「釋義」

綠色債券是種相對新穎的定息金融產(chǎn)品，指的是為各種為舒緩氣候變化問題的項目集資的債務(wù)證券。綠色證券的發(fā)行量和存量增速迅猛，存量在2016年達(dá)到了1,600億美元，2019年綠色證券發(fā)行規(guī)模達(dá)到2550億美元。

發(fā)行綠色債券的主要目的是為各種減緩氣候變化的項目融資。這些項目包羅萬象，從減少溫室氣體排放、清潔能源到能源效益項目都有。也有一些項目以應(yīng)對氣候變化為目的，例如建設(shè)尼羅河的水利設(shè)施，從而避免水災(zāi)，又或是采取手段以減少海水溫度上升對大堡礁的影響。

「應(yīng)用場景」

還有一項比較新的戰(zhàn)略是運用金融工具，例如綠色債券，現(xiàn)在有2000億美元的市場，購買綠色債券的收益會流向環(huán)境和氣候項目。意大利電力公司（ENEL）嘗試了略有不同的方法，發(fā)行的債券與一項衡量公司遵守聯(lián)合國可持續(xù)發(fā)展目標(biāo)情況的關(guān)鍵績效指標(biāo)掛鉤。倘若ENEL未能將總發(fā)電量中來自可再生能源的電量比例提高至55%，給債券持有人的利率就要上調(diào)25個基點。雖然籌集到的資金并未指定某一特定用途，但與傳統(tǒng)綠色債券一樣，該債券明確支持減少碳排放。

A more recent strategy is to use financing tools such as green bonds, now a $200 billion market, in which the proceeds from bond purchases go to environmental and climate projects. The Italian energy group ENEL is trying something a bit different, issuing a bond tied to a KPI measuring the company’s performance against the UN’s Sustainable Development Goals. If ENEL misses its target of increasing renewable energy to 55% of its installed capacity, it will pay 25 basis points more to bondholders. Although the funds raised are not tied to a specific use, as they are with conventional green bonds, the instrument clearly supports emissions reduction.

公司能夠采取的最大動作，或許是重新考慮研發(fā)資金的分配。戴姆勒做出一項強有力的重大變化，宣布將不再投資研發(fā)內(nèi)燃機引擎，把數(shù)十億資金轉(zhuǎn)向電動汽車。雀巢CEO馬克·施奈德前不久談起投資植物性蛋白，生產(chǎn)過程中排放的二氧化碳比傳統(tǒng)生產(chǎn)的肉類要少，他說，“我們?yōu)檫@種植物肉餅投入資金，會損害本季度的利潤，但如果我們把工作做到位，到了明年、后年，投資就會有回報?！痹谝粌赡陜?nèi)看到一個快速發(fā)展的新市場有所回報，聽起來是一筆很好的生意。

Perhaps the biggest move a company can make is to rethink where to place its R&D bets. In a telling seismic shift, Daimler announced that it would no longer invest in research on internal combustion engines and would put billions toward electric vehicles instead. And the CEO of Nestlé, Mark Schneider, spoke recently about investing in plant-based proteins, which have a much smaller carbon footprint than conventionally produced meat, saying, “A Swiss franc we spend developing the burger is a burden to this quarter’s profits. Next year or the year after, it will come back to us if we do our job right.” Seeing returns on a fast-growing new market within a year or two sounds like a good deal.

《引領(lǐng)氣候行動新時代》

安德魯·溫斯頓

2020年6月刊

“Leading a new era of climate action”

by Andrew Winston

編輯：馬冰侖?