金融支持生物多样性保护路径与机制: 国内外创新实践和政策启示

doi:10.17520/biods.2024512

摘要/Abstract

摘要：

随着《昆明-蒙特利尔全球生物多样性框架》的达成, 资金动员在全球生物多样性治理体系中的战略地位显著上升。《中国生物多样性保护战略与行动计划(2023-2030年)》首次系统提出“到2030年基本建立多元化投融资机制”的目标, 标志着生物多样性金融支持体系迈入制度化建设新阶段。本文基于政策文本梳理与金融实践归纳, 构建了“政策支持维度-金融工具类型”双维度分析框架, 系统梳理我国在生物多样性金融支持方面的政策部署、工具分类与属性特征。研究发现, 我国在投融资机制、金融识别标准体系、政策性激励机制、自然相关信息披露与风险管理和对外合作机制等5类政策支持维度上逐步形成了引导型、激励型与强制型相结合的支持机制, 金融工具体系也呈现出绿色信贷、绿色债券、生态补偿、混合融资与生态产品抵质押等多元路径。进一步地, 本文重点剖析了国内外在混合融资、生物多样性挂钩机制和市场化生态补偿等3类创新机制方面的运作逻辑与现实挑战, 尝试为金融支持生物多样性提供多元化投融资路径与制度经验。本文提出制定明确的生物多样性金融标准和目录, 以引导投资者降低识别成本; 鼓励开发基于生态系统生产总值(gross ecosystem product, GEP)和生态绩效的金融产品, 创新环境权益抵押、混合融资与生态环境导向开发(ecological-oriented development, EOD)等服务模式, 提升对生物多样性项目的支持能力; 强化生物多样性相关的风险管理和信息披露, 以增强私营部门投资信心等政策建议。通过这些措施, 旨在建立稳定且可持续的资金流动, 推动生物多样性在经济、政策和社会各领域的全面主流化。

关键词: 生物多样性金融, 昆明-蒙特利尔全球生物多样性框架, 资源调动, 投融资机制

Abstract

Background& Aim: With the adoption of the Kunming-Montreal Global Biodiversity Framework, resource mobilization has been elevated to a strategic priority in global biodiversity governance. China Biodiversity Conservation Strategy and Action Plan (2023-2030) explicitly sets the goal of “basically establishing a diversified investment and financing mechanism by 2030”, signaling a new stage in institutionalizing biodiversity finance. This paper aims to analyze China’s biodiversity finance system through a structured lens, drawing on policy frameworks and practical experience to examine both domestic development and international innovations.

Review Results: This study builds a framework linking policy support dimensions with financial instrument types to analyze China’s biodiversity finance system. It identifies five key policy areas, including investment and finance mechanism, taxonomy and standards system, nature-related disclosure and risk management, external cooperation mechanism, across which a mix of directive, incentive-based, and mandatory tools. Core instruments include green credit, green bonds, ecological compensation, blended finance, and asset-based financing. Further, this paper examines the logic and practical challenges of three innovative mechanisms—blended finance, biodiversity-linked mechanisms, and market-based ecological compensation—in both domestic and international contexts, and offers diversified financing pathways and policy insights for supporting biodiversity.

Recommendations: Based on the challenges above, the paper proposes several policy recommendations: establish biodiversity investment and financing support catalog along with financial standards to reduce identification costs for investors, promote gross ecosystem product (GEP) and ecological performance-based financial products, and innovate models such as environmental asset collateral, blended finance, and ecological-oriented development (EOD) model to strengthen support for biodiversity projects, and strengthen biodiversity-related risk management and information disclosure to enhance private sector investment confidence. Through these measures, the aim is to establish stable and sustainable financial flows, promoting biodiversity mainstreaming in economic, policy, and social domains.

Key words: biodiversity finance, Kunming-Montreal Global Biodiversity Framework, resource mobilization, investment and financing model

赵丹阳, 殷昕媛, 白韫雯 (2025) 金融支持生物多样性保护路径与机制: 国内外创新实践和政策启示. 生物多样性, 33, 24512. DOI: 10.17520/biods.2024512.

Danyang Zhao, Xinyuan Yin, Yunwen Bai (2025) Exploring the pathways of biodiversity finance: Innovative experiences and policy insights from home and abroad. Biodiversity Science, 33, 24512. DOI: 10.17520/biods.2024512.

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链接本文: https://www.biodiversity-science.net/CN/10.17520/biods.2024512

https://www.biodiversity-science.net/CN/Y2025/V33/I12/24512

图/表 4

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支持维度 Supporting dimension	代表性工具/机制 Representative tool/mechanism	功能 Function	类型 Type
投融资机制 Investment and finance mechanism	绿色债券、绿色信贷、生态补偿基金、混合融资等 Green bonds, green credits, ecological compensation funds, blended finance, etc.	拓展多元资金来源渠道, 提升生态项目融资可得性与回报水平, 促进财政资金与市场资金协同配置 Expand diversified funding sources, enhance the accessibility and return of financing for ecological projects, and promote the coordinated allocation of fiscal and market-based capital	引导+激励型 Guidance-based and incentive-based
金融识别与标准体系 Taxonomy and standards system	《绿色债券支持项目目录(2021年版)》《绿色低碳转型产业指导目录(2024年版)》《绿色金融支持项目目录(2025年版)》Green Bond Endorsed Projects Catalogue (2021 Edition), Catalogue for Green and Low-Carbon Transition Industry (2024 edition), Green Finance Endorsed Project Catalogue (2025 edition)	明确投融资边界, 提升识别效率, 降低交易成本, 推动资源精准配置 Clarify the boundaries of investment and financing, enhance identification efficiency, reduce transaction costs, and promote the precise allocation of resources	引导型 Guidance-based
政策性激励机制 Policy incentive mechanism	绿色金融考核激励、碳减排工具支持范围拓展等 Green finance assessment and incentive mechanisms, the expansion of support under carbon reduction facilities, and related measures, etc.	通过财政与监管手段提供正向激励, 引导金融机构加大对生物多样性友好型项目的投融资力度, 激发市场参与积极性 Provide incentives through fiscal and tax policies, guide financial institutions to increase green investment, enhance market participants’ willingness and ability to act	激励型 Incentive-based
自然相关信息披露与风险管理 Nature-related disclosure and risk management	TNFD披露框架、ESG环境信息披露制度等 TNFD framework, ESG disclosure standards, biodiversity-related financial products	强化金融机构和企业对自然相关风险的识别与管理, 推动建立透明、负责任的生物多样性投融资体系 Promote the integration of biodiversity risks into corporate operations and financial decision-making, strengthen market awareness and risk management	强制+引导型 Mandatory and guidance-based
对外合作机制 External cooperation mechanism	世界银行、亚洲开发银行、亚洲基础设施投资银行贷款, 跨境混合融资, “一带一路”绿色发展合作平台 Loans from the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank, cross-border blended finance, and the “Belt and Road” green development cooperation platform	引入国际资源与技术, 拓展多边合作空间, 缓解本土融资压力, 提升项目环境标准与可持续性 Mobilize international resources and technologies, expand the scope of multilateral cooperation, ease domestic financing pressures, and enhance project environmental standards and sustainability	引导型 Guidance-based

支持维度 Supporting dimension	代表性工具/机制 Representative tool/mechanism	功能 Function	类型 Type
投融资机制 Investment and finance mechanism	绿色债券、绿色信贷、生态补偿基金、混合融资等 Green bonds, green credits, ecological compensation funds, blended finance, etc.	拓展多元资金来源渠道, 提升生态项目融资可得性与回报水平, 促进财政资金与市场资金协同配置 Expand diversified funding sources, enhance the accessibility and return of financing for ecological projects, and promote the coordinated allocation of fiscal and market-based capital	引导+激励型 Guidance-based and incentive-based
金融识别与标准体系 Taxonomy and standards system	《绿色债券支持项目目录(2021年版)》《绿色低碳转型产业指导目录(2024年版)》《绿色金融支持项目目录(2025年版)》Green Bond Endorsed Projects Catalogue (2021 Edition), Catalogue for Green and Low-Carbon Transition Industry (2024 edition), Green Finance Endorsed Project Catalogue (2025 edition)	明确投融资边界, 提升识别效率, 降低交易成本, 推动资源精准配置 Clarify the boundaries of investment and financing, enhance identification efficiency, reduce transaction costs, and promote the precise allocation of resources	引导型 Guidance-based
政策性激励机制 Policy incentive mechanism	绿色金融考核激励、碳减排工具支持范围拓展等 Green finance assessment and incentive mechanisms, the expansion of support under carbon reduction facilities, and related measures, etc.	通过财政与监管手段提供正向激励, 引导金融机构加大对生物多样性友好型项目的投融资力度, 激发市场参与积极性 Provide incentives through fiscal and tax policies, guide financial institutions to increase green investment, enhance market participants’ willingness and ability to act	激励型 Incentive-based
自然相关信息披露与风险管理 Nature-related disclosure and risk management	TNFD披露框架、ESG环境信息披露制度等 TNFD framework, ESG disclosure standards, biodiversity-related financial products	强化金融机构和企业对自然相关风险的识别与管理, 推动建立透明、负责任的生物多样性投融资体系 Promote the integration of biodiversity risks into corporate operations and financial decision-making, strengthen market awareness and risk management	强制+引导型 Mandatory and guidance-based
对外合作机制 External cooperation mechanism	世界银行、亚洲开发银行、亚洲基础设施投资银行贷款, 跨境混合融资, “一带一路”绿色发展合作平台 Loans from the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank, cross-border blended finance, and the “Belt and Road” green development cooperation platform	引入国际资源与技术, 拓展多边合作空间, 缓解本土融资压力, 提升项目环境标准与可持续性 Mobilize international resources and technologies, expand the scope of multilateral cooperation, ease domestic financing pressures, and enhance project environmental standards and sustainability	引导型 Guidance-based

分类 Category	工具/机制名称 Instrument/mechanism	支持机制 Supporting mechanism	参考文献 References
传统绿色金融工具 Traditional green finance tools	绿色信贷 Green credits	通过对生物多样性友好型项目提供优惠利率和贷款支持, 从而提高绿色项目的投资回报率和融资的可获得性, 并抑制对不利于生物多样性的项目进行投资 By providing preferential interest rates and loan terms for biodiversity-friendly projects, green credit enhances the investment return and risk resistance of green projects, while constraining projects that are unfavorable to biodiversity	崔楚云等, 2022
	绿色债券 Green bonds	通过发行不同类别的固定收益类证券, 募集资金投向支持生物多样性的项目 By issuing fixed-income securities with specific purposes, funds are raised and invested in biodiversity-related projects	孙曙光等, 2024
	绿色保险 Green insurance	通过风险转移、损失补偿与行为激励机制, 为生物多样性友好型活动提供制度化保障。目前, 主要有野生动物肇事保险和巨灾保险险种 Through risk-sharing, loss-compensation, and behavioral incentive mechanisms, green insurance provides institutionalized guarantees for biodiversity-friendly activities. At present, it mainly covers wildlife accident insurance and catastrophic disaster insurance	唐明知等, 2024
创新型产品或模式 Innovative products or models	GEP价值贷 Gross ecosystem product (GEP) valuation	以生态系统生产总值(GEP)核算结果为依据, 通过质押担保创新和KPI挂钩设计, 实现经济和生态的双重效益 Based on ecosystem GEP accounting results, new financial products and transaction designs are created, aiming to achieve “dual benefits” of ecological protection and economic development	https://xyls.lishui.gov.cn/art/2022/8/22/art_1229640583_34927.html
创新型产品或模式 Innovative products or models	可持续发展挂钩贷 Sustainable development-linked loans	通过将贷款利率与借款人的生物多样性绩效目标直接挂钩的创新机制来推动生态保护 By linking loan interest rates or covenants with biodiversity-related targets, innovative financial instruments are designed to incentivize biodiversity conservation	王曼, 2021
创新型产品或模式 Innovative products or models	生态环境导向开发(EOD)模式 Ecological-oriented development (EOD) model	将生态环境治理纳入开发项目的投入要素, 通过提前锁定生态环境保护收益, 将其转化为对生态环境治理相关项目投入的反哺, 以此提高产业可持续发展能力 Incorporating ecological environment management and restoration into development projects, and locking in ecological environmental revenues. Investors in related projects receive returns, thereby enhancing industrial sustainability	陈婉, 2021
创新型产品或模式 Innovative products or models	混合融资 Blended finance	将公共资金(如政府补贴、发展援助)、准公共资金(如政策性金融、绿色基金)与私人资本结合, 以分担风险、引导投资流向具有生态或社会效益项目 By combining public funds (such as government subsidies and development assistance), quasi-public funds (such as policy finance and green funds), and private capital, blended finance helps share risks and guide investment toward projects with positive ecological or social benefits	邱慈观等, 2024

分类 Category	工具/机制名称 Instrument/mechanism	支持机制 Supporting mechanism	参考文献 References
传统绿色金融工具 Traditional green finance tools	绿色信贷 Green credits	通过对生物多样性友好型项目提供优惠利率和贷款支持, 从而提高绿色项目的投资回报率和融资的可获得性, 并抑制对不利于生物多样性的项目进行投资 By providing preferential interest rates and loan terms for biodiversity-friendly projects, green credit enhances the investment return and risk resistance of green projects, while constraining projects that are unfavorable to biodiversity	崔楚云等, 2022
	绿色债券 Green bonds	通过发行不同类别的固定收益类证券, 募集资金投向支持生物多样性的项目 By issuing fixed-income securities with specific purposes, funds are raised and invested in biodiversity-related projects	孙曙光等, 2024
	绿色保险 Green insurance	通过风险转移、损失补偿与行为激励机制, 为生物多样性友好型活动提供制度化保障。目前, 主要有野生动物肇事保险和巨灾保险险种 Through risk-sharing, loss-compensation, and behavioral incentive mechanisms, green insurance provides institutionalized guarantees for biodiversity-friendly activities. At present, it mainly covers wildlife accident insurance and catastrophic disaster insurance	唐明知等, 2024
创新型产品或模式 Innovative products or models	GEP价值贷 Gross ecosystem product (GEP) valuation	以生态系统生产总值(GEP)核算结果为依据, 通过质押担保创新和KPI挂钩设计, 实现经济和生态的双重效益 Based on ecosystem GEP accounting results, new financial products and transaction designs are created, aiming to achieve “dual benefits” of ecological protection and economic development	https://xyls.lishui.gov.cn/art/2022/8/22/art_1229640583_34927.html
创新型产品或模式 Innovative products or models	可持续发展挂钩贷 Sustainable development-linked loans	通过将贷款利率与借款人的生物多样性绩效目标直接挂钩的创新机制来推动生态保护 By linking loan interest rates or covenants with biodiversity-related targets, innovative financial instruments are designed to incentivize biodiversity conservation	王曼, 2021
创新型产品或模式 Innovative products or models	生态环境导向开发(EOD)模式 Ecological-oriented development (EOD) model	将生态环境治理纳入开发项目的投入要素, 通过提前锁定生态环境保护收益, 将其转化为对生态环境治理相关项目投入的反哺, 以此提高产业可持续发展能力 Incorporating ecological environment management and restoration into development projects, and locking in ecological environmental revenues. Investors in related projects receive returns, thereby enhancing industrial sustainability	陈婉, 2021
创新型产品或模式 Innovative products or models	混合融资 Blended finance	将公共资金(如政府补贴、发展援助)、准公共资金(如政策性金融、绿色基金)与私人资本结合, 以分担风险、引导投资流向具有生态或社会效益项目 By combining public funds (such as government subsidies and development assistance), quasi-public funds (such as policy finance and green funds), and private capital, blended finance helps share risks and guide investment toward projects with positive ecological or social benefits	邱慈观等, 2024