刘凡：我国绿色债券信息披露行业标准的建设与应用

Core Viewpoint - The establishment of a scientific and standardized environmental benefit information disclosure indicator system for green bonds is crucial for identifying green bonds and enhancing their international recognition, aligning with the spirit of the 20th National Congress of the Communist Party of China [1][2]. Summary by Relevant Sections Importance of Green Bond Environmental Benefit Disclosure Standards - The core distinction of green bonds lies in the green attributes of the funds raised, which are identified through environmental benefit information disclosure. The lack of standardized rules has led to inconsistent quality and comparability issues in disclosures [2][3]. - Establishing a standardized disclosure system is necessary to support the healthy development of the green bond market and to achieve national green development and carbon neutrality goals [2][3]. Current Challenges and International Recognition - The quality of environmental benefit disclosures needs improvement, as there are no unified standards for specific environmental benefit indicators related to green projects [3]. - To enhance international recognition of China's green bond market, a standardized system and centralized data disclosure platform are urgently needed to address concerns about "greenwashing" [3][4]. Development of the Green Bond Environmental Benefit Disclosure Standard - A comprehensive indicator system has been developed, covering 205 sub-categories of green projects with 47 environmental benefit indicators, including mandatory and optional indicators [6][7]. - The People's Bank of China officially released the "Green Bond Environmental Benefit Information Disclosure Indicator System" in December 2024, marking a significant breakthrough in the green finance sector [6][8]. Advantages of the Disclosure Standard - The standard is designed to objectively quantify environmental benefits, is user-friendly, compatible with domestic and international standards, and has high feasibility [8]. - Approximately 87% of green bonds issued in 2024 disclosed environmental benefit information, with over 60% alignment with the new standard, indicating its applicability and operability [8]. Impact and Application of the Standard - The standard aids in measurable, reportable, and verifiable environmental benefit disclosures, gaining recognition from regulatory bodies, issuers, investors, and third-party certification agencies [9][10]. - A centralized database has been created to showcase environmental benefit data from green bonds, covering over 6,000 bonds with a total issuance exceeding 12 trillion yuan [11]. - The standard is being applied in various sectors, including local financial institutions and other green financial products, to ensure a cohesive green finance ecosystem [12]. Future Recommendations - Continuous tracking of the application of green finance standards and promoting mutual recognition with international standards is recommended to enhance China's influence in the green finance sector [13]. - Further research on transitional finance information disclosure and the establishment of a competitive environment for certification agencies are suggested to improve the quality and effectiveness of disclosures [13][15].