中金碳中和2060论坛|英国驻华使馆公使衔参赞石宇恒(Stephen Baron)发言纪要
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3月23-24日，中金公司在北京成功举办“碳中和2060”论坛。本次论坛邀请了国内外决策部门、产业界和学术界的资深专家学者，共话碳中和之路与市场机遇。
英国驻华使馆公使衔参赞石宇恒（Stephen Baron）出席论坛并发表演讲。
英国驻华使馆公使衔参赞石宇恒在中金“碳中和2060”论坛上的发言
I am very happy to be here to reunite with so many like-minded friends to discuss the role of green finance today. I’m especially happy to be here as the UK looks forward to hosting COP26 later this year in Glasgow. Green finance will play a central role to the UK and China’s development over the coming decades as we both look to transform our economies to meet our carbon neutral ambitions.
COP26 and climate commitments
Obviously we are lucky enough to be meeting here in person today when many others are still unable to do so as the world starts to recover from the largest health crisis in a century. However, as we look to this recovery it is imperative that we keep climate change front and centre in our minds. Even with the partial closure of large swathes of the global economy in 2020, this has not resulted in the reversal of the effects of climate change. Which means we need to do more. Ensuring a green recovery whilst addressing climate change is a central priority for the UK. Indeed I’m very happy to say that is that both the UK China are leading the way in our ambitions to transform our economies.
Prior to covid-19 the financing gap to meet Paris goals were around $7tn per year. Meeting this cost cannot be covered by public finances alone it will also require private sector collaboration.
UK’s achievements and leadership
The UK has been working to transform our financial system for a greener future and we intend to continue to play a central role in the realm of green finance on the global stage.
Between 1990 and 2017, the UK reduced its emissions by over 40 per cent while growing the economy by more than two thirds, the best performance in the G7 on a per person basis.
As the first major economy to legislate for net zero, the UK has led the way globally on tackling climate change.
Financial disclosures are a key part of tackling climate change.
“What gets measured gets managed”, said by Mark Carney at Green Horizon Summit last November, which articulates why the UK government is determined to move our economy to mandatory disclosure regime.
We were one of the first countries worldwide to endorse, in 2017, the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) – aimed at ensuring climate related risks and opportunities are priced into financial decision-making.
Transitioning to a greener finance regime not only plays a role in helping to slow climate change but there is also a strong business rationale to transition to green. There is evidence that ESG investments outperform non-ESG targeted investment. There is also the need to address the key financial risks that climate change poses, not only from increasing extreme weather events, but also risks such as how carbon-intensive assets react to the green transition as Yi Gang articulated over the weekend and how we mitigate these risks. 70% of banks in the UK now consider climate change as a financial risk.
UK TCFD mandatory policy update
In our 2019 Green Finance Strategy we outlined how we would use the UK’s status as a global financial hub to drive the greening of the international financial system, and set an expectation that all UK listed issuers and large asset owners would be making disclosures in accordance with the TCFD’s recommendations by 2022.
Since the Green Finance Strategy, many British companies are reporting at least partially in line with TCFD disclosure requirements.
And earlier last year consultations published by the Financial Conduct Authority (FCA) and the Department for Work and Pensions (DWP) proposing reporting requirements for premium-listed companies and certain occupational pension schemes. This is vital progress.
More progress is being made in those sectors where regulatory action has already been taken.
In particular, banks and insurers have already begun to take action in response to the Bank of England’s Supervisory Statement, issued by the Prudential Regulation Authority (PRA) in April 2019.
Given the urgency of the climate threat, a voluntary approach to climate related financial disclosure may not be sufficient.
On 9th November, UK’s Chancellor of the Exchequer Rishi Sunak made several significant green finance announcements, including:
The UK will become the first country in the world to make Task Force on Climate-related Financial Disclosures (TCFD) aligned disclosures fully mandatory across the economy by 2025, with a significant portion of mandatory requirement in place by 2023.
To achieve this goal, the UK’s regulators Taskforce, let by HMT, published an interim report sets out an ambitious and proportionate pathway to meeting this commitment.
The Chancellor also stated that the UK will issue its first ever sovereign green bond, and will implement a green taxonomy.
According to Chancellor Sunak, the sovereign green bond will be used to help enable the UK meet its 2050 net zero target and other environmental objectives, by financing projects that will tackle climate change and infrastructure investments, and creating green jobs across the country.
The green bond is expected to be followed up with a series of further issuances to meet growing investor demand for these instruments.
The UK green taxonomy will be designed to provide a common framework for determining which activities can be defined as environmentally sustainable, aiming to improve understanding of the impact of firms’ activities and investments on the environment and support the transition to a sustainable economy.
We are starting a new chapter in the history of financial services and renewing the UK’s position as the world’s pre-eminent financial centre.
I hope that UK firms will lead the way by responding with credible and detailed disclosures. Over time, this will support more efficient markets and facilitate an orderly transition to net zero emissions.
Working with China on Green Finance
As mentioned, the UK cannot tackle a global problem on its own. That is precisely why we need to work hand in hand with countries like China.
It is therefore fantastic to see that China, as the world's second largest economy, is rapidly raising its own ambitions for tackling climate change.
President Xi’s announcement at the UN General Assembly that China would achieve an ambitious target of carbon neutrality before 2060 is completely game-changing.
Achieving this will require a complete rethink of economic decision-making, including the fundamentals of how the financial system operates.
At the 9th and 10th UK-China Economic and Financial Dialogue (EFD) the UK and China recognised each other as their primary partner in green finance for capital raising, product innovation and thought leadership. We agreed a set of joint priorities which are now being supported by the UK PACT programme.
At the 10th EFD, the UK-China Green Finance Centre, launched by the City of London Green Finance Initiative and the China Green Finance Committee in 2018, was formally recognised by both governments.
This will build on the work of the UK-China Green Finance Taskforce, which launched in 2016 with the aim of increasing areas of collaboration on greening the Belt and Road Initiative, TCFD implementation, ESG investing, green asset securitisation, and green standards, as well as capacity building.
We are very interested in working more closely together. Indeed, the UK PACT China Green Finance Programme, part of the UK’s ￡11.6 billion International Climate Finance commitment, has already supported eight green finance projects in China.
The second phase of the projects were announced on 11th March this year, with another five promising projects working with China’s governments and institutions on ESG, Green Taxonomy, Green Bonds standards, Greening the belt and Road and capacity building on information disclosure. UK PACT also provides global green finance experts to carry out Skillshare capacity building programmes for both government and commercial partners, we would very much welcome engaging with you all on this offer.
Conclusion
I hope that we can work together to turn the challenges posed by COVID-19 into opportunities for the future.
The UK’s green finance expertise can be used to assist China in its green economic recovery. But it isn’t just a one way street the UK can also learn a lot from China in our own pursuit of carbon neutrality – and that includes all of you here today.
I firmly believe that cooperation on this subject will be of great significance not only for our two countries but the whole world. We already showed the world through the G20 Green Finance Study Group – co-chaired by the UK and China – what we can do when we work together.
However there is only so much that the UK and China can do together, it requires all nations to work together thus making COP26 in Glasgow all the more important in the context of global recovery.
I thank you again for your participation and your interest in working with the UK on this subject.
以下是对石宇恒先生演讲全文的中文翻译，供读者参考。
我很高兴今天在这里与这么多志同道合的朋友重聚，共同探讨绿色金融的作用。我特别高兴来到这里，因为英国正期待着今年晚些时候在格拉斯哥主办第26届联合国气候变化大会。绿色金融将在英中两国未来几十年的发展中发挥核心作用，因为我们都在寻求经济转型以实现我们的碳中和目标。
联合国气候大会与气候承诺
显然，在世界开始从百年来最大的卫生危机中恢复之际，我们非常幸运得以在这里举行会议，而其他许多人仍无法这样做。然而，在我们展望这一复苏的时候，当务之急是我们要把气候变化放在首要和中心位置。即使全球经济在2020年部分关闭了大片区域，这也没有导致气候变化影响的逆转。这意味着我们需要做更多的工作。在应对气候变化的同时，确保绿色复苏是英国的首要任务。事实上英中两国都在实现经济转型方面走在了前列。
在疫情之前，为实现巴黎气候大会的目标，每年产生的资金缺口约为7万亿美元。仅靠公共财政无法支付这笔费用，还需要私营部门的合作。
英国的成就与领导地位
英国一直在努力改造金融体系，打造更加绿色的未来，并将继续在绿色金融领域的国际舞台发挥核心作用。
1990年至2017年期间，英国经济增长超过三分之二的同时，排放量减少了40%以上，人均表现在七国集团(G7)中最好。
作为第一个为零排放立法的主要经济体，英国在应对气候变化方面走在了全球前列。
财务信息披露是应对气候变化的一个关键部分。
马克?卡尼(Mark Carney)在去年11月的绿色地平线(Green Horizon)峰会上表示:“得以衡量的就得到了管理。” 这阐明了为什么英国政府决心将我们的经济转向强制披露制度。
我们是全球首批在2017年认可气候相关财务披露工作组（TCFD）建议的国家之一，该建议旨在确保气候相关的风险和机会被计入财务决策。
向绿色金融制度过渡不仅有助于减缓气候变化，而且也有强大的商业理由。有证据表明，ESG投资的表现优于非ESG目标的投资。我们还需要应对气候变化带来的主要金融风险，不仅包括日益增多的极端天气事件，还包括易纲行长上周末阐述的碳密集型资产如何应对绿色转型等风险，
融易新媒体，以及我们应该如何降低这些风险。目前英国70%的银行认为气候变化是一种金融风险。
英国气候相关财务信息披露工作组（TCFD）强制性政策更新
我们的2019年绿色金融战略中，概述了如何利用英国作为全球金融中心的地位来推动国际金融体系的绿色化，并设定了所有英国上市发行人和大型资产所有者在2022年之前按照TCFD的建议进行信息披露的期望。
自绿色金融战略实施以来，许多英国公司进行了至少部分符合TCFD披露要求的报告。
去年早些时候，金融市场行为监管局(FCA)与就业及退休保障部(DWP)公布了咨询意见，建议对优质上市公司和某些职业退休金计划提出报告要求。这是至关重要的进展。
在那些已经采取监管行动的部门，也取得了更多进展。
特别是，银行和保险公司已经开始采取行动，以应对2019年4月审慎监管局（PRA）发布的英格兰银行监管声明。
鉴于气候威胁的紧迫性，以自愿方式披露与气候相关的财务信息可能是不够的。
11月9日，英国财政大臣Rishi Sunak发布了几项重要的绿色金融公告，包括:
2025年，英国将成为世界上第一个将气候相关财务信息披露工作组(TCFD)的信息披露制度完全强制执行的国家，2023年将有相当一部分制度强制执行。
为了实现这一目标，英国监管机构工作组(由HMT授权)发布了一份中期报告，列出了实现这一承诺的雄心勃勃的且适当的途径。
大臣还表示，英国将首次发行主权绿色债券，并将实施绿色分类法。
据Sunak财政大臣介绍，主权绿色债券将通过资助应对气候变化和基础设施投资的项目，以及在全国各地创造绿色就业机会，帮助英国实现2050年净零排放目标和其他环境目标。
预计绿色债券发行之后还将进一步发行一系列债券，以满足投资者对这些工具日益增长的需求。
英国绿色分类法旨在为确定哪些行为可被定义为环境可持续发展提供一个共同的框架，旨在提高对企业活动和投资对环境影响的理解，并支持向可持续经济的转型。
我们正在开启金融服务业历史的新篇章，重塑英国作为全球卓越金融中心的地位。
我希望英国的公司将带头做出反应，以可信和详细的信息披露作为回应。随着时间的推移，这将支持更有效的市场，并促进向净零排放的有序过渡。
与中国在绿色金融上的合作
如前所述，英国无法单独解决一个全球性问题。这正是我们需要与中国等国家携手合作的原因。
因此，看到中国作为世界第二大经济体正在迅速提高自己应对气候变化的决心令人振奋。
习主席在联合国大会上宣布中国将在2060年前实现碳中和的宏伟目标，这一举动是非常有变革性的。
要实现这一目标，需要对经济决策进行彻底的重新思考，包括重新考量金融体系的基本运作原理。
在第9次和第10次中英经济与金融对话（EFD）上，中英双方都承认对方是绿色金融领域的主要合作伙伴，并且在资本筹集、产品创新和思想引领方面都有合作。我们共同商定了一系列由英国国际气候基金（PACT）支持的优先事项。
在第十届EFD上，伦敦金融城绿色金融倡议和中国绿色金融委员会于2018年发起的中英绿色金融中心正式得到了两国政府的认可。
建立在2016年启动的中英绿色金融特别工作组的基础上，中英绿色金融中心旨在增加一带一路倡议、完善气候变化相关财务信息披露工作组（TCFD）工作、进一步投资ESG产业、促进绿色资产证券化和绿色标准以及能力建设等领域进行合作。
我们非常希望能有更紧密的合作。事实上，作为英国116亿英镑国际气候融资承诺的一部分，英国PACT中国绿色金融计划已经支持了中国的8个绿色金融项目。
今年3月11日， PACT公布了第二阶段的项目，另有5个有前景的项目与中国政府和ESG、绿色分类法、绿色债券标准、绿色一带一路以及信息披露能力建设等领域的机构进行合作。英国PACT还提供全球绿色金融专家为政府和商业伙伴开展技能共享能力建设项目，我们欢迎与大家加入这项工作。
结束语
我希望我们能够共同努力，将COVID-19带来的挑战转化为未来的机遇。
英国的绿色金融专长可以用来帮助中国实现绿色经济复苏。但这种帮助不仅仅是单向的，在我们自己追求碳中和的过程中，英国也可以从中国以及在座的各位身上学到很多东西。
我坚信，在这个问题上的合作不仅对我们两国，对整个世界都意义非凡。我们已经通过由英中两国共同主持的G20绿色金融研究小组向世界展示了我们合作的成果。
然而，英国和中国能够共同做的事情只有这么多。在全球复苏的背景下，格拉斯哥的第26届联合国气候变化大会显得尤其重要，因为绿色金融发展需要所有国家共同努力。
我再次感谢各位的参与以及对与英国在这个问题上合作的兴趣。
（根据石宇恒3月23日在中金公司“碳中和2060”论坛上的发言整理）
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