專題：對(duì)話ESG全球領(lǐng)導(dǎo)者

　　文 | 新浪財(cái)經(jīng) 李欣然

　　近年來(lái)，隨著全球氣候治理進(jìn)程加速與可持續(xù)發(fā)展目標(biāo)的深入推進(jìn)，可持續(xù)金融已成為連接經(jīng)濟(jì)發(fā)展范式轉(zhuǎn)型與金融市場(chǎng)創(chuàng)新的關(guān)鍵紐帶。在這一背景下，全球標(biāo)準(zhǔn)制定機(jī)構(gòu)、各國(guó)監(jiān)管部門與市場(chǎng)參與方共同面臨著如何構(gòu)建兼具韌性、包容與效率的可持續(xù)金融體系的時(shí)代課題。

　　國(guó)際資本市場(chǎng)協(xié)會(huì)（InternationalCapitalMarketAssociation，以下簡(jiǎn)稱ICMA）作為全球可持續(xù)金融標(biāo)準(zhǔn)制定的重要推動(dòng)者，始終活躍在規(guī)則協(xié)調(diào)與市場(chǎng)建設(shè)的前沿。近日，新浪財(cái)經(jīng)與ICMA首席執(zhí)行官布萊恩·佩斯科（Bryan Pascoe）進(jìn)行了對(duì)話，就全球可持續(xù)金融的現(xiàn)狀評(píng)估、區(qū)域動(dòng)態(tài)、標(biāo)準(zhǔn)協(xié)同、新興市場(chǎng)角色、技術(shù)賦能及商業(yè)邏輯等維度，展開(kāi)了討論。佩斯科分析了當(dāng)前可持續(xù)金融市場(chǎng)在波動(dòng)中前行的結(jié)構(gòu)性特征，也分享了標(biāo)準(zhǔn)融合、轉(zhuǎn)型金融、數(shù)據(jù)治理等重要趨勢(shì)方向，更為中國(guó)市場(chǎng)參與全球可持續(xù)金融治理提供了具有參照意義的觀察視角與實(shí)踐建議。

　　以下是對(duì)話實(shí)錄：

　　問(wèn)：總體來(lái)看，您認(rèn)為當(dāng)前可持續(xù)金融市場(chǎng)的發(fā)展情況如何？近兩年來(lái)，部分地區(qū)在可持續(xù)與氣候金融領(lǐng)域出現(xiàn)了一定的政策回調(diào)與市場(chǎng)波動(dòng)。面對(duì)這些挑戰(zhàn)，您如何評(píng)估可持續(xù)金融的整體發(fā)展態(tài)勢(shì)？

　　答：我認(rèn)為可持續(xù)金融的基本面依然穩(wěn)固，長(zhǎng)期趨勢(shì)仍然積極。金融在應(yīng)對(duì)氣候相關(guān)及更廣泛的經(jīng)濟(jì)挑戰(zhàn)中發(fā)揮著關(guān)鍵作用，可持續(xù)性將成為未來(lái)經(jīng)濟(jì)發(fā)展、基礎(chǔ)設(shè)施建設(shè)和政府規(guī)劃的核心。

　　過(guò)去一年以來(lái)，政治因素帶來(lái)的阻力在一定程度上影響了市場(chǎng)增長(zhǎng)動(dòng)能。從整體規(guī)?？?，今年全球市場(chǎng)較往年大致持平或略有回調(diào)。

　　盡管如此，結(jié)構(gòu)性亮點(diǎn)依然清晰。歐洲發(fā)行量整體平穩(wěn)，公共部門、金融機(jī)構(gòu)與企業(yè)仍維持可觀貢獻(xiàn)；美國(guó)則在市場(chǎng)關(guān)注度、發(fā)行規(guī)模及ESG主題基金資金流入等方面呈現(xiàn)明顯收縮。與之形成對(duì)比的是，亞洲市場(chǎng)增長(zhǎng)勢(shì)頭持續(xù)強(qiáng)勁，區(qū)域發(fā)行量普遍攀升。尤其是中國(guó)，在監(jiān)管政策的積極推動(dòng)下，已成為全球可持續(xù)金融發(fā)行的重要引領(lǐng)力量。

　　產(chǎn)品維度也呈現(xiàn)分化。綠色債券憑借清晰的資金用途、嚴(yán)格的管理框架與高水平信息披露，持續(xù)受到市場(chǎng)認(rèn)可；而可持續(xù)發(fā)展掛鉤債券（SLBs）規(guī)模則出現(xiàn)顯著下滑。這類債券將條款與主體層面的可持續(xù)目標(biāo)綁定，但由于部分目標(biāo)在雄心和可信度上受到質(zhì)疑，市場(chǎng)對(duì)其目標(biāo)設(shè)定機(jī)制及約束效果存在疑慮，進(jìn)而影響了該產(chǎn)品的活躍度。

　　總體而言，當(dāng)前可持續(xù)金融市場(chǎng)呈現(xiàn)區(qū)域與產(chǎn)品雙維度的分化格局：綠色債券穩(wěn)健、亞洲增長(zhǎng)強(qiáng)勁、歐洲具備韌性，而美洲特別是美國(guó)市場(chǎng)出現(xiàn)階段性回調(diào)。展望未來(lái)，現(xiàn)有制度框架的完善與底層需求的持續(xù)存在，仍將為該市場(chǎng)的長(zhǎng)期發(fā)展提供支撐。

　　問(wèn)：我們了解到ICMA始終走在全球可持續(xù)金融發(fā)展的前沿。在監(jiān)管環(huán)境與市場(chǎng)需求持續(xù)變化的背景下，您認(rèn)為ICMA將如何引領(lǐng)可持續(xù)金融的未來(lái)方向？

　　答：自《綠色債券原則》創(chuàng)立以來(lái)，ICMA一直扮演著關(guān)鍵角色。作為該原則的秘書(shū)處，我們積極凝聚行業(yè)共識(shí)，致力于建立標(biāo)準(zhǔn)、構(gòu)建框架，推動(dòng)市場(chǎng)健康、有序發(fā)展。這一長(zhǎng)期作用對(duì)可持續(xù)金融市場(chǎng)的形成與演進(jìn)至關(guān)重要。

　　我們的核心使命是與原則成員及全球金融網(wǎng)絡(luò)攜手，通過(guò)制定高標(biāo)準(zhǔn)、提供專業(yè)指引、完善制度框架，在促進(jìn)市場(chǎng)創(chuàng)新的同時(shí)堅(jiān)守誠(chéng)信根基。

　　當(dāng)前，全球可持續(xù)金融實(shí)踐呈現(xiàn)區(qū)域分化的態(tài)勢(shì)——例如在轉(zhuǎn)型金融的定義上，或是各司法轄區(qū)推出的分類標(biāo)準(zhǔn)之間，往往缺乏有效銜接。同一項(xiàng)經(jīng)濟(jì)活動(dòng)，在不同國(guó)家可能被賦予不同的可持續(xù)屬性界定，甚至被排除在標(biāo)準(zhǔn)之外。

　　這正是ICMA能夠發(fā)揮關(guān)鍵影響力的領(lǐng)域：推動(dòng)全球標(biāo)準(zhǔn)的一致性、協(xié)調(diào)性與系統(tǒng)性銜接。這項(xiàng)工作對(duì)于避免市場(chǎng)碎片化具有深遠(yuǎn)意義，因?yàn)樗槠粌H制約市場(chǎng)規(guī)模的擴(kuò)大，也會(huì)削弱整個(gè)金融體系應(yīng)對(duì)未來(lái)巨大融資需求的整體能力。

　　作為國(guó)際標(biāo)準(zhǔn)的重要制定者，我們始終致力于推動(dòng)全球協(xié)調(diào)。我們與來(lái)自不同司法管轄區(qū)的成員緊密協(xié)作，并與國(guó)際證監(jiān)會(huì)組織（IOSCO）在內(nèi)的全球機(jī)構(gòu)及區(qū)域性監(jiān)管機(jī)構(gòu)及監(jiān)督機(jī)構(gòu)保持溝通協(xié)同，目標(biāo)是構(gòu)建能夠促進(jìn)跨境資本流動(dòng)的規(guī)范體系，讓投資者與發(fā)行方都能對(duì)其框架的穩(wěn)健性與跨市場(chǎng)適用性建立信心。堅(jiān)持標(biāo)準(zhǔn)引領(lǐng)、推動(dòng)國(guó)際協(xié)同，始終是我們重要的使命。

　　問(wèn)：可持續(xù)金融對(duì)推動(dòng)積極變革具有重要潛力，特別是在新興市場(chǎng)。ICMA如何支持新興市場(chǎng)采納可持續(xù)金融實(shí)踐？

　　答：我們與新興市場(chǎng)，特別是中國(guó)及亞洲其他地區(qū)的監(jiān)管部門和政府機(jī)構(gòu)保持密切合作，積極協(xié)助構(gòu)建既符合本地實(shí)際、又與國(guó)際標(biāo)準(zhǔn)接軌的可行框架。以中國(guó)為例，其《綠色債券支持項(xiàng)目目錄》及相關(guān)標(biāo)準(zhǔn)目前已與ICMA國(guó)際原則實(shí)現(xiàn)高度協(xié)同。

　　在日本，我們與財(cái)務(wù)省及相關(guān)省廳保持緊密合作，共同推動(dòng)日本綠色轉(zhuǎn)型計(jì)劃的制定與實(shí)施。該計(jì)劃框架下，日本政府將發(fā)行規(guī)?？捎^的轉(zhuǎn)型債券，所募集資金將通過(guò)轉(zhuǎn)貸機(jī)制，重點(diǎn)支持能源結(jié)構(gòu)轉(zhuǎn)型困難、亟需系統(tǒng)性支持的行業(yè)實(shí)現(xiàn)燃料結(jié)構(gòu)升級(jí)及碳足跡轉(zhuǎn)型。

　　同時(shí)，我們也與東南亞多國(guó)開(kāi)展合作，協(xié)助其建立符合區(qū)域特點(diǎn)的可持續(xù)金融分類標(biāo)準(zhǔn)，并完善綠色債券與可持續(xù)金融整體框架。

　　在亞洲這些多元化的市場(chǎng)中，我們始終致力于推動(dòng)構(gòu)建扎實(shí)的制度基礎(chǔ)，并最大程度促進(jìn)其與國(guó)際標(biāo)準(zhǔn)的銜接。ICMA所建立的標(biāo)準(zhǔn)體系，在全球范圍內(nèi)持續(xù)被視為行業(yè)最佳實(shí)踐的重要參考。數(shù)據(jù)顯示，目前全球約98%的可持續(xù)金融發(fā)行均遵循ICMA原則——這種一致性不僅體現(xiàn)在新興市場(chǎng)，也同樣存在于更成熟和發(fā)達(dá)的經(jīng)濟(jì)體中，也印證了標(biāo)準(zhǔn)跨市場(chǎng)適用的有效性。

　　問(wèn)：您如何評(píng)價(jià)當(dāng)前中國(guó)可持續(xù)金融市場(chǎng)的發(fā)展?fàn)顩r，并對(duì)下一階段發(fā)展有何具體建議？

　　答：中國(guó)擁有龐大的國(guó)內(nèi)債券市場(chǎng)體量，充裕的資本儲(chǔ)備為ESG產(chǎn)品發(fā)展提供了堅(jiān)實(shí)基礎(chǔ)，市場(chǎng)規(guī)模與內(nèi)生動(dòng)力構(gòu)成其核心優(yōu)勢(shì)。為維護(hù)市場(chǎng)公信力、防范“漂綠”風(fēng)險(xiǎn)，構(gòu)建并保持高標(biāo)準(zhǔn)的制度框架尤為關(guān)鍵。監(jiān)管部門需要持續(xù)跟蹤市場(chǎng)動(dòng)態(tài)，優(yōu)化現(xiàn)有框架，并在實(shí)踐可行范圍內(nèi)積極推動(dòng)與國(guó)際標(biāo)準(zhǔn)的協(xié)同。雖然國(guó)內(nèi)實(shí)際情況存在特殊性，但更高程度的國(guó)際接軌將有助于吸引全球資金參與中國(guó)可持續(xù)債券市場(chǎng)建設(shè)。

　　以ICMA于2025年10月30日在上海舉辦的ICMA中國(guó)可持續(xù)金融發(fā)展論壇為例，該活動(dòng)明確傳遞出公共部門與市場(chǎng)機(jī)構(gòu)共同推動(dòng)行業(yè)加速發(fā)展的決心。這類匯聚實(shí)務(wù)專家與政策制定者的交流平臺(tái)，對(duì)促進(jìn)經(jīng)驗(yàn)共享、凝聚行業(yè)共識(shí)具有持續(xù)價(jià)值。

　　當(dāng)前另一個(gè)值得關(guān)注的問(wèn)題是發(fā)行主體結(jié)構(gòu)。目前中國(guó)的綠色與ESG金融活動(dòng)主要依托企業(yè)和私營(yíng)部門推動(dòng)，中央政府及公共機(jī)構(gòu)的直接發(fā)行參與仍相對(duì)有限。反觀歐洲等市場(chǎng)，主權(quán)及公共部門在發(fā)行引領(lǐng)方面作用更為突出。

　　面向未來(lái)，若能擴(kuò)大符合ICMA原則的主權(quán)類可持續(xù)金融產(chǎn)品發(fā)行規(guī)模，將有助于吸引更多追求穩(wěn)健可持續(xù)資產(chǎn)的投資者，進(jìn)一步提升市場(chǎng)整體信心。今年中國(guó)在倫敦證券交易所成功發(fā)行首筆人民幣綠色主權(quán)債券，并嚴(yán)格遵循ICMA原則，正是具有標(biāo)志性意義的實(shí)踐——我本人亦參與了簽署儀式。隨著政府層面持續(xù)通過(guò)可持續(xù)金融工具開(kāi)展融資，預(yù)計(jì)這將為未來(lái)市場(chǎng)發(fā)展與信心構(gòu)建提供重要支撐。

　　問(wèn)：展望未來(lái)，您認(rèn)為可持續(xù)金融領(lǐng)域哪些新興趨勢(shì)和創(chuàng)新最具發(fā)展前景？ICMA計(jì)劃如何借助這些趨勢(shì)推動(dòng)行業(yè)進(jìn)步？AI等新技術(shù)將在其中發(fā)揮怎樣的作用？

　　答：面向未來(lái)，技術(shù)能力——特別是可靠數(shù)據(jù)的獲取與應(yīng)用——將成為企業(yè)踐行可持續(xù)標(biāo)準(zhǔn)的核心支撐。技術(shù)不僅能夠提升信息披露的準(zhǔn)確性、可信度與透明度，更能清晰呈現(xiàn)投資行為所產(chǎn)生的真實(shí)影響。我們預(yù)計(jì)，AI將在增強(qiáng)市場(chǎng)公信力、完善制度框架、提升可持續(xù)信息報(bào)告與披露標(biāo)準(zhǔn)等方面發(fā)揮日益重要的作用。

　　這一點(diǎn)對(duì)新興市場(chǎng)具有特殊意義。這些市場(chǎng)往往面臨數(shù)據(jù)基礎(chǔ)薄弱、信息收集難度大的挑戰(zhàn)，而技術(shù)能力的提升正是支持其可持續(xù)金融實(shí)現(xiàn)穩(wěn)健、可信增長(zhǎng)的關(guān)鍵路徑。

　　另一個(gè)重要趨勢(shì)體現(xiàn)在標(biāo)準(zhǔn)體系的融合。推動(dòng)國(guó)際標(biāo)準(zhǔn)協(xié)調(diào)與趨同，是降低市場(chǎng)分割、提升全球市場(chǎng)效率的必要步驟。

　　同時(shí)，轉(zhuǎn)型金融預(yù)計(jì)將迎來(lái)顯著發(fā)展。綠色金融固然重要，但我們必須通過(guò)金融手段支持那些減排難度大、化石能源依賴度高的行業(yè)，推動(dòng)其向韌性低碳路徑轉(zhuǎn)型。這一過(guò)程需要精細(xì)化管理，在避免社會(huì)與經(jīng)濟(jì)劇烈震蕩、防范“碳鎖定”效應(yīng)的同時(shí)，引導(dǎo)行業(yè)平穩(wěn)過(guò)渡。建立清晰的轉(zhuǎn)型計(jì)劃、將轉(zhuǎn)型金融納入主流工具，對(duì)于推動(dòng)高耗能產(chǎn)業(yè)向氣候友好、高效可持續(xù)模式轉(zhuǎn)變具有重要意義。

　　為此，ICMA近期發(fā)布了《氣候轉(zhuǎn)型債券指引》，為機(jī)構(gòu)發(fā)行具備公信力的轉(zhuǎn)型債券提供了嚴(yán)謹(jǐn)?shù)目蚣苤敢?jù)估算，未來(lái)10至15年全球轉(zhuǎn)型資金需求約達(dá)30萬(wàn)億美元。這一轉(zhuǎn)型無(wú)法急于求成，需統(tǒng)籌推進(jìn)轉(zhuǎn)型緊迫性與社會(huì)責(zé)任，在保障就業(yè)與社區(qū)穩(wěn)定的基礎(chǔ)上，加快新技術(shù)的推廣應(yīng)用。為了彌合這一差距，尤其是在新興市場(chǎng)，我們還應(yīng)推動(dòng)混合融資的增加，通過(guò)結(jié)合公共和私營(yíng)部門資金，更有效地動(dòng)員私人資本，投入那些原本可能被視為不可投資的項(xiàng)目。

　　這一切的最終目標(biāo)，是與《巴黎協(xié)定》的1.5℃溫控目標(biāo)保持一致。若不能加速發(fā)展轉(zhuǎn)型金融及相關(guān)減排技術(shù)，推動(dòng)重工業(yè)大幅降低碳足跡，實(shí)現(xiàn)該目標(biāo)將面臨越來(lái)越大的挑戰(zhàn)。

　　問(wèn)：在您看來(lái)，追求可持續(xù)發(fā)展與獲得投資回報(bào)之間是怎樣的關(guān)系？

　　答：盡管新技術(shù)的采用往往意味著前期投入增加，并可能對(duì)短期利潤(rùn)空間產(chǎn)生壓力，但這實(shí)則是一項(xiàng)立足長(zhǎng)遠(yuǎn)的理性商業(yè)抉擇。企業(yè)通過(guò)對(duì)適配技術(shù)進(jìn)行戰(zhàn)略投資，實(shí)際上是在為構(gòu)建未來(lái)的發(fā)展韌性奠定基礎(chǔ)。隨著時(shí)間推移，不符合可持續(xù)發(fā)展方向的資產(chǎn)將日益難以獲得融資支持。因此，當(dāng)前投資于支撐可持續(xù)轉(zhuǎn)型的技術(shù)，本質(zhì)上是一種具有前瞻性的審慎戰(zhàn)略。

　　與此同時(shí)，許多相關(guān)技術(shù)成本正在迅速下降，這在相當(dāng)程度上緩解了市場(chǎng)對(duì)盈利能力的顧慮。企業(yè)對(duì)股東負(fù)有明確責(zé)任，但這不僅限于追求短期回報(bào)，更包括確保長(zhǎng)期可持續(xù)經(jīng)營(yíng)的責(zé)任。實(shí)現(xiàn)這一目標(biāo)的根本途徑，在于通過(guò)提升資產(chǎn)效率、確保其符合未來(lái)發(fā)展要求，從而構(gòu)建具備未來(lái)適應(yīng)性的運(yùn)營(yíng)體系。

　　包括投資者、客戶及監(jiān)管機(jī)構(gòu)在內(nèi)的利益相關(guān)方，正日益要求企業(yè)實(shí)現(xiàn)可驗(yàn)證的碳減排。長(zhǎng)遠(yuǎn)來(lái)看，能夠在未來(lái)贏得市場(chǎng)、吸引資本、獲取資源以生產(chǎn)符合社會(huì)期待產(chǎn)品的企業(yè)，恰恰是那些引領(lǐng)可持續(xù)轉(zhuǎn)型的先行者。

　　僅聚焦于季度性利潤(rùn)最大化的經(jīng)營(yíng)思路，將對(duì)企業(yè)的長(zhǎng)期發(fā)展構(gòu)成損害。我們已觀察到，缺乏清晰可信脫碳路徑的企業(yè)，其融資渠道正持續(xù)收窄。這些企業(yè)將在中長(zhǎng)期面臨競(jìng)爭(zhēng)力下降的風(fēng)險(xiǎn)。歸根結(jié)底，對(duì)可持續(xù)資源、綠色資本開(kāi)支及新能源技術(shù)進(jìn)行投入，已成為企業(yè)面向未來(lái)發(fā)展的必然要求。

　　以下為英文原文：

　　Q: From your perspective, how would you characterize the current health and maturity of the sustainable finance market? We've seen some political and market backlash against sustainable and climate finance, particularly over the past two years in certain regions. How do you assess the sector's overall progress in light of these headwinds?

　　A: I believe sustainable finance remains fundamentally strong, with a positive long-term trajectory. Finance plays a crucial role in managing climate-related and broader economic challenges, and sustainability will be central to future economic development, infrastructure growth, and government planning.

　　That said, as you noted, there have been some headwinds—primarily politically driven over the past year—which have slowed market momentum and growth. Overall, this year we've likely seen flat or slightly lower global volumes compared to previous years.

　　Within that, however, several notable trends stand out. Europe's issuance has remained relatively stable, with strong volumes continuing from the public sector, financial institutions, and corporates. In contrast, the U.S. has seen a significant decline in focus, issuance, and ESG-focused fund inflows. Meanwhile, Asia's growth remains robust, with volumes rising across the region. China, in particular, has emerged as a leading country for global issuance, backed by strong regulatory efforts to promote sustainable finance.

　　Product trends also vary. Green bonds continue to perform well, given their clear use-of-proceeds framework, rigorous fund allocation, and strong reporting standards. In contrast, sustainability-linked bonds (SLBs) have declined noticeably. These bonds—which tie terms to entity-level sustainability targets—have faced challenges around the ambition and credibility of some targets, creating uncertainty around how to set meaningful goals and consequences for not meeting them. This has reduced activity in the SLB space.

　　Overall, the picture is mixed: green bonds remain strong, Asian growth is solid, and Europe stays robust—while the Americas, especially the U.S., have pulled back. Looking forward, established frameworks and underlying demand continue to support a positive outlook for sustainable finance.

　　Q: ICMA has been at the forefront of promoting sustainable finance globally. How do you see ICMA's role in shaping the future of sustainable finance, particularly in the context of the evolving regulatory landscape and market demands?

　　A: As you noted, we have been at the forefront since the very beginning—since the inauguration of the Green Bond Principles. ICMA has played a central role as the secretariat, bringing the industry together to establish standards and develop frameworks that support robust market growth. This longstanding role has been fundamental to the development of the sustainable finance markets.

　　We see our core mission as working with the principles' members and the global financial community to set strong standards, provide guidance, and develop frameworks that support future issuance while ensuring market integrity.

　　Increasingly, we see divergent regional approaches—in definitions of transition finance, for example, or in the various taxonomies released by different jurisdictions, which are often not well-aligned. What is considered a sustainable activity in one country may be defined differently, or even excluded, in another.

　　This is where one of ICMA's most critical roles comes in: to promote consistency, harmonisation, and cohesion across standards. This work is essential to prevent market fragmentation, which impedes scale and limits the market's overall potential to meet the enormous financing needs of the future.

　　As an international standard-setter, our role is to encourage this harmonisation. We work with our members across multiple jurisdictions and collaborate with global bodies—such as International Organization of Securities Commissions (IOSCO) , as well as with regional regulators and supervisors. The goal is to coordinate and create standards that facilitate cross-border capital flows and give both investors and issuers confidence that their frameworks are robust and applicable across different markets. This focus on standard-setting and international consistency remains a very important part of our mandate.

　　Q: Sustainable finance has the potential to drive significant positive change, especially in emerging markets. How is ICMA supporting the adoption of sustainable finance practices in emerging markets?

　　A: We have been very active in China and across Asia, working closely with regulators and local authorities to help develop viable frameworks that align with international standards. For instance, China's Green Bond Catalogue and its standards are now highly aligned with ICMA's international principles.

　　In Japan, we collaborated closely with the Ministry of Finance and other ministries to support the coordination and launch of the GX (Green Transformation) programme. Under this initiative, the government will issue substantial transition bonds, the proceeds of which will be on-lent to hard-to-abate sectors that require strong support to transition their fuel usage and carbon footprint.

　　We have also worked with Southeast Asian nations on the development of their taxonomies and their green bond and sustainable finance frameworks.

　　Across these diverse Asian jurisdictions, our goal has been to promote strong frameworks and the greatest possible alignment with international standards. ICMA's standards continue to serve globally as a benchmark for best practice. It remains the case that approximately 98% of all internationally labelled sustainable finance issuance aligns with ICMA principles—a consistency we see in emerging markets as well as in more mature and developed economies.

　　Q: How would you evaluate the current state of China's sustainable finance market, and what recommendations do you have for its further development?

　　A: China possesses a vast domestic bond market with substantial capital that can be directed toward ESG products. Its scale and inherent capacity are considerable strengths. To ensure market integrity and minimize greenwashing risks, it is essential to maintain ambitious standards and robust frameworks. Chinese authorities must continue to monitor progress, refine these frameworks, and—where practical—align them with international standards. While domestic needs may differ, greater alignment can also attract international investment into China's sustainable bond market.

　　For instance, ICMA held its China Sustainable Finance Conference on 30 October 2025 in Shanghai. It sent a strong signal of commitment from both public and private sectors to accelerate market growth. Convening practitioners and experts in this way helps exchange views and shape best practices—an important ongoing effort.

　　Another area of focus is the composition of issuance. Currently, China's green and ESG finance is largely driven by corporates and the private sector, with relatively limited sovereign or public-sector issuance. In contrast, Europe and other markets have seen stronger leadership from sovereign and public issuers.

　　Moving forward, increased sovereign issuance—aligned with ICMA principles domestically and internationally—would attract investors seeking safe, sustainable assets and further build market confidence. In fact, China issued its first sovereign green bond earlier this year, listed on the London Stock Exchange and aligned with ICMA principles. I attended the signing ceremony—a high-profile and successful step. As the government continues to issue in sustainable formats, it will significantly support market growth and confidence in the years ahead.

　　Q: Looking ahead, what emerging trends and innovations in sustainable finance do you find most promising? How does ICMA plan to leverage these trends to further advance the cause of sustainable finance, and what role do you see new technology such as AI playing in this evolution?

　　A: Looking ahead, technology—particularly the ability to gather reliable data—will be crucial for companies adhering to sustainability standards. It will enhance the accuracy, confidence, and transparency of their reporting, ultimately clarifying the real-world impact of their investments. We anticipate a significant increase in the use of AI to strengthen market integrity, refine frameworks, and raise the standard of sustainability reporting and disclosure.

　　This is especially vital for emerging markets, where data gaps and challenges in collecting reliable information remain considerable. Advancing these technological capabilities will be key to supporting consistent, credible growth in sustainable finance across these regions.

　　Another important trend will be greater convergence and international harmonisation of standards—a necessary step to reduce market fragmentation.

　　We also expect transition finance to grow substantially. While green finance remains essential, we must support hard-to-abate sectors—especially those heavily reliant on fossil fuels—to shift toward resilient, low-carbon pathways. This transition must be managed carefully to mitigate social and economic disruption, avoiding sudden business collapse while preventing carbon lock-in. Clear transition plans are needed to mainstream transition finance as a tool for moving energy-intensive industries toward climate-friendly, efficient, and sustainable operations.

　　ICMA recently released its Climate Transition Bond Guidelines, offering a rigorous framework to help organisations issue credible transition bonds with integrity. Estimates suggest around US$30 trillion will be needed over the next 10–15 years to support this shift. This cannot happen overnight; it must balance urgency with social responsibility, protecting jobs and communities while incentivising rapid adoption of new technologies. To help bridge this gap in emerging markets in particular, we should also see an increase in blended finance, combining public and private sector funds to mobilise private capital more effectively into initiatives that may otherwise be considered uninvestable.

　　Ultimately, the goal is alignment with the Paris Agreement's 1.5°C target. Achieving this will be increasingly difficult without accelerated investment in transition finance and the technologies that enable heavy industry to drastically reduce its fossil fuel footprint.

　　Q：How do you perceive the relationship between pursuing sustainable development and achieving investment returns?

　　A: While adopting new technology often involves upfront costs and can pressure margins, it is a sound long-term business decision. Companies that invest strategically in the right technologies position themselves for future resilience. Over time, financing will become increasingly difficult to secure for assets that are not aligned with sustainable outcomes. Therefore, investing now in technologies that support a sustainable transition is simply prudent, long-term strategy.

　　Furthermore, many of these technologies are becoming more affordable at a rapid pace, which mitigates some concerns over profitability. Companies have a clear obligation to shareholders, but this includes a duty to ensure long-term viability, not just short-term returns. The only way to do that successfully is to future-proof operations by ensuring assets are efficient and compatible with tomorrow's requirements.

　　Increasingly, stakeholders—including investors, customers, and regulators—will demand that companies demonstrably reduce their carbon footprint. In the long run, the companies that will win, attract capital, and secure the resources to produce goods aligned with societal commitments will be those leading this transition.

　　A purely quarter-by-quarter focus on profit maximization will be damaging over the longer term. We already see that finance is becoming less available for companies without clear, credible plans to decarbonize. They will suffer competitively in the medium to long term. Ultimately, investing in sustainable resources, capital expenditure, and new energy technologies is a business imperative for future success.