对话国际资本市场协会CEO：可持续与投资收益的统一是长期主义视角下的商业必然

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登录新浪财经APP 搜索【信披】查看更多考评等级专题：对话ESG全球领导者　　新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点击查看【ESG评级中心服务手册】　　文 | 新浪财经李欣然　　近年来，随着全球气候治理进程加速与可持续发展目标的深入推进，可持续金融已成为连接经济发展范式转型与金融市场创新的关键...

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from the perspective of long-termism","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SINA":0.9},"content_text":"登录新浪财经APP 搜索【信披】查看更多考评等级 专题：对话ESG全球领导者\n　　新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点击查看【ESG评级中心服务手册】　　文 | 新浪财经 李欣然\n　　近年来，随着全球气候治理进程加速与可持续发展目标的深入推进，可持续金融已成为连接经济发展范式转型与金融市场创新的关键纽带。在这一背景下，全球标准制定机构、各国监管部门与市场参与方共同面临着如何构建兼具韧性、包容与效率的可持续金融体系的时代课题。\n　　国际资本市场协会（International Capital Market Association，以下简称ICMA）作为全球可持续金融标准制定的重要推动者，始终活跃在规则协调与市场建设的前沿。近日，新浪财经与ICMA首席执行官布莱恩·佩斯科（Bryan Pascoe）进行了对话，就全球可持续金融的现状评估、区域动态、标准协同、新兴市场角色、技术赋能及商业逻辑等维度，展开了讨论。佩斯科分析了当前可持续金融市场在波动中前行的结构性特征，也分享了标准融合、转型金融、数据治理等重要趋势方向，更为中国市场参与全球可持续金融治理提供了具有参照意义的观察视角与实践建议。\nICMA首席执行官布莱恩·佩斯科（Bryan Pascoe）\n　　以下是对话实录：\n　　问：总体来看，您认为当前可持续金融市场的发展情况如何？近两年来，部分地区在可持续与气候金融领域出现了一定的政策回调与市场波动。面对这些挑战，您如何评估可持续金融的整体发展态势？\n　　答：我认为可持续金融的基本面依然稳固，长期趋势仍然积极。金融在应对气候相关及更广泛的经济挑战中发挥着关键作用，可持续性将成为未来经济发展、基础设施建设和政府规划的核心。\n　　过去一年以来，政治因素带来的阻力在一定程度上影响了市场增长动能。从整体规模看，今年全球市场较往年大致持平或略有回调。\n　　尽管如此，结构性亮点依然清晰。欧洲发行量整体平稳，公共部门、金融机构与企业仍维持可观贡献；美国则在市场关注度、发行规模及ESG主题基金资金流入等方面呈现明显收缩。与之形成对比的是，亚洲市场增长势头持续强劲，区域发行量普遍攀升。尤其是中国，在监管政策的积极推动下，已成为全球可持续金融发行的重要引领力量。\n　　产品维度也呈现分化。绿色债券凭借清晰的资金用途、严格的管理框架与高水平信息披露，持续受到市场认可；而可持续发展挂钩债券（SLBs）规模则出现显著下滑。这类债券将条款与主体层面的可持续目标绑定，但由于部分目标在雄心和可信度上受到质疑，市场对其目标设定机制及约束效果存在疑虑，进而影响了该产品的活跃度。\n　　总体而言，当前可持续金融市场呈现区域与产品双维度的分化格局：绿色债券稳健、亚洲增长强劲、欧洲具备韧性，而美洲特别是美国市场出现阶段性回调。展望未来，现有制度框架的完善与底层需求的持续存在，仍将为该市场的长期发展提供支撑。\n　　问：我们了解到ICMA始终走在全球可持续金融发展的前沿。在监管环境与市场需求持续变化的背景下，您认为ICMA将如何引领可持续金融的未来方向？\n　　答：自《绿色债券原则》创立以来，ICMA一直扮演着关键角色。作为该原则的秘书处，我们积极凝聚行业共识，致力于建立标准、构建框架，推动市场健康、有序发展。这一长期作用对可持续金融市场的形成与演进至关重要。\n　　我们的核心使命是与原则成员及全球金融网络携手，通过制定高标准、提供专业指引、完善制度框架，在促进市场创新的同时坚守诚信根基。\n　　当前，全球可持续金融实践呈现区域分化的态势——例如在转型金融的定义上，或是各司法辖区推出的分类标准之间，往往缺乏有效衔接。同一项经济活动，在不同国家可能被赋予不同的可持续属性界定，甚至被排除在标准之外。\n　　这正是ICMA能够发挥关键影响力的领域：推动全球标准的一致性、协调性与系统性衔接。这项工作对于避免市场碎片化具有深远意义，因为碎片化不仅制约市场规模的扩大，也会削弱整个金融体系应对未来巨大融资需求的整体能力。\n　　作为国际标准的重要制定者，我们始终致力于推动全球协调。我们与来自不同司法管辖区的成员紧密协作，并与国际证监会组织（IOSCO）在内的全球机构及区域性监管机构及监督机构保持沟通协同，目标是构建能够促进跨境资本流动的规范体系，让投资者与发行方都能对其框架的稳健性与跨市场适用性建立信心。坚持标准引领、推动国际协同，始终是我们重要的使命。\n　　问：可持续金融对推动积极变革具有重要潜力，特别是在新兴市场。ICMA如何支持新兴市场采纳可持续金融实践？\n　　答：我们与新兴市场，特别是中国及亚洲其他地区的监管部门和政府机构保持密切合作，积极协助构建既符合本地实际、又与国际标准接轨的可行框架。以中国为例，其《绿色债券支持项目目录》及相关标准目前已与ICMA国际原则实现高度协同。\n　　在日本，我们与财务省及相关省厅保持紧密合作，共同推动日本绿色转型计划的制定与实施。该计划框架下，日本政府将发行规模可观的转型债券，所募集资金将通过转贷机制，重点支持能源结构转型困难、亟需系统性支持的行业实现燃料结构升级及碳足迹转型。\n　　同时，我们也与东南亚多国开展合作，协助其建立符合区域特点的可持续金融分类标准，并完善绿色债券与可持续金融整体框架。\n　　在亚洲这些多元化的市场中，我们始终致力于推动构建扎实的制度基础，并最大程度促进其与国际标准的衔接。ICMA所建立的标准体系，在全球范围内持续被视为行业最佳实践的重要参考。数据显示，目前全球约98%的可持续金融发行均遵循ICMA原则——这种一致性不仅体现在新兴市场，也同样存在于更成熟和发达的经济体中，也印证了标准跨市场适用的有效性。\n　　问：您如何评价当前中国可持续金融市场的发展状况，并对下一阶段发展有何具体建议？\n　　答：中国拥有庞大的国内债券市场体量，充裕的资本储备为ESG产品发展提供了坚实基础，市场规模与内生动力构成其核心优势。为维护市场公信力、防范“漂绿”风险，构建并保持高标准的制度框架尤为关键。监管部门需要持续跟踪市场动态，优化现有框架，并在实践可行范围内积极推动与国际标准的协同。虽然国内实际情况存在特殊性，但更高程度的国际接轨将有助于吸引全球资金参与中国可持续债券市场建设。\n　　以ICMA于2025年10月30日在上海举办的ICMA中国可持续金融发展论坛为例，该活动明确传递出公共部门与市场机构共同推动行业加速发展的决心。这类汇聚实务专家与政策制定者的交流平台，对促进经验共享、凝聚行业共识具有持续价值。\n　　当前另一个值得关注的问题是发行主体结构。目前中国的绿色与ESG金融活动主要依托企业和私营部门推动，中央政府及公共机构的直接发行参与仍相对有限。反观欧洲等市场，主权及公共部门在发行引领方面作用更为突出。\n　　面向未来，若能扩大符合ICMA原则的主权类可持续金融产品发行规模，将有助于吸引更多追求稳健可持续资产的投资者，进一步提升市场整体信心。今年中国在伦敦证券交易所成功发行首笔人民币绿色主权债券，并严格遵循ICMA原则，正是具有标志性意义的实践——我本人亦参与了签署仪式。随着政府层面持续通过可持续金融工具开展融资，预计这将为未来市场发展与信心构建提供重要支撑。\n　　问：展望未来，您认为可持续金融领域哪些新兴趋势和创新最具发展前景？ICMA计划如何借助这些趋势推动行业进步？AI等新技术将在其中发挥怎样的作用？\n　　答：面向未来，技术能力——特别是可靠数据的获取与应用——将成为企业践行可持续标准的核心支撑。技术不仅能够提升信息披露的准确性、可信度与透明度，更能清晰呈现投资行为所产生的真实影响。我们预计，AI将在增强市场公信力、完善制度框架、提升可持续信息报告与披露标准等方面发挥日益重要的作用。\n　　这一点对新兴市场具有特殊意义。这些市场往往面临数据基础薄弱、信息收集难度大的挑战，而技术能力的提升正是支持其可持续金融实现稳健、可信增长的关键路径。\n　　另一个重要趋势体现在标准体系的融合。推动国际标准协调与趋同，是降低市场分割、提升全球市场效率的必要步骤。\n　　同时，转型金融预计将迎来显著发展。绿色金融固然重要，但我们必须通过金融手段支持那些减排难度大、化石能源依赖度高的行业，推动其向韧性低碳路径转型。这一过程需要精细化管理，在避免社会与经济剧烈震荡、防范“碳锁定”效应的同时，引导行业平稳过渡。建立清晰的转型计划、将转型金融纳入主流工具，对于推动高耗能产业向气候友好、高效可持续模式转变具有重要意义。\n　　为此，ICMA近期发布了《气候转型债券指引》，为机构发行具备公信力的转型债券提供了严谨的框架指引。据估算，未来10至15年全球转型资金需求约达30万亿美元。这一转型无法急于求成，需统筹推进转型紧迫性与社会责任，在保障就业与社区稳定的基础上，加快新技术的推广应用。为了弥合这一差距，尤其是在新兴市场，我们还应推动混合融资的增加，通过结合公共和私营部门资金，更有效地动员私人资本，投入那些原本可能被视为不可投资的项目。\n　　这一切的最终目标，是与《巴黎协定》的1.5℃温控目标保持一致。若不能加速发展转型金融及相关减排技术，推动重工业大幅降低碳足迹，实现该目标将面临越来越大的挑战。\n　　问：在您看来，追求可持续发展与获得投资回报之间是怎样的关系？\n　　答：尽管新技术的采用往往意味着前期投入增加，并可能对短期利润空间产生压力，但这实则是一项立足长远的理性商业抉择。企业通过对适配技术进行战略投资，实际上是在为构建未来的发展韧性奠定基础。随着时间推移，不符合可持续发展方向的资产将日益难以获得融资支持。因此，当前投资于支撑可持续转型的技术，本质上是一种具有前瞻性的审慎战略。\n　　与此同时，许多相关技术成本正在迅速下降，这在相当程度上缓解了市场对盈利能力的顾虑。企业对股东负有明确责任，但这不仅限于追求短期回报，更包括确保长期可持续经营的责任。实现这一目标的根本途径，在于通过提升资产效率、确保其符合未来发展要求，从而构建具备未来适应性的运营体系。\n　　包括投资者、客户及监管机构在内的利益相关方，正日益要求企业实现可验证的碳减排。长远来看，能够在未来赢得市场、吸引资本、获取资源以生产符合社会期待产品的企业，恰恰是那些引领可持续转型的先行者。\n　　仅聚焦于季度性利润最大化的经营思路，将对企业的长期发展构成损害。我们已观察到，缺乏清晰可信脱碳路径的企业，其融资渠道正持续收窄。这些企业将在中长期面临竞争力下降的风险。归根结底，对可持续资源、绿色资本开支及新能源技术进行投入，已成为企业面向未来发展的必然要求。\n　　以下为英文原文：\n　　Q: From your perspective, how would you characterize the current health and maturity of the sustainable finance market? We've seen some political and market backlash against sustainable and climate finance, particularly over the past two years in certain regions. How do you assess the sector's overall progress in light of these headwinds?\n　　A: I believe sustainable finance remains fundamentally strong, with a positive long-term trajectory. Finance plays a crucial role in managing climate-related and broader economic challenges, and sustainability will be central to future economic development, infrastructure growth, and government planning.\n　　That said, as you noted, there have been some headwinds—primarily politically driven over the past year—which have slowed market momentum and growth. Overall, this year we've likely seen flat or slightly lower global volumes compared to previous years.\n　　Within that, however, several notable trends stand out. Europe's issuance has remained relatively stable, with strong volumes continuing from the public sector, financial institutions, and corporates. In contrast, the U.S. has seen a significant decline in focus, issuance, and ESG-focused fund inflows. Meanwhile, Asia's growth remains robust, with volumes rising across the region. China, in particular, has emerged as a leading country for global issuance, backed by strong regulatory efforts to promote sustainable finance.\n　　Product trends also vary. Green bonds continue to perform well, given their clear use-of-proceeds framework, rigorous fund allocation, and strong reporting standards. In contrast, sustainability-linked bonds (SLBs) have declined noticeably. These bonds—which tie terms to entity-level sustainability targets—have faced challenges around the ambition and credibility of some targets, creating uncertainty around how to set meaningful goals and consequences for not meeting them. This has reduced activity in the SLB space.\n　　Overall, the picture is mixed: green bonds remain strong, Asian growth is solid, and Europe stays robust—while the Americas, especially the U.S., have pulled back. Looking forward, established frameworks and underlying demand continue to support a positive outlook for sustainable finance.\n　　Q: ICMA has been at the forefront of promoting sustainable finance globally. How do you see ICMA's role in shaping the future of sustainable finance, particularly in the context of the evolving regulatory landscape and market demands?\n　　A: As you noted, we have been at the forefront since the very beginning—since the inauguration of the Green Bond Principles. ICMA has played a central role as the secretariat, bringing the industry together to establish standards and develop frameworks that support robust market growth. This longstanding role has been fundamental to the development of the sustainable finance markets.\n　　We see our core mission as working with the principles' members and the global financial community to set strong standards, provide guidance, and develop frameworks that support future issuance while ensuring market integrity.\n　　Increasingly, we see divergent regional approaches—in definitions of transition finance, for example, or in the various taxonomies released by different jurisdictions, which are often not well-aligned. What is considered a sustainable activity in one country may be defined differently, or even excluded, in another.\n　　This is where one of ICMA's most critical roles comes in: to promote consistency, harmonisation, and cohesion across standards. This work is essential to prevent market fragmentation, which impedes scale and limits the market's overall potential to meet the enormous financing needs of the future.\n　　As an international standard-setter, our role is to encourage this harmonisation. We work with our members across multiple jurisdictions and collaborate with global bodies—such as International Organization of Securities Commissions (IOSCO) , as well as with regional regulators and supervisors. The goal is to coordinate and create standards that facilitate cross-border capital flows and give both investors and issuers confidence that their frameworks are robust and applicable across different markets. This focus on standard-setting and international consistency remains a very important part of our mandate.\n　　Q: Sustainable finance has the potential to drive significant positive change, especially in emerging markets. How is ICMA supporting the adoption of sustainable finance practices in emerging markets?\n　　A: We have been very active in China and across Asia, working closely with regulators and local authorities to help develop viable frameworks that align with international standards. For instance, China's Green Bond Catalogue and its standards are now highly aligned with ICMA's international principles.\n　　In Japan, we collaborated closely  with the Ministry of Finance and other ministries to support the coordination and launch of the GX (Green Transformation) programme. Under this initiative, the government will issue substantial transition bonds, the proceeds of which will be on-lent to hard-to-abate sectors that require strong support to transition their fuel usage and carbon footprint.\n　　We have also worked with Southeast Asian nations on the development of their taxonomies and their green bond and sustainable finance frameworks.\n　　Across these diverse Asian jurisdictions, our goal has been to promote strong frameworks and the greatest possible alignment with international standards. ICMA's standards continue to serve globally as a benchmark for best practice. It remains the case that approximately 98% of all internationally labelled sustainable finance issuance aligns with ICMA principles—a consistency we see in emerging markets as well as in more mature and developed economies.\n　　Q: How would you evaluate the current state of China's sustainable finance market, and what recommendations do you have for its further development?\n　　A: China possesses a vast domestic bond market with substantial capital that can be directed toward ESG products. Its scale and inherent capacity are considerable strengths. To ensure market integrity and minimize greenwashing risks, it is essential to maintain ambitious standards and robust frameworks. Chinese authorities must continue to monitor progress, refine these frameworks, and—where practical—align them with international standards. While domestic needs may differ, greater alignment can also attract international investment into China's sustainable bond market.\n　　For instance, ICMA held its China Sustainable Finance Conference on 30 October 2025 in Shanghai. It sent a strong signal of commitment from both public and private sectors to accelerate market growth. Convening practitioners and experts in this way helps exchange views and shape best practices—an important ongoing effort.\n　　Another area of focus is the composition of issuance. Currently, China's green and ESG finance is largely driven by corporates and the private sector, with relatively limited sovereign or public-sector issuance. In contrast, Europe and other markets have seen stronger leadership from sovereign and public issuers.\n　　Moving forward, increased sovereign issuance—aligned with ICMA principles domestically and internationally—would attract investors seeking safe, sustainable assets and further build market confidence. In fact, China issued its first sovereign green bond earlier this year, listed on the London Stock Exchange and aligned with ICMA principles. I attended the signing ceremony—a high-profile and successful step. As the government continues to issue in sustainable formats, it will significantly support market growth and confidence in the years ahead.\n　　Q: Looking ahead, what emerging trends and innovations in sustainable finance do you find most promising? How does ICMA plan to leverage these trends to further advance the cause of sustainable finance, and what role do you see new technology such as AI playing in this evolution?\n　　A: Looking ahead, technology—particularly the ability to gather reliable data—will be crucial for companies adhering to sustainability standards. It will enhance the accuracy, confidence, and transparency of their reporting, ultimately clarifying the real-world impact of their investments. We anticipate a significant increase in the use of AI to strengthen market integrity, refine frameworks, and raise the standard of sustainability reporting and disclosure.\n　　This is especially vital for emerging markets, where data gaps and challenges in collecting reliable information remain considerable. Advancing these technological capabilities will be key to supporting consistent, credible growth in sustainable finance across these regions.\n　　Another important trend will be greater convergence and international harmonisation of standards—a necessary step to reduce market fragmentation.\n　　We also expect transition finance to grow substantially. While green finance remains essential, we must support hard-to-abate sectors—especially those heavily reliant on fossil fuels—to shift toward resilient, low-carbon pathways. This transition must be managed carefully to mitigate social and economic disruption, avoiding sudden business collapse while preventing carbon lock-in. Clear transition plans are needed to mainstream transition finance as a tool for moving energy-intensive industries toward climate-friendly, efficient, and sustainable operations.\n　　ICMA recently released its Climate Transition Bond Guidelines, offering a rigorous framework to help organisations issue credible transition bonds with integrity. Estimates suggest around US$30 trillion will be needed over the next 10–15 years to support this shift. This cannot happen overnight; it must balance urgency with social responsibility, protecting jobs and communities while incentivising rapid adoption of new technologies. To help bridge this gap in emerging markets in particular, we should also see an increase in blended finance, combining public and private sector funds to mobilise private capital more effectively into initiatives that may otherwise be considered uninvestable.\n　　Ultimately, the goal is alignment with the Paris Agreement's 1.5°C target. Achieving this will be increasingly difficult without accelerated investment in transition finance and the technologies that enable heavy industry to drastically reduce its fossil fuel footprint.\n　　Q：How do you perceive the relationship between pursuing sustainable development and achieving investment returns?\n　　A: While adopting new technology often involves upfront costs and can pressure margins, it is a sound long-term business decision. Companies that invest strategically in the right technologies position themselves for future resilience. Over time, financing will become increasingly difficult to secure for assets that are not aligned with sustainable outcomes. Therefore, investing now in technologies that support a sustainable transition is simply prudent, long-term strategy.\n　　Furthermore, many of these technologies are becoming more affordable at a rapid pace, which mitigates some concerns over profitability. Companies have a clear obligation to shareholders, but this includes a duty to ensure long-term viability, not just short-term returns. The only way to do that successfully is to future-proof operations by ensuring assets are efficient and compatible with tomorrow's requirements.\n　　Increasingly, stakeholders—including investors, customers, and regulators—will demand that companies demonstrably reduce their carbon footprint. In the long run, the companies that will win, attract capital, and secure the resources to produce goods aligned with societal commitments will be those leading this transition.\n　　A purely quarter-by-quarter focus on profit maximization will be damaging over the longer term. We already see that finance is becoming less available for companies without clear, credible plans to decarbonize. They will suffer competitively in the medium to long term. Ultimately, investing in sustainable resources, capital expenditure, and new energy technologies is a business imperative for future success. \n　　新浪财经ESG评级中心简介\n　　新浪财经ESG评级中心是业内首个中文ESG专业资讯和评级聚合平台，致力于宣传和推广可持续发展，责任投资，与ESG（环境、社会和公司治理）价值理念，传播ESG的企业实践行动和榜样力量，推动中国ESG事业的发展，促进中国ESG评估标准的建立和企业评级的提升。\n　　依托ESG评级中心，新浪财经发布多只ESG创新指数，为关注企业ESG表现的投资者提供更多选择。同时，新浪财经成立中国ESG领导者组织论坛，携手中国ESG领导企业和合作伙伴，通过环境、社会和公司治理理念，推动建立适合中国时代特征的ESG评价标准体系，促进中国资产管理行业ESG投资发展。\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：李欣然","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.39.0","shortVersion":"4.39.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2602593065","isCrawlerRequest":true}