Guangzhou Officially Deploy the Enterprise Carbon Account System with Release of First Standardized Carbon Credit Report in China

The official deployment of the Guangzhou enterprise carbon account system and the release of the first carbon credit report were successfully held in Huadu District. The event was jointly hosted by the People's Bank of China Guangzhou Branch, Huadu District Government, Guangzhou Industry and Information Technology Bureau, Guangzhou Local Financial Regulatory Bureau, and Guangzhou Power Supply Bureau of Guangdong Power Grid. Deng Maoying, Deputy Secretary-General of Guangzhou Municipal Government, and Lin Ping, Vice President of the People's Bank of China Guangzhou Branch attended and delivered speeches at the event. Also presented at the event were Mai Shaoming, Deputy Mayor of Huadu District, Han Guoxu, a First-level Consultant of Guangzhou Industry and Information Technology Bureau, He Huaquan, Deputy Director of Guangzhou Local Financial Regulatory Bureau, Su Zhipeng, Deputy General Manager of Guangzhou Power Supply Bureau of Guangdong Power Grid, and representatives from Guangzhou Ceprei Certification Center, China Construction Bank Guangdong Branch, Bank of Communications Guangdong Branch, and other financial institutions, China Emissions Exchange Guangzhou, and relevant enterprises and associations.

The event took place both "online + offline". At the event, Guangzhou officially deployed its enterprise carbon account system and released the first standardized carbon credit report in China. Leaders and guests witnessed the deployment of Guangzhou's enterprise carbon account system, release of the carbon credit report, and the signing of bank-enterprise contracts for loans. Based on the enterprise carbon credit report, Huadu Branch of China Construction Bank and Huadu Branch of Bank of Communications signed respectively loan intention agreements with Top Electric Appliance Industrial, Sanhua Technology, Talents Cosmetics Packaging, Hengli Sports Materials and other companies on the site, which cover an intentional green loan amount of about 140 million yuan, and signal the successful beginning of their cooperation.

The newly deployed Guangzhou version of the enterprise carbon account system will record all aspects of the carbon emission of the enterprises, from data collection, and accounting, to evaluation and labeling, and industry-finance docking. Reference shall also be made Guangzhou Bureau of Industry and Information Technology and Guangzhou Power Supply Bureau have developed an App called "Guangzhou Carbon Calculator", and built "Guangzhou Carbon" big data platform, which can calculate the carbon emissions and carbon emission intensity of an enterprises in a certain period of time on the basis of the statistics of the enterprise’s electricity, heat, oil, coal, natural gas and other energy consumption and its operation conditions, and the national and provincial carbon dioxide emission accounting guidelines, and can achieve trusted data management through blockchain technology. Guangzhou Ceprei Certification Center has developed a carbon emission evaluation guideline form enterprises, in which an enterprise will be classified into and labeled as one of five grades of A, B, C, D, and E according to the result of its comparison against the benchmark enterprise of its industry; the guideline measures the enterprise's carbon emission performance, and requires third party evaluation of the enterprise's carbon emission to ensure accurate data and reasonable ratings. The People's Bank of China Guangzhou Branch, Guangzhou Local Financial Regulatory Bureau and Huadu District have more a step forward to explore the value of enterprise carbon emission information, deepen the application of carbon evaluation results, realize data communication with the "Yuexin Finance" platform, and enlist the service of credit reporting agencies to creatively compile the country's first standardized carbon credit report. Financial institutions have been encouraged to carry out industry-finance docking based on enterprise carbon credit reports, and pilot projects has been successfully implemented in Huadu District.

Now, Huadu District has more than 500 enterprises in the pilot project that have opened carbon accounts, about 170 of them have completed the carbon emission rating and labeling in the past two years; 6 banking institutions have launched green financial products in the green finance zone of the “Guangzhou Carbon” platform, and they have provide a total credit line of about 1.5 billion yuan to related companies, and discovered an effective path for the green financial services sector to help realization of the “dual carbon” goals.

In order to strengthen the publicity and promotion of enterprise carbon account system and carbon credit reports, responsible persons from Guangzhou Power Supply Bureau, Guangzhou Bank Electronic Settlement Center, Guangzhou Ceprei Certification Center, Bank of Communications Guangdong Branch, China Construction Bank Guangdong Branch and other organizations gave information sessions on various related topics, in particularly enterprise carbon accounts, enterprise carbon credit reports, enterprise carbon emission verification, and carbon financial products, with the aim to help financial institutions and enterprises fully understand the functions and roles of carbon accounts, and encourage them to actively participate in the construction of enterprise carbon account system, accelerate green transformation, strive to achieve emission reduction and carbon reduction, and support the "dual carbon" goals with practical actions.

The successful deployment of the Guangzhou version of the enterprise carbon account system and release of carbon credit report represent an important achievement of the cooperation between financial sector and industrial sector, and a desirable exploration of technology-enabled green finance development. This move is conducive to solving the problem of carbon credit information asymmetry between banks and enterprises, and to promoting the orderly and effective alignment between green finance and transformational finance. Moving forward, Guangzhou will further deepen industry-finance cooperation among the government, banks, and enterprises, promote the carbon account system and the carbon credit reports to more areas and more users, promote the in-depth application of carbon account credit information in the financial field, roll out and push more carbon intensity-based financial products, guide enterprises to control carbon and emission reduction with the power of finance, so as to better leverage Guangzhou's traditional advantages in "carbon finance" , and continue to play a leading and exemplary role in the new journey of achieving the "dual carbon" goals with the help of green finance.