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

Disclaimer
免责声明

This document is published by the
本文件由...发布

World Economic Forum as a contribution
世界经济论坛作为一种贡献

to a project, insight area or interaction.
到一个项目、洞察领域或互动。

The findings, interpretations and
研究结果、解释和

conclusions expressed herein are a result
本文所表达的结论是结果

of a collaborative process facilitated and
协作过程的促进和

endorsed by the World Economic Forum
获得世界经济论坛的认可

but whose results do not necessarily
但其结果不一定

represent the views of the World Economic
代表世界经济的观点

Forum, nor the entirety of its Members,
论坛及其所有成员，

Partners or other stakeholders.
合作伙伴或其他利益相关者。

© 2024 World Economic Forum. All rights
© 2024 世界经济论坛。版权所有

reserved. No part of this publication may
保留。 本出版物的任何部分不得

be reproduced or transmitted in any form
以任何形式复制或传输

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或通过任何方式，包括复印

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和录音，或通过任何信息

storage and retrieval system.
存储和检索系统。

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

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

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

3,000

2,500

2,000

1,500

1,000

500

0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

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

其他 EDME

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

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

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

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