中债评论 贯彻落实“双碳”目标 助力经济社会绿色低碳转型（附英文版） --知识铺
◇ 作者：钟言
◇ 本文原载《债券》2025年10月刊
2025年是“双碳”目标提出5周年，我国正以坚定的步伐推进绿色低碳转型。绿色债券市场在引导社会资本投向绿色产业、支持经济结构转型方面发挥着不可替代的作用。
绿色债券是经济社会绿色低碳转型的重要抓手。2023年10月，中央金融工作会议明确提出“优化资金供给结构，把更多金融资源用于促进科技创新、先进制造、绿色发展和中小微企业”。自2016年起步以来，我国绿色债券市场快速发展，目前已成为全球最大的绿色债券市场，与绿色信贷共同构成绿色金融的主渠道，为“双碳”目标实现提供有力的金融支持。
我国绿色债券市场发展重点逐渐从关注“量”向关注“质”转变。随着市场规模不断扩大，我国绿色债券市场的发展质量稳步提升。一是绿色金融支持政策及标准不断完善。《绿色金融支持项目目录（2025年版）》的出台，进一步统一了各类绿色金融产品的界定标准。二是绿色债券发行成本优势日益凸显。根据《中国绿色债券白皮书（2025）》的数据，2024年，绿色债券较普通债券的发行成本优势上升至11.1个基点（BP）。三是信息披露水平逐步提升。2024年，有87%的债券均披露了环境效益信息。四是碳减排等环境效益显著提升。笔者基于中债-绿色低碳转型债券数据库统计，截至2025年上半年，公开发行的“投向绿”债券募集资金预计支持减排超过6亿吨二氧化碳当量。
展望未来，为推动我国绿色债券市场高质量发展，更好发挥其支持经济社会绿色低碳转型的作用，可以从培育多样化市场生态、提升信息披露水平、完善政策激励机制及深化国际交流合作四方面发力。
一是培育多元化市场生态。发挥绿色主权债券的引领撬动作用，研究推出绿色地方政府专项债券。支持符合条件的企业、金融机构发行绿色债券和绿色资产支持证券。鼓励绿色债券资金投向生物多样性保护领域。提升机构投资者的绿色偏好，鼓励企业年金、养老金、社保基金、主权财富基金等投资绿色债券。
二是提升信息披露水平。鼓励发行主体按照金融行业标准《绿色债券环境效益信息披露指标体系》（JR/T 0322—2024）进行环境效益信息披露。鼓励在统一的绿色低碳转型债券数据库集中披露环境效益信息，提升环境效益信息披露标准化水平。
三是完善政策激励机制。完善可持续债券标准体系，制定转型、生物多样性、蓝色、社会责任等支持项目目录及信息披露标准。制定绿色债券碳核算方法，推动绿色债券发行人核算并披露募集资金所支持项目的碳减排量。考虑将绿色债券环境效益信息披露广泛应用于金融机构的绿色金融评价。
四是深化国际交流合作。鼓励境外机构发行绿色熊猫债及投资境内绿色债券。推动国际标准互认，扩大多边共同分类目录的全球覆盖范围，推动信息披露行业标准成为国际标准。丰富符合国际标准、满足海外投资者需求的中债绿色系列债券指数，提升我国绿色债券的国际影响力。
为者常成，行者常至。我们要深入贯彻落实“双碳”目标，持续推动绿色债券市场高质量发展，让绿色金融成为经济社会高质量发展的鲜明底色。
Implementing the “Dual Carbon” Goals to Facilitate Green and Low-Carbon Transformation of the Economy and Society
Zhong Yan
The year 2025 marks the fifth anniversary of the “dual carbon” goals, and China is advancing its green and low-carbon transition with steadfast determination. The green bond market plays an indispensable role in directing social capital toward green industries and supporting the transformation of the economic structure.
Green bonds serve as a crucial instrument for facilitating the green and low-carbon transition of the economy and society. In October 2023, the Central Financial Work Conference called for optimizing the structure of capital supply and channeling more financial resources toward sci-tech innovation, advanced manufacturing, green development, and , small and micro enterprises. Since its inception in 2016, China’s green bond market has been growing rapidly and has now become the largest in the world. Together with green credit, it functions as a main channel for green finance, providing robust financial support for the “dual carbon” goals.
The focus of China’s green bond market development is gradually shifting from “quantity” to “quality.” Along with a growing market scale, the quality of market development is steadily improving. First, supporting policies and standards are being refined. The release of the Catalogue of Green Finance-Supported Projects (2025 Edition) further unified the definitions for various green financial products. Second, the cost advantage of issuing green bonds is becoming increasingly prominent. According to the White Paper on Green Bonds in China (2025), the cost advantage of green bonds over conventional bonds rose to 11.1 basis points in 2024. Third, information disclosure is improving. In 2024, 87% of bonds disclosed environmental benefit information. Fourth, environmental benefits such as carbon emission reduction have significantly improved. Based on statistics from the ChinaBond Green and Low-Carbon Transition Bond Database, as of 2025H1, the proceeds of publicly issued green-oriented bonds are expected to enable carbon emission reduction of over 600 million tons of carbon dioxide equivalent.
Looking ahead, to promote the high-quality development of China’s green bond market and leverage its role in supporting the green and low-carbon transition of the economy and society, efforts can be made in four aspects: cultivating a diverse market ecosystem, enhancing information disclosure, improving policy incentives, and deepening international cooperation.
First, to cultivate a diversified market ecosystem. With green sovereign bonds as a pioneer and example, explorations can be made to issue special green local government bonds. Eligible enterprises and financial institutions can be supported to issue green bonds and green asset-backed securities. It is suggested to encourage the use of green bond proceeds in biodiversity protection, and attract institutional investors, such as corporate annuities, pension funds, social security funds, and sovereign wealth funds, to invest in green bonds.
Second, to enhance information disclosure. It is advisable to encourage issuers to disclose environmental benefit information in accordance with the financial industry standard Green bond environmental benefit information disclosure indicator system (JR/T 0322—2024), and to encourage such disclosure to be made via the unified green and low-carbon transition bond database, thus improving standardization.
Third, to improve policy incentives. The standards for sustainable bonds can be improved by developing project catalogs and information disclosure standards for transition, biodiversity, blue, and social responsibility bonds. It is also necessary to establish carbon accounting methods for green bonds, and promote green bond issuers to calculate and disclose carbon emission reductions of projects funded by bond proceeds. Moreover, the environmental benefit information disclosure of green bonds can be used more widely in the green finance evaluation of financial institutions.
Fourth, to deepen international exchanges and cooperation. It is suggested to encourage overseas institutions to issue green panda bonds and invest in onshore green bonds. It is also advisable to promote mutual recognition of standards, expand the global coverage of the Common Ground Taxonomy, and advance the adoption of the financial industry standard for environmental information disclosure as and international standard. In addition, efforts can be made to provide more ChinaBond green bond indices, which align with international standards and meet the needs of overseas investors, to enhance the international influence of China’s green bonds.
Those who act can achieve, and those who walk can arrive. In pursuit of the “dual carbon” goals, continued efforts are needed to promote the high-quality development of the green bond market, and make green finance a distinctive feature of high-quality economic and social development.
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- 原文作者：知识铺
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