碳达峰、碳中和目标下绿色债券环境效益测算研究——以资源循环利用项目环境效益为例

Research on the Calculation of Environmental Benefits of Green Bonds under the Goal of Carbon Peak & Carbon Neutralization——Taking Environmental Benefits of Resource Recycling Project as an Example

我国绿色债券市场从2016年开始至今迅猛发展,成为全球最大的绿色债券发行市场。碳达峰、碳中和目标的提出将引导更多社会资金进入绿色产业,绿色债券市场将进一步扩大。基于此,需要继续探索和完善绿色债券的环境效益测算方法,为监管部门、投资者、发债主体提供可操作的定量指标,推动区域、行业以及产业链上的企业实现节能减排。本文在梳理我国绿色债券环境效益相关政策及国内外绿色债券发行实践经验的基础上,运用LCA方法定量计算绿色债券项目的生命周期节能减排效益,以及不同工艺、不同阶段的环境效益,并以废旧手机资源化为例进行算例,验证了该方法的可行性。据此提出加强中小企业LCA建设、建立信用监管机制、构建绿色金融标准体系等建议。

China’s green bond market has developed rapidly since 2016, becoming the largest green bond issuing market in the world. The goal of "carbon peak & carbon neutral" will lead more social funds into green industry. Therefore, it is necessary to explore the calculation method of environmental benefits of green bonds based on China’s practice, provide operable quantitative indicators for regulatory authorities, investors and bond issuers, and promote enterprises in regions, industries and industrial chains to achieve energy conservation and emission reduction.This paper discusses the application of LCA method to quantitatively calculate the environmental benefits of green bond project in the life cycle, different processes and different stages, and makes an empirical study on the recycling of waste mobile phones. Based on this, this paper puts forward some suggestions, such as promoting the pilot project of resource recycling in the Yangtze River Delta, strengthening the construction of LCA for small and medium-sized enterprises, establishing credit supervision mechanism, and building a green financial standard system.