【世界经济论坛】东南亚净转型的标签债券_34页_2mb

报告摘要

Summary of "Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward"

Core Content

This white paper explores the role and potential of labelled bonds in financing the net-zero transition in emerging markets and developing economies (EMDEs), with a specific focus on the Association of Southeast Asian Nations (ASEAN) region. It emphasizes the need for a supportive environment, alignment of stakeholder interests, and the development of robust frameworks to enhance the issuance and effectiveness of labelled bonds in these markets.

Main Points

Importance of EMDEs in the Net-Zero Transition

EMDEs are crucial for the global net-zero transition due to their large populations and growing economies.
They are projected to see a significant increase in greenhouse gas (GHG) emissions if they follow the same high-carbon development path as developed economies.
To avoid this, EMDEs require substantial investment in clean energy, sustainable industry, transport, and land-use, which is often not self-sufficient due to limited financial resources.
Private capital, especially through debt instruments, is essential to scale the transition.

Role of Labelled Bonds

Labelled bonds (green, social, sustainability-linked, and transition bonds) are key instruments to channel private capital towards sustainable projects.
Green bonds are the most prominent type, followed by social bonds and sustainability bonds.
Impact bonds, such as sustainability-linked bonds (SLBs), tie financing to ESG performance metrics, offering a dynamic approach to sustainable finance.

Current Status in EMDEs and ASEAN

Labelled bond markets in EMDEs started growing substantially from 2017, but remain underrepresented compared to developed markets.
ASEAN countries account for only 23% of total labelled bond issuances in EMDEs and 2% globally.
In EMDEs, multilateral institutions are the primary issuers, whereas in ASEAN, the share of corporate issuers is lower.
The industries involved in labelled bond issuance vary across regions, with "financials" and "utilities" being the most dominant in all countries, and "transport" and "agriculture" being particularly relevant in ASEAN.

Key Challenges

For Issuers

Awareness and Knowledge Gaps: Many EMDE issuers lack awareness and understanding of labelled bonds and their benefits.
Costs: The cost of issuing labelled bonds is often higher due to limited financial infrastructure, regulatory uncertainty, and the complexity of the process.
Transparency and Accountability: Issuers must demonstrate clear environmental and social impact, which can be challenging in the absence of standardized frameworks.
Post-Issuance Management: There is a need for standardized post-issuance requirements to ensure that funds are used effectively.

For Investors

Lack of Domestic Participation: International investors dominate the demand for labelled bonds due to regulatory and incentive structures in their home markets.
Education and Awareness: Some investors remain unaware of the opportunities and benefits of labelled bonds.
Mismatch in Terms and Structures: The financing terms in EMDEs may not align with the investment preferences of international investors, necessitating better coordination.

Solutions and Roadmap

To enhance the labelled bond market in EMDEs, the following measures are proposed:

Early Engagement and Alignment: Encourage close collaboration between investors and issuers to align expectations and goals.
Enabling Market Environment: Develop robust financial infrastructure and supportive regulatory frameworks to create a conducive environment for labelled bond issuance.
Regulatory Frameworks: Introduce clear standards for greenness, align with international benchmarks, and establish standardized post-issuance requirements.
Organizational Preparedness: Help issuers prepare for the complexities of labelled bond issuance, including internal ESG strategies and reporting systems.
Knowledge Sharing and Capacity Building: Promote education and awareness programs, and encourage sovereign issuances as first-movers to set a precedent.
Incentives and Policies: Implement tax incentives, investment mandates, and reduced financial risks to increase investor demand.
Direct Support: Offer grant schemes and direct support for labelled bond issuance, especially for SMEs and non-traditional sectors.

Country-Specific Insights – Vietnam

Vietnam has shown a higher level of readiness for green bond issuance compared to other ASEAN countries.
The country is in a better position to leverage labelled bonds for its net-zero transition, but still requires support in terms of policy, awareness, and financial infrastructure.

Potential of Labelled Bonds

A back-of-the-envelope calculation suggests that if EMDEs achieve the same labelled bond share as developed economies, the market could see a $353 billion increase in labelled bond volume, with $142 billion attributed to green bonds.
For ASEAN specifically, the potential increase is around $19 billion, with $8 billion in green bonds.
The potential of labelled bonds is context-dependent, requiring tailored strategies for each country and sector.

Conclusion

Labelled bonds offer a promising avenue for financing the net-zero transition in EMDEs, especially in ASEAN. However, their successful deployment requires addressing key challenges such as awareness, financial infrastructure, regulatory clarity, and alignment between stakeholders. The paper advocates for a collaborative, multi-stakeholder approach to support the growth and effectiveness of labelled bonds in these markets.

Key Recommendations

Stakeholder Collaboration: Foster engagement between issuers, investors, and policymakers.
Policy and Regulatory Support: Develop and implement clear, applicable standards and frameworks.
Education and Awareness: Promote knowledge sharing and capacity building to enhance understanding of labelled bonds.
Incentives and Support Mechanisms: Introduce tax incentives, investment mandates, and direct support to encourage labelled bond issuance.
Tailored Strategies: Implement country-specific development plans to align with the unique needs and opportunities of each region.

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