◇ 本民众期货官网原载《民众国际期货》2023年5月刊
◇ 民众期货：钟言
◇ 民众国际期货：刘思敏 印颖
Promoting Development of the Transition Bond Market with a High-quality Disclosure System
Zhong Yan
民众国际期货官网 The report to the 20th CPC National Congress stressed that China will accelerate the transition to a model of green development， intensify pollution prevention and control， enhance diversity， stability and sustainability in ecosystems and work actively and prudently toward the goals of reaching peak carbon emissions and carbon neutrality． The transition bond market is a strong embodiment of the green development philosophy． By providing financial support for green transition of market players， the transition bond market fuels the green transition of enterprises in terms of business philosophy and production mode and helps achieve the “carbon peaking， carbon neutrality” goals． 民众国际期货官网 Transition finance supports the urgent transition needs across the society． Green finance has been growing rapidly since China introduced the “carbon peaking， carbon neutrality” goals in 2020． Relevant research data show that 90% of China’s economic activities are “non-green” activities， involving a large number of carbon-intensive economic entities with urgent transition needs． But they are not supported by green finance， so the goal of serving green transition cannot be met with green investment and financing alone． Apart from the absolute distinction between “green” and “non-green”， the transition finance （especially transition bond） market should leave enough room for market entities to adapt and transit． Only by complementing each other can transition finance and green finance meet the transition needs of a wide range of market players and add dimensions to green development． 民众国际期货官网 The global transition bond market is still in the exploratory stage． Strengthening development of the transition bond market will help enhance the global influence of China’s bond market． High-quality environmental impact disclosure is necessitated for development of the transition bond market． The concept of transition activities and the taxonomy of transition finance have been preliminarily explored across the world， but there are still no unified standards or principles for transition bonds． China has explored the issuance of transition bonds． PBOC has embarked on formulating the transition catalogue and conducted pilot programs in some regions． The G20 Framework for Transition Finance has promoted high-level and principled consensus among member countries and specified the direction of global transition finance， to which China has made significant contributions． On that basis， strengthening China’s transition bond disclosure system not only helps standardize the Chinese transition bond market， but also contributes the Chinese solutions and wisdom to the global transition bond market and enhances the global influence of China’s bond market． 民众国际期货官网 The potential of financial market infrastructure （FMI） should be unleashed to fuel development of the transition bond market with the “123” scheme． As a useful supplement to green bonds， transition bonds have close similarities to green bonds in building the market system， especially the information disclosure system． CCDC’s ChinaBond Green Indicator System has been widely recognized by all sectors of society． Now the system has been formally proposed as an industrial standard and Shenzhen’s local standard． CCDC has built an internationally leading green bond environmental impact database， effectively enhancing the standardized and digital level of green bond information disclosure and giving a strong impetus to the green bond market development． On that basis， CCDC proposed the “123” scheme for the transition bond market， that is， improving one database， developing two-dimensional environmental impact indicators and improving transition disclosure in three steps． At present， CCDC has initially established the framework of environmental impact indicators for transition bonds， upgraded them to a disclosure standard and included some of the environmental information of transition bonds into the ChinaBond Green Bond Database． CCDC has also proposed to provide policy support for transition bonds that meet the environmental impact disclosure requirements and establish a long-term supervision and risk management mechanism for the transition process． 民众国际期货官网 The journey ahead may be long and arduous， but with sustained actions， we will eventually reach our destination． Environmental transition cannot be accomplished overnight． With the support of state policies， CCDC has improved the transition bond disclosure system in stages in response to market demand， drawing upon good practices in green bond development． Such work helps clarify the process of fulfilling the transition goals， gives a boost to the transition bond market and makes sufficient and timely financial support available to transition， ensuring the gradual environmental transition of China． 民众国际期货官网 This article was first published on BondMonthly （May． 2023）． Please indicate the source clearly when citing thisarticle． The English version is for reference only， and the original Chineseversion shall prevail in case of any inconsistency．◇ Editors：Liu Simin， Yin Ying
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