Research On The Impact Of Green Bond Standards On Cross-border Flows Of Green Capita

As one of the common challenges facing mankind,global warming has posed a threat to our very existence,and the international community has reached a consensus to strive to achieve the climate change mitigation goals.China is the world’s largest carbon emitting economy,China still needs to make great efforts to achieve carbon neutrality after the "30 · 60" dual carbon target is set.It is necessary to remove obstacles to green bond issuance and increase the quantity and quality of green bond issuance.As a kind of bond,green bond is not innovative when it comes to transaction structure or financing mode,but in the use of income.To ensure the green nature of green bonds and avoid green-washing is an important prerequisite for the healthy operation of the market and the boost of confidence.Therefore,defining green standards is the most urgent issue for green bonds.At present,due to the unclear green standard in China,the domestic issuance of bonds is hindered.Due to concerns about "clean coal",China’s green bond market has limited appeal to international investors.Due to the complexity of standard certification,cross-border issuance of green bonds is hindered.All of these issues that are holding back the market are related to the debate over green bond standards.Therefore,for the purpose of promoting China green bond market,relevant policies should be issued to explore solutions and eliminate market barriers caused by unclear standards.On the laws and regulations construction,the green bonds to support the project directory(2021 edition)",to a large extent achieved the national standards of green bonds: domestic unity,the goal of the international community,solved the problems of domestic green standard not unified,eliminated this year to the controversial"clean coal" project,in line with the green standard convergence of international trends.The next step is to analyze the reasons for many standards.Green standards for different countries and regions by the orientation of environmental protection,economic development stage,the energy structure,green bonds regulation pattern formed by the multiple factors such as joint,adjustment of laws and regulations to green bonds based on the market demand,blind one-size-fits-all standard not conducive to the healthy development of green bonds market.In addition to coordinating different standards and enhancing international consensus,it is essential to improve the disclosure system of environmental benefits in order to enhance international investors’ confidence in the domestic green bond market and their recognition of domestic standards.China and Europe,as the two largest green bond markets,have carried out relevant attempts to solve the problem of complicated green bond standards hindering cross-border bond issuance,which can be used for reference: Overseas issuance can be promoted through typical demonstration issuance and standardization attempts within a limited scope.The China-EU Common Classification Catalogue and the bond standard translation mechanism are beneficial attempts of cross-border cooperation on green bonds and effective exploration of international standardization of green bonds.With the unification of green standards as the trend,at the present stage in the fields that cannot be unified,through the creation of a set of standard translation mechanism to solve the differences.This path can not only achieve the internationalization of green standards,but also accommodate the development needs of different countries and regions at different stages,and finally achieve the goal of alleviating the obstacles of different green standards and promoting the healthy development of global green bond market.