金融学院知识库

习近平总书记在2020年9月22日第七十五届联合国大会一般性辩论讲话中宣布，中国将提高国家自主贡献力度，采取更加有力的政策和措施，二氧化碳排放力争于2030年前达到峰值，努力争取在2060年前实现碳中和。环境气候问题已成为国际重点关注问题，实现低碳、可持续发展成为全球广泛共识。我国提出的碳达峰碳中和“3060”目标是党中央统筹国际国内两个大局，经过深思熟虑做出的重大战略决策。截至目前，已有130个国家承诺实现碳中和，这些国家的温室气体排放量占全球总排放量的50%。为更好实现“3060”目标，2021年2月起，我国首批碳中和债陆续发行。碳中和债是将募集资金专项用于具有碳减排效益绿色项目的债务融资工具，碳中和债的发行有利于企业更好进行绿色融资，在发展经济的同时保护环境，有利于绿债市场的进一步发展及可持续战略的持续推进。

本文通过对国内首批银行间债券市场碳中和债进行对比分析，选取南方电网发行的“中国南方电网有限责任公司2021年度第一期绿色中期票据（碳中和债）”（以下简称“21南电GN001”）作为研究对象进行研究。通过对南方电网发行的“21南电GN001”运用文献研究、案例分析及对比分析法，重点研究南方电网发行“21南电GN001”的必要性及不足点。依据对“21南电GN001”发行的背景、动因、预期效果和可能产生的风险进行分析，得出碳中和债在提高社会和企业经济效益、树立良好企业形象、促进各行业绿色低碳转型及碳中和目标进一步实现方面有极大推广价值，但在碳中和债管理制度有待统一、碳中和债信息披露仍需完善、碳中和债普及面有待拓宽以及募集资金管理有待完善的结论。基于此，针对“21南电GN001”可能产生风险、碳中和债存在的问题以及如何更好推广碳中和债方面提出完善信息披露制度、完善监督管理制度、开放国内碳中和债市场、培育绿色投融意识、首选碳中和债投资及专业管理募集资金的建议，从而为碳中和债更好发展，碳中和债助力我国实现碳中和目标提供理论支持与借鉴方法。

General Secretary Xi Jinping announced in his speech at the general debate of the 75th United Nations General Assembly on September 22, 2020 that China will increase its nationally determined contribution, adopt more powerful policies and measures, and strive to peak carbon dioxide emissions before 2030. Work towards becoming carbon neutral by 2060. Environmental and climate issues have become a major international concern, and the realization of low-carbon and sustainable development has become a global consensus. The "3060" goal of carbon peaking and carbon neutrality proposed by my country is a major strategic decision made by the Party Central Committee after coordinating the international and domestic overall situation. So far, 130 countries have committed to carbon neutrality, and these countries account for 50% of global greenhouse gas emissions. In order to better achieve the "3060" goal, from February 2021, the first batch of carbon-neutral bonds in my country will be issued one after another. Carbon-neutral bonds are debt financing tools that use raised funds specifically for green projects with carbon emission reduction benefits. The issuance of carbon-neutral bonds is conducive to better green financing for enterprises, protecting the environment while developing the economy, and is conducive to green bonds. Further development of the market and continuous advancement of sustainable strategies.

Based on the comparative analysis of the first batch of carbon-neutral bonds in the domestic inter-bank bond market, this paper selects the “China Southern Power Grid Co., Ltd. 2021 First Green Medium-Term Notes (Carbon-Neutral Bonds)” (hereinafter referred to as “21 Nandian GN001”) was studied as the research object. By applying literature research, case analysis and comparative analysis methods to the "21 Nandian GN001" issued by China Southern Power Grid, it focuses on the necessity and shortcomings of the "21 Nandian GN001" issued by China Southern Power Grid. Based on the analysis of the background, motivation, expected effects and possible risks of the issuance of "21 Nandian GN001", it is concluded that carbon neutral bonds can improve social and corporate economic benefits, establish a good corporate image, and promote the green and low-carbon transformation of various industries. It has great promotion value in terms of further realization of carbon neutrality and carbon neutrality goals, but the management system of carbon neutrality bonds needs to be unified, the information disclosure of carbon neutrality bonds still needs to be improved, the popularity of carbon neutrality bonds needs to be expanded, and the management of raised funds needs to be improved. in conclusion. Based on this, in view of the possible risks of "21 Nandian GN001", the problems of carbon neutral bonds and how to better promote carbon neutral bonds, it is proposed to improve the information disclosure system, improve the supervision and management system, open the domestic carbon neutral bond market, Cultivate the awareness of green investment and financing, prefer carbon-neutral bond investment and professional management of raised funds, so as to provide theoretical support and reference methods for the better development of carbon-neutral bonds and carbon-neutral bonds to help my country achieve carbon neutrality goals.