中国绿色金融制度体系构建现状、不足与完善

Status Quo,Defect and Improvement of China’s Green Financial Regulatory System

近年来,绿色金融逐渐引起中国学者及政策制定者的关注。绿色金融制度体系作为该新兴市场发展的重要规则指引,主要从标准制度、披露制度和激励机制三个方面影响绿色金融推动我国经济低碳转型的效用。研究发现:中国当前绿色金融制度体系存在绿色项目认定统一标准缺失、信息披露制度不完善、配套激励机制力度不足的问题。因此,基于以上分析,该文建议借鉴国际绿色金融制度构建经验——《欧盟可持续金融分类方案》标准体系,TCFD框架信息披露倡议和差异化资本要求激励机制,以“无重大损害”为原则完善我国统一绿色金融标准体系。具体而言,定期修订配套绿色标准以引导棕色项目绿色化;建立渐进式强制绿色金融信息披露制度,允许企业以“不强制执行即提交报告”方式披露环境信息;完善以市场激励要素为主导的系统化激励机制。

In recent years,green finance has attracted more and more attention from sholars and policymakers in China.As an important guideline for the development of green financial market,its regulatory system substantially affects the utility of green finance to promote the low-carbon transformation of China's economy in such three aspects:standard system,disclosure system and incentive mechanism.It is found that China's current green financial institutional system suffers from the lack of uniform standards for green project identification,imperfect information disclosure system and insufficient strength of supporting incentive mechanisms.Therefore,based on the above analysis,we suggest that we draw experiences in practice from the international green finance regulatory system,that is,the standard system of the EU Sustainable Financial Classification Scheme,the TCFD framework information disclosure initiative and the incentive mechanism of differentiated capital requirements,so as to build China's unified green financial standard system based on the principle of“zero significant damage”.Specifically,the supporting green standards should be regularly revised to guide the greening of brown projects,a progressive mandatory green financial information disclosure system should be established to allow enterprises to disclose environmental information in the form of“non-compulsory reporting”and a systematic incentive mechanism reconciling with market incentive elements should be set up.