【意見交流園地】團結香港基金副總幹事 黃元山、研究員 江俊燊
綠色債券向來飽受「漂綠」質疑，畢竟要界定所謂綠色項目究竟是深綠、淺綠抑或只是「扮綠」並不容易。驟眼看來，「何謂綠色」是個言人人殊的大哉問，但其實國際上早有不同標準，嘗試為綠色下一個定義。這些標準固然不可能盡善盡美，但至少為「何謂綠色」提供了一個討論的基礎。
中國綠債標準修訂 三大要義
在中國內地，綠色債券的標準主要有二，分別是中國金融學會綠色金融專業委員會的《綠色債券支持項目目錄（2015年版）》（下稱2015年版目錄）以及發改委的《綠色債券發行指引》。
近日，人民銀行、發改委和中證監聯合發布《綠色債券支持項目目錄（2020年版）》（下稱2020年版目錄）的徵求意見稿，當中包含不少重要修訂，勢必促進國內外綠色標準的融合。香港作為內地的離岸綠債發行中心，不可不察。
是次內地綠債改革，主要意義有三：
首先，是內地綠債標準與國際標準的接軌。
與國際接軌 統一國內標準
長久以來，內地綠債標準與國際標準的一個主要分歧在於潔淨煤（clean coal）的使用。內地一直將潔淨煤項目界定為綠色融資範疇之內，但國際投資者普遍不承認潔淨煤屬綠色項目。今次修訂的一大重點，就是將潔淨煤以及其他化石燃料相關項目從目錄中剔除，勢將增加國際投資者對於中國綠色債券的興趣。
其次，是國內綠債標準的統一。此前國內不同類型的債券各自參照上述兩個略有不同的標準，而2020年版目錄為市場提供了一個統一的標準。這將推動內地綠債市場融合，讓投資者更容易基於一個統一標準去評估綠色項目。
最後，是綠色項目定義的寬度和深度。一方面，2020年版目錄擴充了2015年版目錄的綠色項目範疇，例如增添了綠色服務這一類別，將有助擴大綠債市場。另一方面，2020年版目錄亦增加了更多技術細節，並且提高了要求，例如太陽能光伏發電，2015年版目錄要求多晶矽電池組件光電轉化效率≥15.5%，2020年版目錄則將此要求提高到17%。
2019年，內地機構在香港發行的綠債佔香港總發行量79%，反映內地發行人對於香港成為綠債金融中心的重要性；與此同時，香港綠債發行量有81%為美元債，反映香港綠債集資主要面向國際投資者。作為內地與國際投資者之間的橋樑，香港的綠債標準必須緊貼內地和國際發展。
港綠債總發行量 內企佔79%
現時香港政府主要支持香港品質保證局的《綠色金融認證計劃》標準。例如政府的《綠色債券資助計劃》，要求發行人透過香港品質保證局的《綠色金融認證計劃》獲取綠色債券認證，而香港政府的首次綠債發行，亦尋求了品質保證局的綠色債券認證。然而，隨着內地和國際標準發展，尤其是近期的內地《綠色債券支持項目目錄（2020年版）》和歐盟的《可持續金融分類方案》，以及中歐雙方就調和中歐綠色金融標準正進行的討論，香港或許是時候考慮進一步擁抱國際標準，並思考自身在國際標準發展中的角色。
內地與國際橋樑 港標準須反思
除了被動地採納和鼓勵發行人使用國際標準，香港亦可考慮善用自身經驗，參與國際標準發展的討論。例如香港在綠色建築方面經驗豐富，綠色建築亦佔本地綠色債券發行量超過6成。在相關國際標準的發展過程中，香港或可貢獻其經驗，形塑這些標準的制定。
金融與實體經濟從來是一體兩面，綠色金融的發展亦與綠色經濟的發展緊密相連。內地綠債項目目錄的修訂，其實反映了政策制定者希望引導資金流向實體經濟的哪些部分。這也帶出了一個問題：香港希望扶持實體經濟中的哪些綠色產業？
港綠色產業貧乏 再工業化有可為
這一問，卻凸顯了香港綠色產業的貧乏。在2019年發行的本地綠色債券中，有61%資金用於低碳建築，其餘廢物處理、交通、水資源、土地、工業、能源各佔5%至8%不等，反映香港本地綠債發行高度集中於建築領域。這很大程度上是由於本地缺乏多元化的綠色產業，而長此下去，這將一方面限制了本地綠債市場的多樣性，另一方面亦較難迎合綠色投資者的分散化需求，不利本地綠債市場發展。
在本年度財政預算案，政府撥款2億元成立低碳綠色科研基金，支持減碳技術和綠色科技的研發及應用，是一個良好訊號。在「再工業化」的主旋律下，政府應更積極推動香港綠色產業發展，並引導綠色金融市場為相關行業提供發展資金。
社會債與可持續債 值得推動
此外，近年除綠色債券外，社會債券和可持續發展債券（即綠色債券和社會債券的結合）亦日漸成長。政府亦可考慮引導市場資金推動社會相關產業，例如醫療產業發展，紓緩人口老化等社會問題，同時推動相關金融市場成長。
回到文章開首，何謂綠色項目固然不是個容易回答的問題，要制定人人認同的標準就更不容易。可幸的是，國際上已有不同標準作為討論的基礎，而香港最近成立的「綠色和可持續金融跨機構督導小組」亦已然承擔起標準制定的重任。無論是香港與國際綠色標準之間的關係，還是香港綠色標準與自身可持續發展規劃的關係，都應該是督導小組需要仔細思考的課題。
Opportunities
- Survey: ESG Finance in Asia
Organised by: The Warren
This is your opportunity to shape the ESG strategy of a world-leading exchange – one of the PRI’s signatories has commissioned Singapore-based consultancy The Warren to conduct research on the future of ESG Finance in Asia.
If you are an investment professional or subject matter expert on ESG finance (including regulators, policy-makers and service providers), please share your insights on this important and growing segment of the financial markets by completing this survey, which should only take about 5-10 minutes – the survey is scheduled to close on 7th August.
The survey results will be an important part of a white paper on ESG Finance in Asia that will be shared with all respondents who provide their email address.
In return, The Warren will plant two trees for every completed survey form through their partner organisation OneTreePlanted.org. Your participation will thus contribute to much needed reforestation efforts in Indonesia. (For details, please click here.)
Please note that it is very important to push the ‘Submit’ button at the end of the survey, as only completed survey forms will be included in the final analysis. You will see a final thank you screen to confirm that your response has been received. If you have any questions please email Stefan Ullrich or call +65 6950 8171.
Events & Webinars
- Webinar: Taiwan Investment Series: Sustaining ESG for ETFs (Part 2)
Organised by: The Asset
Date & Time: 5th August 4 – 5:15pm HKT
Taiwan is among the economies in the Asia-Pacific that has a strong focus on ESG. In the past 12 months, Taiwan’s market launched the first ESG ETF and also the region’s first ESG futures contract. While the future for ESG investing in ETF wrapper looks unstoppable, the sector needs to overcome a number of challenges.
Reports
- Hong Kong – Developing into the Global ESG Investment Hub of Asia
Published by: FSDC
In this paper, the FSDC looks into how better the efforts of the public and private sectors can be coordinated for the further development of the ESG investment ecosystem of Hong Kong – the overarching theme is to map out what have been done and what else could be done to nurture this ecosystem.
The report sets out a number of recommendations including enhancing the coordination of policy environment, increasing the insurance sector’s emphasis on ESG policies, strengthening regulators’ oversight of nonfinancial reporting, among others. - White Paper on Green and Sustainable Banking
Published by: HKMA
Climate change is one of the major risks threatening the well-being of mankind, and the financial sector is no exception. Authorized institutions (AIs) should gear up to meet the possible challenges arising from climate change, including the physical and transition impacts on their own operations and their clients.
The objective of this white paper is to present the initial thinking of the Hong Kong Monetary Authority (HKMA) about its supervisory approach to addressing climate-related issues, and to a lesser extent, broader sustainability issues.
The HKMA also hopes that this white paper can enable AIs to have a grasp of the issue and help shape a greener, better and more climate-resilient banking system. The HKMA appreciates further discussion about our thinking presented in this white paper. - Developing a National Green Taxonomy: A World Bank Guide
Published by: The World Bank
In recent decades, the challenges of a rapidly warming planet and other aspects of environmental degradation have motivated a call for all actors in society, including the financial sector, to take responsibility for environmental sustainability. The funding will have to come from both the public and private sectors, leveraging all asset classes, including bank credits, bonds, and secured assets, and involving a wide range of actors, including international financial institutions, central banks and financial regulators, banks, and institutional investors.
This World Bank guide addresses the need among financial market participants for clarity and transparency in what is understood and what qualifies as green. Applying its experience in shaping the debate on sustainable finance and its understanding of the very diverse national contexts of emerging economies, the World Bank Group recommends the principles and methodology for developing a taxonomy of environmentally sustainable activities.
A well-defined and structured taxonomy can support better-informed and more efficient decision making and response to investment opportunities that contribute to achieving national environmental objectives. - The Investor Guide to Deforestation and Climate Change
Published by: Ceres
This guide gives investors a framework to help them understand and engage on deforestation-driven climate risks across their portfolios. It is especially intended for investors who are relatively new to deforestation and may be engaging on climate risk but not deforestation risk.
The guide will help them understand the drivers of deforestation risk and prioritize company engagements based on industries, geographies and sourcing patterns. It also outlines key expectations that investors should be looking for in corporate climate and deforestation commitments and example questions for company and sector engagements.
Lastly, the guide provides concrete next steps investors can take to address deforestation risk.
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