文献类型：期刊文献

中文题名：我国绿色主权债券制度的困境及其完善

英文题名：Deficiencies and Improvements in the Regulation of China’s Green Sovereign Bonds

作者：魏圣香[1]

机构：[1]华东理工大学法学院,上海200237

年份：2025

卷号：27

期号：6

起止页码：137

中文期刊名：上海财经大学学报(哲学社会科学版)

外文期刊名：Journal of Shanghai University of Finance and Economics

收录：;北大核心:【北大核心2023】；

基金：研究阐释党的二十届三中全会精神国家社会科学基金重大专项“产业链供应链韧性和安全水平的提升机制与路径研究”(24ZDA026)。

语种：中文

中文关键词：绿色主权债券;规范层级;管理机构;制度完善

外文关键词：green sovereign bonds;regulatory hierarchy;supervisory institutions;institutional improvement

摘要：绿色主权债券制度被各国政府视为募集生态环境保护和气候变化应对资金的重要手段,因其有国家信用作为背书而在绿色债券市场受到投资者青睐。发达国家发行的绿色主权债券在全球市场中的占比较高,机构投资者是全球绿色主权债券的主要投资者。发达国家绿色主权债券市场之所以取得成功,与其较为完备的绿色主权债券规范密切相关。我国政府高度重视绿色主权债券在国家生态环境治理和气候变化应对中的作用,出台了专门调整我国绿色主权债券发行和管理的《绿色主权债券框架》。《绿色主权债券框架》中的诸多规范虽然有助于我国绿色主权债券制度的有序发展,但在规范层级提升、管理机构优化和具体制度设计等方面仍有进一步提升的空间。
Green sovereign bonds,as financial instruments possessing the dual attributes of“sovereign bonds”and“green bonds”,have become an important means for countries to raise funds for ecological and environmental protection and climate change response.China released its“Green Sovereign Bond Framework”in 2025 and issued its first RMB-denominated green sovereign bond in London,marking its formal entry into the global green sovereign bond market.However,the current institutional framework faces several challenges that constrain its sustainable development.Firstly,the regulatory hierarchy is too low.The“Green Sovereign Bond Framework”is merely a policy document,lacking legal binding force,which makes it difficult to effectively protect investors’rights and interests,particularly undermining the confidence of international investors.Secondly,the management structure is overly centralized,with the Ministry of Finance solely responsible for issuance and management,lacking collaborative participation from specialized departments such as ecology,environment,and energy.This affects the scientific rigor and professionalism of project evaluation and fund utilization.Thirdly,the fund management mechanism is inadequate.The rules for project evaluation and selection are insufficiently clear,potentially leading to inefficient use of funds.Furthermore,flaws exist in information disclosure and external review mechanisms.Disclosure content lacks standardization,and the independence and credibility of external assessments are questionable.Finally,a dispute resolution mechanism is absent,leaving investors without effective recourse in cases of issuer default or“greenwashing”practices.To improve China’s green sovereign bond system,the following measures are recommended:First,enhance the regulatory hierarchy by promoting the enactment of specialized regulations or adding a dedicated chapter to the“Government Bond Management Regulations”.Second,optimize the management structure by establishing a management committee led by the Ministry of Finance with multi-departmental collaboration.Third,improve information disclosure standards by formulating unified reporting norms to enhance transparency and comparability.Fourth,strengthen the external review and evaluation mechanism by clarifying the selection criteria and legal responsibilities of assessment institutions to ensure independence and impartiality.Fifth,establish a dispute resolution mechanism,introducing diversified methods such as international arbitration.Sixth,refine supporting policies,including tax incentives and public education,to create a favorable market environment.