转型金融:内涵、框架与未来展望

Transition Finance:Connotation,Framework,and Future Prospects

随着应对气候变化和经济低碳转型成为全球共识,各国纷纷提出碳排放控制目标以及净零时间表。传统的绿色金融无法满足碳密集型企业的转型需求,导致各国距离实现净零目标存在巨大的资金缺口,转型金融应运而生,并逐渐受到人们的广泛关注。从转型金融的概念出发,阐述转型金融在优化资源配置和管理转型风险方面的功能作用,并结合国际市场实践明确转型金融的发展前景。通过阐释转型金融发展的逻辑机理,对比分析国际上主流的转型融资方法,形成转型金融发展框架的五大核心要素。为此,今后应加强顶层政策体系的协同与约束力度、统一和完善转型金融的界定标准,并积极开展转型金融相关的理论创新。

The latest IPCC assessment report highlights that climate change has caused widespread adverse impacts and economic losses to nature and humans.Governments and private-sector firms around the world have committed to reducing carbon emissions with the goal of limiting global warming to 1.5 degrees.As of 2022,over 130 countries and regions,representing 91%of global GDP and 83%of global greenhouse gas emissions,have made a net-zero commitment.In this context,“transition finance”is gaining traction among governments and market participants.The concept of transition finance has recently emerged,and there is no internationally unified standard definition.This paper posits that transition finance refers to the financial services required to support the orderly transition of the real economy towards the net-zero goal.From a functional perspective,transition finance can serve as an expansion and extension of green finance,focusing on supporting carbon-intensive enterprises that have clear plans for reducing carbon emissions.The essence of transition finance lies in a series of capital market instruments with specific functions aimed at promoting the low-carbon transition of the real economy.These instruments can help enterprises manage their transition risks to maintain future competitiveness.Based on existing initiatives and market practices,this paper explores the fundamental principles of transition finance development and analyzes the positioning and roles of various stakeholders,including the government,enterprises,and financial sectors.In addition,by comparing the main global transition finance approaches and summarizing the common requirements for developing transition finance,the basic content of the five-point transition financial framework was established.First,develop a transition financial support catalog or principles to clarify transition goals;second,develop necessary transition plans that are aligned with internal strategy;third,develop appropriate transition financial instruments;fourth,carry out transition-related information disclosure and assessment;fifth,enforce transition-related policy incentives.This paper explains the basic meaning,necessity of existence,main content included,and current practices in major countries or regions for each item.Overall,the development of transition finance has just begun,and there are still many challenges.These include the lack of unified transitional standards,an imperfect information disclosure system,and the difficulty in managing transition risks.In the future,the government can enhance the coordination and binding force of the top-level policy system,unify and improve the definition standards of transition finance.The market and regulators can focus on stimulating the vitality of transition finance and enhancing the ability to address risks associated with transition finance.Furthermore,academia and research institutions should actively engage in theoretical innovation regarding transition finance.