無(wú)論做出怎樣的選擇都將是一筆不菲的金額。不僅如此，可持續(xù)發(fā)展面臨的諸多挑戰(zhàn)不僅對(duì)于個(gè)人和社區(qū)來(lái)說(shuō)十分緊迫，對(duì)于全球來(lái)說(shuō)也是刻不容緩，例如應(yīng)對(duì)氣候變化挑戰(zhàn)。我們不能坐等“合理”碳價(jià)的出現(xiàn)，不能坐等技術(shù)成本降到足夠低，更不能坐等民眾自發(fā)地改變生活方式。我們必須快速地籌集大量資金，否則未來(lái)我們所付出的努力將會(huì)越來(lái)越難以抵擋大自然的威力。

傳統(tǒng)上，為“公益”資金的來(lái)源就是動(dòng)用公共資金，例如為可再生能源發(fā)放補(bǔ)貼。但是，我們現(xiàn)在討論的是上萬(wàn)億美元而不是數(shù)十億美元，公共資金根本無(wú)法實(shí)現(xiàn)這一目標(biāo)。即便是中國(guó)這樣國(guó)家層面公共融資狀況相對(duì)較好的國(guó)家，中國(guó)人民銀行預(yù)計(jì)未來(lái)年均綠色融資需求將達(dá)到3500億美元，而公共資金也只能滿(mǎn)足15%。

因此，我們需要將大量私營(yíng)部門(mén)的資金導(dǎo)入正確的方向。全球金融與資本市場(chǎng)管理的金融資產(chǎn)超過(guò)300萬(wàn)億美元，主要是銀行借貸、證券交易所股票和債券。目前，這些資金很少用于可持續(xù)發(fā)展融資，并且大多數(shù)資金所資助的項(xiàng)目無(wú)論是從環(huán)境意義，還是從社會(huì)意義上來(lái)說(shuō)都是都不可持續(xù)的，既有重污染的煤炭開(kāi)發(fā)，也有效率低下的建筑施工，還有水資源使用量極大并且碳強(qiáng)度極高的農(nóng)業(yè)活動(dòng)。的確，多數(shù)私營(yíng)資金所投資的都是獲利豐厚的短期交易，而沒(méi)有真正觸及實(shí)體經(jīng)濟(jì)，但卻造成大量亟需的資金從生產(chǎn)效率更高的領(lǐng)域流失。

與此同時(shí)，民眾作為全球金融資產(chǎn)的擁有者也面臨著危機(jī)。目前金融市場(chǎng)處于低利率時(shí)代，這就意味著他們目前的儲(chǔ)蓄在未來(lái)很可能無(wú)法提供安全的購(gòu)買(mǎi)力。金融體系以往所扮演的有效連接資金所有者和使用者的角色未能得到充分發(fā)揮，不僅可能危及人們世代積累的財(cái)富，還有可能威脅全球經(jīng)濟(jì)繁榮的基礎(chǔ)，即一個(gè)健康、包容、可持續(xù)的實(shí)體經(jīng)濟(jì)。

因此，中國(guó)人民銀行副行長(zhǎng)易綱10月8日在利馬IMF/世界銀行年會(huì)上的發(fā)言開(kāi)啟了有關(guān)金融與資本市場(chǎng)未來(lái)的政策辯論的新篇章。他宣布中國(guó)將在其G20輪值主席國(guó)任內(nèi)推動(dòng)實(shí)行新的綠色金融工作流程。此舉表明中國(guó)不僅認(rèn)識(shí)到了綠色發(fā)展以及氣候問(wèn)題的重要性，更預(yù)示著全球需要建立適合21世紀(jì)發(fā)展的金融體系。

易綱的發(fā)言代表著歷史演進(jìn)的正確方向。隨著越來(lái)越多中央銀行家、金融監(jiān)管者以及來(lái)自會(huì)計(jì)事務(wù)所和證券交易所等金融標(biāo)準(zhǔn)制定者采取切實(shí)措施將可持續(xù)發(fā)展納入金融市場(chǎng)的改革與發(fā)展過(guò)程之中，一場(chǎng)“革命”正在“悄然”發(fā)生。這正是聯(lián)合國(guó)環(huán)境規(guī)劃署為期兩年的“可持續(xù)金融體系設(shè)計(jì)選項(xiàng)研究”所得出的核心結(jié)論，并在項(xiàng)目最終報(bào)告《我們想要的金融體系》中得到體現(xiàn)。

發(fā)展中國(guó)家正在這一領(lǐng)域發(fā)揮著領(lǐng)導(dǎo)作用。印度尼西亞金融服務(wù)管理局制定了為期十年的“可持續(xù)金融路線(xiàn)圖”，包括能力建設(shè)、信息、財(cái)務(wù)和監(jiān)管等多方面的措施。巴西的中央銀行對(duì)本國(guó)銀行業(yè)實(shí)行了環(huán)境風(fēng)險(xiǎn)監(jiān)管措施，肯尼亞中央銀行積極引入移動(dòng)支付服務(wù)，作為提升金融包容性的手段。南非調(diào)整其養(yǎng)老金監(jiān)管措施，以保證受托人將社會(huì)與環(huán)境因素考慮在內(nèi)。中國(guó)人民銀行針對(duì)建設(shè)中國(guó)綠色金融體系提出了一系列監(jiān)管、法律、財(cái)務(wù)和機(jī)制方面的建議，并將作為“十三五”計(jì)劃的一部分實(shí)施推廣。

一些發(fā)達(dá)國(guó)家也采取了行動(dòng)。比如英格蘭銀行，還有近期要求金融機(jī)構(gòu)報(bào)告其碳足跡和氣候風(fēng)險(xiǎn)的法國(guó)監(jiān)管機(jī)構(gòu)。大約三十家證券交易所已在《可持續(xù)證券交易所倡議》上簽字，承諾將要求公司上市前匯報(bào)可持續(xù)發(fā)展情況。標(biāo)普評(píng)級(jí)已將氣候風(fēng)險(xiǎn)納入主權(quán)信用評(píng)級(jí)標(biāo)準(zhǔn)，旨在保證綠色債券發(fā)行業(yè)務(wù)持續(xù)穩(wěn)健發(fā)展的指南也已經(jīng)出臺(tái)。

金融體系與健康或者能源體系一樣，都有一個(gè)首要的目標(biāo)——那就是保證資金流動(dòng)支持具有包容性的可持續(xù)的發(fā)展。雖然一些銀行或者保險(xiǎn)公司已做出表率，通過(guò)社會(huì)和環(huán)境責(zé)任行動(dòng)展現(xiàn)了他們的領(lǐng)導(dǎo)力，但真正的責(zé)任在于政策制定者、監(jiān)管者和標(biāo)準(zhǔn)制定者，他們必須通過(guò)完善金融體系規(guī)則，從而保證實(shí)現(xiàn)更為重要的目標(biāo)。資助可持續(xù)發(fā)展的需求是無(wú)可置疑的——不管我們是為了促進(jìn)各自國(guó)家的發(fā)展，還是為了采取國(guó)際化行動(dòng)應(yīng)對(duì)氣候變化等全球性挑戰(zhàn)。幸運(yùn)的是，眼下正是采取行動(dòng)，將金融體系更好地與這些需求協(xié)調(diào)起來(lái)的大好時(shí)機(jī)。

譯者：子明

謝孟哲，全球綠色發(fā)展研究所高級(jí)研究員、國(guó)際可持續(xù)發(fā)展研究所高級(jí)顧問(wèn)。

Finance for sustainable development involves big numbers. Shortfalls in financing needed by developing countries to meet their sustainable development goals add up to US$2.5 trillion annually, according to the United Nations Conference on Trade and Development. Most estimates suggest US$6 trillion a year is needed for infrastructure investment, which should ideally be ‘greened’ by having low carbon goals factored in.

Whatever number one chooses, the main point is that it's a lot of money. Making matters worse is that many sustainable development challenges are urgent for individuals and communities. We cannot wait for the `right` carbon prices, for technology costs to fall enough, or for citizens to voluntarily change their ways. We need to move money at scale, quickly, or the forces of nature will make future efforts increasingly pointless.

Conventionally, the way to finance “public works” is to use public finance – such as subsidising renewables. Yet because we are talking trillions not billions, there is simply not enough public finance to do the job. Even in China, where the state of public finances is comparatively good, at least at the national level, the People`s Bank of China estimates that public finance can only meet about 15% of green financing needs of over US$350 billion annually going forward.

Private finance is needed, and lots of it, flowing in the right direction. Global financial and capital markets currently handle over US$300 trillion in financial assets, mainly through bank lending and shares valued via stock exchanges and bonds. Today, too little of these funds are being used to finance sustainable development, and quite a lot are financing environmentally and socially unsustainable, economic activities, from dirty coal to inefficient buildings, and water and carbon-intensive agriculture. Indeed, much private finance is used for profitable short-term trading, not really touching the real economy, yet dragging much needed funds away from more productive uses.

At the same time, the owners of the world`s financial assets – citizens – are also in crisis. Today`s low interest rates mean that their savings are unlikely to deliver tomorrow`s buying power and security. The financial system is failing in its historic role of effectively connecting the owners and users of financial wealth, threatening both to impoverish generations of savers and damage the basis on which economic wealth is created, a healthy, inclusive, sustainable real economy.

So when People`s Bank of China`s Deputy Governor Yi Gang took the stage at the IMF/World Bank Annual Meetings in Lima on the 8th October, he opened a new chapter in policy debate about the future of financial and capital markets. Announcing a new workstream on green finance under China`s G20 presidency, he was not simply recognising the importance of environmental issues, but signalling the need to develop a global financial system fit for the 21st century.

Yi Gang`s comments are on the right side of history. A “quiet revolution” is taking place as growing numbers of central bankers and financial regulators take practical steps to integrate sustainable development considerations into financial market reform. These are the core findings of the UN’s two-year Inquiry into Design Options for a Sustainable Financial System, outlined in its final report, The Financial System We Want.

Developing countries have led this movement. The Indonesian Financial Services Authority has set out a ten-year “sustainable finance roadmap” covering capabilities, information, and fiscal and regulatory measures for the future. Meanwhile, Brazil`s central bank has imposed environmental risk regulations on the country`s banking community, and Kenya`s central bank has championed the introduction of mobile based payment services as a means to increase financial inclusion.

Pricing risk

South Africa has adjusted its pensions regulations to ensure that trustees take social and environmental considerations into account. The People`s Bank of China has made a series of regulatory, legal, fiscal and institutional recommendations for ‘greening’ China`s financial system that will be taken forward as part of the 13th Five Year Plan.

Some developed countries have also joined this leadership group. The Bank of England is a case in point, as is France`s recent policy measures requiring financial institutions to report on their carbon footprint and climate risks. Almost thirty stock exchanges have signed up to the Sustainable Stock Exchange Initiative committed to advancing sustainable development reporting in listing requirements. At the same time, Standard & Poor’s Ratings have incorporated climate risks into sovereign credit ratings, and guidelines have emerged to ensure continued robust growth in the issuance of green bonds.

Favourable conditions? 

The financial sector, like the health or energy sectors, has an over-arching purpose – in this case, to ensure that financial flows support inclusive, sustainable prosperity. While exemplary banks or insurance companies show their leadership through social and environmental responsibility, the real task lies with policy makers, regulators and standard-setters in shaping the rules of the financial system in ways that ensures that its broader purpose can be realised.

The need to finance sustainable development is indisputable – regardless of whether this is understood through the lens of national development priorities or the need for international action in addressing global challenges, such as climate change. Fortunately, the conditions are now right for taking action.