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　　經過多年的實踐發展，我國債券市場為“雙碳”目標的實現提供有力的資金支持，推動經濟綠色低碳轉型發展。

　　近年來，我國在綠色債券和轉型債券領域開展有益探索，在標準體系建設、激勵約束機制、環境效益信息披露等方面取得新成效。基于中國綠色低碳轉型債券數據庫統計，我國綠色債券發行規模已連續兩年位列世界第一，發行成本優勢逐漸凸顯。截至2024年6月末，我國綠色債券存續規模約為2萬億元，轉型債券存續規模約為1600億元，公開發行的“投向綠”債券和轉型債券募集資金預計支持碳減排6億噸二氧化碳當量。

　　債券市場助力全面綠色轉型，要持續推進融合發展，著力推進“五篇大文章”。大力推進綠色債券和轉型債券與科技金融、普惠金融、養老金融、數字金融的融合。探索應用區塊鏈、大數據、遙感監測等方法，對綠色債券和轉型債券進行識別、監測，提升數據真實性。鼓勵銀行發行綠色普惠金融債和可持續掛鉤債券募集專項資金，以滿足中小微企業的綠色低碳轉型融資需求。依托中國綠色低碳轉型債券數據庫，拓展數字化應用，鼓勵按照統一的綠色債券環境效益信息披露指標體系進行信息披露，在統一的數據庫集中披露環境效益信息。

　　債券市場助力全面綠色轉型，要多措并舉推動綠色轉型債券市場擴容，更好服務實體經濟。擴大綠色債券發行主體，探索推出綠色地方政府專項債，助力地方經濟綠色轉型。對符合信息披露標準的綠色債券和轉型債券，建議簡化發行審批程序。鼓勵運用證券化手段，適度擴大可穿透底層的綠色資產證券化產品的發行規模。推動綠色債券和轉型債券指數衍生品發展，研發相關指數型基金。

　　債券市場助力全面綠色轉型，要采取多種激勵措施，擴大投資者隊伍。加大對綠色債券和轉型債券的發行、投資和信息披露等考核權重。鼓勵養老金、社保基金、主權財富基金等投資綠色債券和轉型債券，設定最低投資比例。通過稅收優惠、減提風險資本準備金、納入貨幣政策操作擔保品池等政策，提升對投資者的吸引力。

　　債券市場助力全面綠色轉型，要促進我國債券市場開放，實現境內外市場良性互動。鼓勵境外機構發行綠色熊貓債，投資境內綠色債券和轉型債券。主動參加綠色債券和轉型債券的國際標準制定，推動我國標準與國際標準體系兼容。加強在業務、信息披露標準及規則等方面的國際交流。鼓勵在國際交易所應用綠色債券環境效益信息披露指標體系進行信息披露。

　　守正篤實，久久為功。在推進中國式現代化的新征程上，我們要牢牢把握綠色低碳發展機遇，加快發展綠色債券和轉型債券，讓綠水青山就是金山銀山的理念在中國大地上更加充分地展示出來。

　　◇ 本文原載《債券》2024年10月刊

　　◇ 作者：鐘言

　　◇ 編輯：商瑾

　　Bond Market Promoting Green and Low-carbon Transformation and Development of the Real Economy

　　Zhong Yan

　　After years of practices and development， China’s bond market is now providing strong financial support for the carbon peaking and carbon neutrality goals， facilitating the green and low-carbon transformation of the economy．

　　Over the past few years， China has made explorations in green bonds and transition bonds， which have delivered progress in the establishment of standards， incentive and restraint mechanisms and environmental benefit information disclosure． According to the China Green， Low-carbon and Transition Bond Database， China has been the largest green bond issuer for two years in a row， with emerging cost advantages in issuance． As of the end of June 2024， outstanding green bonds in China amounted to RMB2 trillion， and outstanding transition bonds totaled RMB160 billion； the proceeds from publicly placed green-oriented bonds and transition bonds were estimated to cut carbon emissions of 600 million tons of carbon dioxide equivalent．

　　To fully support green transformation， the bond market needs to promote integrated development with a focus on the five sectors highlighted at the Central Finance Work Conference． Efforts are required to integrate green and transition bonds into the development of technology finance， inclusive finance， pension finance and digital finance． It is proposed to explore the use of blockchain， big data and remote sensing monitoring in the identification and monitoring of green and transition bonds， thus enhancing the authenticity of data． Banks can be encouraged to raise earmarked funds by issuing green， inclusive financial bonds and sustainability-linked bonds， so as to fund the green and low-carbon transformation of small- to medium-sized enterprises． Digital application can be expanded based on the China Green， Low-carbon and Transition Bond Database； disclosure can be encouraged to be prepared in line with the green bond environmental benefit information disclosure indicator system and made in a central， unified database．

　　To fully support green transformation， coordinated measures need to be taken to expand the scale of green and transition bonds to better support the real economy． It is suggested to encourage more entities to issue green bonds， and explore the issuance of special green local government bonds， thus facilitating green transformation of local economies． For green and transition bonds that meet information disclosure standards， issuance approval process can be simplified． Securitization can be encouraged by properly raising the issuance of green asset-based securitization products with asset-level transparency． Moreover， it is recommended to develop derivatives based on green and transition bond indices， and create related index funds．

　　To fully support green transformation， incentives are needed to grow the investor base． It is suggested to raise the weights of issuance， investment and information disclosure of green and transition bonds in assessments； and encourage pension funds， social security funds， sovereign wealth funds， etc． to invest in green and transition bonds by setting a minimum investment ratio． In addition， green and transition bonds can be made more attractive to investors by granting related tax incentives， reducing risk capital reserves， and including these bonds into the collateral pool for monetary policy operations．

　　To fully support green transformation， it is necessary to promote the bond market opening-up， enabling positive interaction between domestic and overseas markets． Overseas institutions can be encouraged to issue green panda bonds， and invest in domestic green and transition bonds． It is suggested to take an active part in the making of international standards related to green and transition bonds， promoting the alignment of such standards between the Chinese and international markets． Besides， international communication can be enhanced in terms of business and information disclosure standards and rules， and the green bond environmental benefit information disclosure indicator system can be promoted to be used in more international exchanges．

　　Success requires sustained efforts． On the new Chinese path to modernization， we need to grasp the opportunity of green and low-carbon development， accelerate the growth of green and transition bonds， and contribute to the national initiative of environmental protection and improvement．

　　◇ Editors：  Shang Jin

海量資訊、精準解讀，盡在新浪財經APP

責任編輯：趙思遠