China: 绿色金融之绿色投资

Last Updated: 6 May 2019
Article by Jia Hui
Most Read Contributor in China, August 2019

绿色投资已经成为中国证券投资基金业协会("基金业协会")和整个基金行业非常关注的话题。2019年3月6日,国家发改委颁布了《绿色产业指导目录(2019年版)》,结合基金业协会于2018年11月10日发布的《绿色投资指引(试行)》("《指引》"),有必要探讨绿色投资中常见的绿色投资行业标准问题、环境指标评价问题和绿色基金管理人在绿色投资方面的主动管理义务问题。

一、什么是绿色投资

《指引》将绿色投资定位为"以促进企业环境绩效、发展绿色产业和减少环境风险为目标,采用系统性绿色投资策略,对能够产生环境效益、降低环境成本与风险的企业或项目进行投资的行为"。

2016年8月,中国人民银行、财政部、国家发展改革委、环境保护部、银监会、证监会、保监会印发了《关于构建绿色金融体系的指导意见》("《指导意见》"),提出推动证券市场支持绿色投资,支持设立各类绿色发展基金,实行市场化运作。《指导意见》要求中央财政整合现有节能环保等专项资金设立国家绿色发展基金,投资绿色产业,体现国家对绿色投资的引导和政策信号作用;鼓励有条件的地方政府和社会资本共同发起区域性绿色发展基金,支持地方绿色产业发展;支持社会资本和国际资本设立各类民间绿色投资基金。

实践中,政府资本和民间资本也逐渐向绿色行业靠拢,包括绿色产业投资基金、绿色产业并购基金以及最近兴起的PPP环保产业基金在内的绿色产业基金。例如,2018年5月,河北省资产管理有限公司与中信建投证券股份有限公司拟共同发起设立"河北雄安环保清洁能源产业基金",该基金主要投资方向为节能环保领域中的工业供热、污水处理等行业。

二、绿色投资应注意的主要法律问题

进行绿色投资应注意如下法律问题:

(一)所投资标的企业所在行业问题

绿色投资的特点主要体现在其投资领域。《指引》指出,绿色投资范围应围绕环保、低碳、循环利用,包括并不限于提高能效、降低排放、清洁与可再生能源、环境保护及修复治理、循环经济等。绿色投资应基于如下目标:

(1)促进绿色环保产业发展。将基金资产优先投资于直接或间接产生环境效益的公司及产业,发展节能环保产业链,促进清洁能源开发与使用、节能环保投资与环保标准改善;

(2)促进资源循环利用与可持续发展。将基金资产优先投资于可再生能源及资源循环利用的公司及产业,引导产业结构向可持续发展方向积极转型;

(3)促进高效低碳发展。合理控制基金资产的碳排放水平,将基金资产优先投资于资源使用效率更高、排放水平更低的公司及产业;

(4)履行负责任投资,运用投资者权利,督促被投资企业改善环境绩效并提高信息披露水平。

《指引》进一步提出应主动适用已公开的行业绿色标准筛选投资标的,如《中国证监会关于支持绿色债券发展的指导意见》、《绿色信贷指引》及沪深交易所关于开展绿色公司债券试点的相关要求、中国金融学会绿色金融专业委员会《绿色债券支持项目目录》、国家发展和改革委员会《绿色债券发行指引》、国际《绿色债券原则(GBP)》和《气候债券标准(CBI)。

在绿色投资行业标准方面,国家发改委发布的《绿色产业指导目录(2019年版)》("《目录》"),明确了绿色投资行业的范围问题,要求各地方、各部门要以《目录》为基础,根据各自领域、区域发展重点,出台投资、价格、金融、税收等方面政策措施,着力壮大节能环保、清洁生产、清洁能源等绿色产业。《目录》共涵盖六大类产业,包括节能环保产业、清洁生产产业、清洁能源产业、生态环境产业、基础设施绿色升级产业和绿色服务产业。以节能环保产业中的新能源汽车为例,《目录》将新能源汽车制造的范围限定为新能源汽车关键零部件制造和产业化,包括新能源汽车电池、电机及其控制系统、电附件、插电式混合动力专用发动机、机电耦合系统及能量回收系统等装备的制造和产业化。基金和投资人在确定所投资项目企业是否属于绿色投资行业标准时,可以按照《目录》确定的范围来进行衡量和评估。

(二)所投资项目的环境评价问题

针对具体所投资的项目,《指引》要求开展绿色投资的基金管理人可自行或通过第三方构建标的资产环境评价体系和环境评价数据库。标的资产环境评价指标应包括以下几个维度:(1)环境风险暴露,包括行业环境风险暴露、企业或项目环境风险暴露情况;(2)负面环境影响,包括单位能耗、污染物排放水平、碳排放强度、环境风险事件以及受环境监管部门处罚情况;(3)正面绿色绩效,包括公司业务或项目募集资金投向是否产生环境效益、绿色投入与绿色业务发展情况、绿色转型和产业升级情况;(4)环境信息披露水平,包括是否披露与主营业务相关的环境信息、是否披露关键定量指标以及环境目标完成情况。

上述环境评价体系主要以上市公司ESG评价指标体系中的环境责任指标为参考依据。ESG是英文Environmental(环境)、Social(社会)和Governance(治理)的缩写,是一种关注企业环境、社会、治理绩效而非财务绩效的投资理念和企业评价标准。根据基金业协会和国务院发展研究中心金融研究所于2018年发布的《中国上市公司ESG评价体系研究报告》,ESG有三个价值支柱:环境责任、社会责任和公司治理责任。环境责任是指,公司应当提升生产经营中的环境绩效,降低单位产出带来的环境成本;社会责任是指,公司应当坚持更高的商业伦理、社会伦理和法律标准,重视与外部社会之间的内在联系,包括人的权利、相关方利益以及行业生态改进;公司治理责任是指,公司应当完善现代企业制度,围绕受托责任合理分配股东、董事会、管理层权力,形成从发展战略到具体行动的科学管理制度体系。基于ESG评价,投资者可以通过观测企业ESG绩效,评估其投资行为和所投资企业在促进经济可持续发展、履行社会责任等方面的贡献。

(三)基金管理人绿色投资方面的主动管理义务问题

《指引》要求绿色基金的基金管理人在下列方面履行关于绿色投资的主动管理义务,包括:

1.绿色投资理念和体系建设

《指引》要求开展绿色投资的基金管理人树立绿色投资理念和体系建设,包括:在公司战略中纳入绿色投资理念,经常开展关于绿色投资应用方法的学习,配置研究人员进行绿色投资研究,确定管理人员对绿色投资进行监督和管理。开展绿色投资的基金管理人应当配置研究人员或研究团队,深入分析绿色投资标的中与环境相关的业务、服务或投入要素,逐步构建和完善绿色投资相关数据库、方法论和投资策略,由高级管理人员确立绿色投资理念和投资目标,并对绿色投资体系建设和运行进行监督管理。

2.绿色投资产品运作

关于绿色投资产业运作,《指引》要求基金管理人建立绿色投资标的评价方法,所投资的标的应有内部绿色评价报告,投资应满足绿色投资产品的持仓要求和持仓比例,督促被投资企业改善环境绩效并提高披露水平。主动管理的绿色投资产品,应当将绿色因素纳入基本面分析维度,可以将绿色因子作为风险回报调整项目,帮助投资决策。在组合管理过程中,应当定期跟踪投资标的环境绩效,更新环境信息评价结果,对资产组合进行仓位调整,对最低评级标的仓位加以限制。

3.绿色投资环境风险控制

在绿色投资环境风险控制方面,《指引》要求基金管理人建立环境负面清单,建立环境风险监控机制,对所投资产进行环境风险压力测试,有效避免投资出现环境违规的标的。主动管理的绿色投资产品,应当将不符合绿色投资理念和投资策略的投资标的纳入负面清单。

4.绿色投资相关信息披露

在绿色投资相关信息披露方面,《指引》要求基金管理人公开披露绿色投资理念及应用方法,定期设定并披露绿色投资目标完成情况,定期披露绿色投资产品的绿色程度,定期披露绿色投资产品的成分变化情况,使用定量方法披露所投资产品对环保、低碳、循环的贡献。基金管理人可以进行多元化的绿色投资产品开发,发行、运作主动管理的绿色投资产品时,应披露绿色基准、绿色投资策略以及绿色成分变化等信息。

5.绿色投资自评估义务

《指引》要求基金管理人应每年开展一次绿色投资情况自评估,报告内容包括但不限于公司绿色投资理念、绿色投资体系建设、绿色投资目标达成等。基金管理人应于每年3月底前将上一年度自评估报告连同《基金管理人绿色投资自评表》以书面形式报送基金业协会。

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