What Is a Green Bond?

什么是绿色债券？

A green bond is a type of fixed-income instrument that is specifically earmarked to raise money for climate and environmental projects. These bonds are typically asset-linked and backed by the issuing entity’s balance sheet, so they usually carry the same credit rating as their issuers’ other debt obligations.​

绿色债券是一种固定收益工具，专门用于为气候和环境项目筹集资金。这些债券通常与资产挂钩，并由发行实体的资产负债表支持，因此它们的信用评级通常与发行人的其他债务义务相同。

 

Dating back to the first decade of the 21st century, green bonds are sometimes referred to as climate bonds, but the two terms are not always synonymous. Climate bonds specifically finance projects that reduce carbon emissions or alleviate the effects of climate change, while green bonds represent a broader category of instruments related to projects with a positive environmental impact.

追溯到21世纪的第一个十年，绿色债券有时被称为气候债券，但这两个术语并不总是同义。气候债券专门为减少碳排放或缓解气候变化影响的项目提供资金，而绿色债券代表了与具有积极环境影响的项目有关的更广泛的工具类别。

 

KEY TAKEAWAYS

要点

·A green bond is a fixed-income instrument designed to support specific climate-related or environmental projects.

·绿色债券是一种固定收益工具，旨在支持特定的气候相关或环境项目。

·Green bonds may come with tax incentives to enhance their attractiveness to some investors.

·绿色债券可能带有税收优惠，以提高其对一些投资者的吸引力

·The phrase “green bond” is sometimes used interchangeably with “climate bonds” or “sustainable bonds.”

·"绿色债券 "这一术语有时可与 "气候债券 "或 "可持续债券 "互换使用。

·Green bonds are part of a larger trend in socially responsible and environmental, social, and governance (ESG) investing.

·绿色债券是社会责任和环境、社会和治理（ESG）投资的大趋势的一部分。

 

Understanding Green Bonds

理解绿色债券

Green bonds are designated bonds intended to encourage sustainability and to support climate-related or other types of special environmental projects. More specifically, green bonds finance projects aimed at energy efficiency, pollution prevention, sustainable agriculture, fishery and forestry, the protection of aquatic and terrestrial ecosystems, clean transportation, clean water, and sustainable water management. They also finance the cultivation of environmentally friendly technologies and the mitigation of climate change.

绿色债券是指定的债券，旨在鼓励可持续发展，支持与气候有关的或其他类型的特殊环境项目。更具体地说，绿色债券为旨在提高能源效率、防止污染、可持续农业、渔业和林业、保护水生和陆生生态系统、清洁交通、清洁水和可持续水管理的项目提供资金。它们还为培育环境友好技术和缓解气候变化提供资金。

 

Green bonds may come with tax incentives such as tax exemption and tax credits, making them a more attractive investment vs. a comparable taxable bond. These tax advantages provide a monetary incentive to tackle prominent social issues such as climate change and a movement toward renewable sources of energy. To qualify for green bond status, they are often verified by a third party such as the Climate Bond Standard Board, which certifies that the bond will fund projects that include benefits to the environment.

绿色债券可能有税收优惠，如免税和税收抵免，使其成为比同类应税债券更具吸引力的投资。这些税收优惠为解决气候变化和转向可再生能源等突出的社会问题提供了货币激励。为了符合绿色债券的资格，它们通常由气候债券标准委员会等第三方进行验证，该委员会证明该债券将资助包括对环境有益的项目。

 

History of Green Bonds

绿色债券的来源

As recently as 2012, green bond issuance amounted only to $2.6 billion. But in 2016, green bonds began to sprout. Much of the action was attributable to Chinese borrowers, who accounted for $32.9 billion of the total, or more than one-third of all issuances.

就在2012年，绿色债券的发行量仅有26亿美元。但在2016年，绿色债券开始涌现。大部分行动归功于中国的借款人，他们占总发行量的329亿美元，占所有发行量的三分之一以上。

 

In 2017, green bond issuance soared to a record high, accounting for $161 billion worth of investment worldwide, according to a report from the rating agency Moody’s. Growth slowed a bit in 2018, hitting only $167 billion, but rebounded the following year thanks to an increasingly climate-aware market. Green issuances reached a record $266.5 billion in 2019 and nearly $270 billion the following year.

根据评级机构穆迪的一份报告，2017 年绿色债券发行量飙升至历史新高，占全球投资价值 1610 亿美元。 2018 年增长略有放缓，仅达到 1670 亿美元，但由于市场对气候的意识日益增强，次年出现反弹。 绿色债券发行量在 2019 年达到创纪录的 2665 亿美元，次年接近 2700 亿美元。

 

The 2010s saw the development of green bond funds, broadening the ability of retail investors to participate in these initiatives. Allianz S.E., Axa S.A., State Street Corp., TIAA-CREF, BlackRock, AXA World Funds, and HSBC are among the investment companies and asset management firms that have sponsored green bond mutual funds or exchange-traded funds (ETFs).

2010年，绿色债券基金的发展，扩大了零售投资者参与这些举措的能力。Allianz S.E.、Axa S.A.、State Street Corp.、TIAA-CREF、BlackRock、AXA World Funds和HSBC等投资公司和资产管理公司已经赞助了绿色债券共同基金或交易所交易基金（ETF）。

 

Real-World Example of Green Bonds

绿色债券实例

The World Bank is a major issuer of green bonds and issued $14.4 billion of green bonds from 2008 through 2020. These funds have been used to support 111 projects around the world, largely in renewable energy and efficiency (33%), clean transportation (27%), and agriculture and land use (15%).

世界银行是绿色债券的主要发行者，从2008年到2020年共发行了144亿美元的绿色债券。这些资金被用来支持世界各地的111个项目，主要是在可再生能源和效率（33%）、清洁交通（27%）以及农业和土地利用（15%）。

 

One of the bank’s first green issuances financed the Rampur Hydropower Project, which aimed to provide low-carbon hydroelectric power to northern India’s electricity grid. Financed by issuances of green bonds, it produces nearly 2 megawatts per year, preventing 1.4 million tons of carbon emissions.

该银行首批绿色债券之一为拉姆普尔水电项目提供资金，该项目旨在为印度北部的电网提供低碳水力发电。通过发行绿色债券融资，该项目每年生产近2兆瓦的电力，防止140万吨碳排放。

 

Types of Green Bonds

绿色债券的类型

While all green bonds represent a form of debt financing for an environmental project, the specific characteristics of each instrument may differ based on its issuer, what the proceeds are used for, and the recourse of bondholders to the issuer’s assets in case of a liquidation, among other factors. The following list describes some of the different types of green bonds that may be available on the market:

虽然所有绿色债券均代表了环境项目的一种债务融资形式，但每种工具的具体特征可能因发行人、收益用途以及债券持有人在清算时对发行人资产的追索权等因素而有所不同。以下描述了市场上可能存在的一些不同类型的绿色债券：

 

·“Use of Proceeds” Bonds: This type of instrument is dedicated to financing green projects, but in the case of a liquidation, the lenders have recourse to the issuer’s other assets. These instruments carry the same credit rating as the issuer’s other bonds.

·“募集资金用途”债券：此类工具专门用于为绿色项目融资，但在清算的情况下，贷方对发行人的其他资产具有追索权。这些工具与发行人的其他债券具有相同的信用评级。

 

·“Use of Proceeds” Revenue Bonds or Asset-Backed Securities (ABS): These securities may finance or refinance green projects, but the collateral for the debt comes from streams of revenue collected by the issuer, such as taxes or fees. State and municipal entities may opt for this type of setup when issuing green bonds.

·“收益使用”收入债券或资产支持证券（ABS）：这些证券可能为绿色项目融资或再融资，但债务的抵押品来自发行人收取的收入流，例如税收或费用。 国家和市政实体在发行绿色债券时可以选择这种类型的设置。

 

·Project Bonds: This type of bond is limited in scope to a particular underlying green project, meaning that investors have recourse only to assets related to the project.

·项目债券：此类债券的范围仅限于特定的基础绿色项目，这意味着投资者仅对与该项目相关的资产具有追索权。

 

·Securitization Bonds: These debt instruments involve a group of projects gathered together into a single debt portfolio, with bondholders having recourse to the assets underlying the full set of projects. Some examples of green securitization bonds have included green mortgages and solar leasing projects.

·证券化债券：这些债务工具涉及集合在一起形成单一债务组合的一组项目，债券持有人对整套项目的资产具有追索权。 绿色证券化债券的一些例子包括绿色抵押贷款和太阳能租赁项目。

 

·Covered Bonds: This type of instrument also involves financing a group of green projects, known as the “covered pool.” In this case, investors have recourse to the issuer, but if the issuer is unable to make debt payments, then bondholders gain recourse to the covered pool.

·担保债券：此类工具还涉及为一组绿色项目融资，称为“担保池”。 在这种情况下，投资者可以向发行人追索，但如果发行人无法偿还债务，则债券持有人可以向担保池追索。

 

·Loans: Financing for green projects may be secured (backed by collateral) or unsecured. In the case of unsecured loans, lenders have full recourse to the assets of the borrower. For secured loans, lenders have recourse to the collateral—and, in some cases, partial recourse to the borrower.

·贷款：绿色项目的融资可能是有担保的（由抵押品支持）或无担保的。 在无抵押贷款的情况下，贷方对借款人的资产拥有完全追索权。 对于担保贷款，贷方对抵押品有追索权——在某些情况下，对借款人有部分追索权。

 

英文来源：Investopedia