证券业如何服务“双碳”目标?

How does the Security Industry Serve to Achieve the Goal of Carbon Peak and Neutrality?

我国在建设绿色证券基础设施方面已初见成效,产品种类和规模不断丰富和壮大,截止2020年末,绿色融资规模达12万亿元。但在顶层设计和制度细节上我国绿色金融相较于欧盟和日本等“领头羊”仍存有差距,欧盟已形成了一整套实现“温室气体零排放经济”的“组合拳”和路线图,日本则十分重视绿色法规的国际化与标准化。为实现我国“双碳”目标,本文建议未来绿色证券发展应多管齐下,将“双碳”目标明确落实到法治顶层设计上,将气候变化相关风险纳入金融稳定和监管的政策框架内,发挥绿色债券的融资潜力,助力绿色企业上市及再融资,培育绿色股权市场,构建有效的绿色基金体系。

China has made a preliminary achievement in the construction of green securities infrastructure, the variety and scale of our products are getting richer and larger. By the end of 2020, the scale of green financing in China has reached about 12 trillion yuan. However, there is still a gap in top-level design and institutional practice compared with the “leaders” such as the EU and Japan. Among them, the EU has formed a complete road map to realize the “zero greenhouse gas emission economy”, while Japan attaches great importance to the internationalization and standardization of green regulations. In order to achieve China’s carbon peaking and carbon neutrality goals(hereinafter called the “double carbon” goal), this paper suggests that the future development of green securities should be multi-pronged, carrying out the “double carbon” goal to the top design of rule of law, bringing the risks related to climate change into the policy framework of financial stability and supervision, giving full play to the financing potential of green bonds, helping green enterprises to go public and refinance, cultivating green equity market, and building an effective green fund system.