Sustainable Finance & China's Green Credit Reforms: A Test Case for Bank Monitoring of Environmental Risk

IF 0.2 Q4 INTERNATIONAL RELATIONS CORNELL INTERNATIONAL LAW JOURNAL Pub Date : 2018-02-15 DOI:10.2139/ssrn.3124304
Virginia E. Harper Ho
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引用次数: 19

Abstract

As financial institutions and policymakers worldwide are considering how to integrate sustainability considerations throughout financial systems, a critical question is whether banks can effectively assess and monitor borrowers’ environmental credit risk. China’s green credit reforms, part of sweeping “green finance” policies adopted by the Chinese government over the past decade, require banks to do exactly that. China’s green credit reforms offer an opportunity to test current theories of the role of creditors in corporate governance and the potential role of banks in driving sustainable finance across global capital markets.

This study uses data from the 21 Chinese banks that are at the forefront of China’s green finance initiatives, as well as insights from fieldwork conducted in 2016 and 2017, to examine banks’ ability to monitor and price environmental credit risk. This investigation shows that leading Chinese banks are strengthening their ability to integrate environmental criteria into credit risk assessment but that key barriers to efficient pricing and monitoring of environmental credit risk remain. This article concludes with lessons from the Chinese context for sustainable finance reform elsewhere.
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可持续金融与中国绿色信贷改革:银行环境风险监测的试验案例
随着全球金融机构和政策制定者正在考虑如何将可持续性考虑纳入整个金融体系,一个关键问题是银行能否有效评估和监测借款人的环境信贷风险。中国的绿色信贷改革是中国政府在过去十年采取的全面“绿色金融”政策的一部分,它要求银行做到这一点。中国的绿色信贷改革提供了一个机会,可以检验当前有关债权人在公司治理中作用的理论,以及银行在推动全球资本市场可持续金融方面的潜在作用。本研究利用中国绿色金融倡议前沿的21家中国银行的数据,以及2016年和2017年实地调查的见解,来检验银行监测和定价环境信贷风险的能力。这项调查显示,中国主要银行正在加强将环境标准纳入信贷风险评估的能力,但有效定价和监测环境信贷风险的主要障碍仍然存在。本文最后总结了中国可持续金融改革的经验教训。
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期刊介绍: Founded in 1967, the Cornell International Law Journal is one of the oldest and most prominent international law journals in the country. Three times a year, the Journal publishes scholarship that reflects the sweeping changes that are taking place in public and private international law. Two of the issues feature articles by legal scholars, practitioners, and participants in international politics as well as student-written notes. The third issue is dedicated to publishing papers generated by the Journal"s annual Symposium, held every spring in Ithaca, New York.
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