构建全球绿色债券标准的“罗塞塔石碑”

 

为了务实推动绿债标准的一致化工作，促进绿色资本的跨境流动，中国绿金委和欧投行重点合作研究如何建立一套标准“翻译”机制——绿债领域的“罗塞塔石碑”[11]。有了这套机制，中欧两方的不同标准将首先变成“可比的”（comparable），进而变成“兼容的”（compatible）。从实践层面讲，这意味着，中欧双方首先在一套基本的框架结构上达成共识，然后两方再用自己的技术标准对绿色进行定义，将符合绿色定义的债券资金用途写入共同框架。“罗塞塔石碑”的最终版本将为国际投资者揭示究竟一只债券应该被贴上“中国绿色”的标签、“欧盟绿色”的标签，还是“中欧绿色”的标签。

 

以上，对于全球绿色标准不统一的问题，解决之道不是通过孤立的一刀切式的标准化，而是通过双管齐下的“和谐化”， 即：在尽可能多的项目领域统一中欧双边绿色标准，在无法统一的领域，通过创建一套标准翻译机制来解决分歧。这种路径即可以达到绿色标准的国际化，又能同时兼容不同国家和地区在不同阶段的发展需求。

 

鉴于中国和欧洲是全球绿债市场的主要发行端[12]和投资端[13]，这种“和谐化”的路径将不仅限于解决中欧之间标准不统一的问题，更有利于树立全球典范，促使其他国家也将他们的技术标准加入到“罗塞塔石碑”中来，搭建一个全球性的绿色定义框架。GBP有潜力成为这一全球框架形成的有力推手，ICMA在其2018年年会上也讨论了类似“罗塞塔石碑”的想法，但此理念尚未被其采用。笔者建议欧盟和中国政府也可以将这个想法带到二十国集团和联合国等多边机制中去，加强对这一概念的宣传, 早日形成一套和谐的绿色债券标准“翻译”系统，加速全球绿债市场的形成和健康发展。

 

附注

[1] CBI, 2013 Overview: the Dawn of an Age of Green Bonds?, (2014)

https://www.climatebonds.net/2014/05/2013-overview-dawn-age-green-bonds, p.1

[2] The project categories the that are listed as appropriate use of proceeds within the GBP are: 1.Renewable energy, 2.energy efficiency, 3.Pollution prevention and control, 4. environmentally sustainable management of living natural resources and land use, 5.terrestrial and aquatic biodiversity conservation. 6.clean transportation, 7.sustainable water and wastewater management, 8/climate change adaption, 9.Eco-efficient and/or circular economy adapted products, production technologies and processes, 10.green buildings. (ICMA, 2018)

[3] ICMA, Green Bond Principles (GBP), (2018).

[4] Japan, Guidelines Summary, (2017), p.8

[5] Securities and Exchange Board of India (SEBI), Disclosure Requirements for Issuance and Listing of Green Debt Securities, (2017) - https://www.sebi.gov.in/legal/circulars/may-2017/disclosure-requirements-for-issuance-and-listing-of-green-debt-securities_34988.html

[6] ACMF, ASEAN Green Bond Standards, (2017), p.2

[7] Ibid

[8] ‘the Guidelines for Establishing the Green Financial System’ (the Guidelines) by the People’s Bank of China (PBoC) and six other ministries in August 2016, the centralizing efforts under the umbrella of the ‘Development Plan for Building the Standardization System for the Finance Sector (2016-2020)’, and more recently ‘the Green Bond Assessment and Verification Guidelines (Provisional)’ in December 2017.

[9] CBI, Chinese Regulators Introduce Supervisory Scheme Green Bond Verifiers, (2018)

https://www.climatebonds.net/2018/01/chinese-regulators-introduce-supervisory-scheme-green-bond-verifiers-further-step-building

[10] EIB-CGFC, The Need For a Common Language in Green Finance, (2017)

[11] EIB-CGFC, The Need For a Common Language in Green Finance, (2018)

[12] Among the top 10 green bond issuing EU-countries and China in 2017: #2 China, #3 France, #4 Germany, #5 Sweden, #6 Spain, #7 Netherlands

CBI, Green Bond Highlights 2017, (2018), p.2

[13] Almost 50 percent of all European investment funds were governed with SRI strategies in 2016. Only 0.8 percent of funds in Asia (without Japan) are governed with SRI strategies.

 

作者：Joris Teer  中央财经大学绿色金融国际研究院国际合作处助理研究员

编译：王亚丽  中央财经大学绿色金融国际研究院国际合作处研究员