2018-绿色金融_证券交易所能做什么_（英文版）-3mb

Green Finance for Stock Exchanges Summary

Core Content

Green finance refers to the financing of the transition to a less polluting and less resource-intensive global economy, commonly termed the "green transition." It encompasses a variety of financial instruments and strategies aimed at directing capital towards climate change mitigation and adaptation projects. This includes green bonds, green ETFs, yield-cos, and other innovative financial products.

Main Points

• Green finance opportunities: Developing countries have significant untapped investment opportunities in green finance, which requires collaboration among all financial actors.
• Role of stock exchanges: Stock exchanges can play a pivotal role in promoting green finance by creating mechanisms and tools that support sustainable investment.
• Private and public financing mix: The green transition necessitates a combination of private and public funding to ensure the viability of climate-related projects.
• Carbon risk in equity markets: Equity portfolios are increasingly affected by global emission cuts. The Paris Agreement aims for a 40-70% reduction in global carbon emissions by 2050, which poses a challenge for companies to cut emissions while maintaining revenue growth.
• Green bonds: These are growing rapidly as a financing tool for climate-related initiatives. They are widely used across corporate, financial, and public sectors and are in high demand globally.

Key Information

Emissions Data

• Worldwide emissions: 37,168,300 Kt CO2e
• Listed companies emissions: 7,846,787 Kt CO2e

Carbon Risk and Market Response

• The Paris Agreement targets require global carbon emissions to peak and then fall by 40-70% by 2050.
• Stock exchanges are key players in the bond market, with half of all bonds listed on stock exchanges.
• Companies must adapt to these emission cuts while sustaining or growing their revenues.

Barriers to Green Finance

• Negative environmental externalities need to be integrated into financial decision-making and market pricing.
• There is a need for better skills to assess and manage risks in green sectors.
• Investors require clearer information on what qualifies as green, how to identify green products, and how these align with their investment strategies.
• Financial tools should be developed to support long-term financing for green projects.

Three Actions Stock Exchanges Can Take

1. Provide Guidance & Training

• Offer guidance and training on sustainability reporting and climate risk disclosure.
• Support the SSE Global Guidance Campaign.
• Train local issuers and investors on green finance innovations, standards, and regulations.
• Provide guidance to international investors on local green products.

2. Make Visible

• Create green equity indices to highlight sustainable investments.
• List labelled green bonds and develop a green bond index.
• Encourage transparency and the labelling of green bonds by issuers.

3. Promote Green Standards Development

• Participate in consultations on green finance standard setting.
• Introduce listing rules for green bonds.
• Promote the adoption of recognized green finance standards within their market.

Conclusion

Stock exchanges have a critical role in advancing green finance by offering guidance, increasing transparency, and promoting the development and adoption of green finance standards. These actions can help align financial systems with climate goals, support sustainable investment, and ensure long-term economic opportunity for all.