藉助綠色金融槓桿整治污染
There is money in filth. There will be more of it in China. The country’s air pollution problem is well-known and the state of its soil, while less visible, is equally dire.
有些錢從“污穢”中來。在中國會有更多這樣的錢。中國的空氣污染問題衆所周知，而土壤的污染狀況（雖然不那麼明顯）也同樣可怕。
Last week the government announced plans to improve the quality of its arable land within five years. A 2014 survey estimated that one-fifth of arable land was contaminated by heavy industry.
上週，政府宣佈在5年內改善耕地質量的計劃。一份2014年的調查估計，耕地面積約五分之一遭到重工業污染。
The plan aims to restore 90 per cent of that to safely usable levels by 2020. Officials estimate that the clean-up might cost more than $1tn.
該計劃旨在到2020年使受污染耕地“安全利用率”達到90%左右。官員們估計，清理成本可能超過1萬億美元。
Sorting out the soil is part of a broader war on pollution enshrined in the country’s 13th five-year plan, which runs from 2016 to 2020.
整治土壤污染是中國十三五規劃（2016年至2020年）中向污染全面宣戰的一部分。
China’s Green Finance Task Force, a group backed by the People’s Bank of China, estimated last year that the cost of reaching the environmental targets could run as high as $300bn a year for the five years. China’s government might only pay for about 15 per cent of the bill.
中國人民銀行(PBoC)支持的綠色金融工作小組去年估計，5年期間爲達到環保目標而產生的成本可能高達每年3000億美元。中國政府可能只能爲大約15%的賬單買單。
The shortfall is likely be filled in part by increased use of so-called green bonds — debt instruments issued for projects explicitly aimed at environmental applications.
這一缺口有一部分可能會越來越多地利用所謂綠色債券（明確爲環保應用項目而發行的債務工具）填補。
In the first quarter of 2016 about $17bn were issued globally, nearly three times as much as a year earlier. Almost half of this came from China. Moody’s estimates that global green bond issuance could total $70bn in 2016.
2016年第一季度，全球發行的綠色債券總額是170億美元，幾乎是一年前的三倍。其中近一半來自中國。穆迪(Moody’s)估計，2016年全球綠色債券的發行總額可能達700億美元。
While banks have so far dominated China’s onshore financing, other companies are also getting involved. In May, motor group Zhejiang Geely issued $400m of green bonds yielding 2.75 per cent, backed by Bank of China.
雖然中國在岸融資迄今主要由銀行進行，但其他企業也在參與。5月，汽車集團浙江吉利(Zhejiang Geely)在中國銀行(Bank of China)支持下，發行了4億美元的綠色債券，收益率爲2.75%。
The proceeds will go towards financing development of an electric taxi cab that may reduce pollution in London’s busy streets. Demand for the asset class has been strong. With similar yields to non-green bonds, funding cleaner living comes as an added bonus.
融資所得將用於資助一款電動出租車的開發，該車有望用於降低倫敦繁忙街頭的空氣污染。對此類資產的市場需求強勁。鑑於綠色債券的收益率和非綠色債券相仿，爲清潔生活出資是額外的好事。
