主权转型：释放投资机遇

About the Climate Bonds Initiative: Climate Bonds is aninternational investor-focused not-for-profit organisationworking to mobilise the bond market for climate changesolutions. It promotes investment in projects and assetsneeded for a rapid transition to a low-carbon and climate- Contents Summary2 Introduction7 1. Improving sovereign transition planning forthe real economy10 1.1 Boost sovereign transition planning effortswith robust targets and commitments11 Key terms and definitions 1.2 Aim for a whole-of-government approach toensure successful planning Just transition:A just transition ensures equal access to theopportunities generated by the climate transition and preventsdamaging inequalities arising from climate change and climateaction. Just transition principles have been defined by several 1.3 Align core financial processes with greento align all government functions with the Nationally determined contributions (NDCs):TheParisAgreementrequires each Party to the Agreement and the UnitedNations Framework Convention on Climate Change (UNFCCC)to prepare, communicate and maintain successive nationally 2. How sovereigns can finance the transition22 2.1 Explore alternative solutions for transitionspending under fiscal constraint22 Sovereign:A sovereign is interpreted here as a nationalterritory, which includes public and private actors and isoverseen by a national government that can issue bonds. It also 2.2 Utilise GSS+ bond markets to fund transition23 2.3 Leverage public financial institutions toprovide long-term investment and mobilise Sovereign transition planning:The processes that a sovereignputs in place to ensure that all government actions are aligned 2.4 Assess the supportive roles of centralbanks and financial regulators in financing the Sub-sovereign:Local regions, municipalities, or cities overseenby a subnational or devolved authority. Looking ahead28 Sovereign climate action:Action planned and taken bysovereigns on mitigation and adaptation. Appendices29 National development bank (NDB): A financial institutioncreated by national governments to finance the country’s Endnotes34 Summary Sustainabilty and other investors have a directstake in sovereigns’ fiscal sustainability anda vital role to play in advocating for bettersovereign transition planning efforts throughtheir stewardship. They are currently financingsovereigns with USD65tn of outstandingsovereign bond debt globally.Governmentclimate action contributes to long-term fiscal This report presents best practicerecommendations for sovereigns to planand finance transitionthat can drive a robust, economy-wide transition to low-carbondevelopment with an associated pipeline oftransition investment opportunities, and positionthe sovereign to access the finance needed for Sovereigns can build investor support for theirplanning efforts and financing strategies, whichis particularly important in a fiscally constrained environment.The recommendations in thispaper are intended to help accelerate sovereign,and hence economy-wide, climate action andinvestment, within the current fiscal constraintsfaced by most governments globally. This can These recommendations are applicable to allsovereigns, regardless of development level,as they set out best practice for all economies. Governments of countries classified as frontiermarkets may require capacity building and supportfrom MDBs or other actors in development of theseprocesses. Where capability is particularly limited, Figure 1 (page 6) summarises all therecommendations made in the paper. 1. Improving sovereign transition 1.3. Align government core financial processeswith green to align all government functionswith the transition A comprehensive approach to transition is required for aprosperous, sustainable, and stable future that deliversboth development and climate goals.Building transition into The five main elements of credible sovereign transitionplanning are: •Targets and commitments, •Whole-of-government approach, Public financial management processes run at the core ofgovernment, and through all line ministries, in all countries, andcan be used to integrate climate action into existing governmentplanning, budgeting, and oversight processes. These can helpdeliver all encompassing, consistent, and robust transition •Green public financial management (PFM), •Use of the whole range of policy tools, and •Transparency. These elements are aligned with the Climate Bonds hallmarks forcredible corporate transitions, and national transition planningguidance and frameworks presented by Transition PathwayInitiative (TPI), OECD, UNFCCC, NDC Partnership, among others. 1.1. Boost sovereign transition planning effortswith robust targets and commitments A green budgeting approach means that the climate impact ofgovernment policies across the board is measured and takeninto account when allocating budget. While financial planningsets out how direct sovereign financ