Some investors may feel uncomfortable about an oil giant issuing a green bond that promises to invest in solar panels.
国家一直都认为是没有机会，所有的，甚至这些钱大部分将来自政府，让新兴的融资模式慢慢地也加快了步伐，以鼓励私营部门的步骤和缩小差距。
绿色债券正在迅速成为最流行的机制之一，允许投资者直接回低碳和气候变化适应项目，与发行预计今年将达到$ 60十亿到$ 70十亿。由气候债券倡议，环境署与世界银行最近的一份报告预测，随着地方适当的支持，1万亿$的绿色债券可能在一年到2020年发行，堵塞一大块的气候融资缺口。
But the nascent market still faces a number of challenges, with investors unsure about what they should be looking for when investing in green bonds.
什么是绿色的债券？
那么究竟什么是绿色键，你怎么知道，如果你在一个投资？简单地说，它是一个气候为主题的债券 - 一张欠条从政府，银行或机构寻求筹集资金投资于与气候有关的项目。
But as the market has grown, attempts have been made to set standards and help investors be sure their money really is helping to tackle climate change.
气候债券倡议具有设计，使其更容易养老金受托人和较小的投资者选择投资产品明智的经过认证的绿色债券方案。
These officially labelled green bonds try to guarantee the proceeds directly will pay for a low carbon infrastructure or climate adaptation projects, such as renewable energy development or flood resilience measures.
官方标记的绿色债券市场余额为$ 66十亿今年夏天以极快的速度在增长，但相比于非官方气候对齐的债券市场，这是值得每年$ 532十亿仍然相对较小。
The standard is a good starting point and brings some certainty for investors, but many people may have more questions.
For example, some investors may feel uncomfortable about an oil giant issuing a green bond that promises to invest in solar panels. They may deem it hypocritical for a company that makes the vast majority of its profits from contributing to climate change to seek to raise money for low carbon alternatives.
Similarly, a company which is broadly considered green in its activities does not automatically qualify for the label when it issues bonds — it has to prove the money will be funding climate measures.
Investors remain split on these issues. For example, Manuel Lewin, head of responsible investment at Zurich, said it is crucial for these more controversial companies to issue green bonds as a way of helping to raise awareness of the emerging market. "If the green market was only the green poster children and only the window solar companies would issue green bonds, I don't think it would make a big difference," he warned. "The very fact that green bonds can be appealing to banks and oil companies — that's what really makes a difference."
He argues the green bonds market needs to find a way to welcome low bonds from high carbon companies. "We would like to see more companies come to market — those companies that are a bit more controversial and where you need to think a little bit harder about whether we're going to be comfortable with that," he said. "But the market needs that. I think this is a good thing."
Some investors are not providing a clear enough mandate at the start, allowing them to then claim they have delivered on promises that were too vague to begin with.
除了使用绿色标签债券，苏黎世评估自身的优点每个绿色债券。随着市场仍处于初期阶段，标准不明确，投资是根据具体情况逐案非常多完成，列文说。
尽可能，苏黎世将参与从早期的发行人积极对话，了解债券究竟是如何设计的工作。这是这个过程的重要组成部分，而且还可以使苏黎世影响交易。
“Transparency is the most important thing in this market," Lewin said. "It's not realistic for there to be a single and absolute standard that will define what is green and what is not. So in the absence of that, it's really important that as investors, we have transparency to make up our own minds."
是绿色投资债券，他们应该是什么？
早在2011年，当绿色债券市场还很小，开发银行，如世界银行是现场唯一的发行人，因此比较容易为投资者评估债券的信誉。
But as the market has grown, so too has the range of issuers. This year the biggest proportion of issuers so far has been corporates, while banks and cities also have taken a slice of the market share.
所以透明度仍然是一个关键问题。投资者应该寻找从计划如何投资自己的钱发行人明确和可衡量的任务，然后找出多久发行人计划回来报告。
达米安·里根，在咨询公司普华永道的风险保障服务总监表示，投资者应该寻找从发行者承诺提供每年的基础上保证。
“当人们通常买债券，所有他们感兴趣的是优惠券，他们不是真的很担心这些钱去，”他说，“但是，只要你把它周围的绿色包装，那么你已经有了一个原因是投资于它。你因此，无论是打的任务变得对投资者至关重要。有没有财务损失的投资者，但他们会通过，如果他们投资于一些声称是绿色的，但并不觉得辛苦完成的。“
What's the impact?
As well as ensuring the money went where the issuer promised, you should also seek to find out if the bond had the desired climate impact. In short, did it deliver on the greenhouse gas reductions that it promised?
同样，那些希望购买绿色债券应该寻找从他们都希望达到的发行人以及报告进展情况回的时间表明确的目标，里根说。
苏黎世的列文说，为确保他们得到他们支付，他的团队定期检查与发行人 - 对话不只是最终一旦投资已经取得进展。
With the market still in early stages, it's difficult to know how many green bond issuers have failed to deliver on their pledges. But this is probably because some investors are not providing a clear enough mandate at the start, allowing them to then claim they have delivered on promises that were too vague to begin with.
绿色债券市场的出现，开辟了一个充满机会的木筏为企业投资和环保结合起来的专业知识来解决世界面临的最大挑战之一。导致这一重要的新市场的出现这些公司可能会发现自己受益的长期都在财务和声誉的水平，但只有当他们拥抱必须保证绿色债券的保障是真正的绿色环保。
