党的二十大报告强调，加快发展方式绿色转型，深入推进环境污染防治，提升生态系统多样性、稳定性、持续性，积极稳妥推进碳达峰碳中和。转型债券市场是对绿色发展精神的有力践行，通过为市场主体提供绿色转型的资金支持，加速企业经营理念和生产方式的绿色转型，推动“双碳”目标顺利实现。
转型金融有助于为社会迫切转型发展需求提供支持。自2020年我国提出“双碳”目标以来，绿色金融发展迅速。相关研究数据显示，我国经济活动的90%为“非绿”活动，其中包含大量高碳排放经济主体，具有迫切的转型需求，但并不在绿色金融的支持范围内，仅依靠绿色投融资无法实现服务绿色转型的目标。转型金融市场，尤其是转型债券市场的建设在“绿”和“非绿”的绝对区分之外，为市场主体留足适应和过渡的空间。转型金融和绿色金融相互补充，才能满足广泛市场主体的转型需求，丰富绿色发展的层次。
全球转型债券市场仍处于探索阶段，加强转型债券市场建设有助于提升中国债券市场的国际影响力。转型债券市场发展需要高质量的环境效益信息披露。国际上已初步探索转型活动的概念、转型金融分类目录等，但尚未形成统一的转型债券标准和原则。我国已探索发行转型债券，中国人民银行积极启动转型目录编制，并在部分地区试点探索。《G20转型金融框架》的发布促进了成员国达成高级别、原则性共识，规范了全球转型金融的发展方向，中国对此作出了重要贡献。在此基础上，加强中国转型债券信息披露体系建设，既有利于推动中国转型债券市场规范化、标准化发展，也为全球转型债券市场建设提供中国方案，贡献中国智慧，有助于提升中国债券市场的国际影响力。
充分发挥金融基础设施作用，以“123”方案助力转型债券市场发展。转型债券是绿色债券的有益补充，二者在市场制度建设，尤其是信息披露体系方面具有较高的相似性。中央结算公司构建的中债绿色指标体系得到社会各界广泛认可，目前已正式通过行业标准和深圳地区标准立项；建成国际领先的绿色债券环境效益信息数据库，有效提升绿色债券信息披露的标准化和数字化，有力推动绿色债券市场迅速发展。在此基础上，中央结算公司针对转型债券市场提出“123”方案，即完善一个数据库、构建两维度环境效益指标、分三步走阶段性完善转型披露。目前，中央结算公司已初步构建转型债券环境效益指标，推动其成为信息披露标准，并将部分转型债券环境信息纳入中债绿色债券数据库，还提出为符合环境效益信息披露要求的转型债券提供政策支持，建立转型过程长效监督和风险管理机制等。
道阻且长，行则将至。环境转型无法一蹴而就。在国家政策的支持下，中央结算公司及时响应市场需求，参照绿色债券发展经验，分阶段推进完善转型债券信息披露体系，有助于明确转型目标的实现进程，助力转型债券市场发展，使转型发展获得足够且及时的金融支持，推动我国逐步实现环境转型。
◇ 本文原载《债券》2023年5月刊
◇ 作者：钟言
◇ 编辑：刘思敏印颖
Promoting Development of the Transition Bond Market with a High-quality Disclosure System
Zhong Yan
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．
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．
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．
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．
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．
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
