国外主权绿色债券特征及启示研究

Research on Characteristics and Enlightenment of Foreign Sovereign Green Bonds

通过对波兰与法国的主权绿色债券特征的研究,发现发行人均以绿色用途债券的形式,设定略高于普通债券的利率定价发行主权绿色债券,以吸引绿色偏好和低风险投资者的参与;发行人均以国际资本市场协会的绿色债券原则为标准,对募集资金的使用领域、项目评估与遴选、资金管理和信息披露等进行了规范,并采用第二方意见的形式,验证上述规范是否符合绿色债券原则。上述绿色债券的特征,为我国通过主权绿色债券金融工具实现国家环境治理目标、增强绿色债券市场流动性、培育绿色偏好投资者、丰富绿色项目资金来源和提高绿色项目资金使用效果等提供借鉴。

By studying the characteristics of the sovereign green bonds in Poland and France,it is founded that issuing green use of proceeds bond and setting slightly higher interest rate than normal ones will attract green and low risk preference investors. According to green bond principles of international capital market association, the issuers set rules for use of proceeds, process for expenditure evaluation and selection, management of proceeds and reporting.The second party's opinion is adopted so as to verify whether the framework meets the green bond principles or not. The characteristics of the sovereign green bonds will provide positive experiences for references which will help China achieve environmental governance objectives,enhance the liquidity of green bond market,cultivate green preference investors,enrich funding resource and improve the effect of fund utilization on green projects.