Analysis On The Motivation-effect Of Green Bonds Issued By Enterprises Under The "Double Carbon" Goal

On 22 September 2020,"Striving for a peak in CO2 emissions by 2030 and striving for carbon neutrality by 2060" was the "two-carbon" goal President Xi Jinping proposed at the General debate of the 75 th session of the UN General Assembly.This is also our own proposed carbon emission path goal.At this point,our country green finance and green bond ushered in a new wave of development.In March 2021,the China Interbank Dealers Association proposed carbon-neutral bonds,further deepening the country’s green finance system and providing a powerful tool for achieving the "two-carbon" goal.System of green finance in our country has moved to a new historical stage.The number and scale of green bonds issued in 2021 and 2022 will increase significantly.By the end of2022,more than 1,700 green bonds had been issued in the domestic market,with a total issuance scale of 2.63 trillion yuan.As the latest sub-variety of green bonds,carbon neutral bonds have been well accepted by the market in the first year of their introduction,with the scale and quantity of issuance exceeding expectations.Based on the background of "dual carbon" goal,this paper will analyze the motivation and effect of green bond issuance by enterprises through literature research,case study and other methods.Under the "dual carbon" goal,aluminum industry,as an important part of the traditional industry,is the key industry that needs to accelerate the transformation.In this paper,Aluminum of China,a leading company in the aluminum industry,is selected as the case study,focusing on the motivation and issuing effect of its first ultra-short-term green bond "21 Chinalco GN001(Carbon Neutral Bond)".First of all,carbon neutral bonds are the newly proposed sub-varieties of green bonds.This paper defines the concepts of green finance,green bonds and carbon neutral bonds,and collects and reviews the literature on green finance,green bonds and the motivation and effect of issuing green bonds.This paper analyzes the green bond theory basis and relevant system background.It was found that our green bond was proposed late and the standard is relatively loose compared with that of the international community.But under the two-carbon policy,our green bond policy has the trend convergent with the international standard.Secondly,the current development trend of green bonds issued in China is good.This paper makes a statistical analysis of the issuing scale,quantity and varieties of green bonds from the perspective of data.Carbon neutral bonds have developed into an important variety of green bonds within two years.Finally,this paper analyzes the reasons for issuing green bonds from both external and internal aspects,and analyzes the motivations and effects of issuing " 21 Chinalco GN001(Carbon Neutral Bond)" issued by the case company Aluminum of China,to deeply analyze the motivations and effects of issuing green bonds by Chinese enterprises.At present,green bonds have been recognized by market investors,carbon neutral bonds will become an important variety of green finance system.Under the background of "two-carbon" policy,enterprises are willing to actively issue green bonds or carbon-neutral bonds for consideration of financing cost,convenience of issuance,their own financial structure and green strategic transformation.In addition,carbon neutral bonds can obviously bring good environment,stock price and financial effects to enterprises after successful issuance.Therefore,it is suggested that enterprises seize the opportunity brought by the emergence of carbon neutral bond products,actively use this tool for financing,strictly abide by the information disclosure system,solve their own financial problems and development problems,accelerate the green and low-carbon transformation of enterprises,and reflect their social responsibility.At the same time,the government should further increase the policy incentives for related products,reduce the cost of issuing bonds,and promote more financing subjects to enter this market and enrich the product supply while improving the supervision and the relevant legal system.