论碳达峰碳中和背景下的绿色债券发展模式

On the Issue Mode of Green Bonds under the Background of Emission Peak and Carbon Neutrality

作为以募集资金投向绿色项目的新金融工具,绿色债券有助于实现碳达峰碳中和,但存在着建立市场信任及环境效益正外部性未有效内部化的制度难题。我国以政府主导推动绿色债券发展,为经济转型国家通过行政力量的强制性制度变迁作用建设绿色债券新兴市场提供了范例。政府主导促进了绿色发展战略目标和制度系统化设计方面的统一和高效。绿色债券在我国面临巨大挑战:一是经济转型期绿色标准本土化、募集资金使用绿化度不高、环境效益信息披露非强制化;二是政府主导模式下金融机构和国有企业仍是绿色债券主要发行人,民营企业参与绿色发展主动性不足,环境效益正外部性内部化效果不明显;三是新兴市场下绿色债券投融资主体的激励约束机制有所失衡,环境风险防控意识与管理方法欠缺,绿色债券后续监管难度大。未来有必要围绕碳达峰碳中和目标,在保留政府驱动优势的同时更多地发挥市场的主导作用,完善法制促进我国绿色标准与国际接轨并提高募集资金使用绿化度,强制环境效益信息披露并突出量化指标,增强投资绿色债券的正向激励并完备对"洗绿"等违规行为的法律责任约束,促进有效应对气候风险的管理与方法运用,充分利用金融科技实施有效监管,开启绿色债券发展新征程。

As a new financial tool that uses raised funds to invest in eligible green projects, green bonds can help peak carbon dioxide emissions and carbon neutrality, but there are institutional problems in establishing market trust and effectively internalizing the positive externalities of environmental benefits. Chinese experience provides a meaningful example of how a transitional economy can develop a burgeoning green bonds market through the mandatory institutional changes of administrative forces. China is facing huge challenges: first, localization of green standards during economic transition, low green utilization rate of raised funds, and non-compulsory disclosure of environmental benefits;second, financial institutions and state-owned enterprises are still the main green bonds issuers and private enterprises have insufficient initiative to participate in green development, and the effect of internalization of positive externalities of environmental benefits is not obvious;third, the incentive and restraint mechanism of green bond investing and financing entities in the emerging market is out of balance, and environmental risk prevention and control awareness and management methods are lacking, the subsequent supervision of green bonds market is difficult. In the future, it is necessary to focus on emission peak and carbon neutrality to give more play to the leading role of market forces while retaining the advantage of the government as a driving forces, and take effective measures, including but not limited to improving the legal system to promote China’s green standards in line with international standards, increasing the proportion of raised funds used for green projects, enforcing environmental benefit information disclosure and highlighting quantitative indicators, strengthening positive incentives for investing in green bonds, completing legal liability constraints on violations such as green-washing, promoting effective management and method to address climate risks, and making full use of financial technology to implement effective supervision.