再论碳债券

Re-discussion on Carbon-bond

本文从为何要发行碳债券、碳债券设计新思路和发行路径选择等三个方面,对碳债券发行进行了论述。笔者认为,从发行思路上,目前应当依托可再生能源项目,承载低碳资产,灵活交割,引入低碳资金并针对我国多层次资本市场;从发行路径上,可以优先发行企业碳债券,依托单边项目,分离碳资产,进行现金交割,启动境外人民币计价和交易,境内借助现有交易所,先试点后规范。

This article discusses the issuance of Carbon-bond from three aspects, the reasons of issuance, new ideas of design and the preferences of the issuance ways. The article regards that, in view of the ideas of issuance, we should depend on the renewable projects, carry on the low-carbon assets, build the flexible delivery ways, introduce the low-carbon funds, and aim at the multi-level capital markets of China. In view of the ways to issue, the article regards that we could prefer the corporation Carbon-bond, base on the unilateral project, deliver the low-carbon assets after a period, use cash settlement, start the price and trade with RMB abroad, base on the existing bond exchange, regulate after issuance.