债券市场有力助推实体经济绿色低碳转型发展（附英文版）

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经过多年的实践发展，我国债券市场为“双碳”目标的实现提供有力的资金支持，推动经济绿色低碳转型发展。

近年来，我国在绿色债券和转型债券领域开展有益探索，在标准体系建设、激励约束机制、环境效益信息披露等方面取得新成效。基于中国绿色低碳转型债券数据库统计，我国绿色债券发行规模已连续两年位列世界第一，发行成本优势逐渐凸显。截至2024年6月末，我国绿色债券存续规模约为2万亿元，转型债券存续规模约为1600亿元，公开发行的“投向绿”债券和转型债券募集资金预计支持碳减排6亿吨二氧化碳当量。

债券市场助力全面绿色转型，要持续推进融合发展，着力推进“五篇大文章”。大力推进绿色债券和转型债券与科技金融、普惠金融、养老金融、数字金融的融合。探索应用区块链、大数据、遥感监测等方法，对绿色债券和转型债券进行识别、监测，提升数据真实性。鼓励银行发行绿色普惠金融债和可持续挂钩债券募集专项资金，以满足中小微企业的绿色低碳转型融资需求。依托中国绿色低碳转型债券数据库，拓展数字化应用，鼓励按照统一的绿色债券环境效益信息披露指标体系进行信息披露，在统一的数据库集中披露环境效益信息。

债券市场助力全面绿色转型，要多措并举推动绿色转型债券市场扩容，更好服务实体经济。扩大绿色债券发行主体，探索推出绿色地方政府专项债，助力地方经济绿色转型。对符合信息披露标准的绿色债券和转型债券，建议简化发行审批程序。鼓励运用证券化手段，适度扩大可穿透底层的绿色资产证券化产品的发行规模。推动绿色债券和转型债券指数衍生品发展，研发相关指数型基金。

债券市场助力全面绿色转型，要采取多种激励措施，扩大投资者队伍。加大对绿色债券和转型债券的发行、投资和信息披露等考核权重。鼓励养老金、社保基金、主权财富基金等投资绿色债券和转型债券，设定最低投资比例。通过税收优惠、减提风险资本准备金、纳入货币政策操作担保品池等政策，提升对投资者的吸引力。

债券市场助力全面绿色转型，要促进我国债券市场开放，实现境内外市场良性互动。鼓励境外机构发行绿色熊猫债，投资境内绿色债券和转型债券。主动参加绿色债券和转型债券的国际标准制定，推动我国标准与国际标准体系兼容。加强在业务、信息披露标准及规则等方面的国际交流。鼓励在国际交易所应用绿色债券环境效益信息披露指标体系进行信息披露。

守正笃实，久久为功。在推进中国式现代化的新征程上，我们要牢牢把握绿色低碳发展机遇，加快发展绿色债券和转型债券，让绿水青山就是金山银山的理念在中国大地上更加充分地展示出来。

◇ 本文原载《债券》2024年10月刊

◇ 作者：钟言

◇ 编辑：商瑾

Bond Market Promoting Green and Low-carbon Transformation and Development of the Real Economy

Zhong Yan

After years of practices and development， China’s bond market is now providing strong financial support for the carbon peaking and carbon neutrality goals， facilitating the green and low-carbon transformation of the economy．

Over the past few years， China has made explorations in green bonds and transition bonds， which have delivered progress in the establishment of standards， incentive and restraint mechanisms and environmental benefit information disclosure． According to the China Green， Low-carbon and Transition Bond Database， China has been the largest green bond issuer for two years in a row， with emerging cost advantages in issuance． As of the end of June 2024， outstanding green bonds in China amounted to RMB2 trillion， and outstanding transition bonds totaled RMB160 billion； the proceeds from publicly placed green-oriented bonds and transition bonds were estimated to cut carbon emissions of 600 million tons of carbon dioxide equivalent．

To fully support green transformation， the bond market needs to promote integrated development with a focus on the five sectors highlighted at the Central Finance Work Conference． Efforts are required to integrate green and transition bonds into the development of technology finance， inclusive finance， pension finance and digital finance． It is proposed to explore the use of blockchain， big data and remote sensing monitoring in the identification and monitoring of green and transition bonds， thus enhancing the authenticity of data． Banks can be encouraged to raise earmarked funds by issuing green， inclusive financial bonds and sustainability-linked bonds， so as to fund the green and low-carbon transformation of small- to medium-sized enterprises． Digital application can be expanded based on the China Green， Low-carbon and Transition Bond Database； disclosure can be encouraged to be prepared in line with the green bond environmental benefit information disclosure indicator system and made in a central， unified database．

To fully support green transformation， coordinated measures need to be taken to expand the scale of green and transition bonds to better support the real economy． It is suggested to encourage more entities to issue green bonds， and explore the issuance of special green local government bonds， thus facilitating green transformation of local economies． For green and transition bonds that meet information disclosure standards， issuance approval process can be simplified． Securitization can be encouraged by properly raising the issuance of green asset-based securitization products with asset-level transparency． Moreover， it is recommended to develop derivatives based on green and transition bond indices， and create related index funds．

To fully support green transformation， incentives are needed to grow the investor base． It is suggested to raise the weights of issuance， investment and information disclosure of green and transition bonds in assessments； and encourage pension funds， social security funds， sovereign wealth funds， etc． to invest in green and transition bonds by setting a minimum investment ratio． In addition， green and transition bonds can be made more attractive to investors by granting related tax incentives， reducing risk capital reserves， and including these bonds into the collateral pool for monetary policy operations．

To fully support green transformation， it is necessary to promote the bond market opening-up， enabling positive interaction between domestic and overseas markets． Overseas institutions can be encouraged to issue green panda bonds， and invest in domestic green and transition bonds． It is suggested to take an active part in the making of international standards related to green and transition bonds， promoting the alignment of such standards between the Chinese and international markets． Besides， international communication can be enhanced in terms of business and information disclosure standards and rules， and the green bond environmental benefit information disclosure indicator system can be promoted to be used in more international exchanges．

Success requires sustained efforts． On the new Chinese path to modernization， we need to grasp the opportunity of green and low-carbon development， accelerate the growth of green and transition bonds， and contribute to the national initiative of environmental protection and improvement．

◇ Editors：  Shang Jin