世界经济论坛-东南亚净零转型的标签债券：前进之路（英）-2024.7-33页_1mb

Labelled Bonds for Net-Zero Transition in Southeast Asia: Way Forward

Executive Summary

This whitepaper analyzes the development, challenges, and opportunities of labelled bonds (green bonds, sustainability-linked bonds, and transition bonds) in Southeast Asia (ASEAN) and emerging markets. While labelled bonds have grown in developed markets and other EMDEs, ASEAN’s participation remains limited, accounting for 2.9% of total bond markets between 2020–2022 compared to over 60% in other EMDEs. Key barriers include:

• Issuer barriers: Issuance costs (e.g., external reviews, certifications), lack of long-term sustainability strategies, and limited access to expertise.
• Market barriers: Inconsistent standards for labelled bonds across EMDEs and inadequate educational support for issuers and investors.

Current Status

• Bond Types: Green bonds dominate issuance (57% globally in 2022), followed by transition and sustainability-linked bonds (SLBs).
• Regional Disparities: ASEAN accounted for only 2.3% of global labelled bond issuances by 2022, despite early initiations like the Asian Development Bank’s 2010 issuance.

Key Challenges

• Costs: Greeniums (yield premiums) are inconsistent, averaging lower in EMDEs (20 basispoints) than in developed markets.
• Complexity: Inadequate knowledge sharing, varying standards (e.g., CBI certifications, self-labeling), and mismatched financing structures with international investor appetites.

Issuer Impacts

• Direct costs: Auditing, reviews, frameworks, and certifications cost between $15k–$60k per issuance.
• Opportunities: SMEs find labelled bonds inaccessible due to compliance burdens, while renewable and clean transport sectors show high potential.

Solutions Proposed

For Issuers & International Players

1. Direct Financial Support: Grants for framework development, sovereign issuances as role models, and tax incentives.
2. Knowledge Hubs: Dedicated platforms for sharing issuance templates and alignment with regional and global taxonomies.

For Policy Makers

3. Capacity Building: Training programs for local entities (SE Asia) and integrating sustainability goals into national plans (e.g., Vietnam's $15.5 billion transition plan).

For Investors

4. Investment Mandates: Encouraging institutional investors (e.g., insurers) to prioritize labelled bonds via quotas.

Vietnam Case Study

Vietnam saw its labelled bond market surge in 2020–2022 (11 issues, peak 2021), supported by roles of multilateral agencies. Key recommendations include:

• Streamlining tax incentives and investment mandates (e.g., minimum green investment shares).
• Strengthening local expertise through educational support.

Road Ahead

Nationally-specific solutions are required to support ASEAN’s labelled bond trajectory. Priority is placed on infrastructural capacity, policy alignment, and reduced complexity in labelled framework generation. Increasing integration between international experience and local emission goals is critical for success.