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New ways of financing for renewable resources industry2016-03-16
To help enterprises to better understand the spirit of the relevant documents, and actively participate in corporate bonds, to solve the financing problem, February 27, China resource recycling and Utilization Association in Beijing held a "green bonds issued guidelines for the interpretation of the policy will, the key terms of green bonds were detailed interpretation.
Green bonds: a new approach to corporate finance
It is understood that green bonds is to raise funds is mainly used to support the technological transformation of energy-saving emission reduction, Green Town, the development of circular economy, water resources conservation and very unconventional water resources development and utilization, pollution control, ecological agriculture, forestry, energy saving and environmental protection industry, ecological civilization first demonstration experiment cycle of green low carbon development projects of corporate bonds.
"Capital is the development of the enterprise, for the renewable resource enterprises is even more so." China resource recycling and the Assistant Secretary General of the association of Tang Yanju bluntly, because in recycling, dismantling, processing course in need a lot of money, regeneration enterprise resource thirst for funds more than other industries. However, last year, the economic benefits of renewable resources industry continued to slump, the industry development environment is increasingly grim. This year, commodity prices are still in the down channel, the development of enterprises are facing severe challenges, financing is one of the important content.
IPO time is long, full of uncertainty, three board requirements are relatively strict, asset mortgage is not the best way. The green bonds are corporate credit debt financing, without collateral pledge, suitable for all asset size of renewable resources. But with low interest rates and long term, the proceeds can be used to repay bank loans and to supplement working capital, bonds to raise funds for projects with a total investment ratio relaxed to 80% preferential conditions, can effectively solve the problem of corporate finance.
Green bonds is to solve the problem of renewable resources industry enterprises in this special group of financing difficulties and the introduction of targeted and non - public offering of bonds. The NDRC finance division Lu Sichen introduction, at this stage the focus is to support the green bond:
To energy-saving emission reduction technical transformation project. Including the coal-fired power plant ultra low emission and energy saving, and waste heat warm people and so on utilization of residual heat and pressure, environment-friendly and energy-saving coal-fired boiler to enhance the transformation, motor system energy efficiency improvements, enhance the overall efficiency of enterprises, green lighting and other.
To green urbanization project. Including green building development, construction industrialization, both the construction of energy-efficient transformation, the construction of the sponge City, smart city, smart grid construction, new energy vehicle charging facilities construction, etc..
To the development of circular economy projects. Including Industrial Park recycling, waste recycling, agricultural recycling economy, re manufacturing industries, etc..
Pollution control projects. Including sewage and garbage and other environmental infrastructure, the atmosphere, water, soil and other environmental issues such as governance, hazardous waste, medical waste, industrial tailings and other processing and disposal.
To energy-saving environmental protection industry project. Including environmental protection and energy saving of major equipment, industrial technology of, contract energy management, energy-saving environmental protection industry base (Park) construction, and other clean energy efficient utilization, water resources conservation and very unconventional water resources development and utilization, ecological agriculture, forestry, low carbon industry, low carbon development of pilot and demonstration, ecological civilization first demonstration experiment project.
In the future, will be based on the actual situation, the timely adjustment of the market can be used to finance the financing of green projects and green bonds to support the scope, and continue to innovate the introduction of new varieties of green development bonds." Lu Sichen added.
The establishment of the system: Green bonds have a code of conduct
As the subject of the issue of bonds, corporate bonds are not free and unconstrained, but with a certain encouragement and restrictions. Lu Sichen pointed out that in the course of the issue of bonds, the main issue of the bond issue to support the use of green bonds to optimize the debt structure. In debt protection measures to improve, allowing enterprises to use no more than 50% of the bonds to raise funds for the repayment of bank loans and supplement working capital and main AA + credit rating and operation situation better issuers, used to raise funds to replace the green projects under construction, high cost debt.
Issuance of corporate bonds in accordance with the specific situation of the project financial return of the specific circumstances of the scientific design of green bond issuance program to support a reasonable and flexible set of bonds, options and debt service mode. And for environmental pollution control third party enterprise to carry out basin, regional or similar pollution control projects, as well as energy conservation, water conservation service company to provide the corresponding service obtain target customers energy-saving, water-saving benefits of contract management mode of energy-saving, water-saving transformation project, encourage project implementation main body in the form of a collection of green bond issuance.
At the same time, to allow Green bond aimed at institutional investors, non - public offering and institutional investors to non-public offering subscription of not more than 200 people, single subscription of not less than 500 million yuan, and shall not be use of advertising, public solicitation and covert and open manner.
In addition, in order to facilitate enterprises to issue bonds green, enterprises to apply for the issuance of bonds green can be adjusted corporate bonds existing audit policy and the on the overall strengthening of corporate bond risk prevention in a number of opinions "provisions of the partial admission conditions, such as bonds to raise funds accounted for the project total investment proportion put