1、 能源基金会（美国）赠款项目 中国绿色基金标准研究 Research on China Green Fund Standard 深圳经济特区金融学会绿色金融专业委员会 深圳排放权交易所 二一九年五月 I 执行摘要执行摘要 近年来，生态文明建设成为中国经济可持续发展的重要 议题。伴随绿色发展资金需求的不断扩大，引导社会资金进 入绿色领域成为当务之急。其中，银行贷款发展较早，2015 年后绿色债券也迅速兴起，成为金融服务绿色产业发展的重 要手段。但由于绿色行业自身属性原因，绿色产业资金需求 与信贷及债券产品出现了严重的期限与风险错配，同时仅依 靠信贷、债券等融资渠道已经无法有效满足日益扩大的绿色
2、资金缺口。 不同于信贷及债券产品，基金具有融资期限长、注重企 业未来长期收益等特点，同时部分基金类型凭借其专业的资 源整合能力，可以为投资对象提供商业资源和管理支持，帮 助被投企业快速成长，是我国绿色金融体系不可或缺的重要 环节，可以有效解决信贷与债券与绿色产业的错配问题，助 推绿色产业发展。 但传统基金投资以盈利为根本目的，对于期限长、风险 高的绿色产业投资意愿较低，少数绿色投资也多集中于新能 源等个别热门行业。同时，由于市场缺乏统一标准规范，指 引基金行为，导致市场中已有的“绿色基金” “含绿量”不 高，存在“漂绿”风险。 因此，想要发挥基金产品对于绿色产业的扶持作用，需 rQqPqQoR
3、rOoMuMtMnRoRtQbRcM8OmOmMsQmMlOpPvNeRoOnQ7NoOwPuOqRsPuOpNtQ II 要制定绿色标准，规范基金的“募投管退”相关行为，保证 筹集资金真正投资到绿色领域；同时，通过标准的制定才能 实现对于绿色基金的定义、评价与统计，从而为配套扶持政 策的制定提供决策依据。在此背景下，本研究通过对国内外 绿色金融标准、绿色投资实践进行整理分析，结合我国市场 发展现状及基金运作特点，梳理了绿色私募股权投资基金标 准应包含的核心要素， 并从标准内容、 标准主体、 贴标方式、 第三方评估认证等方面提出了针对标准实施的政策建议。 在此需要说明的是，考虑到标准的适用性与
4、可操性，本 项目研究对象聚焦于私募股权投资基金。不同类别的基金在 募集方式、组织结构、投资标的类别、投资运作方式等方面 均具有多样性，在监管框架、投资运作等方面更是存在很大 差异，制定针对全类型基金的统一标准难以保证标准的适用 性与可操作性。 因此， 遵循 “先易后难、 重点突破” 的原则， 本项目选择资产组合构成相对稳定、相对易于定义及监管， 且能够较好解决绿色产业发展“短板”的私募股权投资基金 进行研究。后续待条件成熟后，可继续开展其他类别绿色基 金标准的深入研究。 1.通过研究可知，目前国内外已经颁布的绿色信贷、绿 色债券、绿色基金等标准的核心要素主要包括项目筛选、资 金使用监管、环境效
5、益评估及信息披露等四方面内容，且国 际上绿色基金标准相较于其他绿色金融标准加入了对于基 III 金管理机构内部治理、股东权利等环节约束内容，从而通过 提升基金及基金管理公司的绿色投资及治理水平来提升基 金绿色表现，同时利用基金投资的“主动管理”特性，利用 参与投资标的公司治理的方式提升投资标的的绿色表现。 2.基金的绿色投资实践方面，绿色投资最早起源于道德 投资，后伴随世界经济环境、绿色理念的不断发展，目前衍 生出包括社会责任投资、影响力投资、绿色投资、可持续投 资等多种形式。但总结上述投资方式，其采用的核心投资策 略主要包括负面筛选、正面筛选、ESG 整合、主题投资、积 极股东策略等几种方式
6、。基金可通过采用负面筛选、正面筛 选策略，剔除对环境产生重大负面影响的投资标的，同时筛 选出可为环境和可持续发展作出积极贡献的项目或企业；为 确保环境效益的实现，基金可使用 ESG 整合策略，将 ESG 因素整合至投资运作、风险管理、公司治理等各个环节，并 积极利用股东权利主动与投资标的进行沟通并协助其建立 相应的绿色管理流程，从而提升标的公司绿色治理水平。 3.综合上述分析，结合基金“募投管退”全生命周期流 程，绿色基金标准的关键要素应包括“资格性审查” 、 “募集 资金使用限制” 、 “环境效益评估机制” 、 “投资运作及基金管 理机构内部治理”以及“信息披露”五个方面。 - 资格性审查要
7、求绿色基金应同其他普通基金一样，符 合国内私募股权投资基金现有法律法规和监管体系。 IV - 募集资金使用限制要求基金应保证至少一定比例以上 的资金投资于绿色合格标的。关于绿色合格标的，建议参考 国际上企业环境绩效评价的相关经验，采用白名单结合黑名 单的思路，从企业合规表现、主营业务收入以及环境绩效表 现几个方面提出界定绿色合格标的的方法。首先，存在突发 环境事件、重要环境违法行为以及因环境违法行为受到行政 处罚的企业列入限制投资标的范围；其次，标的应能够或预 计能够产生正面环境效益；最后，企业的主营业务收入至少 有 50%以上来自于绿色领域经济活动，绿色领域经济活动定 义可参照国家绿色产业目
8、录规定范围。 - 环境绩效评估机制要求基金应在建立初明确环境目标， 同时建立环境效益评估机制，并选取相关环境指标进行量化 分析。投前预估投资标的的环境表现，同时在投资过程中定 期评估基金的环境表现，做到全流程监测、评估基金对于节 能减排、绿色领域做出的贡献。 - 投资运作及基金管理机构内部治理要求主要针对基金 的投资策略、基金管理机构内部治理、股东权利等内容进行 约束。 投资策略方面， 基金应积极使用负面筛选、 主题投资、 ESG 整合等应用较为广泛、发展相对成熟的投资策略。基金 管理机构内部治理要求基金管理公司在目标制定、制度落实、 资源投入、风险管理等方面将环境因素整合其中；同时，私 募股
9、权投资基金应积极利用股东权利，加强与被投企业高层 V 管理人员沟通、协助其完善规范公司治理架构等，提高被投 资公司绿色治理水平。 - 信息披露要求基金在现有私募股权投资基金披露要求 及框架下，增加对于基金的绿色资产比例、环境效益表现及 基金管理机构公司治理等方面的绿色实践等内容的信息披 露。环境效益相关内容鼓励基金可向社会公众披露，接受大 众监督。其他内容考虑到私募基金监管要求可仅向投资人、 监管部门及利益相关方进行披露。 4.基金标准实施方面，建议应首先明确标准的管理实施 机构， 依据实施部门的性质， 确定绿色基金标准的实施方式。 同时，建议使用分级贴标思路对基金开展审核，初期将标准 分为两
10、个级别，通过设置不同级别的绿色基金标识，适应发 展阶段不同的基金产品。基础标识保证多数基金产品短期内 可以通过改变绿色投资策略等方式获得绿色基金贴标；更为 高级的标识针对前期已经开展绿色投资实践的基金产品，后 续配套相应的扶持政策，从而实现“奖励先进”的目的。再 次，建议引入第三方评估认证机构进行贴标，一方面提升标 准的公允性，另一方面减轻主管部门的工作负担。最后，配 套绿色基金标准的实施， 可同步研究制定包括 “绿色企业” 、 基金标准配套的第三方评估认证标准等制度文件，提高绿色 基金标准的公信力、降低实施难度。 VI Executive Summary 1. Background and
11、Significance In recent years, the construction of ecological civilization has become an important topic in Chinas sustainable development of economy. With the continuous expansion of capital demand in the green sector, it is of great importance to introducing social capital into green industries. Am
12、ong them, green loans have a longer history while green bonds experienced explosive growth after 2015, becoming important financial vehicles to support the development of green industries. However, due to the nature of green industries, there is a serious maturity and risk mismatch between the deman
13、d for capital fund from green industries and the characteristics of green bonds and loans. Additionally, the increasing capital gap in green domain cant be satisfied through relying exclusively on green loans and bonds. Compared with bonds and loans, the investment funds have the features of longer
14、investment period, concerning to the future return of portfolio companies and strong post-investment management capabilities. Part of investment funds are able to provide commercial resources and management support for investees, helping investees grow rapidly. All these factors contribute fund to b
15、ecome a vital solutions to the maturity mismatch and indispensable components of green finance VII communities to stimulate the development of green enterprises and green industries. As many market-oriented funds seek for maximizing profit within a short term. However, the development of green indus
16、tries tends to experience a long-term growth, higher risk and strong policy-driven, which leads to little attraction for market-oriented funds, there is only a few green industries, such as new energy, are attractive for market-oriented funds. Also, the green funds market is lack of a unified standa
17、rd and norms to guide fund investment behaviors, resulting in risks of “greenwashing” or low environmental considerations on fund investment. Therefore, to promote the development of green funds, it is the first step to clarify the standard of green funds to provide guidance on the fundraising, inve
18、stment, management and exit behaviors to guarantee the positive influence of green fund on the development of green industries. Clarification on the green fund standard is helpful to identify green funds and to provide an effective basis for the formulation of supporting policies and decisions on in
19、vestment portfolios. Simultaneously, green fund standard is able to normalize the behavior of green funds and make greater contribution to the development of green industries. Therefore, after substantive research on green finance standards domestically and VIII internationally, combined with Chinas
20、 characteristics of funds operation, this research report standard sorts out the core requirements of green private equity and venture capital funds and formulate policy recommendations in terms of standard content, labeling requirements, evaluation and certification of third-party agencies etc. It
21、should be noted that the reason for the concentration on green private equity and venture capital funds is the consideration for the applicability and operability of standards. There are great varieties on different types of funds in terms of fundraising methods, organizational structure, investment
22、 target categories etc. However, it is nearly impossible to ensure applicability and operability if we want to find out a “one size fits all” standard to guide the operation and investment of green funds. Hence, following the principle from easy to hard and key tasks going first, this project choose
23、 to research on green private equity and venture capital funds, which has a relatively more stable portfolio, easier to define and supervise, better supportive role in green industries. In the future, if possible, the project will continue to research on other kinds of funds. 2. Research Key Finding
24、s After prior study, core principles for standards of green loans, green bonds and green funds mainly concentrate on project IX selection, use of proceeds, evaluation mechanism for environmental performance and information disclosure etc. Internationally, standards for green fund have additional req
25、uirements for fund investment process and institutional internal operation, owners rights and so on. Compared with other standards in green finance community, these extra requirements will improve the financial and environmental returns of green funds through strengthen capabilities of fund manageme
26、nt companies in terms of their green investment, internal structures. Also, green fund management companies will lift fund performance by taking advantage of “active management” through involving in the high-level dialogues with portfolio companies. In terms of green investment process of the fund,
27、green investment can be dated back to ethical investment. Along with the development of world economic and green concept, it has derived several different forms including social responsible investment, influence investment, green investment, sustainable investment etc. However, after summarizing inv
28、estment strategies mentioned above, the core investment strategies adopted include negative screening, positive screening, ESG integration, theme investment, and active shareholder strategies. By adopting negative screening and positive screening strategies, the fund can exclude investment targets t
29、hat have a significant negative impact on the environment while at the same time pick X out companies that can make positive contributions to the environment and sustainable development. At the same time, to ensure the realization of environmental benefits, the fund managers can also use ESG integra
30、tion strategy, which is to integrate ESG factors into investment process, risk management, corporate governance and other aspects. At the same time, fund managers are also able to adopt owners rights to communicate with portfolio companies actively and assist them to establish corresponding green ma
31、nagement processes, thereby enhancing the portfolio companies green governance capabilities. 3. Core Requirements for Green PE/VC Fund Based on the analysis elaborated above, combined with the private equity and venture capital funds lifecycle including “fundraising, investment, management and exita
32、nce”, core requirements for green PE/VC funds should include eligibility, use of raised capital, evaluation mechanism for environmental performance, fund investment process and institutional internal operation as well as information reporting. - Eligibility. The qualification review requires that th
33、e Green Fund, like other general funds, be in compliance with the existing laws, regulations and regulatory systems of domestic private equity funds. - Use of raised capital. Restrictions on the use of raised capital XI require candidate green funds to ensure that a certain percentage of the fund as
34、set should be invested in qualified companies. Regarding to qualified companies, it is recommended to refer to the relevant experience of international communities to evaluate environmental performance of companies by adopting the whitelist and blacklist. To be specific, concerning to the definition
35、s on qualified companies, it is reasonable to describe qualified companies from the aspects of their compliance, main business turnover, environmental performance etc. Firstly, enterprises that have ever had sudden environmental incidents, important environmental violations and suffered from adminis
36、trative penalties should be excluded from qualified investment targets. Secondly, potential portfolio companies should be able or expected to produce positive environmental impacts. Finally, at least 50% of the main business income of the enterprise should come from economic activities falling into
37、the scope of green sector. The definition of economic activities of green sector can be referred to the scope of the national green industry catalogue. - Evaluation mechanism for environmental performance requires the fund to establish an initial environmental goal and an environmental performance a
38、ssessment mechanism. In addition, fund managers shall select relevant environmental indicators for fund quantitative analysis. The environmental performance of the portfolio companies is estimated before the XII investment, while the environmental performance of the fund is evaluated throughout the
39、investment process regularly so that whole process monitoring can be achieved to evaluate the final environmental impacts made by green funds. - Fund investment process and institutional internal operation are mainly directed at the funds investment strategies, internal operation and owners rights.
40、In terms of investment strategies, green funds may actively adopt popular investment strategies such as negative screening, thematic investment, ESG integration and so on. The fund managers internal operation requires the investment process integrate environmental factors into the operation of funds
41、 in the aspects of investment objective, investment strategies, risk management etc. Funds providers shall establish appropriate procedures to enhance environmental performance of portfolio companies by conducting active dialogue with companies invested on environmental protection or collaborating w
42、ith them to improve organizational structure. - Information reporting. The green private equity and venture capital funds shall report the percentage of green assets, funds environmental performance, and institutional internal operation on the basis of current required information disclosure framewo
43、rk. The environmental performance was encouraged to be disclosed to the general public under public supervision. Allowing for private fund regulatory requirements, other XIII necessary information can be disclosed directed to investors, regulators, and stakeholders. In terms of the implementation of
44、 the fund standard, it is recommended that the standard management implementation agency should be clarified first, and the implementation method of the green fund standard should be determined according to the nature of the implementation department. At the same time, it is suggested to introduce t
45、he labeling grade to review each candidate funds. At the first stage, this project proposed to set two different levels which can be matched to diversified green funds. The majority of fund applicant can obtain the basic label through altering investment strategies within a short term. For higher la
46、bel, it is suitable for funds which have already had investment practice before. In that way, it is convenient to formulate supportive policies to reward those applicants with higher label, thus achieving the outcome of “rewarding outstanding”. In addition, the project has proposed to introduce a th
47、ird-party evaluation and certification agency for improvement of fairness of the standards and also reduce workload of government authorities. Finally, to better implement this green fund standard, studies on relevant standards for “green industries” and “green enterprises” and subsequent practice r
48、egulations on the behavior XIV of third-party agencies can be carried forward at the same time to improve the credibility of green fund standard and reduce operation difficulties. I 目目 录录 执行摘要 . I Executive SummaryExecutive Summary . VI 第一章 中国绿色基金发展现状 . 1 一、国内绿色基金发行设立情况 . 1 二、国内绿色基金发展困难与挑战 . 2 三、推动绿色基金市场发展的有效措施 . 4 第二章 国内外绿色金融标准经验借鉴 . 6 一、国内外绿色金融标准对比分析 . 6 二、绿色企业评估/评级标准分析 . 36 三、经验与启示 .
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