forum for Asia, the green bonds were once again hotly debated by the insiders this weekend.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that the CSRC is studying mandatory disclosure requirements for all listed companies and encouraging the release of the Green Financial Products Index.
Ma Jun, chief economist of the central bank and director of the Green Finance Professional Committee of the China Finance Association, said at the forum that there are four obstacles to the development of global green finance. First, there is a lack of strong support for green financial policies; second, in some green areas, certain incentives are needed; third, lack of suitable financial products; fourth, information asymmetry.
Fang Xinghai said that to develop green finance, we must first create a good social atmosphere and let everyone move toward green finance. In this sense, this kind of atmosphere is to enable enterprises that truly carry out green finance to truly gain income and enable investors to obtain stable and even higher returns when investing in green products. In this way, green finance will develop faster.
Fang Xinghai said that at present, the SFC has already carried out some work for green finance, and there will be more work in the future. For example, information disclosure, the CSRC began in December last year, requiring companies from key emission areas to start from this year's annual report if they are listed companies, the annual report disclosure must disclose the emissions in the previous year. He said that if you continue to do it for a few years, investors can have a comparison to see if the company has improved its emissions. He revealed that the CSRC is currently studying whether it is possible to impose mandatory disclosure requirements on emissions for all listed companies in the future. If it can be done, it will promote the development of the green economy.
In addition, in March this year, the China Securities Regulatory Commission issued the "Guiding Opinions of the China Securities Regulatory Commission on Supporting the Development of Green Bonds." Fang Xinghai said that the most important one in the document is that if enterprises are engaged in green industries such as energy conservation and emission reduction, new energy, and environmental protection, these companies can take a green channel when issuing corporate bonds, that is, they will report immediately, so investors will know immediately. This is a green bond that solves the problem of information asymmetry.
In addition, Fang Xinghai said that they also encouraged the release of the green financial product index, including the green stock index and the green bond index. He pointed out that these index products have dozens of products in the Chinese capital market, and investors can select the index to invest. From the perspective of institutional investment, an important document jointly issued by the seven ministries and commissions on August 31 last year set a framework for China's green finance. When the conditions mentioned in the document are appropriate, there must be an investment by an institutional investor. The carbon emissions mandatory disclosure requirements will encourage investors behind institutional investors to know how well the institution is doing green finance when managing investments. Well done, the society can buy it when the environmental awareness is improved.
Fang Xinghai said that in terms of green finance, from the perspective of the CSRC, colleagues in all departments are highly aware of each other and do their utmost to promote green financial development within the limits of their ability.
As for how green financing and green bonds should be carried out across the country, Ma Jun said that China has already discussed with some interested countries and regions, including institutions in the UK and Europe. Making overseas funds more convenient to buy green assets in China requires a certain degree of convergence of green standards, so as to avoid the cost of repeated certification and information approval.
At the same time, Ma Jun believes that this direction is correct, but it cannot be done in one step. The situation in each country is different, especially the acceptance of green finance is different. To become a global consensus, there is still a long way to go. However, the bilateral consensus should be closer.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that the CSRC is studying mandatory disclosure requirements for all listed companies and encouraging the release of the Green Financial Products Index.
Ma Jun, chief economist of the central bank and director of the Green Finance Professional Committee of the China Finance Association, said at the forum that there are four obstacles to the development of global green finance. First, there is a lack of strong support for green financial policies; second, in some green areas, certain incentives are needed; third, lack of suitable financial products; fourth, information asymmetry.
Fang Xinghai said that to develop green finance, we must first create a good social atmosphere and let everyone move toward green finance. In this sense, this kind of atmosphere is to enable enterprises that truly carry out green finance to truly gain income and enable investors to obtain stable and even higher returns when investing in green products. In this way, green finance will develop faster.
Fang Xinghai said that at present, the SFC has already carried out some work for green finance, and there will be more work in the future. For example, information disclosure, the CSRC began in December last year, requiring companies from key emission areas to start from this year's annual report if they are listed companies, the annual report disclosure must disclose the emissions in the previous year. He said that if you continue to do it for a few years, investors can have a comparison to see if the company has improved its emissions. He revealed that the CSRC is currently studying whether it is possible to impose mandatory disclosure requirements on emissions for all listed companies in the future. If it can be done, it will promote the development of the green economy.
In addition, in March this year, the China Securities Regulatory Commission issued the "Guiding Opinions of the China Securities Regulatory Commission on Supporting the Development of Green Bonds." Fang Xinghai said that the most important one in the document is that if enterprises are engaged in green industries such as energy conservation and emission reduction, new energy, and environmental protection, these companies can take a green channel when issuing corporate bonds, that is, they will report immediately, so investors will know immediately. This is a green bond that solves the problem of information asymmetry.
In addition, Fang Xinghai said that they also encouraged the release of the green financial product index, including the green stock index and the green bond index. He pointed out that these index products have dozens of products in the Chinese capital market, and investors can select the index to invest. From the perspective of institutional investment, an important document jointly issued by the seven ministries and commissions on August 31 last year set a framework for China's green finance. When the conditions mentioned in the document are appropriate, there must be an investment by an institutional investor. The carbon emissions mandatory disclosure requirements will encourage investors behind institutional investors to know how well the institution is doing green finance when managing investments. Well done, the society can buy it when the environmental awareness is improved.
Fang Xinghai said that in terms of green finance, from the perspective of the CSRC, colleagues in all departments are highly aware of each other and do their utmost to promote green financial development within the limits of their ability.
As for how green financing and green bonds should be carried out across the country, Ma Jun said that China has already discussed with some interested countries and regions, including institutions in the UK and Europe. Making overseas funds more convenient to buy green assets in China requires a certain degree of convergence of green standards, so as to avoid the cost of repeated certification and information approval.
At the same time, Ma Jun believes that this direction is correct, but it cannot be done in one step. The situation in each country is different, especially the acceptance of green finance is different. To become a global consensus, there is still a long way to go. However, the bilateral consensus should be closer.
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