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Chinese banks are using ethically labelled bonds to refinance existing loans, helping to propel the country to become the world’s biggest issuer of green paper.
中国各银行正利用贴有道德标签的债券为现有贷款再融资，此举将帮助推动中国成为全球最大绿色债券发行国。
Green bond issuance is at a record high and China became the largest source of new paper in the third quarter of this year, taking it to the joint-largest source of issuance in the year to date, along with France.
中国的绿色债券发行规模达到创纪录高点，今年第三季度，中国成为全球最大绿色新债发行国，并让中国与法国并列成为今年迄今最大绿色债券发行国。
Financial institutions issued three-quarters of green bonds in China since the market first emerged in 2014, a Financial Times analysis of data from the credit rating agency Moody’s has found.
英国《金融时报》对信贷评级机构穆迪(Moody’s)的数据进行的分析发现，自2014年绿色债券市场出现以来，金融机构在中国发行的绿色债券占四分之三。
When raising the cash, banks are reserving the right to use it to refinance existing lending rather than using it to finance new projects, some of the bonds’ documentation suggests. Many of the refinanced loans are not labelled as green.
一些债券的文件显示，在募集资金时，银行保留了利用绿色债券为现有贷款再融资的权利，而不是利用它们为新项目融资。很多得到再融资的贷款并没有绿色标签。
A report on the Chinese green bond market by international advisory body the Climate Bonds Initiative last year noted that “refinancing of [unlabelled] green loans is the main role of green bonds” in China.
国际顾问机构——气候债券倡议组织(Climate Bonds Initiative)去年发布的一份有关中国绿色债券的报告指出，在中国，“绿色债券的主要作用是为（没有标签）的绿色贷款再融资”。
Chinese banks hold $920bn of loans that would qualify for green bond status, the report estimated.
该报告估计，中国各银行持有9200亿美元符合绿色债券资格的贷款。
Separately, the CBI noted in September there was “a paucity of investible projects” but said that issuers in emerging markets “can issue green bonds in/outside China to refinance their infrastructure”.
另外，今年9月，气候债券倡议组织指出，“可投资项目匮乏”，但表示新兴市场发行者“能够在中国境内外发行绿色债券，为他们的基础设施再融资”。
Lily Dai, a senior research analyst at the CBI, said banks were using green bonds as a way of refinancing loans made to environmental projects under the China Banking Regulatory Commission’s green credit directive in 2012, which urged banks to promote green credit.
气候债券倡议组织高级研究分析师戴伟惠(Lily Dai)表示，银行正把绿色债券用于根据中国银监会(CBRC) 2012年的绿色信贷指引发放给环境项目的贷款的再融资。该指引敦促银行发展绿色信贷。
The CBRC is now encouraging banks to issue green bonds, she said; “the banks want to issue bonds because their tenor is longer” than the maturing loans they needed to refinance.
戴伟惠表示，中国银监会现在鼓励银行发行绿色债券：“银行希望发行这类债券是因为它们的期限（比银行需要再融资的到期贷款）更长”。
Yao Wang, director-general of Beijing’s International Institute of Green Finance, said: “Before 2015 we didn’t label the bonds but they were actually issued for green purposes. Last year we started labelling.”
北京中央财经大学绿色金融国际研究院(International Institute of Green Finance)院长王遥表示：“2015年以前，我们没有给这些债券贴上标签，但它们的发行确实用于环保用途。去年，我们开始贴标签。”
The International Capital Markets Association’s green bond principles recommend that, when issuers intend to use the proceeds of the bond for refinancing, they should “provide an estimate of the share of financing versus refinancing” and “clarify which investments or project portfolios may be refinanced”.
国际资本市场协会(International Capital Market Association)的绿色债券发行原则规定，当发行人打算利用债券发行所得再融资时，它们应该“提供融资与再融资比例的估算”，并且“澄清可能为哪些投资或项目组合提供再融资”。
However, most Chinese green bonds issued to date are not listed on international green bond exchanges, where issuers can publish documentation including setting out how they intend to use the proceeds, although more recently issuers have begun to do this.
然而，中国迄今发行的绿色债券大多没有在国际绿色债券交易所上市——在国际绿色债券交易所，发行人可以发布文件，包括说明他们打算如何使用发行所得——尽管他们最近已经开始这样做了。
In October ICBC raised its inaugural green bond with a $1bn, dual-tranche deal which is listed on the Luxembourg Stock Exchange’s green platform. The bond’s paperwork says the proceeds will be used for “the financing and/or refinancing of eligible green assets”.
今年10月，中国工商银行(ICBC)在卢森堡证券交易所的绿色债券平台上发行了一笔10亿美元的两档债券。该债券的文件称，发行所得将用于“合格绿色资产的融资和/或再融资”。
Other bonds’ documentation cites projects which are already up and running as being among the destinations for the finance raised.
其他债券文件将已经投入运行的项目纳入融资目的地之列。
Chinese banks are particularly well placed to issue green bonds because of their relatively high credit ratings in comparison with many corporates, Ms Wang said, predicting that Chinese bond issuers will increasingly invest the proceeds of their green finance-raising abroad.
王遥表示，由于与许多企业相比，中国各银行的信用评级相对较高，因此它们特别适合发行绿色债券。她预计，中国债券发行人将越来越多地使用海外绿色债券发行所得进行投资。
Ms Wang said she was “sure” that the Asian Infrastructure Investment Bank, the rapidly growing China-led supranational organisation, would issue green bonds in future. She said they could also be used to finance the Silk Road Fund, a state investment vehicle.
王遥表示，她“确信”，亚洲基础设施投资银行（Asian Infrastructure Investment Bank，简称：亚投行）将在未来发行绿色债券。她说，这些债券也可以用来为政府投资工具丝路基金(Silk Road Fund)提供融资。亚投行是由中国主导的一个快速发展的超国家组织。
Banks in other parts of the world have also begun to use green bonds to refinance existing loans, albeit on a much smaller scale. This autumn, Barclays became the first bank to issue a green bond in the UK to fund domestic assets, pledging to use the proceeds to refinance a portfolio of residential mortgages.
世界其他地区的银行也开始使用绿色债券对现有贷款进行再融资，尽管规模要小得多。今年秋季，巴克莱(Barclays)成为首家在英国发行绿色债券为国内资产提供融资的银行，该行承诺将利用发行所得对一个住宅抵押贷款组合进行再融资。
