On September 27th, in Bugahast, Romania, Feng Delian, Chairman of the European Commission, and Romanian President Johnis (left), Prime Minister Kecchi (right) to the media showing the Romanian economic recovery plan text to issue a large sovereignty for the EU Bonds, and have been widely accepted from the international financial market, indirectly enabling the international community to recognize the "green standard" of the European Union, the so-called EU master "What is the green bond (project)", "What is the international discourse of green bonds (projects)". Yang Chengyu Chengzi sang a month ago, the EU successfully issued the first batch of sovereign green bonds of the first batch of 12 billion euros, and the excess subscription is more than 10 times, and the market is hot.
As an important financing method of "next-generation EU" recovery fund in 2020, the EU plans to issue a total of 250 billion euros sovereign green bonds at the end of 2026, raising about 30% of funds for recovery funds, and donated and low-interest loans. The form flows to 27 Member States, specialized in providing financial support for green projects. This move will help the EU a global green bond’s largest issuer, further consolidating its rule standards in the world of global green development, and continues to play a leading role in global response to climate change and green transformation. "Star Products" Green Bonds in the Global Capital Market usually refer to bonds raised to support green projects, with low financing cost, good liquidity, market subscription, investor multi-diversity, distribution premium, can be green technology Innovation, green project investment, green industry transformation provides financial support. With the increasing green development, it has a significant significance to the scale of green bonds, which is of great significance to help achieve carbon-backed carbon. In 2007, the European Investment Bank issued the world’s first green bonds. Since then, the green bonds have taken the "Dongfeng" responding to climate change, the global green development, and the scale of the development scale is amazing, and has become a global capital market. ". According to Bloomberg Statistics, as of 2020, the global green bond issuance has exceeded 1 trillion US dollars, especially in the first half of this year, the issuance of a new high in the United States, Germany, France, China’s issuance of billion dollars, Billion dollars, billion dollars and billions of US dollars, form the world’s first echelon, and objectively reflect the green finance represented by green bonds, which is increasingly becoming an important "battlefield" of Sino-US European Green Competition.
In order to cooperate with the release of the green bonds, since the first half of this year, the European Commission has densely introduced sustainable financial classification program – Climate Authorization Act, Green Bond Framework, Green Bond Investment Guidelines, etc., the definition of green bonds and green projects Providing policy guidance, further strengthening the normative management of green bonds. On the one hand, encourage funds to invest in green transformation and innovation, support green transformation digital technology, energy efficiency, clean energy and network, adapt to climate change, water and waste management, clean transportation and infrastructure, nature protection, and biodiversity, etc. 9 categories green projects.
On the other hand, there is a mandatory requirement, expenditure assessment, income management, and environmental impact reports such as green bonds, ensuring green bonds for "green goals", beware of "shaking green" risks, guaranteed green investment "multi-directional transparency" ".
At the same time, with the help of the green bond issuance and related framework criteria, the EU further standardizes the green classification standard, screening thresholds and evaluation methods. To guide and promote funds to investigate the direction of the green field, but also provide policy development and financial regulatory agencies. Effective policy tool. Helping the EU to master the "green standard" words for a long time, the EU has been playing a pioneering role in climate change globally.
The European Union launched in May last May last May last May last May last May last May last May last year, it clarified the determination of comprehensive green transformation as an opportunity to promote the economic recovery after epidemic.
The funding gap is the biggest problem for the EU to achieve green transformation.
The EU issued sovereign green bonds, aims to use financial instruments to guide funding, and earnestly narrow the gap between European "Climate Ambitions" and entity economic investment since the "Paris Agreement".
With green bonds, the EU will establish its iconic role in the international green financial market – on one hand to attract and guide more public funds, private funds enter the green development area; on the other hand, high rating and liquidity Asset introduces the market, build a diverse green portfolio, which will promote the benign circulation of green investment. Today, the development concept around the green transformation is deeply rooted in Europe, and the EU has also proposed a "hard constraint" of a recovery fund fund for green transformation.
Currently, low-carbon technological innovation such as EU new energy, sustainable agriculture, hydrogen energy, nuclear fusion variation has taken place in the global precedent, "zero-carbon" green industry chain system of "renewable energy + energy storage + terminal application" has been prototype .
The EU will undoubtedly support its green technological innovation and green industry chain to create a positive driving role in the development of its green technological innovation and green industry chain. In the field of green technology innovation, through "horizon Europe", innovative funds, etc., support smart grid, power storage, renewable energy, sustainable agriculture, clean and efficient energy, intelligent green transportation, carbon capture and storage and other low-carbon technology Iteration and innovation. In the field of green industry chain, renewable energy and industrial technology integration, zero carbon energy system and industry new business, to achieve "zero carbon" green industry chain closed loop. Further, this example or will further expand the standard, rules, industries, technology and market advantages of EU green development while significantly promoting global green investment, which in turn triggers national strategic anxiety, and green development is urgently increased, and the global A new round of boom in green investment. Up to now, 24 economies have issued sovereign green bonds, with a total scale close to $ 100 billion. The planned 250 billion euros EU sovereignty green bonds will undoubtedly in helping the EU a global green bonds, they will lay in the "absolute" words in the international green bond field.
The logic behind this operation is that the EU has issued a large number of sovereignty green bonds for the main body, and has been widely accepted by the international financial market, indirectly recognizing the "green standard" of the European Union, the so-called EU master "What is green bonds (projects) "" What is the international discourse right of green bonds (projects).
Sino-European Green Bond Cooperation has long so far, China’s green bond issuance is close to RMB 1 trillion in the best of the world, but the dominant debt, local debt, and corporate bonds issued by policy banks, in recent years, France, EU member states such as Spain and the sovereignty green bonds issued by the EU, and this time is still a certain gap. Objectively, China’s timely launch of sovereign green bonds can not only enrich the green bonds and national debt varieties, but also expand the size of the green financial market, increase the supply of green financial products, is demonstrating the determination of climate change, sound multi-level green financial market systems, attracting more Powerful initiatives such as foreign investors. To build a Central European Green Partner as an opportunity, Central Europe has a wide prospect in the green bond field, and it is also a pragmatic move for China to strengthen the green financial standards to further and international docking, improve the international status and the right to local positions in global green governance.
In the future, Central European green bonds can use high-level dialogue mechanisms such as Chinese European Environment and climate to promote China’s financial institutions to actively subscribe to EU green bonds, and go to Europe to issue China’s green sovereign bonds. Classification directory "; measures, strengthen China-Europe, the pragmatic cooperation in the field of green technology innovation, green industry chain, green financial standards, forming the favorable situation of" interest binding "in China and Europe, and jointly promoting China-EU to respond to climate change and promote the world Significant power of green transformation.
(Yang Chengyu Institute of European Institute, Institute of Europe, Institute of Europe; Ji Zi Hang, China Everbright Bank Luxembourg Branch Senior Business Manager) Source: "Global" Journal No. 24 "Global" magazine published in December 1, 2021, other media If you need to reprint, please contact this issue. More articles, please pay attention to "Global" magazine Weibo, WeChat client: "Global Journal".