碳中和债券：现状、问题、建议

Core Viewpoint - Carbon neutrality bonds are crucial for supporting China's "dual carbon" goals, having provided over 800 billion yuan in funding since their introduction in 2021, but the market still has significant room for improvement in terms of participant diversity and product innovation [2][11]. Market Scale - Since the launch of carbon neutrality bonds in 2021, a total of 805.739 billion yuan has been issued, with 2021 seeing the highest issuance at 258.379 billion yuan, accounting for 41.64% of that year's green bond issuance [5][6]. - The issuance volume for 2024 is projected to be 178.759 billion yuan, a year-on-year increase of 5.75%, raising the proportion of carbon neutrality bonds in the green bond market from 19.91% in 2023 to 25.86% in 2024 [5][6]. Issuance Rates - The average issuance rate of carbon neutrality bonds has decreased to 2.406% in 2024, becoming lower than the AAA-rated non-financial corporate bonds at 2.411%, indicating a growing cost advantage for carbon neutrality bonds [6][7]. Industry Involvement - The electricity sector is the primary issuer of carbon neutrality bonds, followed by the financial and transportation sectors, with the electricity sector accounting for an average annual issuance of approximately 120 billion yuan [8][11]. Bond Types - The main types of carbon neutrality bonds include carbon neutrality corporate bonds, carbon neutrality asset-backed securities, and carbon neutrality local government bonds, with asset-backed securities showing steady growth [8][9]. Issuance Locations - Initially, the majority of carbon neutrality bonds were issued through the trading association, but by 2023, exchange issuance surpassed that of the trading association, indicating a shift in the market dynamics [10][11]. Current Challenges - The market is characterized by a lack of diversity in issuers, with state-owned enterprises dominating the landscape, accounting for over 90% of the issuance from 2021 to 2024 [11][12]. - There is a regional imbalance in bond issuance, with Beijing leading at 365.3 billion yuan, while other provinces, particularly those with significant energy production, have issued less than 50 million yuan [12]. - A significant portion of the funds raised is used for debt repayment rather than new project financing, with 49.3% of the total issuance used to repay existing debts [13]. Recommendations for Development - There is a need to enhance support for carbon neutrality bond issuance in various sectors, including industrial and construction sectors, to broaden the market [14]. - Encouraging participation from private and foreign enterprises by optimizing issuance standards and improving communication with potential issuers is essential [15]. - Continuous innovation in carbon neutrality bond products is necessary, including exploring new financing models linked to carbon assets [16]. - Establishing risk-sharing mechanisms and enhancing the role of third-party guarantee institutions can improve market confidence and participation [17].