气候债券倡议组织：2024可持续发展挂钩债券市场：建立高质量市场报告（英文版）（36页）.pdf

1、SUSTAINABILITY-LINKED BONDS:Building a High-Quality Market Prepared by the Climate Bonds InitiativeSponsored by the Singapore Exchange(SGX Group)Sustainability-Linked Bonds:Building a High-Quality Market:Climate Bonds Initiative 2Contents1.Introduction 22.Report summary 33.Market profile 5Overview 5

2、 Issuer and deal profile charts 6Public sector issuance 84.Structural features 10 KPI selection and materiality assessment 10 Financial mechanisms and structures 14 Other structural factors 15 Alignment with SLBDB Methodology 155.KPI performance assessment 18 Methodology 18Results overview 19 Disclo

3、sure issues:reasons,restatements,inconsistencies 19 Results detail:target observation dates,alignment with SLBDB,KPIs 206.Transition plan assessment 22 Guidance and link with SLBs 22 Methodology and results overview 22 Results detail:date of first bond,regional analysis,alignment with SLBDB 23 Best

4、practice examples 25 Summary transition plan chart 267.Discussion and recommendations 27 Best practice checklist for issuance 27 Other mechanisms formarket development 29Appendix 31 Definitions&acronyms 31 Transition plan elements and scoring 31 KPI mapping methodology 35Endnotes 351.IntroductionThi

5、s is Climate Bonds first report focused on sustainability-linked bonds(SLBs),which are general-purpose debt instruments where the financial and/or structural characteristics vary depending on whether the issuer achieves predefined sustainability objectives.1 These objectives are:i.Measured through p

6、redefined key performance indicators(KPIs).ii.Assessed against predefined,time-bound sustainability performance targets(SPTs,or simply targets).Issuers are thereby committing explicitly to future improvements in sustainability outcomes within a predefined timeline,making SLBs a forward-looking perfo