摘要
习近平主席在2020年9月提出的碳达峰碳中和"30·60"目标,将会促进实体经济绿色低碳发展模式的转变,而这个过程离不开绿色金融的大力支持。绿色债券作为其中的重要品种,未来也将迎来快速增长。海外绿色债券市场兴起较早,且发展至今已形成了较为完善的绿债标准和运作体系,其在项目评估、资金用途和管理、信息披露、政策激励等方面的制度安排都值得国内市场借鉴。中国绿色债券市场起步较晚但增长较快,其绿债品种、发行主体、投资者等都呈现出多样化的趋势,但跨境绿色债券的发展相对缓慢。目前,绿色债券带来的良好声誉与政策支持带来的监管红利,是国内绿色债券市场发展的主要内生动力,但后者的实施力度不足一定程度限制了绿债市场的发展;同时,中国的绿债市场存在多方面现实挑战,包括存在洗绿漂绿现象、发行者积极性不高、交投不活跃等问题。基于上述分析,本文提出了对中国绿色债券市场发展的四点建议:尽快统一绿债标准,实施更大力度政策优惠,加强监管打击洗绿漂绿,促进绿债市场内外互通。为碳中和目标下中国绿色债券市场未来的发展与政策制定提供有益的参考。
China’s goal of carbon peak before 2030 and carbon neutrality before 2060,put forward by President Xi Jinping in September 2020,will inevitably promote the transformation of its real economy into a green and low-carbon development model,and this process cannot be achieved without the strong support of green finance.Green bond,as one of the important products,will also achieve rapid growth in the future.First,this article summarizes the characteristics and facts of China’s green bond market.It still suffers from some problems,such as standards not yet unified,rapid growth in issuance volume,and gradual diversification of bond varieties and participants,which are consistent with the characteristics of the early stage of market development.Second,the endogenous impetus for the development of China’s green bond market comes from the benefits gained by different participants,including lower issuance costs,credit risk avoidance,and reputational gains.However,the green bond market currently faces multiple practical challenges,including the existence of greenwashing,low motivation of issuers,and lack of attractiveness to investors.Finally,this article puts forward several suggestions for the development of China’s green bond market.First,it should promote the unification of green bond standards as soon as possible;second,it should implement greater all-round preferential policy support;third,it should strengthen the supervision of the green bond market and crack down on greenwashing;and fourth,it should promote the internal and external interconnection of the green bondmarket to serve as valuable policy reference for the development and policymaking of China’s green bond market against the backdrop of China’s carbon neutrality goals.
作者
陈骁
张明
Chen Xiao;Zhang Ming
出处
《国际经济评论》
CSSCI
北大核心
2022年第1期104-133,7,共31页
International Economic Review
作者简介
陈骁,北京师范大学经济与商管理学院博士研究生,Email:chen_8803@sina.com;张明,中国社会科学院金融研究所研究员。
