实现绿色转型是我国必要实现的长远目标之一，零碳目标的实现一方面要求存量巨大的基础设施进行脱碳转型，另一方面为可再生能源行业的发展带来机遇，而绿色基础设施资产的转型和投资面临融资困难的挑战，渠道有限、成本高昂、参与门槛高等现状成为绿色融资发展缓慢的重要因素。本文以REITs模式作为切入点，将其具备的资产盘活、资金成本优势、公开募集资金等特点与绿色基础设施大规模、长周期的融资需求相结合，以多案例研究分析比较了不同绿色基础设施REITs的模式，并研究了制度框架，总结一般性特点和原则，讨论其在绿色融资中具备的潜力，为中国绿色路径中的基础设施和能源项目融资提供有益思考。文章对绿色REITs涉及的相关概念进行了系统性梳理，包含绿色资产、绿色基础设施、绿色基础设施融资相关的国内外研究现状、定义和内涵，分析了实现零碳目标所需的资金规模和主要金融手段，进一步确定转型过程中公私部门在金融领域合作的重要性和必要性。文章对美国YieldCo、日本Infra REITs和中国中航首钢绿能REIT进行多案例研究，并对美国、新加坡、日本、中国四个主要经济体的制度框架、税收政策、特征、市场进行比较分析，讨论绿色资产项目在不同的法律框架和市场机制中所呈现的特征，分析可再生能源融资、金融产品、基础设施基金、环保治理等领域的融资结构和特点。通过比较分析，文章发现“透明+灵活“模式的监管原则或能够为市场体系培养创造土壤；税收优惠政策是一般REITs的关键特点之一，税收宽容政策吸引资金更为有效；绿色转型具有的道德属性能够天然引发投资者兴趣，但统一的定义和标准对投资者定价绿色资产影响重大；技术研发和科技创新是各个国家都努力推动的关键领域；我国巨量的基础设施规模为绿色融资提供了丰富的空间等特点。
Achieving a green transformation is one of the long-term goals that must be realized in our country. The realization of the zero-carbon goal requires, on the one hand, a massive stock of infrastructure to undergo decarbonization transformation, and on the other hand, brings opportunities for the development of the renewable energy industry. The transformation and investment of green infrastructure assets face the challenge of financing difficulties, with limited channels, high costs, and high participation thresholds becoming significant factors in the slow development of green finance and investment. This paper takes the REITs model as an entry point, combining its characteristics of revitalizing assets, capital cost advantages, and public fundraising with the large-scale and long-term financing needs of green infrastructure, analyzes and compares the models of different green infrastructure REITs through multiple case studies, and studies the institutional framework, summarizing general characteristics and principles, discussing its potential in green transformation finance and investment, and providing thoughtful considerations for financing infrastructure and energy projects in China‘s green path.The article reviews domestic and international literature related to green REITs, systematically organizes the current research status, definitions, and implications related to green assets, green infrastructure, and green infrastructure financing, analyzes the scale of funds needed to achieve the zero-carbon goal and the main financial instruments, and further determines the importance and necessity of cooperation between the public and private sectors in the financial field during the transformation process. Then, it conducts multiple case studies on the US YieldCo, Japan Infra REITs, and China‘s AVIC Shougang Green Energy REIT, and compares and analyzes the institutional frameworks, tax policies, characteristics, and markets of the United States, Singapore, Japan, and China, four major economies, discussing the characteristics of green asset projects under different legal frameworks and market mechanisms, analyzing the financing structures and characteristics in the fields of renewable energy financing, financial products, infrastructure funds, and environmental governance.Through comparative analysis, the article finds that the "transparent + flexible" regulatory principle may be able to create fertile ground for the market system; tax incentives are one of the key features of general REITs, with tax leniency policies being more effective in attracting funds; the moral attribute of green transformation naturally sparks investor interest, but a unified definition and standards have a significant impact on investors‘ pricing of green assets; technological research and development and innovation are key areas that all countries strive to promote; the massive scale of infrastructure in our country provides ample space for green financing, among other features.
