State of Sustainable Finance in Central Asia中亚可持续金融发展现状中亞可持續金融發展現狀

Prepared by the AIFC Authority and the GIP Regional Office in Central Asia with the Department of Finance at Al-Farabi Kazakh National University, this report finds that although Central Asian countries contribute just over 1% of global greenhouse gas emissions, the region is among the most vulnerable to climate change: temperatures have risen 1.5°C over the past three decades, double the global average, glaciers have lost 30% of their surface area over the last 50-60 years, and without coordinated action climate change could cost the region 1.3% of GDP per year, reduce crop yields by 30%, and lower water levels in the Amu Darya and Syr Darya rivers by 15% by 2050.本报告由AIFC管理局及GIP中亚区域办事处联合阿尔-法拉比哈萨克国立大学金融系共同编制，指出尽管中亚国家的温室气体排放量仅占全球总量的略高于1%，该地区却是全球受气候变化影响最脆弱的地区之一：过去三十年间，区内气温上升了1.5摄氏度，为全球平均水平的两倍；过去五十至六十年间，冰川面积已缩减30%；若缺乏协同应对措施，到2050年，气候变化每年可能令该地区损失相当于GDP 1.3%的经济产出，农作物产量下降30%，阿姆河与锡尔河的水位则可能下降15%。本報告由AIFC管理局及GIP中亞區域辦事處聯合阿爾-法拉比哈薩克國立大學金融系共同編製，指出儘管中亞國家的溫室氣體排放量僅佔全球總量的略高於1%，該地區卻是全球受氣候變化影響最脆弱的地區之一：過去三十年間，區內氣溫上升了1.5攝氏度，為全球平均水平的兩倍；過去五十至六十年間，冰川面積已縮減30%；若缺乏協同應對措施，到2050年，氣候變化每年可能令該地區損失相當於GDP 1.3%的經濟產出，農作物產量下降30%，阿姆河與錫爾河的水位則可能下降15%。

The report finds that the region's sustainable finance market has already exceeded USD 2 billion, with Kazakhstan the regional leader — the first country to adopt green finance standards, with over twenty issuances in the sustainable finance segment, following the region's debut green bonds in 2020. Uzbekistan has become the first regional issuer of both sovereign SDG bonds and sovereign green bonds, while Kyrgyzstan and Tajikistan have each entered the market with their first corporate green bonds; Turkmenistan lacks publicly available information on sustainable bond issuances.报告发现，该地区可持续金融市场规模已超过20亿美元，其中哈萨克斯坦处于区域领先地位——继2020年发行区内首批绿色债券后，该国率先采纳绿色金融标准，迄今已在可持续金融板块完成逾二十次发行。乌兹别克斯坦则成为区内首个发行主权可持续发展目标（SDG）债券及主权绿色债券的国家，吉尔吉斯斯坦与塔吉克斯坦亦分别发行了各自首批企业绿色债券；土库曼斯坦则暂无公开可查的可持续债券发行信息。報告發現，該地區可持續金融市場規模已超過20億美元，其中哈薩克處於區域領先地位——繼2020年發行區內首批綠色債券後，該國率先採納綠色金融標準，迄今已在可持續金融板塊完成逾二十次發行。烏茲別克則成為區內首個發行主權可持續發展目標（SDG）債券及主權綠色債券的國家，吉爾吉斯與塔吉克亦分別發行了各自首批企業綠色債券；土庫曼則暫無公開可查的可持續債券發行資訊。

The report sets out five priority recommendations to develop and bridge gaps in the region's sustainable finance markets: standardising local thematic-financing standards aligned with international benchmarks and ESG disclosure guidelines; assessing and closing gaps in reliable, granular, and timely regional sustainable finance statistics; building capacity through educational resources for retail consumers, corporates, and the banking sector; encouraging new products such as green loans and ESG bonds through policy incentives; and prioritising climate strategies within financial institutions, including carbon neutrality goals and dedicated green finance targets.报告为发展区域可持续金融市场、弥合其发展差距，提出五项优先建议：制定与国际基准及ESG信息披露准则相衔接的本地主题融资标准；评估并弥补区域可持续金融统计数据在可靠性、颗粒度及时效性方面的不足；通过面向散户消费者、企业及银行业的教育资源开展能力建设；通过政策激励措施，鼓励开发绿色贷款、ESG债券等新型金融产品；以及推动金融机构优先制定气候战略，包括设定碳中和目标及专项绿色金融指标。報告為發展區域可持續金融市場、彌合其發展差距，提出五項優先建議：制定與國際基準及ESG信息披露準則相銜接的本地主題融資標準；評估並彌補區域可持續金融統計數據在可靠性、顆粒度及時效性方面的不足；通過面向散戶消費者、企業及銀行業的教育資源開展能力建設；通過政策激勵措施，鼓勵開發綠色貸款、ESG債券等新型金融產品；以及推動金融機構優先制定氣候戰略，包括設定碳中和目標及專項綠色金融指標。