VEP: Empowering Green Finance in Wanlu Lake Area From "Green Account Book" to "Golden Key": Innovative Practices of Green Finance Based on VEP Accounting

Abstract

Against the backdrop of advancing the national "dual carbon" strategy and the "Two Mountains" theory, green finance shoulders
the mission of transforming "lucid waters and lush mountains" into "mountains of gold and silver". However, there is a significant divergence
between traditional financial risk control logic and the characteristics of ecological assets, leaving numerous high-quality ecological projects
trapped in the predicament of "difficulty in mortgage and financing". This paper focuses on the innovative tool of Value of Ecological Products
(VEP) accounting for specific geographical units, and elaborates on how it empowers green finance practices as a credit "converter". Through
three cases in the surrounding areas of Wanlu Lake, the innovative paths of VEP empowering green finance are clarified. The research finds
that VEP accounting can reshape the credit structure of green projects, expand the boundary of qualified collaterals, innovate risk pricing models, and develop diversified repayment sources, opening up new channels for the allocation of financial resources. Nevertheless, practice has
exposed four core dilemmas: inconsistent value evaluation standards, lack of market-oriented trading mechanisms restricting value realization, weak legal basis for ecological rights registration and confirmation, and inadequate cross-departmental policy coordination mechanisms.
Finally, it is proposed that it is necessary to construct a "national standards-local detailed rules" accounting and certification system, deepen
supporting mechanism reforms, improve legal and registration systems, and strengthen cross-departmental governance capabilities, so as to
transform VEP from a "green account book" into a "golden key" driving the development of the green industry.