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 despite recent policy pullbacks and market fluctuations, with long-term trends still positive [4][21] - Asia, particularly China, is emerging as a significant leader in global sustainable finance issuance, driven by proactive regulatory policies [5][21] - The market is experiencing a dual-dimensional differentiation in terms of regions and products, with green bonds showing resilience while sustainable-linked bonds face challenges [5][22] Group 1: Market Overview - The global sustainable finance market is relatively stable this year, with overall issuance levels flat or slightly down compared to previous years [5][21] - Europe maintains steady issuance levels, while the U.S. market shows a noticeable contraction in attention, issuance scale, and ESG-themed fund inflows [5][21] - In contrast, the Asian market continues to grow robustly, with significant increases in issuance, particularly in China [5][21] Group 2: Product Trends - Green bonds are favored in the market due to their clear use of proceeds, strict management frameworks, and high levels of information disclosure [5][22] - Sustainable-linked bonds (SLBs) have seen a significant decline in scale, as concerns about the ambition and credibility of their targets have led to market skepticism [5][22] - The overall market is characterized by a strong performance of green bonds, robust growth in Asia, resilience in Europe, and a phase of adjustment in the Americas, especially the U.S. [5][22] Group 3: ICMA's Role - The International Capital Market Association (ICMA) plays a crucial role in establishing standards and frameworks for sustainable finance, promoting healthy market development [6][23] - ICMA aims to enhance global standard consistency and coordination to avoid market fragmentation, which can hinder market expansion and the financial system's ability to meet future financing needs [6][24] - The organization collaborates closely with regulatory bodies and market participants to create frameworks that align local practices with international standards [8][25] Group 4: Emerging Markets and Trends - ICMA supports emerging markets, particularly in Asia, by helping to develop sustainable finance frameworks that align with international standards [8][25] - In China, the alignment of the "Green Bond Support Project Catalog" with ICMA's international principles is highlighted as a significant achievement [8][26] - The demand for transition finance is expected to grow significantly, with an estimated global funding requirement of approximately $30 trillion over the next 10 to 15 years [8][30] Group 5: Future Directions - The integration of technology, particularly AI, is anticipated to enhance data reliability and transparency in sustainable finance practices [8][29] - The focus on transition finance is crucial for supporting industries with high carbon footprints in their shift towards low-carbon pathways [8][30] - The ultimate goal is to align with the Paris Agreement's 1.5°C temperature target, emphasizing the need for accelerated development of transition finance and related technologies [8][30]