碳债券发行经验和创新建议

On Issuing Carbon Bonds

文章以2015年中广核风电公司首次发行的碳债券为例,对如何推进碳债券市场发展创新作了探讨。文章认为,碳债券首发为清洁能源提供了独特的融资方式,赢得了市场广泛认可。目前碳债券市场也存在清洁能源行业产能过剩、企业利润受限、发行程序复杂等问题,这有国际能源市场持续低迷、国内经济下行等周期性因素,归根到底是减排力度以及减排方式市场化程度不足的反映。建议建立清洁能源成本分摊机制,切实落实清洁能源支持措施,简化并标准化碳债券发行流程,继续探索并创新碳债券形式,丰富发行主体和发行方式,创新风险管理工具,试点"人民币+外币"双币碳债券。

Taking the carbon bonds issued by CGN Wind Energy Limited in 2015 as an example and based on the clean energy market development and the financial innovation in recent years, the article focuses on how to promote the development of the carbon bond market innovation. Carbon bonds have provided an important and special financing way for clean energy, getting the market acceptance, enriching the carbon transaction, and invigorating the carbon market. However, the carbon bonds are facing many problems, including overcapacity of the clean energy industry, limited corporate profit, complex issuance procedures, etc. The main causes of the problems are the cyclical factors such as the sustained downturn of the international energy market and domestic economic downturn. But ultimately, it is the insufficient carbon emissions and marketization of emission approaches.. The article suggests to strategically build cost allocation mechanism, effectively implement policy-supporting measures, simplify and standardize carbon bond issuance process, continue to explore and innovate carbon bond, enrich issuance and distribute methods, innovate the risk management tools, and try dual currency carbon bonds.