绿色、社会和可持续主权债券：发展贴标债券市场的中坚力量

The report analyzes the issuance of labeled sovereign bonds based on dialogues with 19 issuers across developed and emerging markets. It identifies that ministers are the primary decision-makers and that curbing climate change and stimulating local markets are the main drivers for issuance. The document details the operational steps from decision-making and framework development to roadshows and pricing, noting that GSS bonds often achieve a 'greenium' (lower yields) and attract a more diverse investor base. It concludes that sovereign bonds are critical for catalyzing the broader transition to a low-carbon economy by setting standards and increasing market liquidity.

• These bonds attract a more diverse and specialized investor base. On average, 44% of the allocation in surveyed transactions went to self-described green investors, with ranges from 13% to 100%.

APA

Harrison, C., & Muething, L. (2021). 绿色、社会和可持续主权债券：发展贴标债券市场的中坚力量. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/%E7%BB%BF%E8%89%B2%E3%80%81%E7%A4%BE%E4%BC%9A%E5%92%8C%E5%8F%AF-%E6%8C%81%E7%BB%AD%E4%B8%BB%E6%9D%83%E5%80%BA%E5%88%B8%EF%BC%9A-%E5%8F%91%E5%B1%95%E8%B4%B4%E6%A0%87%E5%80%BA%E5%88%B8%E5%B8%82-%E5%9C%BA%E7%9A%84%E4%B8%AD%E5%9D%9A%E5%8A%9B%E9%87%8F_2025-01-07-172432_alac.pdf

Chicago

Harrison, Caroline, and Lea Muething. 绿色、社会和可持续主权债券：发展贴标债券市场的中坚力量. Climate Bonds Initiative, 2021. https://www.climatebonds.net/files/documents/publications/%E7%BB%BF%E8%89%B2%E3%80%81%E7%A4%BE%E4%BC%9A%E5%92%8C%E5%8F%AF-%E6%8C%81%E7%BB%AD%E4%B8%BB%E6%9D%83%E5%80%BA%E5%88%B8%EF%BC%9A-%E5%8F%91%E5%B1%95%E8%B4%B4%E6%A0%87%E5%80%BA%E5%88%B8%E5%B8%82-%E5%9C%BA%E7%9A%84%E4%B8%AD%E5%9D%9A%E5%8A%9B%E9%87%8F_2025-01-07-172432_alac.pdf.

Wikipedia

{{cite report |last1=Harrison |first1=Caroline |last2=Muething |first2=Lea |title=绿色、社会和可持续主权债券：发展贴标债券市场的中坚力量 |publisher=Climate Bonds Initiative |date=January 2021 |url=https://www.climatebonds.net/files/documents/publications/%E7%BB%BF%E8%89%B2%E3%80%81%E7%A4%BE%E4%BC%9A%E5%92%8C%E5%8F%AF-%E6%8C%81%E7%BB%AD%E4%B8%BB%E6%9D%83%E5%80%BA%E5%88%B8%EF%BC%9A-%E5%8F%91%E5%B1%95%E8%B4%B4%E6%A0%87%E5%80%BA%E5%88%B8%E5%B8%82-%E5%9C%BA%E7%9A%84%E4%B8%AD%E5%9D%9A%E5%8A%9B%E9%87%8F_2025-01-07-172432_alac.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{harrison2021, author = {Harrison, Caroline and Muething, Lea}, title = {{绿色、社会和可持续主权债券：发展贴标债券市场的中坚力量}}, institution = {Climate Bonds Initiative}, year = {2021}, month = jan, url = {https://www.climatebonds.net/files/documents/publications/%E7%BB%BF%E8%89%B2%E3%80%81%E7%A4%BE%E4%BC%9A%E5%92%8C%E5%8F%AF-%E6%8C%81%E7%BB%AD%E4%B8%BB%E6%9D%83%E5%80%BA%E5%88%B8%EF%BC%9A-%E5%8F%91%E5%B1%95%E8%B4%B4%E6%A0%87%E5%80%BA%E5%88%B8%E5%B8%82-%E5%9C%BA%E7%9A%84%E4%B8%AD%E5%9D%9A%E5%8A%9B%E9%87%8F_2025-01-07-172432_alac.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }