世界经济论坛-东南亚净零转型的标签债券：前进之路（英）

Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way ForwardW H I T E P A P E RJ U L Y 2 0 2 4In collaboration with ETH ZurichImages: Getty ImagesDisclaimer This document is published by the World Economic Forum as a contribution to a project, insight area or interaction. The findings, interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum, nor the entirety of its Members, Partners or other stakeholders.© 2024 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system.ContentsForeword 3Executive summary 4Introduction 5 The importance of emerging markets and developing economies for net-zero transition 5 The role of labelled bonds in EMDE markets 61 Current challenges for the labelled bond market in EMDEs 121.1 Benefits of issuing labelled bonds 141.2 Costs for issuing labelled bonds 152 Solutions and roadmap for implementation 172.1 Actions for all stakeholders in the market 172.2 Prioritization and roadmap 223 Viet Nam case study 243.1 Current status of labelled bonds in Viet Nam 243.2 Solutions in the Viet Nam context 25Conclusion 28Contributors 29Endnotes 31Labelled Bonds for the Net-Zero Transition in South-East Asia: The Way Forward2ForewordThe transition towards net zero will only be successful if enough private capital is channelled towards emerging markets and developing economies (EMDEs) to effectively adapt to and mitigate the impacts of climate change. Given the rapid adoption of debt finance and labelled bonds (i.e. green, social, sustainable, sustainability-linked bonds and transition bonds) in developed markets, these instruments now also represent a great opportunity for EMDEs to finance their transition. However, countries in these regions suffer from high perceived risks and often lack awareness, financial infrastructure and capacity around these tools, preventing them from becoming more established. This paper comes as a result of a project supported by The Rockefeller Foundation and in collaboration with ETH Zurich, with the objective to create and engage a community of experts – including issuers, financial intermediaries and policy-makers – to identify solutions to promote a favourable environment to increase the issuance of labelled bonds. Drawing upon stakeholder consultations and various workshops, we identified the measures that will help alleviate the challenges that these markets are facing. With this paper, we hope to provide actionable insights and practical recommendations that empower policy-makers and other actors in the field to embrace this innovative financial tool and drive meaningful change.By promoting labelled bonds in EMDEs, we would like to seize t