推动绿色债券高质量发展（附英文版）

近期，推动国家相关部委出台系列政策支持绿色金融发展。绿色量为深入推动绿色债券高质量发展，债券展附应紧紧围绕服务实体经济、高质防控金融风险、英文推动对外开放，推动助力绿色转型发展。绿色量

推动绿色债券高质量发展，债券展附更好地服务实体经济绿色转型。高质截至2021年底，英文我国“投向绿”债券累计发行规模超过6万亿元。推动其中，绿色量“贴标绿”债券累计发行规模超过2万亿元，债券展附工业企业发行“贴标绿”债券规模占比超过49%，高质债券募集资金更直接地用于企业，英文对实体经济的支持作用进一步凸显。当前我国“贴标绿”债券约占全部债券余额的2%，市场发展潜力巨大。为推动市场扩容，建议多措并举支持绿色债券发展。对符合环境效益信息披露标准的绿色债券，建议简化发行程序，优先审批或注册，提高绿色债券流转效率；加大对绿色债券发行、投资的考核权重，优先选择绿色债券纳入货币政策操作的质押品池，降低商业银行持有绿色债券的风险计提。研究出台绿色地方债发行管理办法，推动绿色地方债发行。建议绿色信贷资产支持证券按照中债绿色指标体系进行信息披露，对符合环境效益信息披露标准的给予政策优惠。持续更新绿色产业指导目录，将高铁等有实质绿色贡献的项目纳入目录。推进完善环境、社会和公司治理（ESG）评价体系，将环境效益指标纳入“E”的考核评价，研发以ESG指数、绿色债券指数为标的的指数基金。

加强绿色债券信息披露，防范化解潜在风险。科学、标准化的环境效益信息披露是有效防范绿色债券市场风险的重要举措。为提升环境效益信息披露透明度，中央结算公司构建中债绿色指标体系，设置必填指标和选填指标，建设并上线了绿色债券数据库，向社会公开展示绿色债券环境效益贡献，并探索进行环境效益综合评价。近年来，我国绿色债券环境效益信息披露水平稳步上升，但仍有较大进步空间。以2021年绿色信用债发行前的情况为例，在“投向绿”债券中，有环境效益信息披露的债券数量占比为32%，“贴标绿”债券占比为81%。为提高信息披露质量，有效防范“洗绿”“漂绿”风险，应建立统一的绿色债券环境效益信息披露标准，由发行人按照统一的标准进行信息披露，进一步规范绿色债券的评估认证。推进绿色债券环境效益信息披露的标准化和数字化，在国家创新试点区先行先试，探索中债绿色指标体系成为地区标准、区域标准，推动升级为行业标准、国家标准及国际标准。建议中债绿色指标体系不仅应用于绿色债券领域，也可应用于绿色信贷、绿色金融租赁等领域；不仅应用于绿色项目，也可应用于集中反映环境效益的转型项目；不仅应用于项目，也可应用于ESG主体的投融资活动。建议在统一的绿色债券数据库集中披露环境效益信息，集中展示绿色债券投资项目对环境效益的贡献，提高绿色债券信息披露透明度。

推动中国绿色债券相关标准成为国际标准，促进债市对外开放。近年来，中央结算公司参加一系列国际交流会，中债绿色指标体系受到国内外专家的一致认可。为促进绿色债券市场对外开放，建议在国际交易所应用中债绿色指标体系加强信息披露，推动中国标准与国际标准的互认；对符合环境效益信息披露标准的绿色债券，允许境外投资者以其作为质押品进行回购交易；建议在国际市场对中债绿色系列债券指数进行深入应用，提升我国绿色债券的国际影响力；推动绿色债券跨境交易，对符合环境效益信息披露标准的绿色债券，建议允许其在国际交易所进行境外交易，在中央结算公司办理结算。

◇ 本文原载《债券》2022年6月刊

◇ 作者：钟言

◇ 责任编辑：商瑾 刘颖

Promoting the High-Quality Development of Green Bonds

Zhong Yan

Enabling policies have been rolled out to support the development of green finance． To enhance the efforts in promoting high-quality development of green bonds， it is suggested to facilitate green transition while sticking to buttressing the real economy， managing financial risks and advancing opening-up．

To promote high-quality growth of green bonds and facilitate green transition in the real economy． As of end-2021， China had a cumulative issuance of green-oriented bonds of over RMB6 trillion， of which RMB2 trillion had been labeled green bonds． More than 49% of theses labeled green bonds had been issued by industrial enterprises， who had used the proceeds directly to enterprises． In this way， green bonds have been playing a growing role in supporting the real economy． At present， labeled green bonds account for just 2% of China’s outstanding bonds， implying enormous potential for further growth． The following measure are hereby recommended to grow the green bond market． 1） It is suggested to simplify the issuance processes for green bonds which are in line with the environmental impact disclosure standards， so as to raise the efficiency of circulation． 2） Weighting can be increased for issuance and investment of green bonds in assessment， easier access to the collateral pool for monetary policy operations could be granted to green bonds and risk provision could be reduced for green bond holdings by commercial banks． 3） Efforts can be made to formulate rules for green local government bonds to encourage issuance of green bonds by local governments． 4） It is suggested that green credit ABS make disclosures in line with the ChinaBond Green Bond Environmental Impact Indicator System （the ChinaBond Indicator System）， and preferential policies may be granted to those that make eligible disclosures． 5） The catalog of green sectors could be updated on an ongoing basis， and sectors that make actual green contributions such as the high-speed train can be included into the catalog． 6） Efforts can be made to improve the ESG assessment and to create funds that use ESG and green bond indices as the benchmark．

To enhance green bond information disclosure and control potential risks． Well-designed standardized disclosure of environmental impact could be a critical measure against risks in the green bond market． To enhance transparency of disclosure， CCDC has created the ChinaBond Indicator System， which includes mandatory and optional indicators， and launched the green bond database to display environmental contributions enabled by green bonds． Despite recent progress， there is still much to be done to keep improving environmental impact disclosure． If we look at the market before green credit bonds were issued in 2021， 32% of green-oriented bonds and 81% of labeled green bonds had made disclosure on environmental impact． 1） In order to enhance information disclosure and eliminate greenwashing， it is critical to have a unified set of environmental impact disclosure standards for green bonds； issuers should make disclosures in accordance with such standards so that review and certification of green bonds can also be improved． 2） Standardization and digitalization of disclosure need to be enhanced． Starting with pilot areas， explorations can be made to use the ChinaBond Indicator System as local or regional standards， and then industry， national and even international standards． 3） It is suggested to expand the use of the ChinaBond Indicator System beyond green bonds to green credit， green financial leasing， transitional projects that focus on environmental impact as well as investing and financing activities of ESG entities． 4） It is recommended to have environmental impact disclosure made on one green bond database， which displays environmental contributions enabled by green bonds and increases transparency of such disclosures．

To promote Chinese standards to become international standards and facilitate opening-up of the bond market． CCDC has been to multiple international sessions where its ChinaBond Indicator System received unanimous welcome and praise． To facilitate opening-up of the green bond market， 1） it is suggested to use the ChinaBond Indicator System in disclosures on international exchanges and promote mutual recognition between Chinese and international standards； 2） overseas investors could be allowed to use green bonds which make eligible disclosures as collateral in repos； 3） efforts can be made to promote the use of ChinaBond green bond indices in the global market， thus raising the influence of Chinese green bonds； 4） it is also suggested to promote cross-border trading of green bonds by allowing green bonds that make eligible disclosures to be traded on international exchanges while being settled at CCDC．

This article was first published on Bond Monthly （Jun． 2022）． Please indicate the source clearly when citing this article． The English version is for reference only， and the original Chinese version shall prevail in case of any inconsistency．

 ◇ Editors in charge：Shang Jin， Liu Ying