A Reality Check on Green Finance绿色金融的现实检视綠色金融的現實檢視

Written by Christopher Breen for the think tank New Financial and sponsored by Luxembourg for Finance, this second edition of the reality check on green finance in Europe finds that while Europe has mobilised nearly €1.5tn in green capital raising since 2019, growth is running out of steam. Green capital raising reached €378bn in 2023 — more than double the 2019 figure and nearly double the €200bn raised in the US — with penetration more than doubling to 11% of all capital markets activity. Yet the value of green capital markets activity has flatlined over the past few years and fallen slightly in real terms, while penetration dropped from a 2022 peak of 14% back to 11% in 2023, suggesting Europe has already captured the "easy wins" and that a political backlash against "green" and ESG is beginning to take its toll.本报告由Christopher Breen代表智库机构New Financial撰写，并由卢森堡金融业协会赞助出品，是欧洲绿色金融现实检视系列报告的第二版。报告发现，尽管欧洲自2019年以来累计募集绿色资本近1.5万亿欧元，但增长势头正逐渐减弱。2023年，绿色资本募集额达3780亿欧元，较2019年增长逾一倍，几乎是美国同期2000亿欧元募资额的两倍，其渗透率也较2019年翻了一倍以上，达到所有资本市场活动总量的11%。然而，过去几年绿色资本市场活动价值已趋于停滞，实际值甚至略有下滑，渗透率则从2022年14%的峰值回落至2023年的11%，这表明欧洲已摘取"低垂的果实"，而针对"绿色"及ESG的政治反弹开始产生影响。本報告由Christopher Breen代表智庫機構New Financial撰寫，並由盧森堡金融業協會贊助出品，是歐洲綠色金融現實檢視系列報告的第二版。報告發現，儘管歐洲自2019年以來累計募集綠色資本近1.5萬億歐元，但增長勢頭正逐漸減弱。2023年，綠色資本募集額達3780億歐元，較2019年增長逾一倍，幾乎是美國同期2000億歐元募資額的兩倍，其滲透率也較2019年翻了一倍以上，達到所有資本市場活動總量的11%。然而，過去幾年綠色資本市場活動價值已趨於停滯，實際值甚至略有下滑，滲透率則從2022年14%的峰值回落至2023年的11%，這表明歐洲已摘取「低垂的果實」，而針對「綠色」及ESG的政治反彈開始產生影響。

Labelled green bonds remain by far the largest source of green finance, making up around two-thirds of the total, with €944bn issued over the last five years. The report finds that "bad" companies — those whose activities delay rather than accelerate the transition to net zero — are still outraising "good" or "green" companies by a ratio of 5:1, and that the EU alone needs to raise at least €400bn annually by 2030 to meet its net zero goals, against the €309bn it actually raised in 2023. On a country basis, Germany has the largest green finance market by value, averaging €61bn a year over the last three years, ahead of France at €42bn and the UK at €45bn, though the UK's green finance penetration of 10% remains below the EU average and Luxembourg, Sweden and Denmark lead on depth of green finance relative to GDP.已标注的绿色债券依然是绿色金融最主要的来源，占总额约三分之二，过去五年发行规模达9440亿欧元。报告发现，那些延缓而非加速净零转型的"不良"企业，其融资规模仍以5:1的比例领先于"优良"或"绿色"企业；仅欧盟一方，若要实现其净零目标，到2030年每年至少需筹集4000亿欧元，而2023年实际筹资额仅为3090亿欧元。就各国情况而言，德国是价值最大的绿色金融市场，过去三年平均每年达610亿欧元，领先于法国的420亿欧元及英国的450亿欧元；不过英国绿色金融渗透率为10%，仍低于欧盟平均水平，而卢森堡、瑞典及丹麦在绿色金融占GDP比重的深度指标上领先。已標注的綠色債券依然是綠色金融最主要的來源，佔總額約三分之二，過去五年發行規模達9440億歐元。報告發現，那些延緩而非加速淨零轉型的「不良」企業，其融資規模仍以5:1的比例領先於「優良」或「綠色」企業；僅歐盟一方，若要實現其淨零目標，到2030年每年至少需籌集4000億歐元，而2023年實際籌資額僅為3090億歐元。就各國情況而言，德國是價值最大的綠色金融市場，過去三年平均每年達610億歐元，領先於法國的420億歐元及英國的450億歐元；不過英國綠色金融滲透率為10%，仍低於歐盟平均水平，而盧森堡、瑞典及丹麥在綠色金融佔GDP比重的深度指標上領先。

On a more encouraging note, the value of green venture capital investment surged over the last few years to reach 18% of all European venture capital in 2023 — the only market segment to see an uptick in penetration that year — underscoring the importance of supporting innovative green companies as they scale. The report also finds, using data from S&P Shades of Green, that only 40% of green bond frameworks qualify as "dark green," raising questions about how green some labelled green financing really is. In his foreword, Luxembourg for Finance CEO Nicolas Mackel writes that Europe needs to raise at least €500bn annually to meet its net zero goals and warns that, despite the strong growth in financing "good" companies, "bad" companies continue to be financed at a rate of 5:1, concluding that "we are not moving fast enough."值得欣慰的是，近年来绿色风险投资价值大幅攀升，2023年占欧洲风险投资总额的18%，是当年唯一渗透率出现回升的细分市场，凸显了在绿色创新企业成长壮大过程中给予支持的重要性。报告还援引标普"绿色浓淡度"（S&P Shades of Green）数据发现，仅有40%的绿色债券框架符合"深绿"标准，引发了对已标注绿色融资实际"绿色"程度的质疑。卢森堡金融业协会首席执行官Nicolas Mackel在报告前言中写道，欧洲每年需至少筹集5000亿欧元方能实现净零目标，并警告称，尽管对"优良"企业的融资增长强劲，"不良"企业获得的融资仍以5:1的比例持续领先，他总结道："我们的行动速度还不够快。"值得欣慰的是，近年來綠色風險投資價值大幅攀升，2023年佔歐洲風險投資總額的18%，是當年唯一滲透率出現回升的細分市場，凸顯了在綠色創新企業成長壯大過程中給予支持的重要性。報告還援引標普「綠色濃淡度」（S&P Shades of Green）數據發現，僅有40%的綠色債券框架符合「深綠」標準，引發了對已標注綠色融資實際「綠色」程度的質疑。盧森堡金融業協會首席執行官Nicolas Mackel在報告前言中寫道，歐洲每年需至少籌集5000億歐元方能實現淨零目標，並警告稱，儘管對「優良」企業的融資增長強勁，「不良」企業獲得的融資仍以5:1的比例持續領先，他總結道：「我們的行動速度還不夠快。」