沉浸式翻译In collaboration with ETH Zurich
与苏黎世联邦理工学院合作
Labelled Bonds for the Net-Zero Transition in South-East Asia:
东南亚净零转型的标记债券：
The Way Forward
前进的道路
WHITE PAPER
白 皮书
JULY 2024
2024 年 7 月
Images: Getty Images
图片：Getty Images
Contents
内容
Foreword | 3 | |
Executive summary | 4 | |
Introduction | 5 | |
The importance of emerging markets and developing | ||
economies for net-zero transition | 5 | |
The role of labelled bonds in EMDE markets | 6 | |
1 Current challenges for the labelled bond market in EMDEs | 12 | |
1.1 | Benefits of issuing labelled bonds | 14 |
1.2 | Costs for issuing labelled bonds | 15 |
2 Solutions and roadmap for implementation | 17 | |
2.1 | Actions for all stakeholders in the market | 17 |
2.2 | Prioritization and roadmap | 22 |
3 Viet Nam case study | 24 | |
3.1 | Current status of labelled bonds in Viet Nam | 24 |
3.2 | Solutions in the Viet Nam context | 25 |
Conclusion | 28 | |
Contributors | 29 | |
Endnotes | 31 | |
Disclaimer
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Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 2
东南亚净零过渡的标记债券：前进之路 2
July 2024
2024 年 7 月
Labelled Bonds for the Net-Zero
标记债券以实现净零目标
Transition in South-East Asia:
东南亚的转型：
The Way Forward
前进的道路
Foreword
前言
Gim Huay Neo
金辉女
Managing Director,
总经理，
Centre for Nature and Climate,
自然与气候中心
World Economic Forum
世界经济论坛
The transition towards net zero will only be successful if enough private capital is channelled towards emerging markets and developing economies (EMDEs) to effectively adapt to and mitigate the impacts of climate change. Given the rapid adoption of debt finance and labelled bonds (i.e. green, social, sustainable, sustainability-linked bonds and transition bonds) in developed markets, these instruments now also represent a great opportunity for EMDEs to finance their transition. However, countries in these regions suffer from high perceived risks and often lack awareness, financial infrastructure and capacity around these tools, preventing them from becoming more established.
向净零过渡只有在足够的私人资本流向新兴市场和发展中经济体（EMDEs）以有效适应和减轻气候变化影响的情况下才能成功。鉴于发达市场迅速采用债务融资和标记债券（即绿色、社会、可持续、可持续链接债券和过渡债券），这些工具现在也为 EMDEs 融资其过渡提供了良好机会。然而，这些地区的国家面临高风险感知，且通常缺乏对这些工具的认识、金融基础设施和能力，阻碍了它们的进一步发展。
This paper comes as a result of a project supported by The Rockefeller Foundation and in collaboration with ETH Zurich, with the objective to create and engage a community of experts – including issuers, financial intermediaries and policy-makers – to identify solutions to promote a
本文是由洛克菲勒基金会支持，并与苏黎世联邦理工学院合作的项目成果，旨在创建并吸引一个专家社区——包括发行人、金融中介和政策制定者——以识别促进解决方案
Bjarne Steffen
比亚尔内·斯特芬
Climate Finance and Policy
气候金融与政策
Group, ETH Zurich
小组，苏黎世联邦理工学院
favourable environment to increase the issuance of labelled bonds. Drawing upon stakeholder consultations and various workshops, we identified the measures that will help alleviate the challenges that these markets are facing. With this paper, we hope to provide actionable insights and practical recommendations that empower policy-makers and other actors in the field to embrace this innovative financial tool and drive meaningful change.
有利环境以增加标签债券的发行。通过利益相关者的咨询和各种研讨会，我们确定了可以帮助缓解这些市场面临的挑战的措施。通过这份文件，我们希望提供可行的见解和实用的建议，赋能政策制定者和该领域的其他参与者，拥抱这一创新金融工具，推动有意义的变革。
By promoting labelled bonds in EMDEs, we would like to seize the opportunity to harness the power of finance for good and build a more resilient, inclusive and sustainable future in the region.
通过在新兴市场和发展中经济体中推广标记债券，我们希望抓住机会利用金融的力量为善，建设一个更加韧性、包容和可持续的未来。
This paper is produced by the World Economic Forum’s Giving to Amplify Earth Action (GAEA) programme and with technical support from ETH Zurich’s Climate Finance and Policy Group. This was made possible with the generous support from The Rockefeller Foundation.
本报告由世界经济论坛的“给予以增强地球行动”（GAEA）项目制作，并得到了苏黎世联邦理工学院气候金融与政策小组的技术支持。这得益于洛克菲勒基金会的慷慨支持。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 3
东南亚净零转型的标记债券：前进之路 3
Executive summary
执行摘要
Accelerating the issuance of labelled bonds in emerging markets and developing economies involves charting solutions using insights from stakeholders in the ASEAN region.
加快新兴市场和发展中经济体的标签债券发行需要利用东盟地区利益相关者的见解来制定解决方案。
Various research shows that to reach net zero, the world needs investment of over $3 trillion every year from now until the end of 2025. Emerging markets and developing economies (EMDEs) will play a critical role in the global transition to a sustainable, net-zero future but face notable funding gaps. Green bonds represent a promising avenue for directing capital towards sustainable projects, although effective implementation requires stringent guidelines. Despite witnessing growth in labelled bond issuances, EMDEs (excluding China) still hold a relatively small share of the global market compared to developed economies, underscoring significant untapped potential. However, challenges persist in expanding the labelled bond market in EMDEs, with lessons from developed economies not always directly applicable due to differences in local contexts, including types of issuers, industries and market maturity levels.
各种研究表明，为了实现净零排放，全球每年需要超过 3 万亿美元的投资，直到 2025 年底。新兴市场和发展中经济体（EMDEs）将在全球向可持续、净零未来的过渡中发挥关键作用，但面临显著的资金缺口。绿色债券代表了一条有前景的途径，可以将资本引导到可持续项目上，尽管有效实施需要严格的指导方针。尽管标记债券发行量有所增长，但 EMDEs（不包括中国）在全球市场中仍占相对较小的份额，与发达经济体相比，显示出显著的未开发潜力。然而，在 EMDEs 扩大标记债券市场方面仍然面临挑战，发达经济体的经验教训并不总是可以直接适用，因为当地背景的差异，包括发行者类型、行业和市场成熟度等。
This paper aims to pinpoint the primary challenges confronting labelled bond markets in EMDEs today and develop potential solutions to address these challenges. The paper is developed based on consultations and workshops with key stakeholders from the Association of Southeast Asian Nations (ASEAN) region or international organizations working in the region.
本文旨在明确当前新兴市场和发展中经济体（EMDEs）中有标记债券市场面临的主要挑战，并提出解决这些挑战的潜在方案。本文基于与东南亚国家联盟（ASEAN）地区的关键利益相关者或在该地区工作的国际组织的咨询和研讨会而制定。
To support and scale a functioning labelled bond market in EMDEs, three critical elements must align: an enabling market environment (comprising the development of robust debt capital markets and the cultivation of an ecosystem where the net-zero transition agenda takes precedence), the priorities of issuers and the expectations of investors.
为了支持和扩大新兴市场和发展中经济体中有效运作的标记债券市场，必须协调三个关键要素：一个支持性的市场环境（包括健全的债务资本市场的发展和优先考虑净零转型议程的生态系统的培育）、发行人的优先事项和投资者的期望。
This paper predominantly focuses on the issuer perspective as it has been identified as one of the areas where the most challenges persist.
本文主要关注发行人视角，因为这被认为是面临最多挑战的领域之一。
For issuers to opt for labelled bonds over other financing instruments, the total added costs of issuing these bonds cannot be higher than the added benefits. Based on the consultations, several key benefits and cost buckets, along with the associated challenges that might prevent the benefits from increasing and the costs from decreasing, have been identified.
对于发行人选择标记债券而非其他融资工具，发行这些债券的总增加成本不能高于增加的收益。根据咨询结果，已确定几个关键收益和成本类别，以及可能阻碍收益增加和成本减少的相关挑战。
Different types of stakeholders, including issuers, investors, local policy-makers (e.g. governments, regulators, central banks), and the international community (e.g. multilateral development banks, non-profit and standard setters), all have potential ways to support issuers through measures aimed at increasing issuer benefits or decreasing issuer costs. The proposed sets of measures are outlined as follows:
不同类型的利益相关者，包括发行人、投资者、地方政策制定者（例如政府、监管机构、中央银行）以及国际社会（例如多边开发银行、非营利组织和标准制定机构），都有潜在的方式通过旨在增加发行人利益或降低发行人成本的措施来支持发行人。拟议的措施集如下所述：
– Early engagement and close alignment between investors and issuers.
– 投资者与发行者之间的早期参与和紧密对齐。
– Provision of enabling market environment, including the development of transition plans.
– 提供有利的市场环境，包括制定过渡计划。
– Clear and applicable regulatory framework, e.g. standards alignment, introduction of levels of “greenness” and standardized post-issuance requirements.
– 清晰且适用的监管框架，例如标准对齐、引入“绿色”级别和标准化的发行后要求。
– Organizational preparedness of issuers.
– 发行人的组织准备情况。
– Knowledge generation, including directed knowledge-sharing, sovereign issuances as first-mover, education support and capacity building.
知识生成，包括定向知识共享、作为先行者的主权发行、教育支持和能力建设。
– Policies aimed at increasing investor demand for labelled bonds through measures like enhanced returns, reduced financial risks, investment mandates, capital requirements, tax incentives and credit ratings.
旨在通过提高回报、降低金融风险、投资授权、资本要求、税收激励和信用评级等措施，增加投资者对标记债券需求的政策。
– Direct support for issuers, which may include issuance grant schemes and direct issuance support (developing frameworks for issuers).
– 对发行人的直接支持，这可能包括发行补助计划和直接发行支持（为发行人开发框架）。
To support different stakeholders in prioritizing these proposed solutions, all measures have been assessed based on their anticipated impact and ease of implementation. Highly ranked measures can then be treated preferentially on a potential implementation roadmap. Such measures include early engagement of investors, organizational preparedness of the issuer, tax incentives, sovereign issuances as well as direct issuance support from the international community.
为了支持不同利益相关者优先考虑这些提议的解决方案，所有措施都根据其预期影响和实施难易程度进行了评估。排名较高的措施可以在潜在的实施路线图中优先处理。这些措施包括早期吸引投资者、发行人的组织准备、税收激励、主权发行以及国际社会的直接发行支持。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 4
东南亚净零转型的标记债券：前进之路 4
Introduction
介绍
Labelled bonds are a key instrument to finance the transition to net-zero in EMDEs.
标记债券是融资向新兴市场和发展中经济体实现净零转型的关键工具。
The importance of emerging markets and developing economies for net-zero transition
新兴市场和发展中经济体在净零转型中的重要性
虽然补助金和优惠融资是重要的资金来源，但必须通过更大规模的私人资本来增强，以支持规模和速度。
To avoid the worst effects of climate change, a swift global transition of energy systems – meaning a shift away from fossil fuels to renewable energy – is required to reach net zero by the middle of
为了避免气候变化的最严重影响，需要迅速实现全球能源系统的转型——即从化石燃料转向可再生能源，以在中期实现净零排放
the century.1 Emerging markets and developing economies (EMDEs) will play a decisive role in this transition (China is excluded from this report’s analysis of EMDEs due to its unique role in labelled bonds, which significantly differs from other EMDEs. All data points and graphs related to EMDEs do not include China.) Not only are EMDEs home to two-thirds of the global population and have the largest population growth projection, but as their economies develop and standards of living rise, their demand for energy, infrastructure and consumer goods will also increase significantly. This will unequivocally lead to a substantial surge in carbon emissions if they follow the same high-carbon growth pathway that developed economies charted in the past.2 Projections over the next two decades indicate a 5 gigatonne increase in greenhouse gas (GHG) emissions in EMDEs, compared to a two gigatonne reduction in advanced economies.
本世纪。新兴市场和发展中经济体（EMDEs）将在这一转型中发挥决定性作用（由于中国在标记债券中的独特角色，本报告对 EMDEs 的分析不包括中国，这与其他 EMDEs 显著不同。与 EMDEs 相关的所有数据点和图表均不包括中国。）EMDEs 不仅占全球人口的三分之二，并且拥有最大的人口增长预测，而且随着其经济的发展和生活水平的提高，对能源、基础设施和消费品的需求也将显著增加。如果它们沿着发达经济体过去所走的高碳增长路径发展，这无疑将导致碳排放的显著激增。未来二十年的预测显示，EMDEs 的温室气体（GHG）排放将增加 50 亿吨，而发达经济体则减少 20 亿吨。3
Fortunately, thanks to technological advancements in clean energy, especially for renewables, there are low-carbon alternatives for the generation of energy for many applications.4 However, in many cases, clean technologies are more capital-intensive than established fossil fuel-based technologies, thereby requiring high upfront investment.5 As a consequence, the risk structure in some EMDEs creates challenges for clean energy investments despite spectacular cost reductions of low-carbon technologies in the past.6,7
幸运的是，得益于清洁能源的技术进步，特别是可再生能源，许多应用的能源生成有了低碳替代方案。4 然而，在许多情况下，清洁技术的资本投入比传统的基于化石燃料的技术更高，因此需要较高的前期投资。5 因此，一些新兴市场和发展中经济体的风险结构给清洁能源投资带来了挑战，尽管低碳技术在过去的成本大幅降低。6,7
Depending on the scenario, annual spending on clean energy in these economies needs to reach between $600 billion (sustainable development scenario) and $1 trillion (net zero by 2050 scenario) by 2030, although these figures do not account for necessary additional investments in sustainable industry, transport, land-use and adaptation measures.8 Currently only holding 10% of global wealth, EMDEs themselves are likely unable to finance these sums and, therefore, rely on the inflow of foreign investment.
根据不同的情景，这些经济体在清洁能源上的年支出到 2030 年需要达到 6000 亿美元（可持续发展情景）到 1 万亿美元（2050 年实现净零排放情景）之间，尽管这些数字并未考虑在可持续产业、交通、土地利用和适应措施方面所需的额外投资。目前，发展中经济体仅占全球财富的 10%，因此它们可能无法自行融资这些金额，因此依赖外资流入。9
Current financial flows to EMDEs are still limited. Not only are international climate finance transfers falling
当前流向新兴市场和发展中经济体的金融流动仍然有限。国际气候融资转移不仅在减少。
short of the sums committed,10 but private capital market investments have also been stagnating, with foreign direct investments (including both equity and debt) for renewables at a four-year low in 2021.11 In addition, the economic environment is becoming more challenging, especially in EMDEs. In total,
承诺的金额不足，10但私人资本市场投资也在停滞，2021 年可再生能源的外商直接投资（包括股权和债务）达到了四年来的最低点。11此外，经济环境变得更加具有挑战性，特别是在新兴市场和发展中经济体（EMDEs）中。总的来说，
80% of the $10 trillion global debt burden increase in 2021 was added in EMDEs, taking the total debt burden of these countries to almost $100 trillion, or one-third of the global debt burden.12 At the same time, the window of all-time-low borrowing rates appears to have closed. Rising interest rates in response to global inflationary pressures and the expansion of credit spreads owing to heightened geopolitical risks have had a dampening effect on debt capital markets. EMDE sovereign issuances in January 2022 were down 40% year on year.13 Finally, higher prices for fossil fuels and key agricultural commodities sparked by the war in Ukraine have contributed to tightening financial conditions in recent years, and although retreats were observed in 2023, they are still at much tighter levels than they were in early 2022.14
2021 年全球债务负担增加的 10 万亿美元中，80%是在新兴市场和发展中经济体（EMDEs）中增加的，使这些国家的总债务负担接近 100 万亿美元，约占全球债务负担的三分之一。12与此同时，历史最低借贷利率的窗口似乎已经关闭。由于全球通胀压力导致的利率上升，以及由于地缘政治风险加剧而扩大的信用利差，对债务资本市场产生了抑制作用。2022 年 1 月，EMDE 主权发行量同比下降了 40%。13最后，乌克兰战争引发的化石燃料和主要农产品价格上涨，导致近年来金融条件收紧，尽管在 2023 年观察到了一些回落，但仍然远高于 2022 年初的水平。14
It is therefore crucial that the development and scaling of relevant financing instruments are supported for the sustainable transition of EMDEs. While grants and concessional finance, especially from multilateral development banks (MDBs),15 are critical sources of catalytic funding for the low-carbon energy transition, they must be reinforced by larger pools of private capital to support scale and speed. To achieve net zero by 2050, the International Energy Agency (IEA) estimates that over 70% of clean energy investment in EMDEs must be financed by private sources, with nearly 60% of this financed by debt.16 To scale such debt finance, exchange-traded securities, such as corporate and government bonds, are key. Not only can bond markets contribute the necessary scale (in 2022, global bond issuances stood at around $59 trillion17) the debt capital market also allows access to a wide and international investor base, especially when issuing debt for the purpose of sustainable development. Further, long-term bonds, especially, enable a better investment horizon match with the investment needs for net-zero transition. These needs are typically heavy in upfront capital investments18 and have relatively long payback periods.19
因此，支持相关融资工具的发展和规模化对于新兴市场和发展中经济体的可持续转型至关重要。虽然来自多边开发银行（MDBs）的赠款和优惠融资，15 是低碳能源转型的关键催化资金来源，但必须通过更大规模的私人资本来增强，以支持规模和速度。国际能源署（IEA）估计，到 2050 年实现净零排放，超过 70%的新兴市场和发展中经济体的清洁能源投资必须由私人来源融资，其中近 60%由债务融资。16 为了扩大这种债务融资，交易所交易证券，如公司债券和政府债券，是关键。不仅债券市场可以提供所需的规模（2022 年，全球债券发行总额约为 59 万亿美元17），债务资本市场还允许接触广泛的国际投资者基础，特别是在为可持续发展目的发行债务时。 此外，长期债券，尤其是，能够更好地与净零过渡的投资需求匹配投资视野。这些需求通常需要大量的前期资本投资18，并且回报周期相对较长。19
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 5
东南亚净零转型的标记债券：前进之路 5
The instruments that can combine the benefits of debt financing via bonds with the possibility of directly supporting sustainability-related projects and causes are so-called labelled bonds (with green bonds as the most prominent subtype). There have been debates on these bonds’ effectiveness in increasing the share of capital dedicated to low-carbon investments, especially due to questions of additionality when green bonds are used for refinancing purposes.20,21 However, besides merely providing capital, labelled bonds have been shown to increase transparency and accountability
能够将债务融资通过债券的好处与直接支持可持续发展相关项目和事业的可能性结合起来的工具被称为标签债券（绿色债券是最突出的子类型）。关于这些债券在增加专用于低碳投资的资本份额方面的有效性存在争论，特别是由于在绿色债券用于再融资时存在额外性的问题。20,21然而，除了单纯提供资本外，标签债券还被证明能够提高透明度和问责制
and often require issuers to raise their “green ambitions” both in terms of their projects and their organizations’ operations in general.22 Within this paper, the current and future potential role, as well as challenges and key solutions for the further deployment of such labelled bonds in EMDEs, is explored. In doing so, the paper places a specific focus on the Association of Southeast Asian Nations (ASEAN) region. Key insights – especially on challenges and potential solutions – are based on workshops and consultations with relevant stakeholders in the region and internationally.
并且通常要求发行者在其项目和组织的整体运营方面提高他们的“绿色雄心”。22 本文探讨了当前和未来潜在的角色，以及在新兴市场和发展中经济体（EMDEs）进一步部署此类标记债券的挑战和关键解决方案。在此过程中，本文特别关注东南亚国家联盟（ASEAN）地区。关键见解——特别是关于挑战和潜在解决方案——基于与该地区及国际相关利益相关者的研讨会和咨询。
The role of labelled bonds in EMDE markets
标记债券在新兴市场和发展中经济体市场中的作用
Different types of labelled bonds
不同类型的标记债券
Following the definition of the Climate Bonds Initiative (CBI), 23 labelled bonds can be classified into two categories: First, use of proceeds (UoP) bonds, which require the raised capital only to be used for specific and pre-defined projects, and, second, impact bonds (IB) that are tied to specific environmental, social and governance (ESG) targets, although their proceeds can be used by the issuer for any purpose.
根据气候债券倡议（CBI）的定义，23 标记债券可以分为两类：第一类是用途（UoP）债券，要求筹集的资金仅用于特定和预定义的项目；第二类是影响债券（IB），与特定的环境、社会和治理（ESG）目标相关，尽管其收益可以由发行人用于任何目的。
Use of proceeds bonds
收益债券
– Green bonds: Proceeds generated from green bond issuances are earmarked for investments in projects that are expected to have positive
绿色债券：绿色债券发行所产生的收益专门用于投资于预计会产生积极影响的项目
environmental benefits. These projects typically
环境效益。这些项目通常
focus on areas such as renewable energy and
专注于可再生能源等领域
energy efficiency. Green bonds are the most
能源效率。绿色债券是最
prominent type of bond to date, and they also
迄今为止显著的债券类型，它们也
include subcategories such as blue bonds
包括蓝色债券等子类别
(i.e. proceeds are dedicated to the preservation
（即收益用于保护）
and sustainable management of marine and
和可持续管理海洋和
aquatic systems).
水生系统).
– Social bonds: UoP is designated explicitly for the funding of social initiatives, including but not limited to health, employment and gender equality.
– 社会纽带：UoP 明确用于资助社会倡议，包括但不限于健康、就业和性别平等。
– Sustainability bonds: When a bond finances a combination of both green and social projects and activities, it will be categorized as a sustainability bond.
可持续债券：当一项债券为绿色和社会项目及活动的组合提供融资时，它将被归类为可持续债券。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 6
东南亚净零过渡的标记债券：前进之路 6
Impact bonds
影响债券
– Sustainability-linked bonds (SLBs): While the proceeds of these bonds can be used for general purposes, their financing (typically coupons, but any financial incentive could be used) is tied to the achievement of pre-defined and sustainability-/ESG-related key performance indicators (KPIs). This means that, based on the design of the SLB, coupons will typically increase or decrease depending on whether the issuer reaches its sustainability targets or not. Therefore, for some types of bonds, the coupon will step up if targets are not met, while others have a step-down mechanism if targets are met. There are even some types that do not change the coupon rate but require the issuer to make mandatory payments to third parties (e.g. offsets) if targets cannot be reached. Although not yet prevalent, some issuers have also been seen to issue green SLBs, combining both the mechanics of impact bonds with the use of capital for green projects.
可持续性挂钩债券（SLBs）：虽然这些债券的收益可以用于一般用途，但其融资（通常是利息，但任何财务激励都可以使用）与预定义的可持续性/环境、社会和治理（ESG）相关的关键绩效指标（KPI）的实现挂钩。这意味着，根据 SLB 的设计，利息通常会根据发行人是否达到其可持续性目标而增加或减少。因此，对于某些类型的债券，如果未达到目标，利息将上升，而其他类型则在达到目标时有降息机制。还有一些类型的债券不会改变利率，但要求发行人在无法达到目标时向第三方（例如抵消）进行强制性支付。尽管尚未普遍，但一些发行人也开始发行绿色 SLB，将影响债券的机制与用于绿色项目的资本结合起来。
Other labelled bonds
其他标记债券
– Transition bonds: This relatively new category encompasses the financing of projects that are not necessarily low- or zero-emissions projects but might be required to transition to net zero. This means they are used for decarbonization activities that do not qualify as “green” and are typically issued within hard-to-abate and highly polluting sectors such as mining and aviation. Currently there is no clear alignment on the market yet, if transition bonds should be seen as their own category or a subcategory of green bonds. Further, some standard-setters see them as UoP type bonds, while others qualify them as general-purpose bonds.
过渡债券：这一相对较新的类别包括对不一定是低排放或零排放项目的融资，但可能需要过渡到净零排放。这意味着它们用于不符合“绿色”标准的脱碳活动，通常在难以减排和高度污染的行业中发行，如采矿和航空。目前市场上尚无明确共识，过渡债券应被视为独立类别还是绿色债券的子类别。此外，一些标准制定者将其视为用途特定债券，而另一些则将其归类为一般用途债券。
In terms of cumulative issuance, the labelled bond market is dominated by green bonds (see Figure 1), and although the other types of bonds are slowly gaining speed, in 2022, green bonds still accounted for 57% of new issuance values globally.
在累计发行方面，标记债券市场以绿色债券为主（见图 1），尽管其他类型的债券正在缓慢增长，但在 2022 年，绿色债券仍占全球新发行价值的 57%。
FIGURE 1
图 1
Types of labelled bonds and the corresponding sizes of cumulative issuances by 2022
2022 年标记债券的类型及相应的累计发行规模
Use of proceeds bonds
收益债券
$2.2 trillion | $682 | $654 | |
billion | billion | ||
green bonds | sustainability | social | |
bonds | bonds |
Source: Climate Bond Initiative.
来源：气候债券倡议。
Impact bonds
影响债券
$204 billion
2040 亿美元
SLB bonds
SLB 债券
$12 billion
120 亿美元
transition bonds
过渡债券
Current status in EMDEs
新兴市场和发展中经济体的当前状况
and ASEAN
和东盟
While the labelled bond market started to scale up in developed markets around 2014, issuances in the EMDEs only started growing substantially in 2017
尽管标记债券市场在 2014 年左右开始在发达市场扩大，但新兴市场和发展中经济体的发行量直到 2017 年才开始大幅增长
(see Figure 2). Although one of the first issuances from EMDEs was from ASEAN24 (i.e. an issuance by the Asian Development Bank, headquartered in the Philippines), the relative importance of the region has substantially decreased since then. To date, cumulative labelled bonds from ASEAN only make up 23% of total issuances in EMDEs and 2% globally.
(见图 2)。尽管来自新兴市场和发展中经济体（EMDEs）的首次发行之一来自东盟24（即总部位于菲律宾的亚洲开发银行的发行），但该地区的相对重要性自那时以来大幅下降。迄今为止，东盟的累计标记债券仅占 EMDEs 总发行量的 23%和全球的 2%。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 7
东南亚净零转型的标记债券：前进之路 7
FIGURE 2
图 2
Cumulative labelled bond issuance ($, billions) in developed economies, China and EMDEs (following IMF definition) from 2006 to 2022 as well as the relative importance of issuances from ASEAN vs other EMDEs of all EMDE issuances as of 2010 (first issuances in EMDEs)
发达经济体、中国和新兴市场与发展中经济体（根据国际货币基金组织的定义）在 2006 年至 2022 年间的累计标记债券发行额（亿美元），以及截至 2010 年（新兴市场与发展中经济体的首次发行）东盟与其他新兴市场与发展中经济体的发行相对重要性
Cumulative absolute issuances in $, billions
累计绝对发行量（以十亿美元计）
3,500
3,194 |
3,000
2,500
2,000
1,500
1,000
500
0
2,409 |
1,379 |
813 |
489 |
3 | 3 | 4 | 6 | 8 | 1 | 9 | 1 | 13 | 1 | 26 | 1 | 58 | 2 | 106 | 16 | 174 | 29 | 6 | 316 | 56 | 37 | 85 | 47 | 121 | 77 | 159 | 124 | 244247 | 357 | 322 |
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
发达国家
Cumulative absolute issuances in $, billions from EMDEs and share of ASEAN vs other EMDE of these issuances
来自新兴市场和发展中经济体（EMDE）的累计绝对发行额（以十亿美元计）以及东盟与其他 EMDE 的发行份额
EMDE 东盟
1 | 1 | 1 | 1 | 2 | 6 | 16 | 37 | 47 | 77 | 124 | 247 | 322 | ||||||||||||||||
100% | ||||||||||||||||||||||||||||
18% | 16% | 12% | 19% | 22% | 20% | 23% | ||||||||||||||||||||||
26% | 30% | |||||||||||||||||||||||||||
64% | 64% | 62% | 40% | |||||||||||||||||||||||||
82% | 84% | 88% | 81% | 78% | 80% | 77% | ||||||||||||||||||||||
74% | 70% | |||||||||||||||||||||||||||
60% | ||||||||||||||||||||||||||||
36% | 36% | 38% | ||||||||||||||||||||||||||
0% | ||||||||||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||
Note: Numbers include all currencies and labels (including self-labelled).
注意：数字包括所有货币和标签（包括自我标记）。
Source: ETH Zurich, Refinitiv.
来源：苏黎世联邦理工学院，Refinitiv。
The striking underrepresentation of ASEAN countries persists when looking at the relative size of the labelled bond market (in relation to general issuances) in different regions and countries (see Figure 3).
东盟国家在不同地区和国家的标记债券市场（相对于一般发行）的相对规模中，明显的代表性不足仍然存在（见图 3）。
On average, the share of labelled bonds in the total bond market stood at 2.9% for ASEAN countries between 2020 and 2022. At the same time, some other EMDEs reached shares of over 60%.
在 2020 年至 2022 年期间，东盟国家的标记债券在总债券市场中的平均份额为 2.9%。与此同时，一些其他新兴市场和发展中经济体的份额超过了 60%。
Part of the reason for a relative underrepresentation of ASEAN countries among the top labelled issuance share countries could lie in differences in issuer types and industries. In terms of issuer types (see Figure 4), it can be observed that in EMDEs, multilateral issuers have played an especially
东盟国家在标记发行份额国家中相对不足的部分原因可能在于发行人类型和行业的差异。在发行人类型方面（见图 4），可以观察到在新兴市场和发展中经济体中，多边发行人发挥了特别重要的作用。
important role – and still do today in ASEAN. Although these issuers were also among the first to issue labelled bonds in developed economies, they were overtaken by corporate issuers early on. In ASEAN, however, multilateral organizations were, for a long time, the only type of issuers and still made up 30% of new issuances in 2020-
重要角色——至今在东盟仍然如此。尽管这些发行者也是在发达经济体中最早发行标签债券的，但他们很快被企业发行者超越。然而，在东盟，多边组织在很长一段时间内是唯一的发行者，并且在 2020 年仍占新发行的 30%。
2022. While sovereign issuers in EMDEs, as well as ASEAN specifically, make up around 40%, the share of corporate issuers is around 20 percentage points lower in ASEAN, with multilateral issuers picking up this share of issuances. However, going forward, corporates are also urgently needed when mobilizing private capital towards the net-zero transition.
2022 年。虽然新兴市场和发展经济体（EMDEs）中的主权发行者，以及东盟（ASEAN）特别占约 40%，但东盟的企业发行者的份额低了约 20 个百分点，多边发行者则占据了这一发行份额。然而，展望未来，在动员私人资本实现净零转型时，企业也急需参与。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 8
东南亚净零转型的标记债券：前进之路 8
FIGURE 3 2020-2022 total bond issuances by country and the share of labelled bonds of that total
图表 3 2020-2022 总计 债券 发行 按 国家 和 标记 债券 的 份额 在 该 总计
Country (total issuance 2020-22)
国家 (总计 发行 2020-22)
0%
10%
20%
30%
40%
50%
60%
70%
Togo ($6 billion)
多哥 （$6 十亿）
64%
63%
63%
53%
51%
49%
40%
36%
34%
27%
24%
19%
17%
15%
15%
9%
Andorra ($2 billion)
安道尔 （$2 十亿）
Mali ($3 billion)
马里 （$3 十亿）
Guinea-Bissau ($1 billion)
几内亚比绍 （$1 十亿）
Niger ($3 billion)
尼日尔 （$3 十亿）
Burkina Faso ($4 billion)
布基纳法索 （$4 十亿）
Laos ($1 billion)
老挝 （$1 十亿）
Benin ($6 billion)
贝宁 （$6 十亿）
Senegal ($7 billion)
塞内加尔 （$7 十亿）
Honduras ($10 billion)
洪都拉斯 （$10 十亿）
Georgia ($6 billion)
乔治亚 （$6 十亿）
Belgium ($923 billion)
比利时 （$923 十亿）
Liechtenstein ($4 billion)
列支敦士登 （$4 十亿）
Latvia ($6 billion)
拉脱维亚 （$6 十亿）
Iceland ($19 billion)
冰岛 （$19 十亿）
Virgin Islands (British) ($142 billion)
维尔京 群岛 (英国) （1420 亿美元 ）
Slovenia ($21 billion)
斯洛文尼亚 （$21 十亿）
Average top 20 EMDEs
平均 前 20 新兴市场和发展中经济体
Norway ($481 billion)
挪威 （$481 十亿）
New Zealand ($117 billion)
新 西兰 （$117 十亿）
Sweden ($813 billion)
瑞典 （$813 十亿）
Average top 20 developed countries
平均 顶尖 20 发达 国家
Philippines ($535 billion)
菲律宾 （$535 十亿）
Indonesia ($317 billion)
印度尼西亚 （$317 十亿）
Malaysia ($257 billion)
马来西亚 （$257 十亿）
Average ASEAN
平均 东盟
8%
8%
7%
7%
6%
6%
4%
3%
3%
3%
Thailand ($734 billion)
泰国 （$734 十亿）
Viet Nam ($108 billion)
越 南 （$108 十亿）
Myanmar ($6 billion)
缅甸 （$6 十亿）
Cambodia ($1 billion)
柬埔寨 （$1 十亿）
Brunei ($4 billion)
文莱 （$4 十亿）
2%
1%
0%
0%
0%
Developed countries
开发 国家
Other EMDE
其他 EMDE
ASEAN
东盟
Averages
平均值
Note: Shown are the top 10 developed countries and top 10 EMDEs, all ASEAN countries and averages for the top 20 developed countries,
注意： 显示 的是 前 10 个 发达 国家 和 前 10 个 新兴市场和发展中经济体， 所有 东盟 国家 以及 前 20 个 发达 国家的
the top 20 EMDEs and ASEAN.
前 20 个 新兴市场和发展中经济体 以及 东南亚国家联盟。
Source: ETH Zurich, Refinitiv.
来源： 以太坊 苏黎世， Refinitiv。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward
标记的 债券 用于 净零 过渡 在 东南 亚 ： 前进的 道路
9
FIGURE 4 Share of labelled bond issuances by type of issuer. Multilateral (e.g. MDBs),
图表 4 分享 的 标记 债券 发行 按 类型 的 发行人。 多边 (例如 多边开发银行)，
sovereign (e.g. governments, agencies, municipalities, treasuries and central banks),
主权 (例如 政府、 机构、 市政当局、 财政部 和 中央 银行)，
and corporate issuers for developed countries vs EMDEs and ASEAN specifically
和 企业 发行人 针对 发达 国家 与 新兴市场和发展中经济体 和 东盟 特别
Developed countries
开发 国家
EMDEs
新兴市场和发展中经济体
ASEAN
东盟
Cumulative relative issuances
累计 相对 发行
Cumulative relative issuances
累计 相对 发行
Cumulative relative issuances
累计 相对 发行
100%
100%
100%
14%
41%
18%
29%
34%
87%
50%
50%
100%
50% 100%
41%
25%
53%
45%
3%
10%
0%
0%
0%
2010
2012
2014
2016
2018
2020
2022
2010
2012
2014
2016
2018
2020
2022
2010
2012
2014
2016
2018
2020
2022
Multilateral
多边
Sovereign
主权
Corporate
企业
Note: The EMDEs graph also includes ASEAN countries.
注意： 该 EMDEs 图表 还 包括 东盟 国家。
Source: ETH Zurich, Refinitiv.
来源： 以太坊 苏黎世， Refinitiv。
When taking a closer look at the industries of
当 观察 更 仔细 看 时 对 行业 的
corporate issuers (see Figure 5), the clear dominance
企业 发行人 (见 图 5)， 明显的 主导地位
of “financials” and “utilities” can be observed
的 “财务” 和 “公用事业” 可以 被 观察到
across all types of countries. It is important to note,
跨越 所有 类型 的 国家。 重要 的是 注意，
however, that it is not only banks and insurers
然而， 这 它 是 不仅 银行 和 保险公司
that are included in the financials industry but also
那些 是 包含 在 金融 行业 但 也
investment management corporations (i.e. vehicles
投资 管理 公司 (即 工具
specifically founded for a project). What can also be
专门 成立 用于 一个 项目). 什么 也 可以 是
observed is that the relative importance of several
观察到 是 那 相对 重要性 的 几个
other industries may vary. While “real estate” is
其他 行业 可能 有所不同。 虽然 “房地产” 是
an important source of labelled bond issuance in
一个 重要的 来源 的 标记 债券 发行 在
developed countries, it is less relevant in EMDEs.
发展中国家 ， 它 是 较少 相关 于 新兴市场和发展中经济体。
There, however, issuances from “materials”
那里， 然而， 发行 来自 “材料”
companies have played a significant role. In ASEAN,
公司 发挥 了 重要 作用。 在 东盟，
“transport” is the third most relevant issuer industry.
“运输” 是 第三 最 相关的 发行人 行业。
Further, issuances related to “agriculture” are more
此外， 发行 与 “农业” 相关的 更多
prevalent in this region, whereas developed countries
普遍 在 这个 地区， 而 发达 国家
have seen very few, if any, issuances in that sector.
有 看到 非常 少， 如果 有的话， 在 那个 领域 的发行。
FIGURE 5 Share of cumulative issuances until 2022 by industry for corporate issuers.
图表 5 份额 的 累计 发行 直到 2022 按 行业 为 企业 发行人。
Share of labelled bonds in total bond issuances in 2022 by country for
分享 的 标记 债券 在 总计 债券 发行 在 2022 按 国家 的
developed countries vs EMDEs and ASEAN
发展中 国家 对比 新兴市场和发展中经济体 和 东盟
1% 1%
Developed
开发的
countries
国家
45%
5% 3%
19%
10%
5%
4% 4% 4%
2%
1%
2%
1%
EMDEs
新兴市场和发展中经济体
37%
6%
31%
7%
3%
9%
2%
2%
2%
2%
1%
ASEAN
东盟
50%
3%
23%
5%
11%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Share of issuances by industry
分享 的 发行 由 行业
Financials
财务
Services (consumer, health, education)
服务 (消费者， 健康， 教育)
Real estate Transport
真实 地产 运输
Consumer goods
消费者 商品
Utilities
公用事业
Renewable energy
可再生 能源
Agriculture
农业
Energy – fossil fuels
能源 – 化石 燃料
Technology Industrials
技术 工业
Materials
材料
Note: The EMDEs graph also includes ASEAN countries.
注意： 该 EMDEs 图表 还 包括 东盟 国家。
Source: ETH Zurich, Refinitiv.
来源： 以太坊 苏黎世， Refinitiv。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 10
标记的 债券 用于 净零 过渡 在 东南 亚 ： 前进的 道路 10
在新兴市场中，标记债券的潜力与这些市场所呈现的独特背景挑战和机遇密切相关。
Expected potential of labelled bonds
预期标记债券的潜力
As can be inferred from historical issuances of labelled bonds, there are distinct differences in the financing needs of issuers in developed economies and those in developing markets. Thus, the potential of labelled bonds in emerging markets is inherently tied to the unique contextual challenges and opportunities that these markets present, which can vary even between different EMDEs. Taking the ASEAN region as an example, countries exhibit diverse needs for their development and the pursuit of net-zero transition. For instance, while both Viet Nam and Thailand are seen to boast substantial potential for green bonds to fuel investments in renewable energy projects, the former seems to already be a step ahead in realizing this potential. Meanwhile, Thailand is still lacking incentives to generate renewable energy projects at scale, despite robust investor appetite for bonds covering such projects. Yet, from stakeholder consultations, clean transport emerged as an interesting sector for Thailand’s green bond potential. Conversely, countries such as Indonesia, the Philippines and Malaysia still heavily rely on coal, making transition financing a paramount necessity to steer them towards cleaner energy
从历史上发行的标签债券可以推断出，发达经济体和发展中市场的发行者在融资需求上存在明显差异。因此，标签债券在新兴市场的潜力与这些市场所面临的独特背景挑战和机遇密切相关，这些挑战和机遇甚至在不同的新兴市场和发展中经济体之间也会有所不同。以东盟地区为例，各国在发展和追求净零转型方面表现出多样化的需求。例如，尽管越南和泰国都被认为在绿色债券方面具有可观的潜力，以推动可再生能源项目的投资，但前者似乎在实现这一潜力方面已经领先一步。与此同时，尽管投资者对涵盖此类项目的债券有强烈的需求，泰国在大规模产生可再生能源项目方面仍然缺乏激励。然而，从利益相关者的咨询中，清洁交通被认为是泰国绿色债券潜力的一个有趣领域。相反，印度尼西亚、菲律宾和马来西亚等国仍然严重依赖煤炭，因此转型融资成为引导它们向清洁能源过渡的首要必要条件
sources and fulfil their commitments to climate action. The contrasting landscapes within developing economies underline the importance of tailoring labelled bond strategies to address the unique needs and opportunities presented by each region and country. Thus, tangible, country-specific development plans need to be established to identify the respective financing needs and corresponding types of labelled bonds required.
来源和履行其气候行动承诺。发展中经济体内的对比景观突显了量身定制标签债券策略以应对各个地区和国家所呈现的独特需求和机遇的重要性。因此，需要建立切实的、特定国家的发展计划，以识别各自的融资需求和所需的相应类型的标签债券。
Due to the varied needs, estimating an overall potential is difficult. However, a simple back-of-the-envelope calculation can provide a directional idea of how much additional potential for the labelled bond market in EMDEs and ASEAN specifically could be expected. If EDMEs achieve the same proportion of labelled bonds within their total bond market as the average seen in the top 20 developed economies, they could experience a $353 billion increase in labelled bond volume. This includes an estimated $142 billion in green bonds, assuming they maintain the current average where green bonds constitute 40% of all labelled bond issuances. For ASEAN only, the potential increase in labelled bond issuances would amount to around $19 billion, including $8 billion in green bonds – not accounting for any growth in the general bond market.
由于需求各异，估算整体潜力是困难的。然而，一个简单的粗略计算可以提供一个方向性的想法，关于在新兴市场和发展中经济体（EMDEs）以及东盟（ASEAN）中，标记债券市场的额外潜力可以预期多少。如果 EMDEs 在其总债券市场中实现与前 20 个发达经济体平均水平相同的标记债券比例，他们的标记债券量可能会增加 3530 亿美元。这包括预计的 1420 亿美元绿色债券，假设他们保持当前的平均水平，即绿色债券占所有标记债券发行的 40%。仅对于东盟，标记债券发行的潜在增加将达到约 190 亿美元，其中包括 80 亿美元的绿色债券——未考虑一般债券市场的任何增长。
TABLE 1
表 1
High-level calculation of further potential in labelled and green bond issuances in EMDEs and ASEAN
新兴市场和发展中经济体及东盟在标记债券和绿色债券发行中的进一步潜力的高级计算
Size of bond market | Potential increase in | Potential increase | ||
labelled bond volume | in green bond volume | |||
(in $, billions) | ||||
(in $, billions) | (in $, billions) | |||
EMDE | 7,509 | 355 | 142 | |
ASEAN | 644 | 19 | 8 |
It is very difficult to quantify the overall positive effect on the climate from these investment sums, especially, as previously mentioned, due to questions of additionality and a lack of consistent forms of impact reporting. Further, not all labelled bonds are of equal quality. Yet, it can be argued that through the existence of such financing instruments that provide better and potentially cheaper financing to green issuers, additional capital is freed up
很难量化这些投资金额对气候的整体积极影响，尤其是如前所述，由于附加性的问题和缺乏一致的影响报告形式。此外，并非所有标记的债券质量相同。然而，可以说，通过这些融资工具的存在，为绿色发行者提供更好且潜在更便宜的融资，释放了额外的资本。
and potentially even more green projects can be realized. Labelled bonds are often associated
并且潜在地可以实现更多的绿色项目。标记债券通常与之相关。
with additional positive impacts on biodiversity, electrification, standards of living and more.25 Lastly, another key advantage of labelled bonds as a financial instrument lies in their capacity to bolster accountability and transparency. This, in turn, can increase awareness and heighten expectations among stakeholders in the market, thereby even further accelerating the net-zero transition. All things considered, it is important that, when supporting labelled bonds, it is ensured that measures promote bonds with high quality and transparency.
对生物多样性、电气化、生活水平等方面产生额外的积极影响。25最后，标记债券作为金融工具的另一个关键优势在于其增强问责制和透明度的能力。这反过来可以提高市场中利益相关者的意识和期望，从而进一步加速净零转型。综合考虑，支持标记债券时，确保措施促进高质量和透明度的债券是非常重要的。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 11
东南亚净零转型的标记债券：前进之路 11
1
FIGURE 6
图 6
Current challenges for the labelled bond market in EMDEs
新兴市场和发展中经济体中标记债券市场的当前挑战
Entities considering the issuance of a labelled bond need to weigh added benefits against added costs.
考虑发行带标签债券的实体需要权衡额外的好处与额外的成本。
To support and also scale a functioning labelled bond market in EMDEs, three critical elements must harmonize: namely an enabling market environment, the priorities of issuers and the expectations of investors (see Figure 6).
为了支持并扩大新兴市场和发展中经济体中有效运作的有标记债券市场，必须协调三个关键要素：即一个有利的市场环境、发行人的优先事项和投资者的期望（见图 6）。
To support labelled bonds in EMDEs, the following three elements are required: an enabling (market) environment as a foundation and issuers and investors that see a benefit in labelled bonds over other financing instruments
为了支持新兴市场和发展中经济体的标签债券，需要以下三个要素：一个作为基础的支持性（市场）环境，以及看到标签债券相较于其他融资工具的好处的发行人和投资者
Enabling market environment
市场环境的促进
Focus
专注
of this
的这个
report
报告
Issuers
发行人
Local policy-makers
地方政策制定者
International community
国际社会
Investors
投资者
The foundation of an enabling market environment encompasses both the financial infrastructure that underpins a functional debt capital market and the cultivation of an ecosystem in which the net-zero transition agenda is a priority. In many EMDEs, the domestic financial markets, including public debt markets, are not fully mature. These markets often grapple with low liquidity and limited depth, leading to volatility and high risk for investors.26 Accordingly, the participation of retail and even institutional investors may remain modest, and with that, capital-raising costs are elevated. This means that before any specific support to scale labelled bond issuances can be effective, the local bond markets, in general, need to reach a certain
一个支持性市场环境的基础包括支撑功能性债务资本市场的金融基础设施，以及培养一个以净零过渡议程为优先事项的生态系统。在许多新兴市场和发展中经济体中，国内金融市场，包括公共债务市场，尚未完全成熟。这些市场通常面临流动性低和深度有限的问题，导致投资者面临波动性和高风险。26因此，零售投资者甚至机构投资者的参与可能仍然有限，这使得融资成本居高不下。这意味着，在任何特定支持规模化标签债券发行的措施有效之前，地方债券市场总体上需要达到一定的
level of maturity to offer attractive investment opportunities. While there are some measures that can be taken by the international community to support this development, 27 a favourable financial market environment is typically influenced by economic stability and enabling policy contexts such as appropriate legislative requirements as well as taxation and accounting frameworks 28 – all elements mostly driven by local governments and regulators.
成熟度水平以提供有吸引力的投资机会。虽然国际社会可以采取一些措施来支持这一发展，27 但有利的金融市场环境通常受到经济稳定和促进政策背景的影响，例如适当的立法要求以及税收和会计框架28 – 所有这些因素主要由地方政府和监管机构推动。
The second aspect of an enabling environment is the responsibility of local governments, namely in cultivating an atmosphere for the net-zero transition agenda to hold paramount significance. Many
促进环境的第二个方面是地方政府的责任，即培养一个对净零过渡议程至关重要的氛围。许多
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 12
东南亚净零转型的标记债券：前进之路 12
emerging economies are in the early stages of prioritizing the net-zero transition and developing corresponding incentive frameworks, such as crafting transition plans and implementing carbon pricing mechanisms. Yet such actions are imperative to incentivize both issuers and investors to embrace sustainable practices, a goal that labelled bonds can support as a catalytic instrument.
新兴经济体正处于优先考虑净零转型和制定相应激励框架的早期阶段，例如制定转型计划和实施碳定价机制。然而，这些行动对于激励发行人和投资者采纳可持续实践至关重要，而标记债券可以作为一种催化工具来支持这一目标。
Once favourable market conditions are established, it is vital that both issuers and investors perceive the advantages of participating in the labelled bond market. Based on consultations with key stakeholders from the ASEAN region, challenges both from an investor and issuer perspective were identified. In terms of investors, a substantial portion of demand for labelled bonds currently emanates from international investors, given the incentive structures and regulatory requirements in their home markets.29 This underscores the need to activate local investors, through incentives and mandates, for example. Further, there is still a need to educate and spread awareness about labelled bonds among certain investors who have not
一旦建立了有利的市场条件，发行人和投资者都必须认识到参与标签债券市场的优势。根据与东盟地区关键利益相关者的咨询，识别了来自投资者和发行人角度的挑战。在投资者方面，目前对标签债券的需求很大一部分来自国际投资者，这与他们本国市场的激励结构和监管要求有关。29 这突显了通过激励和授权等方式激活本地投资者的必要性。此外，仍然需要教育和提高某些尚未了解标签债券的投资者的意识。
yet engaged in the labelled bond market. Finally, in several cases, financing terms and structures offered in EMDE issuances do not always match the investment appetite of international investors and better coordination would be required.
然而，仍然参与标记债券市场。最后，在几个案例中，新兴市场和发展中经济体的融资条款和结构并不总是与国际投资者的投资需求相匹配，因此需要更好的协调。
For issuers, challenges range from even being aware of the different potential types of labelled
对于发行者来说，挑战包括甚至意识到不同潜在标签类型的存在
bonds available to the identification of attractive opportunities for such issuances, and the actual issuance and post-issuance processes, which are often costly. So far, however, previous research and reports have often not focused sufficiently on the challenges faced by issuers and how they can be supported to overcome these challenges. Therefore, this paper primarily centres on the issuer perspective, aiming to develop solutions that best support and facilitate the core benefits of issuing labelled bonds while reducing added costs. By doing so, other enabling market environment aspects, including investor demand, can indirectly be addressed as well, as they will increase issuer benefits.30
可用于识别此类发行的有吸引力机会的债券，以及实际发行和发行后的流程，这些流程通常成本高昂。然而，到目前为止，以往的研究和报告往往没有充分关注发行人面临的挑战，以及如何支持他们克服这些挑战。因此，本文主要集中在发行人的视角，旨在开发最佳支持和促进发行标签债券核心利益的解决方案，同时降低额外成本。通过这样做，其他促进市场环境的方面，包括投资者需求，也可以间接得到解决，因为它们将增加发行人的利益。30
The issuer perspective
发行人视角
Issuers require compelling benefits, encompassing both financial and non-financial rewards, to outweigh the additional costs associated with issuing labelled bonds. Only then is it an interesting alternative to other capital sources. However, several challenges currently hinder many issuers from realizing the net benefits of labelled bonds, thereby slowing down their widespread adoption as a sustainable financing solution. While different benefit and cost elements do not necessarily have the same relevance for different issuers, a high-level overview of the benefit and cost types most prominently mentioned throughout the stakeholder consultations can be found in Figure 7 and are discussed in detail in sections 1.1 and 1.2.
发行人需要有吸引力的好处，包括财务和非财务奖励，以抵消与发行标签债券相关的额外成本。只有这样，它才成为其他资本来源的一个有趣替代方案。然而，目前有几个挑战阻碍许多发行人实现标签债券的净收益，从而减缓其作为可持续融资解决方案的广泛采用。虽然不同的好处和成本要素对不同的发行人并不一定具有相同的重要性，但在利益相关者咨询中最突出提到的好处和成本类型的高层次概述可以在图 7 中找到，并在 1.1 和 1.2 节中详细讨论。
FIGURE 7
图 7
Monetary and non-monetary benefits and costs in the issuance of labelled versus conventional bonds have been identified
在发行标记债券与传统债券时，已识别出货币和非货币的收益与成本
Benefits for issuer Costs for issuer
发行人的好处 发行人的成本
vs | Certification | |||||
Governance | ||||||
? | ||||||
External | ||||||
Investor | review | |||||
access | ||||||
Framework | ||||||
(consulting | ||||||
Reputation | fees) | |||||
Total | Total | |||||
benefits | costs | Uncertainty | ||||
Auditing | ||||||
Greenium | Reporting | |||||
Coordination | ||||||
Baseline vs | Sustainability | |||||
vanilla bond | strategy | |||||
Direct | Indirect/non- | Direct | Direct | Indirect/non- | ||
monetary | monetary | monetary | monetary | monetary | ||
upfront | continuous |
Note: For labelled bonds to be an attractive alternative, total added benefits need to at least outweigh added costs.
注意：对于标记债券来说，吸引力的替代方案需要总的附加收益至少超过附加成本。
The sizes of benefits and cost buckets are indicative.
利益和成本类别的大小具有指示性。
Source: ETH Zurich.
来源：苏黎世联邦理工学院。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 13
东南亚净零转型的标记债券：前进之路 13
1.1 | Benefits of issuing labelled bonds | ||||||
For issuers, using labelled bonds can come with | medium enterprises in these regions that do not | ||||||
various benefits, ranging from potential monetary | have the capacity to go through complex and costly | ||||||
savings in the cost of capital to non-monetary | validation processes, such as having their targets | ||||||
aspects such as an improved reputation. Monetary | approved by the science-based target initiative. | ||||||
incentives carry heightened importance for | |||||||
sovereign issuers, given that most of their spending, | Indirect or non-monetary benefits | ||||||
and thus their financing, still needs to cover some | |||||||
type of green, social or transition elements. Thus, | |||||||
they will more likely seek financing | via labelled | ||||||
bonds if a financial benefit | can be | identified. In | Reputation | ||||
contrast, non-monetary incentives typically hold | |||||||
significant importance for issuers | especially from the | Issuing a labelled bond can carry a reputational | |||||
private sector in the renewable energy industry as | benefit in signalling a company’s commitment | ||||||
well as fossil fuel and incumbent energy companies | to sustainability, including its efforts to develop | ||||||
(for example issuing transition bonds or SLBs). | a sustainability strategy. Especially for issuers | ||||||
These sectors often prioritize benefits such as | in the renewable energy industry, this has been | ||||||
reputation enhancement, aligning with sustainability | referenced as a key motivational factor for issuing | ||||||
goals, and accessing a broader investor base (see | labelled bonds (i.e. to prove they are “best-in- | ||||||
section “Indirect or non-monetary benefits”). | class”). For these companies, labelled bonds help | ||||||
to raise awareness within developing markets | |||||||
Direct monetary benefits | and establish their presence as best-in-class | ||||||
sustainable entities. However, it is important to | |||||||
note that renewable energy industry issuers may | |||||||
also require support, education and guidance | |||||||
“Greenium” | to navigate the complexities of labelled bond | ||||||
issuance, especially when they are just beginning | |||||||
A “greenium” is often seen as the core financial | their journey of issuing such financial instruments. | ||||||
benefit of labelled bonds. | Greenium refers to the | ||||||
price premium or lower yield that investors may | Investor access | ||||||
be willing to accept for labelled bonds. Although | |||||||
they are assumed to be the premium attributed to | Labelled bonds offer an issuer the distinct | ||||||
these investments’ perceived positive environmental | advantage of gaining access to a more diverse | ||||||
and social impact, greeniums have likely been | set of investors (both in terms of geography and | ||||||
primarily driven by supply and demand dynamics. | investor types). This benefit has been particularly | ||||||
Demand has, for a long time, outweighed supply, | mentioned by issuers from fossil fuel or other | ||||||
sometimes resulting in oversubscriptions as high | carbon-intensive industries, as they are expecting | ||||||
as 20 times the available amount. However, more | to encounter significant challenges to secure | ||||||
recent analyses have shown that with growing | financing at reasonable prices in the longer term. | ||||||
supply that meets this demand, greeniums have | While there is a considerable debate ongoing as to | ||||||
been dwindling.31 Anecdotal evidence suggests | whether industries should still receive investments | ||||||
that many issuers have entered into the issuance | at all, if they do, it should be ensured that such | ||||||
process expecting better financing terms and are | financing is clearly tied to rigorous decarbonization | ||||||
disappointed to find only | marginal | greeniums, if | requirements, which can be achieved via labelled | ||||
at all. With many different parameters typically | bonds (e.g. SLBs with ambitious emission reduction | ||||||
influencing the price of an issuance, greeniums | targets, transition bonds for projects with significant | ||||||
are not guaranteed. | emission reduction potential). This, however, | ||||||
requires clear standards and controls to prevent | |||||||
At the same time, it has been shown that, when | misuse of the label, as this could, in turn, reduce | ||||||
greeniums exist, they tend to be larger for more | the market’s trust in these instruments. | ||||||
credible issuances, measured both by the issuer’s | |||||||
credibility as well as the level of certification | Besides labelled bonds providing issuers with | ||||||
and external reviews that a labelled bond has | access to new investors, they also support better | ||||||
Labelled bonds | acquired.32 This suggests that investors are willing | access to a broader set of investment types, such | |||||
offer an issuer the | to pay a larger premium for bonds they perceive as | as different tranches, offering flexibility in terms of | |||||
less risky in terms of greenwashing, and this can | maturity and other parameters, which may not be | ||||||
distinct advantage | |||||||
have substantial implications for EMDEs. In these | as easily possible to do in the regular bond market. | ||||||
of gaining access | |||||||
economies, certification standards and taxonomies | |||||||
to a more diverse | |||||||
may not fully align with those in developed markets, | Governance | ||||||
set of investors | |||||||
leading to differences in understanding and | |||||||
(both in terms of | assessment. This is because international standards | The issuance of labelled bonds often necessitates | |||||
geography and | and regulations are not always easily applicable in | the establishment of a robust sustainability strategy | |||||
investor types). | EMDEs. For example, there are many smaller and | by the issuer. While this can be seen as an initial | |||||
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 14
东南亚净零转型的标记债券：前进之路 14
challenge, it also offers benefits in terms of improving transparency and governance within the issuer’s operations. Developing a comprehensive sustainability strategy compels the issuer to assess its environmental and social impacts, set clear sustainability goals and implement measures to achieve them. This process not only aligns the issuer with international sustainability standards
挑战，它还在改善发行人运营的透明度和治理方面提供了好处。制定全面的可持续发展战略迫使发行人评估其环境和社会影响，设定明确的可持续发展目标并实施措施以实现这些目标。这个过程不仅使发行人与国际可持续发展标准保持一致。
but also ensures greater transparency in reporting, enabling investors and stakeholders to gain deeper insights into the issuer’s commitment to responsible practices. In this way, the governance aspect of labelled bond issuance not only serves to secure funding for sustainable initiatives but also elevates the issuer’s overall standards of transparency and accountability.
但也确保了报告的更大透明度，使投资者和利益相关者能够更深入地了解发行人对负责任实践的承诺。通过这种方式，标记债券发行的治理方面不仅有助于为可持续倡议提供资金，还提升了发行人在透明度和问责制方面的整体标准。
1.2 | Costs for issuing labelled bonds | ||||
The costs associated with issuing labelled bonds | and encourage effective knowledge dissemination | ||||
can be broken down into monetary costs that | and collaboration are expected to support the | ||||
directly necessitate paying an external provider | simplification of the processes and the reduction of | ||||
for their services – both on a one-off basis during | costs over time in EMDEs. | ||||
the issuance process and as costs that might | |||||
recur throughout the duration of the bond. At the | External review | ||||
same time, non-monetary costs will be incurred, | |||||
especially in terms of the time committed by | The role of undergoing an independent (e.g. | ||||
internal resources to additional tasks that are | second-party opinion provider, assurance or | ||||
required due to the issuance. | certification providers) review and verification | ||||
process (costing between $15,000 and $50,000) | |||||
Direct monetary costs – upfront | in the labelled bond market remains essential for | ||||
ensuring transparency and credibility. However, a | |||||
challenge that persists is the existence of a large | |||||
set of different standards from multiple standard- | |||||
External consulting to develop a labelled | setters, countries or regions that may govern | ||||
bond framework | these opinions. There are notable disparities in | ||||
the qualities of second-party opinion providers | |||||
One of the primary costs associated with labelled | (SPOs) that might deter the effectiveness and | ||||
bond issuance (especially in EMDEs) is developing | trustworthiness of such reviews. It would, therefore, | ||||
a comprehensive labelled bond framework, as it | be important to further standardize and develop | ||||
typically requires hiring external consultants. While | well-defined requirements for the external review | ||||
some issuers also opt to develop it themselves, can | process for all types of labelled bonds – and this is | ||||
access a grant, or have it taken over by a partner, | not just from the perspective of issuers in developed | ||||
many consultation stakeholders reported that | economies. The establishment of a consistent set of | ||||
issuers were making use of such external consulting | criteria and expectations would not only streamline | ||||
services. Based on these accounts from several | the evaluation process but also provide a level | ||||
ASEAN countries, the costs associated with such | playing field for issuers and investors, ultimately | ||||
services can range from $30,000 to $60,000. The | bolstering the reliability and comparability of these | ||||
complexities of the existing taxonomies and lack of | opinions within the labelled bond market. | ||||
clarity surrounding how international requirements | |||||
translate to the EMDE context add to the challenge | Certification | ||||
of issuers trying to independently navigate the | |||||
issuance process. In addition, given the relatively | The final upfront direct cost associated with | ||||
nascent stage of the labelled bond markets in many | some labelled bonds is the official certification of | ||||
EMDEs, there is limited experience and scale in the | a labelled bond based on the use of proceeds, | ||||
region, and thus only a few local service providers, | adherence to specific standards and, in the case | ||||
which necessitates international consultancy support. | of SLBs, the level of their performance. However, | ||||
Also, international providers are sometimes seen | it is important to note that only a small share | ||||
as more credible. However, as the market scales | of labelled bonds undergo official certification. | ||||
and matures, it is anticipated that local expertise | While the most significant and widely recognized | ||||
and credibility will be built up, reducing dependence | certification for green bonds is the CBI certification, | ||||
on costly external consultants from abroad. To | some issuers opt for alternative approaches. A | ||||
facilitate the growth of such local ecosystems, | large share of bonds is reported as “CBI-aligned”, | ||||
knowledge-sharing between market participants | meaning that they align with the CBI’s criteria but | ||||
is essential. Unfortunately, several accounts have | do not go through the formal certification process. | ||||
indicated that knowledge and experience sharing | Additionally, certain issuers choose self-labelling, | ||||
can be limited, even though initial issuances have | wherein they independently assess and declare | ||||
taken place. Thus, measures to reduce disparities – | their bonds as green without third-party certification. | ||||
and with that, the complexity – of taxonomies and | The decision whether to pursue certification often | ||||
standards to support the initial scaling of the market | hinges on several factors, including the issuer’s | ||||
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 15
东南亚净零转型的标记债券：前进之路 15
发行带标签的债券通常涉及
somewhat underestimated prerequisite, which is the development of a comprehensive sustainability strategy.
有些被低估的前提条件是制定全面的可持续发展战略。
resources and priorities and the perceived benefits of certification – arguably even more pronounced for EMDE issuers than for issuers in other countries. However, although certification is an additional layer to provide transparency and credibility, it may not be currently feasible for every issuer.
资源和优先事项以及认证的感知益处——对于新兴市场和发展中经济体（EMDE）发行人来说，这种情况可能比其他国家的发行人更为明显。然而，尽管认证是提供透明度和可信度的额外层次，但目前可能并不适合每个发行人。
Direct monetary costs – continuous
直接货币成本 - 持续性
Auditing
审计
In terms of continuous direct costs associated with labelled bonds, one component is the auditing costs incurred for external reviews post-issuance. The need for and the type of these audits can vary depending on the type of verification chosen by issuers. While some issuers opt for voluntary audits, issuers with CBI-certified bonds must submit their annual reports for external review. The auditing process serves as an additional layer of transparency and assurance for investors, providing them with confidence in the bond’s alignment with sustainability criteria. However, a key concern frequently associated with such auditing costs is the uncertainty surrounding them. This uncertainty can take various forms, including concerns about potential changes in requirements that may become more stringent and costly over time and the prospect of additional auditing requirements being introduced by standard-setters at a later stage, even if they were not initially mandated. This underscores the importance of clear and consistent standards and requirements within the labelled bond market to mitigate issuer apprehensions and enhance investor trust.
在与标记债券相关的持续直接成本方面，一个组成部分是发行后进行外部审查所产生的审计费用。这些审计的需求和类型可能会根据发行人选择的验证类型而有所不同。虽然一些发行人选择自愿审计，但拥有 CBI 认证债券的发行人必须提交其年度报告以供外部审查。审计过程为投资者提供了额外的透明度和保障，使他们对债券与可持续性标准的一致性充满信心。然而，与这些审计费用相关的一个主要担忧是其不确定性。这种不确定性可能表现为对要求潜在变化的担忧，这些变化可能会随着时间的推移变得更加严格和昂贵，以及标准制定者在后期引入额外审计要求的前景，即使这些要求最初并未被强制。这突显了在标记债券市场中明确和一致的标准与要求的重要性，以减轻发行人的顾虑并增强投资者的信任。
Indirect or non-monetary costs
间接或非货币成本
Sustainability strategy
可持续发展战略
Issuing labelled bonds often entails a somewhat underestimated prerequisite, which is the development of a comprehensive sustainability strategy. While this is not a specified requirement by standard-setters and is therefore often overlooked, the steps that need to be taken throughout the issuance process of labelled bond typically impose (or are at least significantly facilitated by) the integration of ESG and sustainability principles into the organization’s operations in one way or another. This may involve a thorough revision of the issuer’s projects in terms of their climate and social impacts, emission tracking or ESG target setting
发行标记债券通常涉及一个被低估的前提条件，即制定全面的可持续发展战略。虽然这并不是标准制定者所规定的要求，因此常常被忽视，但在标记债券的发行过程中需要采取的步骤通常会要求（或至少在很大程度上促进）将环境、社会和治理（ESG）及可持续发展原则以某种方式融入组织的运营。这可能涉及对发行人项目的气候和社会影响、排放跟踪或 ESG 目标设定进行彻底审查。
(especially for SLBs). Such an integration represents a significant undertaking that requires not only added work but also effective change management to ensure alignment with sustainability goals.
（特别是针对 SLB）。这样的整合代表了一项重大任务，不仅需要额外的工作，还需要有效的变更管理，以确保与可持续发展目标的一致性。
Moreover, the bond issuance process itself involves numerous steps that require resources and time, from initiating the decision to issue such a bond to creating the framework (if not outsourced).
此外，债券发行过程本身涉及多个步骤，这些步骤需要资源和时间，从启动发行债券的决策到创建框架（如果没有外包）。
This complexity can pose challenges, especially for first-time issuers. Consequently, there is internal demand for knowledge and expertise, often prompting issuers to allocate additional resources and, in some cases, establish dedicated sustainability or ESG teams.
这种复杂性可能会带来挑战，尤其是对于首次发行者。因此，内部对知识和专业技能的需求增加，通常促使发行者分配额外资源，并在某些情况下建立专门的可持续发展或 ESG 团队。
However, a persistent issue arises from the scarcity of expertise in ESG and labelled bond issuance in EMDEs. In many instances, organizations grapple with a shortage of talent and knowledge related to ESG practices, which extends to understanding how to interact effectively with the international investor and labelled bond community. These knowledge gaps need to be bridged and the necessary capabilities built to successfully and impactfully issue labelled bonds, particularly in regions where such expertise is underdeveloped.
然而，来自新兴市场和发展中经济体（EMDEs）在环境、社会和治理（ESG）及标记债券发行方面的专业知识稀缺是一个持续存在的问题。在许多情况下，组织面临与 ESG 实践相关的人才和知识短缺，这也包括如何有效地与国际投资者和标记债券社区互动。这些知识差距需要弥补，并建立必要的能力，以成功且有影响力地发行标记债券，特别是在这些专业知识尚不发达的地区。
Coordination
协调
Efficient coordination represents an additional challenge for labelled bond issuers, necessitating extra effort and resources. Internally aligning various teams and stakeholders, especially during the development of sustainability or transition strategies, can be a complex endeavour. Further, external coordination with diverse and often new service providers is required. Building effective relationships and ensuring seamless collaboration with external parties, such as verification agencies and auditors, becomes essential for ensuring compliance with the necessary standards.
有效的协调对有标签的债券发行人来说是一个额外的挑战，需要额外的努力和资源。在制定可持续性或过渡战略的过程中，内部协调各个团队和利益相关者可能是一项复杂的工作。此外，还需要与各种不同且通常是新的服务提供商进行外部协调。与外部方（如验证机构和审计师）建立有效的关系并确保无缝合作，对于确保符合必要标准至关重要。
Reporting
报告
Preparations for regular reporting (both for the auditing process as well as general impact/ allocation reports expected by the international markets) represent another cost factor for labelled bond issuers, stemming from the increased need for resources. Just as uncertainty surrounds auditing costs, the potential that reporting requirements might be significantly modified over time poses an added challenge. Issuers may find themselves in the unknown regarding the internal efforts and resources required to meet evolving reporting standards.
定期报告的准备（包括审计过程以及国际市场预期的一般影响/分配报告）是标记债券发行者的另一个成本因素，这源于对资源需求的增加。正如审计成本的不确定性一样，报告要求可能会随着时间的推移而发生重大变化，这也带来了额外的挑战。发行者可能会对满足不断变化的报告标准所需的内部努力和资源感到不确定。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 16
东南亚净零转型的标记债券：前进之路 16
2
解决方案和实施路线图
There are 19 measures to be implemented across the ecosystem to support the issuance of labelled bonds in ASEAN.
在东盟生态系统中，将实施 19 项措施以支持标签债券的发行。
Based on the same consultations conducted with key stakeholders in the labelled bond market in ASEAN, a set of potential solutions has been developed to better support issuers based on the insights from the previous section. Their primary aim is to either increase the benefits or decrease the costs of labelled bonds for issuers. In the first step, solutions are described and grouped by four types of stakeholders, namely issuers, investors, local
根据与东盟标记债券市场的关键利益相关者进行的相同咨询，已经制定了一套潜在解决方案，以更好地支持发行人，基于前一部分的见解。它们的主要目标是增加发行人对标记债券的收益或降低成本。在第一步中，解决方案被描述并按四类利益相关者进行分组，即发行人、投资者、地方。
policy-makers and the international community (i.e. MDBs, non-profits, standard-setters, SPOs, rating agencies, international regulations). In the second step, these solutions are prioritized based on their ease of implementation as well as their impact. This assessment is then used to propose a roadmap for the support of labelled bonds in the ASEAN region specifically, albeit with the expectation that key elements could also apply to EMDEs more broadly.
政策制定者和国际社会（即多边开发银行、非营利组织、标准制定者、社会企业、评级机构、国际法规）。在第二步，这些解决方案根据其实施的难易程度和影响力进行优先排序。然后，这一评估用于提出一条专门支持东盟地区标记债券的路线图，尽管预计关键要素也可以更广泛地适用于新兴市场和发展中经济体。
2.1 Actions for all stakeholders in the market
2.1 市场中所有利益相关者的行动
Issuers | Solutions aimed at decreasing issuer costs | ||||
Organizational preparedness: An element | |||||
2 | |||||
that can unexpectedly drive up costs for the | |||||
Solutions aimed at increasing issuer benefits | issuers of labelled bonds is the absence of a solid | ||||
sustainability strategy, such as including a | |||||
1 | Close alignment with investors: To increase | dedicated department focusing on sustainability | |||
the benefits for issuers in the labelled bond | and ESG matters. The bond issuance process can | ||||
market, it can help to establish closer and early | become cumbersome and protracted without | ||||
alignment with investors throughout the issuing | groundwork on sustainability targets and | ||||
process. By actively involving investors from the | operations. This is particularly true when top | ||||
outset, issuers can gain valuable insights into some | management is not fully engaged, as the | ||||
specific expectations regarding the types of | commitment of key decision-makers plays a pivotal | ||||
labelled bonds and bond characteristics they are | role in the success of sustainability initiatives. | ||||
seeking. While there are instances of sustainable | Therefore, ensuring that an organization has its | ||||
projects requiring funding that cannot be easily | “house in order” and is properly prepared is a | ||||
made “bankable” to match the requirements of the | relevant enabling factor for cost reductions to an | ||||
current financial system (a challenge that needs to | issuer before embarking on its labelled bond | ||||
be tackled by a different set of solutions), there are | issuance journey. This preparation includes | ||||
also projects that can be an attractive investment | securing C-suite-level support, establishing | ||||
opportunity, when structured the right way. In | streamlined operations and having a clear strategy | ||||
such cases, early collaboration will not only allow | and reporting mechanisms in place. Having a clear | ||||
issuers to make certain tweaks to their offerings | long-term strategy will also help in developing a | ||||
to better meet investor demand but also build | solid pipeline of relevant and truly sustainable | ||||
trust in the market. When investors are included | projects, meaning potential labelled bond | ||||
in the process, they are able to understand the | frameworks can be developed very stringently with | ||||
issuer’s commitment to sustainability and the | a long-term vision and, accordingly, will not need | ||||
quality of the labelled bonds being offered. This | to be redesigned for each potential new issuance. | ||||
alignment and transparency can help mitigate | Additionally, a stringent and solid framework can | ||||
unintended “greenwashing” and ensure robust | positively impact an issuer’s benefits in terms of | ||||
demand for issuances. | potentially increased greeniums. | ||||
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 17
东南亚净零转型的标记债券：前进之路 17
Investors
投资者
Solutions aimed at increasing issuer benefits and decreasing issuer costs
旨在增加发行人收益和降低发行人成本的解决方案
Early engagement: Besides providing capital, investors can play an important role
早期参与：除了提供资金，投资者还可以发挥重要作用
in the labelled bond market by actively engaging with issuers. This support includes providing valuable insights to issuers, such as regarding what types or structures of bonds are most appealing to the investor community. This can be valuable as bond markets have the potential to suffer from asymmetric information, where investors and underwriters have a better understanding of the market than issuers. While overcoming such asymmetries requires additional structures to support the issuers in understanding the market, with direct and ongoing engagement with potential issuers, larger investors can help issuers align their offerings with market preferences, thereby increasing the likelihood of a successful issuance.
在标记债券市场中，通过积极与发行人互动来提供支持。这种支持包括向发行人提供有价值的见解，例如哪些类型或结构的债券对投资者社区最具吸引力。这是非常重要的，因为债券市场可能会遭受信息不对称的影响，投资者和承销商对市场的理解往往优于发行人。虽然克服这种不对称需要额外的结构来帮助发行人理解市场，但通过与潜在发行人进行直接和持续的互动，大型投资者可以帮助发行人使其发行与市场偏好保持一致，从而增加成功发行的可能性。
Moreover, investors can disclose their willingness to pay for the additional effort required for the issuance of labelled bonds. In discussions with market participants, it has become apparent that while the premium for labelled bonds has seen a decreasing trend, many investors still recognize and appreciate the extra work and diligence required for these issuances. They are willing to pay for the added value of labelled bonds that align with their sustainability objectives. Investors could potentially even start more clearly differentiating the premiums they are willing to pay depending on the levels
此外，投资者可以表明他们愿意为发行标记债券所需的额外努力支付的费用。在与市场参与者的讨论中，显然虽然标记债券的溢价呈下降趋势，但许多投资者仍然认识到并欣赏这些发行所需的额外工作和勤奋。他们愿意为与其可持续发展目标相一致的标记债券的附加价值支付费用。投资者甚至可能开始更清晰地区分他们愿意支付的溢价，具体取决于不同的水平。
of ambition and credibility of the labelled bond frameworks (e.g. a lower premium for “dark green projects” or for more alignment to standards). While some previous research in experimental setups has shown that the willingness to pay for higher levels of investments might not be significant,33 this could still be an avenue to explore (see solution 15 “Levels of “greenness””).
标记债券框架的雄心和可信度（例如，“深绿色项目”或更符合标准的项目的溢价较低）。虽然一些先前在实验设置中的研究表明，愿意为更高水平的投资支付的意愿可能并不显著，33 这仍然可能是一个值得探索的途径（见解决方案 15“绿色程度的水平”）。
Further, impact-oriented investors might explore the possibility of entering into advanced market commitments, thereby assuring potential issuers that there will be sufficient demand if they issue bonds fulfilling specific requirements.
此外，面向影响的投资者可能会探索进入高级市场承诺的可能性，从而向潜在发行人保证，如果他们发行满足特定要求的债券，将会有足够的需求。
Any such investor support will not only facilitate cost reduction for issuers during the issuance process but also augment demand, the result of which might be to further boost potential greeniums. At the same time, such collaboration could enhance transparency and allow investors to gain a better understanding of the quality of the respective labelled bond issuances, which would, in turn, also reduce an investor’s effort and due diligence requirements. This further underscores the mutual benefits of strong collaboration between issuers and investors in the market.
任何此类投资者支持不仅将促进发行人在发行过程中的成本降低，还将增加需求，其结果可能进一步推动潜在的绿色溢价。同时，这种合作可以增强透明度，使投资者更好地了解各自标记债券发行的质量，这反过来也将减少投资者的努力和尽职调查要求。这进一步强调了市场上发行人与投资者之间强大合作的互惠互利。
Local policy-makers (governments, regulators, central banks)
地方政策制定者（政府、监管机构、中央银行）
Solutions aimed at increasing issuer benefits
旨在增加发行人利益的解决方案
Increased returns: Measures aimed at supporting labelled bond returns can help
增加回报：旨在支持标记债券回报的措施可以提供帮助
incentivize issuances and drive demand. This can, for example, be achieved by implementing efficient carbon pricing mechanisms that require market participants to price in the full costs of their activities when calculating their cost of capital, thereby making sustainable projects and organizations more attractive to investors. Additionally, introducing support schemes such as renewable energy feed-in tariffs or power purchase agreements can boost returns for sustainable projects, making them more attractive to investors. These increased returns can stimulate investor demand and, with that, enhance the benefits for issuers.
激励发行并推动需求。例如，这可以通过实施有效的碳定价机制来实现，要求市场参与者在计算资本成本时考虑其活动的全部成本，从而使可持续项目和组织对投资者更具吸引力。此外，引入支持计划，如可再生能源上网电价或电力购买协议，可以提高可持续项目的回报，使其对投资者更具吸引力。这些增加的回报可以刺激投资者需求，从而增强发行人的利益。
Reduced financial risks: Investor demand for labelled bonds can be further stimulated
降低金融风险：投资者对标记债券的需求可以进一步刺激
through a reduction of the risks associated with these instruments. Policy measures designed to mitigate risks can act as incentives for investors. These measures may encompass government-backed guarantees, first-loss provisions or insurance mechanisms. By offering this safety net, governments can enhance investor confidence in labelled bonds, making them more appealing investment options. Such initiatives not only bolster demand from investors but also provide issuers with a more secure and supportive environment to enter the labelled bond market with confidence.
通过降低与这些工具相关的风险。旨在减轻风险的政策措施可以作为投资者的激励。这些措施可能包括政府支持的担保、首损条款或保险机制。通过提供这一安全网，政府可以增强投资者对标记债券的信心，使其成为更具吸引力的投资选择。这些举措不仅增强了投资者的需求，还为发行者提供了一个更安全和支持的环境，使其能够自信地进入标记债券市场。
Investment mandates: A strategy to directly amplify labelled bond investments is to
投资授权：直接放大标记债券投资的策略是
establish green investment requirements or quotas for domestic investors, including insurers, pension funds, development banks and government entities such as state investment funds and sovereign wealth funds. These mandates can compel such investors to allocate a certain proportion of their portfolios to green or labelled bond investments. Doing so would not only align their financial activities with sustainability objectives but also bolster demand for labelled bonds.
建立国内投资者（包括保险公司、养老金基金、开发银行以及国家投资基金和主权财富基金等政府实体）的绿色投资要求或配额。这些规定可以迫使这些投资者将其投资组合的一定比例分配给绿色或标记债券投资。这样做不仅可以使他们的金融活动与可持续发展目标保持一致，还可以增强对标记债券的需求。
Capital requirements: To bolster the appeal of labelled bonds as an investment
资本要求：为了增强标记债券作为投资的吸引力
opportunity, an additional strategy could involve adjusting capital reserve requirements for investors in alignment with the ESG risk profiles of their assets. By increasing capital requirements for the holding of higher-risk assets regarding climate considerations, it would be possible to factor in the transition risk associated with such investments. This would include the potential negative consequences of failing to meet existing or future carbon reduction requirements. Alternatively, capital requirements could be reduced for highly
机会，另一种策略可能涉及根据投资者资产的 ESG 风险特征调整资本储备要求。通过提高对气候考虑的高风险资产的持有资本要求，可以考虑与此类投资相关的转型风险。这将包括未能满足现有或未来碳减排要求的潜在负面后果。或者，对于高度
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 18
东南亚净零转型的标记债券：前进之路 18
政府可以加强对本地标签债券市场增长的支持
by developing well-defined sustainability goals and comprehensive transition plans.
通过制定明确的可持续发展目标和全面的过渡计划。
sustainable investments if they come at a lower transition risk. While properly quantifying the (transition) risk difference between labelled and unlabelled bonds requires further research, and reserve requirements must maintain financial stability, requiring lower capital reserves for labelled bonds could make these opportunities more attractive for financial investors compared to unlabelled bonds.
可持续投资如果伴随较低的转型风险则更具吸引力。虽然准确量化标记债券和未标记债券之间的（转型）风险差异需要进一步研究，并且储备要求必须维持金融稳定，要求标记债券较低的资本储备可能使这些机会对金融投资者相比未标记债券更具吸引力。
Tax incentives: Tax incentives can serve as an instrument to increase labelled bond
税收激励：税收激励可以作为增加标记债券的工具
issuances applied to both issuers and investors. On the investor’s side, tax incentives could, for example, take the form of tax breaks specifically tied to investments in labelled bonds. Another approach would involve the issuance of tax credit bonds, where investors receive tax credits in place of traditional interest payments. These measures can elevate demand for labelled bonds by making them more financially appealing to investors.
发行适用于发行人和投资者。在投资者方面，税收激励可以例如以与标记债券投资相关的税收减免的形式出现。另一种方法是发行税收抵免债券，投资者可以获得税收抵免，而不是传统的利息支付。这些措施可以通过使标记债券对投资者更具财务吸引力，从而提高对标记债券的需求。
Furthermore, issuers can benefit from tax incentives in the form of tax rebates that subsidize their interest payments on labelled bonds. This approach directly enhances the attractiveness of such bonds to issuers by increasing the financial benefits associated with these bonds. In this manner, tax incentives effectively serve as a dual catalyst, creating demand from investors while also providing issuers with added incentives to participate in the sustainable finance landscape.
此外，发行人可以通过税收回扣获得税收激励，从而补贴他们在标记债券上的利息支付。这种方法通过增加与这些债券相关的财务利益，直接增强了这些债券对发行人的吸引力。通过这种方式，税收激励有效地充当了双重催化剂，既创造了投资者的需求，又为发行人提供了参与可持续金融领域的额外激励。
Solutions aimed at decreasing issuer costs
旨在降低发行人成本的解决方案
Issuance grant scheme: To alleviate one of the key direct costs, meaning the cost
发行补助计划：为了减轻其中一项关键直接成本，即成本
associated with the development of labelled bond frameworks, local policy-makers can implement grant schemes to cover the expenses incurred by hiring consultancies for the purpose of developing such frameworks. These grants serve as a valuable resource, particularly in the early stages of labelled bond market development, as they provide essential support for getting initial issuances off the ground. Issuers can then use the knowledge and frameworks acquired during this process for subsequent issuances. Furthermore, once the market has achieved a certain level of scale and maturity, more local consultancies are expected to enter the market, reducing the current heavy cost associated with international consultancies.
与标签债券框架的发展相关，当地政策制定者可以实施资助计划，以覆盖聘请咨询公司开发此类框架所产生的费用。这些资助在标签债券市场发展的早期阶段尤其是宝贵的资源，因为它们为启动初始发行提供了必要的支持。发行人可以在此过程中获得的知识和框架用于后续发行。此外，一旦市场达到一定规模和成熟度，预计会有更多当地咨询公司进入市场，从而降低与国际咨询公司相关的高昂成本。
Sovereign issuances: Governments can play a role in supporting the growth of their local
主权发行：政府可以在支持当地经济增长方面发挥作用
labelled bond markets by taking the initiative to issue labelled bonds themselves, making sure they are role models with their issuance in terms of ambition level and ensuring additionality. In doing so, they not only demonstrate their commitment to sustainability but also become pioneers in their own markets, paving the way for other issuers. They can then actively share the experiences and knowledge gained through their own labelled bond issuances. This knowledge-sharing has the benefit of supporting the reduction of costs for all market
通过主动发行标签债券，标记债券市场，确保他们在发行时在雄心水平上成为榜样，并确保额外性。在这样做的过程中，他们不仅展示了对可持续发展的承诺，还成为自己市场的先驱，为其他发行人铺平道路。然后，他们可以积极分享通过自己标签债券发行获得的经验和知识。这种知识共享有助于降低所有市场的成本。
participants since others can learn from their experiences and potentially avoid costly mistakes. Finally, sovereign issuances help build scale within local markets, facilitating the development of knowledge and expertise domestically.
参与者，因为其他人可以从他们的经验中学习，并可能避免代价高昂的错误。最后，主权发行有助于在本地市场建立规模，促进国内知识和专业技能的发展。
Knowledge sharing: In addition to sharing insights and experiences from their own
知识共享：除了分享他们自己的见解和经验之外
sovereign issuances, local policy-makers can play a role in fostering a culture of knowledge sharing within the broader labelled bond market. Such knowledge sharing would extend beyond the details of specific issuances and encompass valuable information on processes, information sources and strategic partners that can provide support and guidance on structuring and staffing for success. To incentivize such knowledge sharing, policy-makers should, for example, tie grants and other support schemes to clear requirements for sharing their experiences with the market.
主权发行中，地方政策制定者可以在更广泛的标记债券市场中促进知识共享文化。这样的知识共享将超越特定发行的细节，涵盖有关流程、信息来源和战略合作伙伴的宝贵信息，这些信息可以为成功的结构和人员配置提供支持和指导。为了激励这种知识共享，政策制定者可以例如将补助金和其他支持计划与分享他们在市场上经验的明确要求挂钩。
They can also help to initiate knowledge sharing and collaborative efforts between key stakeholders (e.g. investors, issuers, consultancy firms and standard-setters) via the creation of dedicated forums or platforms. Such forums could serve as spaces for open dialogue, sharing best practices and the consensus-building necessary for setting industry-specific standards. Ideally, these knowledge-sharing and standard-setting initiatives should be conducted on an industry-by-industry basis. By aligning the efforts and expertise of stakeholders within each specific sector, a deeper understanding of the unique needs and dynamics of those industries can be cultivated.
它们还可以通过创建专门的论坛或平台，帮助关键利益相关者（例如投资者、发行人、咨询公司和标准制定者）之间发起知识共享和协作努力。这些论坛可以作为开放对话、分享最佳实践和建立共识以设定行业特定标准的空间。理想情况下，这些知识共享和标准制定倡议应按行业进行。通过协调每个特定行业内利益相关者的努力和专业知识，可以培养对这些行业独特需求和动态的更深入理解。
Transition plans: Further, governments can bolster support for the growth of their local
过渡计划：此外，各国政府可以加强对当地经济增长的支持
labelled bond markets by developing well-defined sustainability goals and comprehensive transition plans, serving several purposes. First, they will contribute to providing an enabling market environment by bringing the country on to a consistent, long-term and committed transformation path providing more certainty and allowing companies to afford longer-term, sustainable investments. Secondly, such plans help in the identification of the most critical and relevant industries that are required for the local net-zero transition. This will then help to determine the specific types of labelled bonds that are most relevant to these industries. This approach will also pave the way for targeted educational and promotional efforts within local markets, catering to the unique needs of each industry. For instance, in countries with a heavy reliance on coal use, transition bonds may take precedence, while SLBs might be more relevant for companies without immediate green project potential but significant decarbonization requirements. With such targeted education and support, the issuance process can be made less time- and resource-consuming for potential issuers.
通过制定明确的可持续发展目标和全面的过渡计划，标记债券市场服务于多个目的。首先，它们将有助于提供一个有利的市场环境，使国家走上一个一致的、长期的和承诺的转型路径，从而提供更多的确定性，并允许公司进行长期的可持续投资。其次，这些计划有助于识别地方净零转型所需的最关键和相关的行业。这将有助于确定与这些行业最相关的特定类型的标记债券。这种方法还将为在地方市场内进行有针对性的教育和推广工作铺平道路，以满足每个行业的独特需求。例如，在对煤炭使用依赖较重的国家，过渡债券可能优先，而对于没有立即绿色项目潜力但有显著减碳需求的公司，SLB 可能更为相关。通过这种有针对性的教育和支持，发行过程可以减少潜在发行者的时间和资源消耗。
Capacity building: The scale-up of labelled bond issuances demands an infusion of talent
能力建设：标记债券发行的规模扩大需要人才的注入
and expertise within both organizations and the
以及两个组织内的专业知识和专长
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broader market (e.g. build-up of local consultancy services). Governments can provide several types of support to facilitate the development of this know-how. One approach could, for example, involve the funding of students or trainees to engage in capacity-building initiatives within organizations abroad. This hands-on learning experience would equip individuals with the skills and insights needed for labelled bond issuances and enable them to bring this knowledge back to their home countries.
更广泛的市场（例如，地方咨询服务的建立）。政府可以提供几种类型的支持，以促进这一知识的开发。一种方法可以是资助学生或实习生参与国外组织的能力建设项目。这种实践学习经验将使个人掌握标签债券发行所需的技能和见解，并使他们能够将这些知识带回自己的国家。
Additionally, governments can support local certification and education programmes tailored to sustainable finance and labelled bond expertise. By bolstering these educational efforts, they would help ensure a steady pipeline of professionals capable of handling the complexities of labelled bond issuances. Governments could consider establishing centres of excellence in partnership with universities or other academic institutions
此外，政府可以支持针对可持续金融和标签债券专业知识的地方认证和教育项目。通过加强这些教育工作，他们将有助于确保能够处理标签债券发行复杂性的专业人才的稳定供应。政府可以考虑与大学或其他学术机构合作建立卓越中心。
to further strengthen the talent pool. These joint ventures could serve as hubs for knowledge, research and training, facilitating the growth of domestic expertise in the labelled bond market.
进一步加强人才储备。这些合资企业可以作为知识、研究和培训的中心，促进国内在标记债券市场的专业知识增长。
International community
国际社会
Solutions aimed at increasing issuer benefits
旨在增加发行人利益的解决方案
Credit rating: Placing greater emphasis on integrating ESG factors into credit ratings
信用评级：更加重视将环境、社会和治理（ESG）因素纳入信用评级中
could be one potential lever to enhance the attractiveness of labelled bonds as investments.
可能是增强标记债券作为投资吸引力的一个潜在杠杆。
At present, credit ratings tend to have a backwards-looking perspective, failing to adequately account for the risk that is, for example, associated with fossil fuel investments versus more sustainable and future-proof green investments. By integrating ESG measures more comprehensively into the assessments conducted by rating agencies, labelled
目前，信用评级往往具有向后看的视角，未能充分考虑与化石燃料投资相比，与更可持续和未来-proof 的绿色投资相关的风险。通过将 ESG 指标更全面地纳入评级机构的评估中，标记
bonds could potentially secure higher credit ratings. This shift is particularly vital in the context of EMDEs, where credit ratings wield substantial influence over investor decisions. Elevating the credit ratings of labelled bonds would render them more attractive to investors and thus further stimulate demand. To implement such a measure, a core prerequisite will be the implementation of well-defined climate risk disclosure frameworks to determine clear guidelines to measuring and qualifying such climate-related risks. Previous experiences of trying to include ESG performance and credible future ESG targets in such considerations have proven that this can be quite challenging. However, when such reporting is done well and implemented stringently, investors also better understand their portfolio’s riskiness, which can make sustainable investment instruments like labelled bonds even more attractive.
债券可能会获得更高的信用评级。这一转变在新兴市场和发展中经济体（EMDEs）的背景下尤为重要，因为信用评级对投资者决策具有重大影响。提高标记债券的信用评级将使其对投资者更具吸引力，从而进一步刺激需求。要实施这一措施，一个核心前提是建立明确的气候风险披露框架，以确定测量和评估此类气候相关风险的明确指南。以往尝试将环境、社会和治理（ESG）表现及可信的未来 ESG 目标纳入此类考虑的经验表明，这可能相当具有挑战性。然而，当这种报告做得好并严格实施时，投资者也能更好地理解其投资组合的风险性，这使得像标记债券这样的可持续投资工具更加吸引人。
Levels of “greenness”: To encourage a greater prevalence of certified labelled bonds,
“绿色”级别：为了鼓励更多认证标签债券的普及，
which would bolster transparency and instil investor trust in the market, the international community, particularly standard setters, should pursue greater alignment on common certification standards. Simultaneously, there should be room for a diversified array of certifications. For instance, a clear system for rating or flagging different degrees of adherence to standards or the level of ambition could be established – e.g. as a measure of “greenness”.
为了增强透明度并增强投资者对市场的信任，国际社会，特别是标准制定者，应追求在共同认证标准上实现更大的协调。同时，应为多样化的认证体系留出空间。例如，可以建立一个明确的系统来评估或标记对标准的不同遵循程度或雄心水平——例如，作为“绿色”程度的衡量。
Such a multifaceted approach would enable more issuers to attain certifications, building market confidence, especially in EMDEs. Moreover, it would open the door to a tiered approach, where greeniums could be negotiated and set at varying levels, giving the possibility to better remunerate and support top-tier/deep-green projects. Similar to the varying values assigned to different types of carbon offsets in the market (see Box 1), this approach acknowledges that investors may have varying levels of willingness to pay according to the quality and sustainability credentials of the investment.
这种多方面的方法将使更多的发行人获得认证，从而增强市场信心，特别是在新兴市场和发展中经济体。此外，这将为分层方法打开大门，在这种方法中，绿色溢价可以在不同水平上进行谈判和设定，从而更好地补偿和支持顶级/深绿色项目。类似于市场上对不同类型碳抵消所赋予的不同价值（见框 1），这种方法承认投资者可能根据投资的质量和可持续性资质具有不同的支付意愿。
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BOX 1
盒子 1
Carbon credits
碳信用额度
In the voluntary carbon market, a wide range of prices for various types of carbon credits is observed, reflecting different levels of willingness to pay for these credits.
在自愿碳市场中，观察到各种类型的碳信用的价格差异，反映了对这些信用的支付意愿的不同水平。
Ranges as well as median prices observed for different types of carbon credits in dollars per tonne of carbon dioxide equivalent (tCO2e)
不同类型的碳信用额度在每吨二氧化碳当量（tCO2e）中观察到的范围和中位价格
Forest conservation | Minimum | Maximum | |||||
(REDD+) | |||||||
$8 | Median | ||||||
Afforestation and | |||||||
reforestation | |||||||
$14 | |||||||
Soil carbon
土壤碳
$30
Biochar
生物炭
$115
Direct air carbon
直接空气碳
capture and storage
捕获和存储
$1,100
0 50 100 150 200 250 300 1,100 1,150 1,600
$/tCO2e
The following are among the different factors that contribute to the variations in price:
以下是导致价格变化的不同因素：
Project type: Projects with high costs, such as those involving advanced technologies or extensive reforestation efforts, often yield higher-priced credits.
项目类型：高成本项目，例如涉及先进技术或大规模植树造林的项目，通常会产生更高价格的信用。
Type of credit: The type of carbon credit seems to matter, with removal credits (e.g. direct air capture) often commanding higher prices than avoidance credits.
信用类型：碳信用的类型似乎很重要，去除信用（例如直接空气捕集）通常比避免信用的价格更高。
Project credentials: The credentials of projects typically also influence projects’ pricing, with projects certified for their positive environmental and social impacts by widely accepted standards generally fetching higher prices.
项目资质：项目的资质通常也会影响项目的定价，获得广泛认可的标准认证，因其对环境和社会产生积极影响的项目通常能获得更高的价格。
Developer quality: The reputation and quality of the credit developer or issuer can impact pricing since projects associated with reputable organizations may be seen as more trustworthy and, consequently, more valuable in the market.
开发者质量：信用开发者或发行人的声誉和质量会影响定价，因为与声誉良好的组织相关的项目可能被视为更可信，因此在市场上更有价值。
Source: Abatable.
可减轻的。
Solutions aimed at decreasing issuer costs
旨在降低发行人成本的解决方案
Direct issuance support: Organizations can also play a role in bolstering the labelled bond
直接发行支持：组织也可以在增强标记债券方面发挥作用
market through direct issuance support, a practice that MDBs have been notably engaged in. This support extends beyond mere advocacy and takes the form of active assistance, especially for first-time issuers. It involves actively guiding issuers through the entire process, from covering the development of the framework to potentially even engaging as investors in the issuances themselves.
通过直接发行支持市场，这是一项多边开发银行（MDBs）显著参与的实践。这种支持不仅仅是倡导，而是以积极的帮助形式存在，特别是对于首次发行者。它涉及积极指导发行者完成整个过程，从框架的开发到可能甚至作为投资者参与发行本身。
Educational support: The international community can further support the
教育支持：国际社会可以进一步支持
effectiveness of the labelled bond market by providing education and expertise to stakeholders in
通过为利益相关者提供教育和专业知识，提高标记债券市场的有效性
EMDEs. Approaches could include, for example, the creation of dedicated forums and platforms where a diverse range of stakeholders (including seasoned international participants, local issuers and investors) can come together, creating constructive feedback loops and collaborative development. The international community could further support local capacity building by setting up training programmes accessible for EMDEs (see the International Finance Corporation’s Green Bond Technical Assistance Program as a notable example) or sponsoring student programmes domestically or abroad to ensure the transfer of expertise. By facilitating such knowledge exchanges, the international community would empower local participants in the labelled bond market, enabling them to make informed decisions and drive down the costs of issuances.
新兴市场和发展中经济体（EMDEs）。可以采取的措施包括，例如，创建专门的论坛和平台，让各种利益相关者（包括经验丰富的国际参与者、本地发行人和投资者）聚集在一起，形成建设性的反馈循环和协作发展。国际社会还可以通过设立可供 EMDEs 访问的培训项目（例如国际金融公司的绿色债券技术援助项目作为一个显著的例子）来进一步支持本地能力建设，或在国内外赞助学生项目，以确保专业知识的转移。通过促进这种知识交流，国际社会将赋能本地参与者在标记债券市场中，使他们能够做出明智的决策并降低发行成本。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 21
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18 | Standards alignment: To ensure easier |
accessibility of the labelled bond market and |
a higher chance for EMDE issuers to achieve certification, there is a need to simplify and enhance the clarity of international standards and taxonomies. This involves ensuring the many different regulations/standards from all over the world are more homogenous or at least more easily comparable. While this streamlining is essential, it should be accompanied by a concerted effort to ensure that such standards are not solely tailored to developed economies. They should also account for the distinctive requirements and capacities of EMDEs, considering that an important aspect of climate financing for EMDEs is adaptation finance. This recognition calls for a more nuanced and differentiated view of labelled bonds from EMDEs. It acknowledges that projects or KPIs, which might be seen as less ambitious from an international standard’s perspective, are not necessarily an attempt at greenwashing by the issuer. Instead, they could align with the region’s distinct sustainability goals and developmental priorities and capabilities. Nevertheless, the standards should
为了让新兴市场和发展中经济体（EMDE）发行人更有可能获得认证，需要简化和增强国际标准和分类法的清晰度。这涉及确保来自世界各地的许多不同法规/标准更加同质化，或者至少更易于比较。虽然这种简化至关重要，但应伴随共同努力，确保这些标准不仅仅针对发达经济体。它们还应考虑 EMDE 的独特需求和能力，因为气候融资中一个重要方面是适应融资。这一认识要求对 EMDE 的标记债券采取更细致和差异化的看法。它承认，从国际标准的角度来看，可能被视为不那么雄心勃勃的项目或关键绩效指标（KPI），并不一定是发行人试图进行绿色洗涤的表现。相反，它们可能与该地区独特的可持续发展目标和发展优先事项及能力相一致。尽管如此，标准仍应
ensure that the requirements and ambitions it sets are relevant (e.g. definitions of UoP are solid and precise, and there are clear legal implications if not met) and ambitious for the respective context to ensure that they are seen as relevant green investments for investors. To enhance alignment, standard-setters could, for instance, offer representatives from these regions a seat at the decision-making table. They could also promote collaborations with local stakeholders to develop standards that accurately reflect the unique realities and challenges faced by EMDEs.
确保其设定的要求和目标是相关的（例如，UoP 的定义是明确和精确的，如果未满足则有明确的法律后果），并且在各自的背景下具有雄心，以确保它们被视为对投资者相关的绿色投资。为了增强一致性，标准制定者可以例如为这些地区的代表提供一个决策桌上的席位。他们还可以促进与当地利益相关者的合作，以制定准确反映新兴市场和发展中经济体所面临的独特现实和挑战的标准。
Post-issuance requirements: To enhance predictability and enable better planning for
发行后要求：为了增强可预测性并促进更好的规划
post-issuance costs in the labelled bond market, clearer and more consistent requirements could be established regarding reporting and auditing. This would include providing assurances that these requirements would not undergo frequent and unpredictable changes. To achieve this, standards could, for example, be set contractually per issuance or be changed only within a defined timeframe, with reviews occurring only at specific intervals.
在标记债券市场的发行后成本方面，可以建立更清晰和一致的报告和审计要求。这将包括提供保证，确保这些要求不会频繁和不可预测地变化。为了实现这一点，标准可以例如在每次发行时通过合同设定，或仅在定义的时间范围内进行更改，审查仅在特定间隔内进行。
2.2 | Prioritization and roadmap | ||||
As capacities might be too limited to implement | their perspectives on the list of proposed measures. | ||||
all the identified measures at the same time, it | They were asked to assess each solution by | ||||
can be helpful to prioritize such solutions and | ranking them based on their anticipated impact | ||||
plan an implementation roadmap accordingly. | and to provide an evaluation of the feasibility of | ||||
To enable a high-level view of such a prioritization, | implementing these solutions. The aggregated | ||||
the key stakeholders consulted throughout the | output of these individual assessments can be | ||||
development of this paper were invited to share | found in Figure 8. | ||||
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 22
东南亚净零转型的标记债券：前进之路 22
FIGURE 8
图 8
Aggregated results of solution assessment evaluated based on expected impact and ease of implementation
基于预期影响和实施难易程度评估的解决方案评估汇总结果
High | Medium-term | Short-term | Issuers | |||||
5 | ||||||||
1 Close alignment with investors | 2 | Organizational preparedness | ||||||
4 | 2 | 3 | ||||||
Investors | 3 | Early engagement | ||||||
6
10
15 | Local policy-makers | |||||||||||||||||
Impact | 14 12 | 16 | ||||||||||||||||
Long-term | ||||||||||||||||||
Short-term | 4 | Increased returns | 9 | Issuance grant scheme | ||||||||||||||
5 | Reduced financial risks | 10 | Sovereign issuances | |||||||||||||||
9 | 6 | Investment mandates | 11 | Knowledge-sharing | ||||||||||||||
18 | 7 | 1 | 19 | 11 | 7 | Capital requirements | 12 | Transition plans | ||||||||||
8 | Tax incentives | 13 | Capacity building | |||||||||||||||
13 | ||||||||||||||||||
17 | International community | |||||||||||||||||
Low | 14 | Credit rating | 17 | Education support | ||||||||||||||
15 | Levels of “greenness” | 18 | Standards alignment | |||||||||||||||
Hard | Ease of implementation | Easy | ||||||||||||||||
16 | Direct issuance support | 19 | Post-issuance requirements | |||||||||||||||
Notes: Each dot in the matrix marks where the consulted set of stakeholders see the respective solution to rank.
备注：矩阵中的每个点标记了咨询的利益相关者认为各自解决方案的排名。
This overview can give a first idea of which general areas are worth addressing immediately and which solutions might need to be tackled later.
此概述可以初步了解哪些一般领域值得立即处理，以及哪些解决方案可能需要稍后解决。
It is generally recommended that highly impactful and relatively easily implementable measures are applied as soon as possible. Based on this assessment, measures for all types of stakeholders can be found in the upper right quadrant – from organizational preparedness of issuers to direct issuance support of (international) organizations. Further, given the urgency of addressing the climate crisis, it is advisable to tackle all measures that are easily implemented in the short term, even if some of them are expected to have a lower impact. Here, it can also make sense to consider which of these measures might have additional positive effects outside of the labelled bond market, for example, in capacity building. A workforce with a solid education on sustainability and climate finance will likely have added benefits besides the development of labelled bond financing.
通常建议尽快采取影响力大且相对容易实施的措施。根据这一评估，所有类型利益相关者的措施可以在右上象限中找到——从发行者的组织准备到（国际）组织的直接发行支持。此外，考虑到应对气候危机的紧迫性，建议优先处理所有短期内易于实施的措施，即使其中一些预计影响较小。在这里，考虑这些措施可能在标记债券市场之外产生额外积极效果也是有意义的，例如在能力建设方面。拥有扎实可持续发展和气候金融教育的劳动力，除了推动标记债券融资的发展外，可能还会带来额外的好处。
Solutions that are more difficult to implement (shown towards the left side of the matrix) may
实施起来更困难的解决方案（在矩阵的左侧显示）可能
require more time to be addressed. Here, it would be advisable to prioritize more impactful measures for the medium term on the roadmap. Meanwhile, the least impactful and most challenging solutions should be addressed in the long term.
需要更多时间来解决。在这里，建议优先考虑中期路线图上更具影响力的措施。同时，影响力最小且最具挑战性的解决方案应在长期内解决。
Of course, it should be kept in mind that the exact qualification of these measures might differ depending on the country or regional context. For example, based on what is already being addressed or has previously been implemented in a country, some measures might be much easier to realize in one country as opposed to another – especially in terms of local policies. Moreover, the summary is only based on a limited set of individual assessments and should only be seen as a first suggestion for potential prioritization. Despite
当然，应该记住，这些措施的具体资格可能因国家或地区的背景而有所不同。例如，根据一个国家已经解决或以前实施的内容，一些措施在一个国家可能比在另一个国家更容易实现——尤其是在地方政策方面。此外，摘要仅基于有限的一组个别评估，应该仅被视为潜在优先级的初步建议。尽管
its broad scope, this high-level assessment can provide valuable first guidance on where to focus efforts initially. It can assist various stakeholders in creating their own strategies to effectively support issuers and the labelled bond market in ASEAN and EMDEs more broadly.
其广泛的范围使得这一高层次评估能够为最初的努力重点提供有价值的指导。它可以帮助各方利益相关者制定自己的策略，以有效支持东盟及更广泛的新兴市场和发展中经济体的发行人和标记债券市场。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 23
东南亚净零转型的标记债券：前进之路 23
Viet Nam case study
越南案例研究
3.1 Current status of labelled bonds in Viet Nam
3.1 越南标记债券的当前状态
The first labelled bonds in Viet Nam were green | labelled bond market in Viet Nam really started to | ||
bonds issued in 2016 by local government entities | experience some momentum and a peak of 11 | ||
in Ho Chi Minh City and Ba Ria-Vung Tau province. | issuances was reached in 2021. Despite the recent | ||
Although Viet Nam was among the first ASEAN | uptake, Viet Nam still has significant potential to | ||
countries to issue such labelled bonds (the Asian | grow its labelled bond market, especially when | ||
Development Bank, located in the Philippines, | compared to other ASEAN countries (both in terms | ||
issued the first in 2010, and Ihsan Sukuk Bhd in | of value and number of issuances), as can be seen | ||
Malaysia in 2015), it was not until 2020, when the | in Figure 9. | ||
FIGURE 9 | Cumulative labelled bond issuance in billions of US dollars and number of labelled bonds | |||||||||||||||||||||||
in ASEAN countries from 2010 to 2022 | ||||||||||||||||||||||||
Cumulative absolute issuances from ASEAN countries | Cumulative number of issuances from ASEAN countries | |||||||||||||||||||||||
($, billions) | ||||||||||||||||||||||||
40 | 400 | |||||||||||||||||||||||
382 | ||||||||||||||||||||||||
35.9 | ||||||||||||||||||||||||
35 | 350 | |||||||||||||||||||||||
30 | 300 | |||||||||||||||||||||||
26.5 | ||||||||||||||||||||||||
25 | 250 | |||||||||||||||||||||||
20 | 200 | |||||||||||||||||||||||
16.3 | 16.6 | |||||||||||||||||||||||
15 | 150 | |||||||||||||||||||||||
136 | ||||||||||||||||||||||||
11.9 | 107 | |||||||||||||||||||||||
10 | 100 | |||||||||||||||||||||||
70 | ||||||||||||||||||||||||
5 | 50 | |||||||||||||||||||||||
32 | ||||||||||||||||||||||||
0.2 | 1.8 | 3 | 19 | |||||||||||||||||||||
0 | 0 | |||||||||||||||||||||||
Brunei | Cambodia | Myanmar | Laos | Viet Nam | Malaysia | Indonesia | Thailand | Singapore | Philippinnes | Brunei | Cambodia | Myanmar | Laos | Viet Nam | Malaysia | Indonesia | Thailand | Singapore | Philippinnes | |||||
Note: The numbers include all currencies and labels (including self-labelled). Note that Viet Nam numbers come from a GGGI report and the remaining data from the Refinitiv database and might thus underestimate total issuances in ASEAN countries outside Viet Nam.
注意：这些数字包括所有货币和标签（包括自我标记）。请注意，越南的数字来自 GGGI 报告，其余数据来自 Refinitiv 数据库，因此可能低估了越南以外的东盟国家的总发行量。
Source: ETH Zurich, Refinitiv, GGGI.
来源：苏黎世联邦理工学院，Refinitiv，GGGI。
Some recent key milestone issuances include the VND 1,725 billion (Vietnamese dollars) (approximately $75 million) green bond issued in June 2022 by EVNFinance, a domestic financial services company. This partially guaranteed (by GuarantCo) bond was the first internationally certified bond in local currency. It both adheres to the ICMA’s Green Bond Principle 2021 as well as the ASEAN Green Bond Standards. EVNFinance was supported by GuarantCo, who partnered with the Global Green Growth Institute (GGGI) to
最近的一些关键里程碑发行包括 2022 年 6 月由国内金融服务公司 EVNFinance 发行的 1725 亿越南盾（约 7500 万美元）绿色债券。这是一种部分由 GuarantCo 担保的债券，是首个以当地货币发行的国际认证债券。它遵循了国际资本市场协会（ICMA）2021 年绿色债券原则以及东盟绿色债券标准。EVNFinance 得到了 GuarantCo 的支持，后者与全球绿色增长研究所（GGGI）合作。
assist in structuring and verifying this bond. This support was part of GGGI’s Viet Nam Green Bond Readiness Programme, funded by the Ministry of Finance, the Government of Viet Nam and the Government of Luxembourg. The first senior, fully unsecured and unguaranteed green bond was then issued by the Bank for Investment and Development of Viet Nam (BIDV) and followed
协助构建和验证这项债券。这项支持是 GGGI 越南绿色债券准备计划的一部分，该计划由越南政府财政部和卢森堡政府资助。随后，由越南投资与发展银行（BIDV）发行了首个高级、完全无担保和无保证的绿色债券。
a year later in October 2023. This issuance (VND 2,500 billion, approximately $100 million) also adheres to ICMA Green Bond Principles.
一年后，在 2023 年 10 月。这次发行（25 万亿越南盾，约合 1 亿美元）也遵循了国际资本市场协会绿色债券原则。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 24
东南亚净零转型的标记债券：前进之路 24
However, other than EVNFinance, BIDV primarily received international backing with the World Bank and the International Finance Corporation (IFC), providing technical and financial support (e.g. by paying the external reviewer) through their Joint Capital Market Development Program (J-CAP). Finally, a third noteworthy issuance was the first
然而，除了 EVNFinance，BIDV 主要得到了国际支持，世界银行和国际金融公司（IFC）通过他们的联合资本市场发展计划（J-CAP）提供技术和财务支持（例如，支付外部审查员的费用）。最后，第三个值得注意的发行是第一个
local SLBs issued in August 2023 by BIM Land Group, a leading Vietnamese tourism and property developer. The IFC also supported this issuance by helping develop the sustainability-linked financing framework and tailor-made sustainability performance targets, as well as investing up to $150 million into the bonds.
2023 年 8 月，由越南领先的旅游和房地产开发商 BIM Land Group 发行的地方可持续发展债券。国际金融公司（IFC）还通过帮助制定可持续性链接融资框架和量身定制的可持续性绩效目标来支持这一发行，并投资高达 1.5 亿美元于这些债券。
3.2 Solutions in the Viet Nam context
3.2 越南背景下的解决方案
Existing actions and potential | agreements around quality differences and | |||||
next steps | respective premiums that could be charged have | |||||
been reached yet. | ||||||
To better understand how advanced and well- | Solutions partially developed or | |||||
supported the Viet Nam labelled bond market | partially implemented | |||||
is to date, the proposed key measures 1-19 are | ||||||
considered in the specific Viet Nam context. For | 1 | Close alignment with investors: In Viet | ||||
that purpose, relevant local stakeholders were | Nam, while issuers of larger financial offerings | |||||
consulted, and a dedicated Viet Nam workshop | have generally worked closely with investors, this | |||||
was conducted in March 2024. The results of | collaboration has primarily involved multilateral | |||||
these consultations are presented by grouping the | development banks. Thus, issuers should still | |||||
measures according to whether and to what extent | work on getting closer and aligning early with | |||||
such actions have already been implemented. | local investors. | |||||
2 | Organizational preparedness: Viet Nam has | |||||
Solutions not yet developed or implemented | seen a strong ESG momentum, with many | |||||
businesses incorporating ESG into their strategy | ||||||
6 | Investment mandates: Although several | and making, or planning to make, ESG | ||||
governmental directives and decisions have | commitments. However, experts think that issuers | |||||
promoted green credit and banking growth, no | can do even more and will need to develop clear | |||||
specific investment mandates have been | roadmaps and plans that state specific | objectives | ||||
implemented for local investors by March 2024. | and benefits and actively incorporate green bonds | |||||
On the contrary, in 2022, the Law on Insurance | as part of their long-term ESG journey. | |||||
Business has been amended to introduce | ||||||
restrictions preventing insurance companies from | 3 | Early engagement: While some international | ||||
investing in bonds used to refinance debt. | investors (e.g. IFC) have been actively | |||||
Accordingly, labelled bond issuances that are | involved in local issuances of labelled bonds, less | |||||
issued for the refinancing of sustainable projects | specific engagement from local investors has been | |||||
(and thus offer a relatively less risky investment) will | identified. Accordingly, this measure still holds | |||||
also be negatively impacted by such a regulation. | relevant potential in the Viet Nam context. | |||||
7 | Capital requirements: No specific capital | 4 | Increased returns: Although Viet Nam had | |||
requirements relating to environmental or | previously implemented feed-in-tariffs for | |||||
social risks have been incorporated yet in the | renewable energy, these have been discontinued. | |||||
Vietnamese banking sector. | Such a policy discontinuation can introduce | |||||
uncertainty that is not desirable for developing the | ||||||
8 | Tax incentives: While certain tax incentives | labelled bond market. On the other hand, a carbon | ||||
exist for income from producing renewable | pricing mechanism is being implemented, and a | |||||
energy, no specific tax incentives have been | pilot carbon trading platform is expected to launch | |||||
implemented to finance such projects using labelled | in 2025. While this is a start, the effectiveness of | |||||
bonds. There are also no tax incentives for | such an emission trading scheme will highly depend | |||||
investments in such bonds. | on how well it is implemented, and clearly, there is | |||||
significant additional potential for further | measures | |||||
15 | Levels of “greenness”: So far, no specific | aimed at increasing labelled bond returns. | ||||
levels of greenness have been developed in | ||||||
Viet Nam or globally. The only perceived differences | 5 | Reduced financial risks: There have been | ||||
in the quality of bonds can be determined by their | instances of guarantees for labelled bonds | |||||
approved alignment to specific standards and | (see issuance by EVNFinance). However, even more | |||||
certifications. However, uncertainty exists around | financial risk reduction measures could be | |||||
such alignments, depending on different providers | implemented in the future. This could, for example, | |||||
that check for such alignments. Further, no clear | include local credit enhancement facilities. | |||||
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 25
东南亚净零过渡的标记债券：前进之路 25
Issuance grant scheme: So far, only some small financial benefits, like the 50% reduction
发行补助计划：到目前为止，仅有一些小额财政利益，比如 50%的减免
of certain service fees for the public issuance applied in stock exchanges and Viet Nam Securities Depository, have been proposed. Further, issuers deciding to issue a bond in the Singapore market can benefit from the grant scheme implemented there by the Ministry of Finance in Singapore. However, a similar scheme has not yet been implemented in Viet Nam.
某些在证券交易所和越南证券存管中心申请的公开发行服务费用已被提议。此外，决定在新加坡市场发行债券的发行人可以受益于新加坡财政部实施的补助计划。然而，越南尚未实施类似的计划。
Sovereign issuances: While the first labelled bonds issuances locally were done by
主权发行：虽然首次本地标记债券的发行是由
government entities, these did not have any clear effect on future issuances, as the next labelled bonds issued only followed several years after. Potentially, the market was not ready and educated enough at the time. Further, knowledge-sharing might not have been done effectively. However, additional sovereign issuances at this point could potentially help support the current momentum. Such issuances would have to ensure that, this time, a significant amount of knowledge-sharing will occur.
政府实体，这些对未来的发行没有任何明确的影响，因为下一个标记的债券发行是在几年后才进行的。可能当时市场还没有准备好，也没有足够的教育。此外，知识共享可能没有有效进行。然而，在这一点上，额外的主权发行可能有助于支持当前的势头。这些发行必须确保这次会进行大量的知识共享。
Credit rating: Some ESG elements have already been taken into consideration by
信用评级：一些 ESG 因素已经被考虑在内
credit rating institutes globally (not Viet Nam-specific only). For example, S&P takes ESG credit factors into account for credit rating analysis, however, only when these are very clearly identifiable and material to the ability to pay (e.g. risks to a company’s cash flows if it will have to pay
全球的信用评级机构（不仅限于越南）。例如，标准普尔在信用评级分析中考虑环境、社会和治理（ESG）信用因素，但仅在这些因素非常明显且对偿付能力具有实质性影响时（例如，如果公司必须支付，可能对其现金流造成风险）。
high potential carbon tax in the future). Accordingly, there is still considerable room to extend such risk considerations beyond the easiest quantifiable risks.
未来可能会有高潜力的碳税。因此，仍然有相当大的空间将此类风险考虑扩展到更难量化的风险之外。
Standards alignment: In 2017, an ASEAN-specific green bond standard was introduced.
标准对齐：2017 年，推出了东盟特定的绿色债券标准。
This standard is based on the international Green Bond Principles and CBI Climate Bond Standards. Several of the bonds following the ASEAN standards have also received CBI certification. However, several experts still see the ASEAN standard as too far removed from the Viet Nam-specific context and identify the development of a Viet Nam standard as an important priority. Further, no locally specific standards exist for beyond green bonds (i.e. for other types of labels).
该标准基于国际绿色债券原则和气候债券标准。遵循东盟标准的几种债券也获得了气候债券认证。然而，一些专家仍然认为东盟标准与越南特定背景相距甚远，并将制定越南标准视为重要优先事项。此外，目前没有针对绿色债券以外的本地特定标准（即其他类型标签）。
Post-issuance requirements: While post-issuance requirements are captured in
发行后要求：虽然发行后要求被记录在
respective standards, additional measures could be taken to reduce uncertainty for issuers around future changes. This also includes clear penalty regulations in case of non-adherence.
各自的标准，可以采取额外措施来减少发行者对未来变化的不确定性。这还包括在不遵守的情况下明确的处罚规定。
Solutions fully developed with multiple elements implemented
解决方案全面开发，实施了多个元素
Knowledge sharing: Several local knowledge-sharing initiatives have previously been
知识共享：之前有几个地方的知识共享倡议
implemented. These include a handbook co-authored by CBI and the State Securities Commission of Viet Nam, as well as roundtable conferences and forums organized by local entities (e.g. by the Vietnamese
实施。这些包括由 CBI 和越南国家证券委员会共同编写的手册，以及由地方实体（例如越南）组织的圆桌会议和论坛。
Minister of Finance in collaboration with Luxembourg, Vietnam Institute of Directors and Viet Nam Investment Review). However, much more knowledge-sharing could still be implemented, especially in learning from prior deals, as this has been insufficient so far. Local experts also suggest that clear guidance documents from the government could help develop local knowledge.
财政部长与卢森堡、越南董事学院和越南投资评论合作。然而，知识共享的实施仍有很大空间，特别是在借鉴以往交易方面，因为到目前为止这方面的工作还不够充分。当地专家还建议，政府提供明确的指导文件可以帮助发展本地知识。
Transition plans: A detailed Viet Nam energy transition plan was published at the UN
过渡计划：越南能源过渡计划的详细信息已在联合国发布
Climate Change Conference at the end of 2023 (COP28). A total spending of $15.5 billion is expected for this transition.
2023 年末气候变化大会（COP28）。预计此次转型总支出为 155 亿美元。
Capacity building: At the end of 2023, the Ministry of Education and Training and the
能力建设：到 2023 年底，教育和培训部和
UNESCO Hanoi Office held a consultation workshop on the national education for sustainable development initiative. While this is a good start to local capacity building, this still needs to be developed into a clearly actionable programme.
联合国教科文组织河内办公室举行了关于国家可持续发展教育倡议的咨询研讨会。虽然这是地方能力建设的良好开端，但仍需将其发展为一个明确可行的项目。
Direct issuance support: Several international institutions have previously been
直接发行支持：几家国际机构之前已经支持过
involved in direct issuance support in Viet Nam. This includes the IFC/World Bank, ADB or GGGI. Ideally this support will continue, also for smaller issuances.
参与越南的直接发行支持。这包括国际金融公司/世界银行、亚洲开发银行或全球绿色增长投资机构。理想情况下，这种支持将继续，甚至针对较小的发行。
17 | Educational support: Many international |
programmes that offer educational support for |
the labelled bond market in Viet Nam are ongoing. This, for example, includes a capacity-building programme with a series of training events by GGGI and the Viet Nam’s Ministry of Finance, the Viet Nam Green Bond Readiness Programme supported by GGGI and the government of Luxembourg, in-person training programmes in green bond issuances offered by State Securities Commission of Vietnam (SSC), in collaboration with the German development agency GIZ (as part of their Macroeconomic Reforms/ Green Growth Programme). There are also several publications and guides for Viet Nam specifically (e.g. by CBI) as well as for the region more broadly (e.g. by the Asia Sustainable Finance Initiative, Capacity-Building Alliance of Sustainable Investment (CASI), international training academy by CBI, ICMA sustainable finance online education, ADB guide for issuing ESG bonds in developing countries). With such a vast offering, keeping a good overview and choosing which support scheme to use might be difficult. Accordingly, in this case, a key next step might be to provide an overview of existing key offerings and potentially ensure coordination and synchronization among them to ensure new issuers are not overwhelmed by the large and diverse set of potential support offers.
越南的标记债券市场正在进行中。例如，这包括与越南财政部和 GGGI 合作的一系列培训活动的能力建设项目，GGGI 和卢森堡政府支持的越南绿色债券准备项目，越南国家证券委员会（SSC）提供的绿色债券发行面对面培训项目，德国发展署 GIZ 作为其宏观经济改革/绿色增长项目的一部分进行合作。此外，还有一些专门针对越南的出版物和指南（例如 CBI）以及更广泛的区域性出版物（例如亚洲可持续金融倡议、可持续投资能力建设联盟（CASI）、CBI 的国际培训学院、ICMA 可持续金融在线教育、亚行关于发展中国家发行 ESG 债券的指南）。面对如此丰富的资源，保持良好的概览并选择使用哪个支持方案可能会很困难。 因此，在这种情况下，下一步的关键可能是提供现有主要产品的概述，并确保它们之间的协调和同步，以确保新的发行者不会被大量多样的潜在支持产品所淹没。
Viet Nam-specific priorities
越南特定优先事项
Based on the specific context of labelled bonds in Viet Nam as identified, the proposed measures have been reassessed to identify key next steps
根据在越南识别的标记债券的具体背景，已重新评估提议的措施，以确定关键的下一步
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 26
东南亚净零转型的标记债券：前进之路 26
FIGURE 10
图 10
to best support the future development of the | experts and stakeholders were invited to give each | ||
market. For that purpose, the same assessment | solution a ranking for the anticipated additional | ||
as previously done for the entire ASEAN region has | impact and implementation feasibility. The output of | ||
been repeated for Viet Nam. Here, core Viet Nam | this assessment can be found in Figure 10. |
Aggregated results of Viet Nam-specific solution assessment evaluated based on expected impact and ease of implementation
越南特定解决方案评估的汇总结果，基于预期影响和实施难易程度进行评估
High | Medium-term | Short-term | Issuers | |||||
6 | 1 | Close alignment with investors | 2 | Organizational preparedness | ||||
3 | ||||||||
2 | 1 | Investors | 3 | Early engagement | ||||
4 | ||||||||
18 | 13 | |||||||
8 | Local policy-makers | |||||||
16 | 9 | |||||||
Impact | ||||||||
7 | 11 | 4 | Increased returns | 9 | Issuance grant scheme | |||
5 | 17 | 5 | Reduced financial risks | 10 | Sovereign issuances | |||
19 | ||||||||
10 | 6 | Investment mandates | 11 | Knowledge-sharing | ||||
14 | 7 | Capital requirements | 12 | Transition plans | ||||
8 | Tax incentives | 13 | Capacity building | |||||
12 | ||||||||
International community | ||||||||
15 | Long-term | Short-term | 14 | Credit rating | 17 | Education support | ||
Low | ||||||||
15 | Levels of “greenness” | 18 | Standards alignment | |||||
Hard | Ease of implementation | Easy | 16 | Direct issuance support | 19 | Post-issuance requirements | ||
Note: Each dot in the matrix marks where the consulted set of stakeholders see the respective solution to rank.
注意：矩阵中的每个点标记了咨询的利益相关者认为各自解决方案的排名位置。
If comparing this view with the general ASEAN assessment in Figure 9, some of the measures are assessed very similarly, for example, increased returns (4) and direct issuance support (16). Others see a somewhat larger jump. While sovereign issuances (10) were identified as good short-term measures in general, they are seen as much less feasible and impactful in Viet Nam. Further, transition plans (12), reduced financial risk (5) and levels of “greenness” (15) saw significant drops in perceived impact, making them unattractive for immediate implementation. On the other hand, close alignment with investors (1) seems to be a much more impactful and easily implementable measure in Viet Nam, making it relatively high-priority. Finally, it can be noted that many measures previously ranked as easy to implement but
如果将这一观点与图 9 中的一般东盟评估进行比较，一些措施的评估非常相似，例如，增加回报（4）和直接发行支持（16）。其他措施则有较大的跃升。虽然主权发行（10）在一般情况下被认为是良好的短期措施，但在越南被视为可行性和影响力较低。此外，过渡计划（12）、降低金融风险（5）和“绿色”水平（15）的感知影响显著下降，使其在短期内不具吸引力。另一方面，与投资者的紧密对接（1）似乎在越南是一项更具影响力且易于实施的措施，因此相对优先级较高。最后，可以注意到许多之前被评为易于实施的措施但
not as impactful became much more impactful in the context of Viet Nam. A large share of these measures is concerned with capacity and knowledge development both by local policy-makers and through the support of international stakeholders (11, 13, 17).
在越南的背景下，影响力并没有那么大，但变得更加显著。这些措施中有很大一部分涉及地方政策制定者的能力和知识发展，以及国际利益相关者的支持（11, 13, 17）。
A roadmap for Viet Nam can be developed following the same logic as applied in the high-level ASEAN assessment. Solutions to prioritize in the short term here include both issuer measures (especially alignment with investors) as well as measures for local policy-makers and international stakeholders. While some of these solutions will be more budget-heavy, such as grant schemes and direct issuance support, several of the measures can be implemented without significant capital deployment. This includes setting clear investment mandates for local investors (e.g. minimum share of green investment for institutional investors) as well as all the educational measures, where a large impact can be achieved through coordinating efforts. Key measures to tackle in the medium term include engagement by investors, increased return (besides carbon pricing that will be implemented soon, feed-in-tariffs could, for example, be reintroduced), tax incentives (e.g. consensus suggests a tax rate around 5%), as well as the continuation of developing a Viet Nam-specific standard that is aligned with international requirements (also beyond green bonds only).
越南的路线图可以按照高层次东盟评估中应用的相同逻辑进行制定。短期内需要优先考虑的解决方案包括发行者措施（特别是与投资者的对接）以及针对地方政策制定者和国际利益相关者的措施。虽然其中一些解决方案将需要更多的预算支持，例如赠款计划和直接发行支持，但其中一些措施可以在没有重大资本投入的情况下实施。这包括为地方投资者设定明确的投资任务（例如，机构投资者的绿色投资最低比例）以及所有教育措施，通过协调努力可以实现较大影响。中期内需要解决的关键措施包括投资者的参与、提高回报（除了即将实施的碳定价外，例如可以重新引入上网电价）、税收激励（例如，普遍共识建议税率约为 5%），以及继续制定与国际要求相一致的越南特定标准（不仅限于绿色债券）。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 27
东南亚净零转型的标记债券：前进之路 27
Conclusion
结论
A rapid transition from fossil fuels to renewable energy is imperative to avert the worst consequences of climate change and achieve global net-zero emissions by mid-century. This is especially true in EMDEs, which are projected to significantly increase carbon emissions over the next decades without a shift to low-carbon alternatives. This requires significant investments, which EMDEs cannot carry on their own. While labelled bonds could be a valuable instrument to attract such international investments, EMDEs have not yet played a substantial role in the labelled bond market due to various challenges and barriers.
从化石燃料向可再生能源的快速转型对于避免气候变化的最严重后果以及在本世纪中叶实现全球净零排放至关重要。这在新兴市场和发展中经济体（EMDEs）中尤为真实，因为预计在未来几十年内，如果不转向低碳替代品，它们的碳排放将显著增加。这需要大量投资，而 EMDEs 无法单独承担。虽然标记债券可能是吸引国际投资的有价值工具，但由于各种挑战和障碍，EMDEs 在标记债券市场中尚未发挥重要作用。
A functioning labelled bond market requires three elements: an enabling market environment, the alignment of issuer priorities and investor expectations. This paper focuses on the issuer perspective and identifies the key benefits and costs, both direct and indirect, associated with their participation in the labelled bond market. It postulates that for labelled bonds to be an attractive financing option, issuers need to achieve net benefits from such issuances. Several measures are developed to support this, either aimed at enhancing issuer benefits or mitigating key costs.
一个运作良好的标签债券市场需要三个要素：一个支持性的市场环境、发行者优先事项与投资者期望的一致性。本文侧重于发行者的视角，识别与其参与标签债券市场相关的关键收益和成本，包括直接和间接成本。它假设，为了使标签债券成为一个有吸引力的融资选项，发行者需要从这种发行中获得净收益。为此，制定了几项措施，旨在增强发行者的收益或减轻关键成本。
This set of potential solutions encompasses, among others, financial support mechanisms and incentives, recommendations on facilitation of education and (international) coordination, as well as suggestions to improve market structures and standards. While all stakeholders, including policy-makers, the international community and investors, hold levers to support issuers and, with that, the growth of labelled bond markets,
这一系列潜在解决方案包括财务支持机制和激励措施、关于促进教育和（国际）协调的建议，以及改善市场结构和标准的建议。所有利益相关者，包括政策制定者、国际社会和投资者，都拥有支持发行人及其标签债券市场增长的杠杆。
issuers must also actively engage. This includes investing in their organizational preparedness, such as incorporating sustainability into their core organizational framework. Not only is such integration advantageous for bond issuance, but it ultimately contributes to achieving the core impact that labelled bonds promise: tangible, positive climate impact of projects and companies that are financed via this instrument.
发行人还必须积极参与。这包括投资于他们的组织准备，例如将可持续性纳入其核心组织框架。这种整合不仅对债券发行有利，而且最终有助于实现标记债券所承诺的核心影响：通过这一工具融资的项目和公司的切实、积极的气候影响。
The consultations showed that labelled bonds, in many instances, fulfil their purpose of providing attractive financing to low-carbon projects, incentivizing issuers to reduce their emissions. However, there is still a lack of reliable measures to identify the impacts and effectiveness of different types of labelled bonds. Focusing future research on these questions will aid in understanding if and when different types of labelled bonds are most effective and will ultimately allow the refinement of targeted recommendations.
咨询显示，标记债券在许多情况下实现了为低碳项目提供有吸引力融资的目的，激励发行人减少排放。然而，仍然缺乏可靠的措施来识别不同类型标记债券的影响和有效性。将未来的研究重点放在这些问题上，将有助于理解不同类型的标记债券在何时最有效，并最终允许对针对性的建议进行细化。
Finally, this paper primarily examined the labelled bond market from an issuer’s viewpoint. However, going forward, the analysis of challenges and solutions in the EMDE labelled bond markets should be extended to the investor perspective. Among other issues, a key aspect that needs further evaluation is how the whole financial system could evolve to better support sustainable financing – including labelled bonds. Additional insights from an alternative perspective could further enhance understanding of how to effectively promote labelled bond markets and ultimately support the global shift towards an environmentally responsible financial market.
最后，本文主要从发行者的角度考察了标记债券市场。然而，未来对新兴市场和发展中经济体（EMDE）标记债券市场的挑战和解决方案的分析应扩展到投资者的视角。在其他问题中，一个需要进一步评估的关键方面是整个金融系统如何演变以更好地支持可持续融资——包括标记债券。从替代视角获得的额外见解可以进一步增强对如何有效促进标记债券市场的理解，并最终支持全球向环境负责任的金融市场的转变。
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 28
东南亚净零转型的标记债券：前进之路 28
Contributors
贡献者
ETH Zurich
苏黎世联邦理工学院
Sara Eberhart
萨拉·埃伯哈特
Doctoral Researcher, Climate Finance and Policy Group, ETH Zurich
博士研究员，气候金融与政策组，苏黎世联邦理工学院
Acknowledgements
致谢
World Economic Forum
世界经济论坛
Luis Alvarado
路易斯·阿尔瓦拉多
Head, Giving to Amplify Earth Action (GAEA)
地球行动放大计划（GAEA）负责人
Annika Baudin
安妮卡·博丹
Operations Lead
运营负责人
Maximilian De Kepper
马克西米连·德·凯珀
Project Specialist, Nature and Climate Finance
项目专员，自然与气候金融
Christina Eng
克里斯蒂娜·恩格
Project Engagement & Communications Specialist - Sustainability & Innovation
项目参与与沟通专员 - 可持续发展与创新
Yvonne Leung
梁怡芳
Global Strategic Engagement Lead, Philanthropy for Nature and Climate
全球战略参与负责人，自然与气候慈善事业
Qiuping Li
李秋平
Lead, Institutional Communities
领导，机构社区
Miranda Andruccioli
米兰达·安德鲁奇奥利
Community Specialist, Regional and Global Cooperation, Asia-Pacific, World Economic Forum
社区专员，区域与全球合作，亚太地区，世界经济论坛
Derek Baraldi
德里克·巴拉尔迪
Head of Sustainable Finance, World Economic Forum LLC
可持续金融负责人，世界经济论坛有限责任公司
Frances Chen
陈弗朗西斯
Head, Corporate Sustainability, HSBC Singapore
汇丰银行新加坡分行企业可持续发展负责人
Zhen Yu Chin
真宇辰
Assistant Director, Financial Markets Development, Monetary Authority of Singapore
新加坡金融管理局金融市场发展助理总监
Bing Chomprasob
冰·乔姆普拉索布
Deputy Head, Regional Agenda, Asia Pacific, World Economic Forum
亚太地区议程副主任，世界经济论坛
Shannen Nicole Chua
Chief Treasury Operations Officer, Bureau of Treasury of the Philippines
菲律宾财政部首席财政运营官
Robert Clover
罗伯特·克洛弗
Managing Director, Net Zero Transition Finance and Strategy, Accenture
董事总经理，净零过渡金融与战略，埃森哲
Duke Donald Contoco
公爵唐纳德·孔托科
Economist, Department of Finance of the Philippines
经济学家，菲律宾财政部
Prasert Deejongkit
普拉塞特·迪琼基特
Executive Vice-President, Manager Corporate Finance Department, Merchant Banking Division, Bangkok Bank
执行副总裁，企业财务部经理，商业银行部，曼谷银行
Claire Kismet Diaz
克莱尔·基斯梅特·迪亚兹
Technical Assistant, Bureau of Treasury of the Philippines
技术助理，菲律宾财政部
Helena Dill
海伦娜·迪尔
Consultant, International Finance Corporation (IFC)
国际金融公司（IFC）顾问
Cora Dizon
科拉·迪宗
Chief Finance Officer, ACEN Renewables
首席财务官，ACEN 可再生能源
Florian Egli
弗洛里安·埃格利
Professor of Public Policy for the Green Transition, TU Munich
慕尼黑工业大学绿色转型公共政策教授
Clemence Friry
克莱芒斯·弗里里
ESG Advisory, DBS Bank
ESG 咨询，星展银行
Manuela Stefania Fulga
马努埃拉·斯特凡尼亚·富尔加
Lead, Sustainable Finance, World Economic Forum
领导，可持续金融，世界经济论坛
Luying Gan
卢英干
Head, Sustainable Bonds, Debt Capital Markets, Asia-Pacific, HSBC
汇丰银行亚太区债务资本市场可持续债券负责人
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 29
东南亚净零过渡的标记债券：前进之路 29
Efrem Garlando
埃夫雷姆·加兰多
Community Specialist, International Organizations and Humanitarian Agenda, World Economic Forum
社区专家，国际组织与人道主义议程，世界经济论坛
Jadeh Grierson
杰德·格里尔森
Strategy Director, Trading, Investments and Optimization Strategy, Accenture
战略总监，交易、投资与优化战略，埃森哲
Diana Guzman
戴安娜·古兹曼
Director, Group Environmental, Social and Governance (ESG), Prudential
普天寿集团环境、社会和治理（ESG）总监
Rachel Hemingway
瑞秋·海明威
Head of Transition Programme,
过渡项目负责人，
Climate Bonds Initiative
气候债券倡议
Sean Henderson
肖恩·亨德森
Co-Head of DCM ASP, HSBC
汇丰银行亚太区债务资本市场联席负责人
Chris Humphrey
克里斯·汉弗莱
Executive Director, EU-ASEAN Business Council
执行董事，欧盟-东盟商业理事会
Liza Jansen
丽莎·扬森
Head, Responsible Investment, Prudential
负责投资的负责人，保诚
Sean Kidney
肖恩·基迪
Co-Founder and Chief Executive Officer, Climate Bonds Initiative
联合创始人兼首席执行官，气候债券倡议
Eugene Leong
尤金·梁
Division Head, Financial Products & Solutions, Monetary Authority of Singapore
新加坡金融管理局金融产品与解决方案部门负责人
Nicole Lim
妮可·林
Investment Analyst, ESG, Fixed Income, Abrdn
投资分析师，ESG，固定收益，Abrdn
Vibunrith Long
维布尼特·隆
Deputy Director-General, National Bank of Cambodia
柬埔寨国家银行副行长
Espen Mehlum
埃斯彭·梅赫伦
Head, Energy Transition Intelligence and Regional Acceleration, World Economic Forum
全球经济论坛 能源转型智能与区域加速负责人
Flora Mile
弗洛拉·迈尔
Senior Analyst, Sustainalytics
高级分析师，Sustainalytics
Anh Tung Nguyen
阮英通
Senior Manager, Credit Risk Research & Sustainable Finance Services, FiinRatings
高级经理，信用风险研究与可持续金融服务，FiinRatings
Catherine Okwara
凯瑟琳·奥夸拉
Investor Relations Associate, Africa Finance Corporation (AFC)
投资者关系助理，非洲金融公司（AFC）
Kaikham Onedamdy
凯卡姆·奥内达姆迪
Team Leader, Green Bond Technical Assistance Program, IFC
团队负责人，绿色债券技术援助项目，国际金融公司
Jirawat Panpiemras
吉拉瓦特·潘皮亚姆拉斯
Vice-President, Office of the President, Bangkok Bank
副总裁，曼谷银行总裁办公室
Justine Roche
贾斯廷·罗什
Lead, Energy Initiatives, World Economic Forum
领导，能源倡议，世界经济论坛
Hrithik Sharma
Senior Manager and America’s Lead, Sustainalytics
高级经理兼美国负责人，Sustainalytics
Rafael Silvestre
拉斐尔·西尔维斯特
Specialist, Financing Net Zero Transition, Principles for Responsible Investment
专家，融资净零过渡，负责任投资原则
Araya Sirinapanont
阿拉亚·西里纳潘翁
Senior Analyst, PTT Public Company
高级分析师，PTT 公共公司
Sakorn Suriyabhivadh
萨孔·苏里亚比瓦德
Head, Fund Raising Department; Head, Investment and Innovation, B.Grimm Power
筹款部负责人；投资与创新负责人，B.Grimm 电力
Kelvin Tan
凯尔文·谭
Managing Director, Head of Sustainable Finance and Investments, ASEAN, HSBC
董事总经理，东南亚可持续金融与投资负责人，汇丰银行
Cristhian Veintimilla
克里斯蒂安·维恩蒂米利亚
Associate Director Sustainable Capital Markets, Rabobank
可持续资本市场副主任，荷兰合作银行
Supreeya Virakul Wattanasuttiwong
苏普里亚·维拉库尔·瓦塔纳苏提旺
Manager, PTT Public Company
经理，PTT 公共公司
Chi Xiang Wong
黄志祥
Senior Analyst ASEAN, Climate Bonds Initiative
高级分析师，东盟气候债券倡议
The Rockefeller Foundation Project Team
洛克菲勒基金会项目团队
This report was made possible with grant funding from The Rockefeller Foundation. The information provided in this report is for informational purposes only. The findings and conclusions shared are those of the authors and do not necessarily reflect positions or policies of The Rockefeller Foundation.
本报告得到了洛克菲勒基金会的资助支持。此报告中提供的信息仅供参考。所分享的发现和结论仅代表作者的观点，并不一定反映洛克菲勒基金会的立场或政策。
Production
生产
Phoebe Barker
菲比·巴克
Designer, Studio Miko
设计师，Studio Miko
Laurence Denmark
劳伦斯·丹麦
Creative Director, Studio Miko
创意总监，Miko 工作室
Martha Howlett
玛莎·霍利特
Editor, Studio Miko
编辑，Studio Miko
Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 30
东南亚净零过渡的标记债券：前进之路 30
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Endnotes
尾注
Intergovernmental Panel on Climate Change (IPCC), Summary for Policymakers, 2022, doi:10.1017/9781009157926.001.
政府间气候变化专门委员会（IPCC），政策制定者摘要，2022，doi:10.1017/9781009157926.001。
International Energy Agency (IEA), Financing Clean Energy Transitions in Emerging and Developing Economies, 2021, https://www.iea.org/reports/financing-clean-energy-transitions-in-emerging-and-developing-economies
国际能源署（IEA），在新兴和发展中经济体中融资清洁能源转型，2021 年，https://www.iea.org/reports/financing-clean-energy-transitions-in-emerging-and-developing-economies.
Ibid.
同上。
International Renewable Energy Agency (IRENA), Renewable Power Generation Costs in 2022, 2023, https://mc-cd8320d4-36a1-40ac-83cc-3389-cdn-endpoint.azureedge.net/-/media/Files/IRENA/Agency/Publication/ 2023/Aug/IRENA_Renewable_power_generation_costs_in_2022.pdf?rev=cccb713bf8294cc5bec3f870e1fa15c2
国际可再生能源署（IRENA），2022 年可再生电力生产成本，2023 年，https://mc-cd8320d4-36a1-40ac-83cc-3389-cdn-endpoint.azureedge.net/-/media/Files/IRENA/Agency/Publication/ 2023/Aug/IRENA_Renewable_power_generation_costs_in_2022.pdf?rev=cccb713bf8294cc5bec3f870e1fa15c2.
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Throughout this paper, focus is on ASEAN countries that are still counted as emerging markets and developing economies, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand and Viet Nam.
在本文中，重点关注仍被视为新兴市场和发展中经济体的东盟国家，即文莱、柬埔寨、印度尼西亚、老挝、马来西亚、缅甸、菲律宾、泰国和越南。
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Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 31
东南亚净零转型的标记债券：前进之路 31
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vol. 16, 2021. |
All insights were generated as part of consultations with stakeholders primarily from the ASEAN region that took place in June-September 2023.
所有见解均是在 2023 年 6 月至 9 月期间与主要来自东盟地区的利益相关者进行咨询时生成的。
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Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward 32
东南亚净零转型的标记债券：前进之路 32
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