对话国际资本市场协会CEO：可持续与投资收益的统一是长期主义视角下的商业必然

Core Insights - The sustainable finance market remains fundamentally strong with a positive long-term trajectory despite recent political and market challenges [6][21][62] - There is a notable regional and product differentiation in the sustainable finance landscape, with green bonds performing well, particularly in Asia, while sustainability-linked bonds have seen a decline [50][65][66] Group 1: Market Overview - The global sustainable finance market has experienced flat or slightly lower volumes compared to previous years, with Europe maintaining stable issuance and Asia, especially China, showing robust growth [6][19][21] - Political factors have impacted market momentum, but structural highlights indicate that public sector, financial institutions, and corporates in Europe continue to contribute significantly [6][19][21] Group 2: Role of ICMA - The International Capital Market Association (ICMA) plays a crucial role in establishing standards and frameworks that support the growth of sustainable finance, promoting consistency and cohesion across different jurisdictions [22][25][26] - ICMA's mission includes working with global financial networks to set strong standards and provide guidance, ensuring market integrity and supporting future issuance [23][26] Group 3: Emerging Markets and China - ICMA actively collaborates with regulators in emerging markets, particularly in China, to develop frameworks that align with international standards, enhancing the adoption of sustainable finance practices [27][30][72] - China's vast domestic bond market and capital reserves provide a strong foundation for ESG product development, with a focus on maintaining high standards to prevent greenwashing [31][55][76] Group 4: Future Trends and Innovations - Technology, particularly reliable data collection and AI, is expected to play a significant role in enhancing sustainability reporting and market integrity, especially in emerging markets [57][80] - The convergence of international standards and the growth of transition finance are anticipated to be key trends, with a focus on supporting hard-to-abate sectors in their transition to low-carbon pathways [58][38]