| Under the strategic decision-making and deployment of carbon peak and carbon neutrality,China’s traditional energy structure and industrial structure with coal as the core urgently need to be transformed,and traditional carbon-intensive and highenvironmental impact industries face a huge funding gap in the transformation process.In order to continue to play the supporting role of the financial sector in the transformation of industrial structure and energy structure,China has innovatively launched sustainability-linked bonds,focusing on the low-carbon transformation of traditional carbon-intensive enterprises.China’s sustainability-linked bonds have no restrictions on the issuer or the use of funds raised,and are committed to opening up new financing channels for the low-carbon transformation of traditional industries.Traditional power enterprises mainly focus on thermal power generation,and their development depends on consuming a large amount of fossil energy.Sustainabilitylinked bonds can constrain the implementation of their low-carbon transformation strategies and meet the capital needs of enterprises for low-carbon transformation.This paper reviews the theoretical aspects and issuance of sustainability-linked bonds,selects Huaneng Group,a demonstration enterprise in the traditional power industry,as a case study object,and deeply understands the practical application of sustainability-linked bonds as a new financing tool with the help of research on their causes,issuance behaviors,issuance effects and risks.This paper argues that for traditional industries with low-carbon transition needs,sustainability-linked bonds are a high-quality financing option that can meet capital needs,promote low-carbon transformation,and create a green environmental image. |
