為了務實推動綠債標準的一致化工作，促進綠色資本的跨境流動，中國綠金委和歐投行重點合作研究如何建立一套標準“翻譯”機制——綠債領域的“羅塞塔石碑”[11]。有了這套機制，中歐兩方的不同標準將首先變成“可比的”（comparable），進而變成“兼容的”（compatible）。從實踐層面講，這意味著，中歐雙方首先在一套基本的框架結構上達成共識，然后兩方再用自己的技術標準對綠色進行定義，將符合綠色定義的債券資金用途寫入共同框架。“羅塞塔石碑”的最終版本將為國際投資者揭示究竟一只債券應該被貼上“中國綠色”的標簽、“歐盟綠色”的標簽，還是“中歐綠色”的標簽。

 

以上，對于全球綠色標準不統一的問題，解決之道不是通過孤立的一刀切式的標準化，而是通過雙管齊下的“和諧化”， 即：在盡可能多的項目領域統一中歐雙邊綠色標準，在無法統一的領域，通過創建一套標準翻譯機制來解決分歧。這種路徑即可以達到綠色標準的國際化，又能同時兼容不同國家和地區在不同階段的發展需求。

 

鑒于中國和歐洲是全球綠債市場的主要發行端[12]和投資端[13]，這種“和諧化”的路徑將不僅限于解決中歐之間標準不統一的問題，更有利于樹立全球典范，促使其他國家也將他們的技術標準加入到“羅塞塔石碑”中來，搭建一個全球性的綠色定義框架。GBP有潛力成為這一全球框架形成的有力推手，ICMA在其2018年年會上也討論了類似“羅塞塔石碑”的想法，但此理念尚未被其采用。筆者建議歐盟和中國政府也可以將這個想法帶到二十國集團和聯合國等多邊機制中去，加強對這一概念的宣傳, 早日形成一套和諧的綠色債券標準“翻譯”系統，加速全球綠債市場的形成和健康發展。

 

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  中央財經大學綠色金融國際研究院國際合作處助理研究員

編譯：王亞麗  中央財經大學綠色金融國際研究院國際合作處研究員