金融机构环境信息披露类型体系的优化:欧盟经验与中国方案

Optimization of the Typing System of Environmental Information Disclosure by Financial Institutions:EU Experience and China's Approach

金融机构的环境信息披露是推进绿色金融的关键点之一。目前,我国立法中主要以强制程度、披露内容为标准,对金融机构的环境信息披露进行划分。但仅凭此二元划分,微观上,不足以有效规制金融市场主体的“洗绿”行为;宏观上,难以促使金融市场上环境风险的有效暴露。参考域外,欧盟出台了金融机构环境信息披露分类的系列立法,恰能为解决以上两个问题贡献有益经验。因此,我国可在现有的金融机构环境信息披露二元划分之外,借鉴欧盟经验,再建构一种符合国情的“三阶式”类型范式:第一阶是对环境目标进行具象化分类;第二阶是对“绿色金融产品”与“非绿色金融产品”这二分法进行优化,增加“具有绿色特征的金融产品”这一类别;第三阶是针对第二阶的三类金融产品设置不同的信息披露规则,在各类金融产品之间形成披露规则的“差序格局”。

Environmental information disclosure by financial institutions is one of the key points in promoting green finance.Currently,China's legislation mainly divides the environmental information disclosure by financial institutions based on the degree of compulsion and the content of the disclosure.However,this binary classification is not sufficient to effectively regulate the“greenwashing”behavior of financial market entities on a micro level,nor can it effectively expose environmental risks in the financial market on a macro level.Referring to foreign countries,the European Union has issued a series of legislation on the classification of environmental information disclosure by financial institutions,which can contribute useful experience to solving the above two problems.Therefore,China can build a“three-tiered”classification paradigm in line with national conditions,drawing on the EU experience in addition to the existing binary classification of environmental information disclosure by financial institutions:The first tier is to concretely classify environmental objectives;the second tier is to optimize the binary classification of“green financial products”and“non-green financial products”by adding a category of“financial products with green characteristics”;the third tier is to set different information disclosure rules for the three types of financial products in the second tier,forming a“differential mode of association”of disclosure rules among various financial products.