摘要
转型金融与绿色金融是金融支持“双碳”目标实现的双支柱,在当前绿色金融标准趋严的背景下,传统碳密集行业对转型金融存在大量需求,因此,转型金融对支持碳密集行业低碳转型具有重要作用。与绿色金融相比,当前转型金融发展尚处于起步阶段,转型金融产品和服务在不断创新和探索中。目前,境内外已有的转型金融产品主要为转型类信贷和转型类债券,具体包括可持续发展挂钩信贷、转型债券、可持续发展挂钩债券,以及可持续发展再挂钩债券,境内外转型金融产品在市场特征和设计特征上存在较大区别。本文对现有转型金融产品的发展历程和市场实践等进行分析,并结合案例探讨境内外转型金融产品的特征差异。通过分析境内转型金融产品发展的不足,并借鉴境外转型金融产品的成熟经验,提出推动境内转型金融产品创新和发展的相关建议。
Transition finance and green finance are the twin pillars of financial support for the realization of"carbon peaking and carbon neutrality"goal,and in the context of the current tightening of green financial stan⁃dards,there is a large demand for transition finance from traditional carbon-intensive industries.Therefore,transi⁃tion finance plays an important role in supporting the low-carbon transition of carbon-intensive industries.Com⁃pared with green finance,the development of transition finance is still in its infancy,and transition finance prod⁃ucts and services are under constant innovation and exploration.At present,the transition financial products avail⁃able both domestically and internationally are mainly transition loans and transition bonds,specifically including sustainability-linked loan,transition bond,sustainability-linked bond,and sustainability re-linked bond,and there is a big difference between domestic and foreign transition financial products in terms of market characteris⁃tics and design features.This paper analyses the development history and market practice of existing transition fi⁃nancial products,and discusses the differences in the characteristics of domestic and foreign transition financial products with case studies.By analysing the shortcomings in the development of domestic transition financial prod⁃ucts and drawing on the mature experience of overseas transition financial products,the paper puts forward rele⁃vant suggestions to promote the innovation and development of domestic transition financial products.
作者
徐洪峰
伊磊
Xu Hongfeng;Yi Lei
出处
《西南金融》
北大核心
2023年第9期15-31,共17页
Southwest Finance
关键词
转型金融
绿色金融
转型债券
ESG投资
产业转型
可持续发展
碳达峰
碳中和
transition finance
green finance
transition bonds
ESG investing
industry transformation
sustain⁃ability
carbon peaking
carbon neutrality
