可持续债务——助力新兴市场气候融资规模化的关键力量

Core Insights - The report by Bloomberg New Energy Finance highlights that innovation and regulatory support are crucial for the growth of sustainable debt in emerging markets, which is essential for bridging the multi-trillion-dollar climate financing gap [1][10]. Group 1: Current Market Trends - In 2024, the issuance of labeled sustainable debt in the MENA and Asia-Pacific regions reached a record high, but it slowed down in 2025 due to changing perceptions regarding the advantages of labeled debt, including impacts on pricing and reporting costs [2][6]. - The pricing advantage of labeled debt is diminishing, with some issuers even paying a premium for green debt, indicating a shift in market dynamics [6]. Group 2: Regulatory Support and Innovation - Regulatory bodies can help reduce barriers faced by issuers by providing solutions such as offsetting labeling costs and creating a clear regulatory environment for labeled debt issuance [6]. - The Hong Kong government has implemented a subsidy program for green and social issuers, with over 620 sustainable debt instruments issued by mid-October 2025, totaling more than $170 billion [6]. Group 3: Growth Opportunities - Labeled debt currently represents only 2.6% of the debt market in emerging economies, highlighting significant growth opportunities [6]. - Social debt, which has only accounted for 8% of total issuance since 2020 in emerging markets, presents strong growth potential, with countries like South Korea and Japan leading the global social bond market [7]. Group 4: Innovative Structures - Issuers are exploring innovative structures beyond traditional labels and terms, such as blue bonds and sustainability-linked loans, which can attract capital to underfunded areas like marine ecosystem protection [7][9]. - The issuance of ultra-long tenor green bonds, such as the 30-year green bond by MTR Corporation, demonstrates strong investor demand for long-term debt instruments [9]. Group 5: Industry Perspectives - The collaboration between the Dubai Financial Services Authority and the Hong Kong Monetary Authority aims to enhance the sustainable debt market, reflecting growing investor confidence and the resilience of the market [10][11]. - The report emphasizes the importance of sustainable debt as a financial tool to address the climate financing gap in emerging markets, with Hong Kong positioning itself as a sustainable finance hub [10].