Research On The Legal System Of Green Bond

Ecological and environmental governance is gradually changing from relying solely on administrative governance tools to the integrated and comprehensive use of legal,economic,technological and necessary administrative instruments,in order to effectively compensate for the deficiency of the traditional command-and-control governance approach In the current practice,the ideas of participating in ecological and environmental governance through economic incentive tools has been paid more and more attention,and the related application practices are also increasing.Among them,as an important part of the green financial system,green bonds play an important role in promoting the modernization of ecological and environmental governance.The data shows that the amount of green bonds is in the forefront of the world,and it is an important part of the global green bond market.Therefore,considering the practical needs of system stability and integrity,it is necessary to pay attention to the specific practice of green bond market operation,and to observe the current green bond legal practice reality and system demand from the green bond issuance,underwriting,registration,settlement,in order to optimize the relevant institutional arrangements of China’s green bond market.Based on the differences between the issuer and the capital investment path,Green bonds are divided into green government debt,green financial debt,and green corporate bonds by the method of typologically analysis.Combined with the current practical of China’s green bond market,this paper explores the application of law in the operation of China’s green bond market,and analyzes the existing institutional supply demand and its practice.By combing the practical observation and institutional arrangement of the related activities such as the issuance and trading of green bond products in China,we can enhance the overall grasp of the legal system framework of China’s green bond market,so as to make an overall assessment and a more comprehensive understanding of the operation of the green bond market.Based on the further analysis of the existing green bond issuance practice and institutional framework composition,we can learn from the reality of the construction of green bond legal system in foreign countries or regions to lay a foundation for the optimization of the legal system of China’s green bond market.In view of the green bond policy and market attributes,in order to ensure the implementation of the related activities,ensure its due function in environmental governance activities,it is necessary to systematically adjust the relevant legal systems:issuance system,external audit and evaluation system,market supervision system and supporting system from the point of view of legislation.Therefore,on the basis of the current green bond related system and overall grasp,it is of great significance to systematically revise the environmental protection law and other relevant environmental laws and the securities laws and other relevant economic laws and regulations,at the same time,strengthen the role of local regulations,policy documents and self-discipline guidelines,in order to optimize the existing structural functional green bond system,strengthen the organic interaction of hard and soft law to provide legal guarantee for the green bond incentive system design.In the specific institutional arrangement,we should pay attention to the balance of the relationship between the general rules of the bond market and the special rules of green bonds,respect the actual situation of the bond market,and grasp the proper space for the application of the general rules and laws in green bond issuance and trading activities.What?s more,we should emphasize the supply of special rules of "green attributes" of green bonds,and pay attention to their unity and interaction with relevant rules,so as to effectively reduce the overall cost of system operation,strengthen the effectiveness of legal system supply,and finally optimize the concrete effect of the implementation of green bonds.