绿色债券 / Green Bond

「释义」

绿色债券是种相对新颖的定息金融产品，指的是为各种为舒缓气候变化问题的项目集资的债务证券。绿色证券的发行量和存量增速迅猛，存量在2016年达到了1,600亿美元，2019年绿色证券发行规模达到2550亿美元。

发行绿色债券的主要目的是为各种减缓气候变化的项目融资。这些项目包罗万象，从减少温室气体排放、清洁能源到能源效益项目都有。也有一些项目以应对气候变化为目的，例如建设尼罗河的水利设施，从而避免水灾，又或是采取手段以减少海水温度上升对大堡礁的影响。

「应用场景」

还有一项比较新的战略是运用金融工具，例如绿色债券，现在有2000亿美元的市场，购买绿色债券的收益会流向环境和气候项目。意大利电力公司（ENEL）尝试了略有不同的方法，发行的债券与一项衡量公司遵守联合国可持续发展目标情况的关键绩效指标挂钩。倘若ENEL未能将总发电量中来自可再生能源的电量比例提高至55%，给债券持有人的利率就要上调25个基点。虽然筹集到的资金并未指定某一特定用途，但与传统绿色债券一样，该债券明确支持减少碳排放。

A more recent strategy is to use financing tools such as green bonds, now a $200 billion market, in which the proceeds from bond purchases go to environmental and climate projects. The Italian energy group ENEL is trying something a bit different, issuing a bond tied to a KPI measuring the company’s performance against the UN’s Sustainable Development Goals. If ENEL misses its target of increasing renewable energy to 55% of its installed capacity, it will pay 25 basis points more to bondholders. Although the funds raised are not tied to a specific use, as they are with conventional green bonds, the instrument clearly supports emissions reduction.

公司能够采取的最大动作，或许是重新考虑研发资金的分配。戴姆勒做出一项强有力的重大变化，宣布将不再投资研发内燃机引擎，把数十亿资金转向电动汽车。雀巢CEO马克·施奈德前不久谈起投资植物性蛋白，生产过程中排放的二氧化碳比传统生产的肉类要少，他说，“我们为这种植物肉饼投入资金，会损害本季度的利润，但如果我们把工作做到位，到了明年、后年，投资就会有回报。”在一两年内看到一个快速发展的新市场有所回报，听起来是一笔很好的生意。

Perhaps the biggest move a company can make is to rethink where to place its R&D bets. In a telling seismic shift, Daimler announced that it would no longer invest in research on internal combustion engines and would put billions toward electric vehicles instead. And the CEO of Nestlé, Mark Schneider, spoke recently about investing in plant-based proteins, which have a much smaller carbon footprint than conventionally produced meat, saying, “A Swiss franc we spend developing the burger is a burden to this quarter’s profits. Next year or the year after, it will come back to us if we do our job right.” Seeing returns on a fast-growing new market within a year or two sounds like a good deal.

《引领气候行动新时代》

安德鲁·温斯顿

2020年6月刊

“Leading a new era of climate action”

by Andrew Winston

编辑：马冰仑