1. Isishwankathelo seeBonds eziZinzileyo
1.1. Inkcazo yeeBonds eziZinzileyo
Sustainability amabhondi zizixhobo zemali eziyilelwe ukuxhasa ngemali iiprojekthi ezizisa imbuyekezo yemali kunye neempembelelo ezintle kwezentlalo nokusingqongileyo. Ezi bhondi ziyinxalenye yodidi olubanzi lwemali ezinzileyo, efuna ukulungelelanisa utyalo-mali qhinga ngozinzo lwexesha elide lokusingqongileyo kunye neenjongo zoxanduva loluntu. Ngokungafani nezibophelelo zendabuko, ezijolise ngokukodwa kwimbuyekezo yemali, izibophelelo ezizinzileyo zikhutshwa ngenjongo ecacileyo yokuxhasa amanyathelo akhuthaza ukukhuselwa kwendalo, ukulingana kwezentlalo kunye nophuhliso oluzinzileyo jikelele.
Ingeniso evela kwiibhondi zokuzinza yabelwe iiprojekthi ezijongana nemingeni enzima yehlabathi efana nokutshintsha kwemozulu, ungcoliseko, ilahleko yeentlobo-ntlobo zezinto eziphilayo, kunye nokungalingani kwezentlalo. Oku kunokubandakanya inkxaso-mali yeeprojekthi zamandla avuselelekayo, iziseko zophuhliso ezizinzileyo, izindlu ezifikelelekayo, amanyathelo okhathalelo lwempilo, okanye iinkqubo zemfundo kwiindawo ezingabonelelwanga kakuhle. Uphawu olucacileyo lweebhondi zokuzinza lugxininiso lwazo ezimbini: zenzelwe ukuvelisa imbuyekezo yezemali kubatyalo-mali ngelixa kwangaxeshanye negalelo ekuphunyezweni kweeNjongo zoPhuhliso oluZinzileyo (SDGs) ezibekwe yiZizwe eziManyeneyo.
1.2. Ukubaluleka koVavanyo lweeBonds eziZinzileyo
Ukuvavanya iibhondi ezizinzileyo kubalulekile ngenxa yezizathu ezininzi. Okokuqala, ukwanda kokuthandwa kwezi bhondi kuye kwabangela ukwanda kokukhutshwa, okwenza kube yimfuneko ukuba abatyali-mali bahlule phakathi kwamathuba okwenene kunye nalawo angenakukwazi ukuphumeza izithembiso zabo. I ingozi "yokuhlamba eluhlaza" -apho abakhuphi ngokuxoka bathengisa iibhondi zabo njengezizinzileyo ngaphandle kokuzibophelela ngokunyanisekileyo kwiinjongo zokusingqongileyo okanye zentlalo-yinkxalabo ebalulekileyo kwimarike. Abatyali-mali kufuneka bakhuthale ekuqinisekiseni ukuba utyalo-mali lwabo lunegalelo lokwenene kwiinjongo zozinzo kunokuba babe sisixhobo sokuthengisa.
Okwesibini, inkqubo yokuvavanya inceda ekuhloleni ukuthembeka komniki-mali, ukusebenza kakuhle kweprojekthi exhaswa ngemali, kunye nokulungelelaniswa kwebhondi kunye nexabiso lomtyali-mali kunye neenjongo zemali. Ngenxa yokuba iibhondi zozinzo zihlala zinxulunyaniswa neeprojekthi ezithile, kubalulekile ukuphonononga ubume bebhondi, ukusetyenziswa kwemali efunyenweyo, kunye neziphumo ezilindelekileyo zokuqinisekisa ukuba ziyahambelana nokulindelwe ngumtyali-mali kunye neenjongo zozinzo olubanzi.
Ekugqibeleni, njengoko imarike yeebhondi zokuzinza iqhubeka isanda, kunjalo ke ubunzima beemveliso ezinikezelwayo. Abatyalomali bajongene neendlela ezahlukeneyo zokukhetha, kuquka iibhondi eziluhlaza, iibhondi zentlalo, kunye neempembelelo zempembelelo, nganye ineempawu kunye neenjongo ezahlukileyo. Ukuphonononga ezi bhondi ngocoselelo kubalulekile ekwenzeni izigqibo zotyalo-mali ezinolwazi ezilungelelanisa imbuyekezo yezemali kunye nefuthe elihle kwezentlalo nezokusingqongileyo.
| Icandelo | Amaphuzu aphambili |
|---|---|
| inkcazelo | Iiprojekthi zengxowa-mali yeebhondi ezizinzileyo ezinembuyekezo yezemali kunye neempembelelo ezintle zentlalo/zokusingqongileyo. |
| ukubaluleka | Ukuphonononga izibophelelo zozinzo kuthintela uhlaza, kuqinisekisa ulungelelwaniso kunye nexabiso lomtyalo-mali, kunye nokuvavanya ukusebenza kweprojekthi kunye nokuthembeka komniki. |
| Amagqabantshintshi eNqaku | Eli nqaku libandakanya iintlobo, inkqubo yovavanyo, iingqwalasela eziphambili, izenzo ezingcono, kunye nezifundo zeebhondi zokuzinza. |
2. Ukuqonda iiBonds eziZinzileyo
2.1. Iindidi zeeBonds eziZinzileyo
Iibhondi zozinzo zihlelwa ngokweendidi ezininzi ngokusekelwe kugxininiso oluthile lweeprojekthi ezizixhasa ngemali. Oku kubandakanya iibhondi eziluhlaza, iibhondi zentlalo, kunye neebhondi zempembelelo, nganye isebenzela injongo eyahlukileyo ngaphakathi kwendawo ebanzi yemali ezinzileyo.
Iibhondi eziGreen lolona hlobo lwaziwayo lwebhondi yozinzo. Zibekelwe ngokukodwa iiprojekthi ezineenzuzo ezicacileyo zokusingqongileyo. Oku kunokubandakanya amaphulo afana neeprojekthi zamandla ahlaziyekayo, ukuphuculwa kokusetyenziswa kombane, ulawulo lwamanzi oluzinzileyo, uthintelo longcoliseko, kunye nophuhliso lweenkqubo zothutho ezingasingqongileyo. Injongo ephambili yeebhondi eziluhlaza kukulwa nokutshintsha kwemozulu kunye nokukhuthaza ukugcinwa kwendalo.
Iibhondi zeNtlalo lolunye udidi olubalulekileyo kwiibhondi ezizinzileyo. Ezi projekthi zengxowa-mali yebhondi ezijongana nemiba yasekuhlaleni efana nezindlu ezifikelelekayo, imfundo, ukhathalelo lwempilo, kunye nenkqubela phambili yentlalo noqoqosho. Iibhondi zentlalo zenzelwe ukuphucula inhlalakahle yabantu abangagcinwanga okanye abasengozini, ukukhuthaza ukulingana, kunye nokuxhasa ukubandakanywa koluntu. Umzekelo, ibhondi yezentlalo inokukhutshelwa ukuxhasa ngemali indawo yokhathalelo lwempilo kwindawo enengeniso ephantsi okanye ukubonelela ngezifundo zemfundo ukuze balahlekise.vantaged uluntu.
Iibhondi zeMpembelelo bamele udidi olubanzi oluquka zombini iinjongo zokusingqongileyo nezentlalo. Ezi bhondi zikhutshelwa ukuxhasa ngemali iiprojekthi ezinikezela ngeempembelelo ezilungileyo ezinokulinganiseka kuluhlu lweenjongo zozinzo. Ugxininiso alukho kuphela kubume beprojekthi kodwa nakwiziphumo ezibonakalayo ezivelisayo. Iibhondi zempembelelo zihlala zibandakanya ukubekwa esweni okungqongqo neemfuno zokunika ingxelo ukuqinisekisa ukuba iinzuzo ezicetywayo zentlalo nezokusingqongileyo ziyafezekiswa. Banomtsalane ngakumbi kubatyali-mali abafuna ukwenza igalelo elithe ngqo nelinokulinganiswa kwii-SDGs.
Uhlobo ngalunye lwebhondi yokuzinza luhambelana neenjongo ezithile kunye neziphumo, ezivumela abatyali-mali ukuba bakhethe iibhondi ezihambelana nemilinganiselo yabo kunye nezinto eziphambili. Ingaba kugxininiswa kulondolozo lwendalo esingqongileyo, ukulingana kwezentlalo, okanye ukudibanisa zombini, iibhondi ezizinzileyo zibonelela ngeendlela ezahlukeneyo zamathuba okufaka isandla kwiinzame zokuzinza kwihlabathi.
2.2. Iimpawu eziphambili zeeBonds eziZinzileyo
Iibhondi ezizinzileyo zabelana ngeempawu ezininzi eziphambili ezahlula kwiibhondi zemveli. Ezi mpawu zibandakanya ukusebenzisa kwabo ingeniso, izikhokelo ezingqongqo abazilandelayo, kunye nokungafihli kunye nokuphendula okufunekayo ekukhutshweni nasekulawuleni kwabo.
The ukusetyenziswa kwengeniso luphawu oluchazayo lweebhondi ezizinzileyo. I-capital ephakanyiswe kwezi bhondi yabelwa iiprojekthi ezithile ezihlangabezana neenqobo ezichazwe kwangaphambili zokusingqongileyo nezentlalo. Oku kukuhamba okubalulekileyo kwiibhondi zemveli, apho ukusetyenziswa kwemali ngokuqhelekileyo kuxhomekeke kwisigqibo somniki. Kwiibhondi zokuzinza, abaniki-mali kufuneka bachaze ngokucacileyo kwaye banxibelelane nenjongo yokusetyenziswa kweemali, baqinisekise ukuba bajoliswe kwiiprojekthi ezifaka isandla kwiinjongo zokuzinza.
Olunye uphawu olubalulekileyo yi isakhelo kunye nemigangatho ezikhokela ukukhutshwa kweebhondi ezizinzileyo. Abakhuphi basoloko befuneka ukuba balandele izikhokelo ezimiselweyo ezifana neMigaqo ye-Green Bond (GBP), iMigaqo yeBond yeNtlalo (SBP), okanye iziKhokelo zeBond eziZinzileyo (SBG) eziphuhliswe yi-International Capital Market Association (ICMA). Ezi zicwangciso-nkqubo zibonelela ngendlela esemgangathweni ekukhutshweni, ukusetyenziswa kwengeniso, ulawulo, kunye nokunika ingxelo yeebhondi zokuzinza, ukuqinisekisa ukuhambelana nokuthembeka kwimarike.
Ukungafihlisi kunye nokwenza ingxelo zikwayinto ebalulekileyo yeebhondi ezizinzileyo. Abakhuphi balindeleke ngokubanzi ukuba banike iingxelo ezineenkcukacha malunga nendlela iimali ezisetyenziswa ngayo kunye nefuthe leeprojekthi ezixhaswa ngemali. Oku kubandakanya zombini ingxelo yezemali kunye nengxelo yempembelelo, apho umkhuphi achaza iinzuzo zokusingqongileyo nezentlalo eziphunyezwe ngeeprojekthi ezixhaswa ngemali. Ukubeka iliso rhoqo kunye nokuqinisekiswa ngabaphicothi-zincwadi beqela lesithathu zizinto eziqhelekileyo zokuqinisekisa ukuba iiprojekthi zizalisekisa izithembiso zabo kwaye zigcina ukuzithemba kwabatyali-zimali.
2.3. Ukulungelelaniswa neNjongo zoPhuhliso oluZinzileyo (SDGs)
Iibhondi zokuzinza zinxulunyaniswa ngokusisiseko kwiiNjongo zoPhuhliso oluZinzileyo zeZizwe eziManyeneyo (SDGs), isethi yeenjongo zehlabathi ezili-17 ezijolise ekujonganeni nemiba ebalulekileyo efana nentlupheko, ukungalingani, ukutshintsha kwemozulu, kunye nokuthotywa kokusingqongileyo. Ezi bhondi zidlala indima ebalulekileyo ekuxhaseni ngezimali ukufezekiswa kwezi njongo ngokujolisa inkunzi kwiiprojekthi ezinegalelo kuphuhliso oluzinzileyo.
Ngokomzekelo, ibhondi eluhlaza ekhutshwe ukuxhasa ngemali iprojekthi yamandla avuselelekayo ixhasa ngokuthe ngqo i-SDG 7 (Amandla afikelelekayo kunye acocekileyo) kunye ne-SDG 13 (Isenzo seMozulu). Ngokufanayo, izibophelelo zentlalo ezixhasa ngemali izindlu ezifikelelekayo okanye amanyathelo okhathalelo lwempilo negalelo kwi-SDG 3 (iMpilo eNhle kunye neNtlalontle) kunye ne-SDG 11 (iidolophu ezizinzileyo kunye noluntu). Iibhondi zempembelelo, ezidibanisa zombini iinjongo zokusingqongileyo nezentlalo, zinokuxhasa ii-SDG ezininzi ngaxeshanye, zizenze zibe zizixhobo eziguquguqukayo zokuqhubela phambili uzinzo lwehlabathi.
Abatyali-mali kwiibhondi ezizinzileyo, ke ngoko, abafuni nje imbuyekezo yemali; bakwathatha inxaxheba ngokukhutheleyo kwiinzame zehlabathi zokuphumeza ii-SDGs. Oku kulungelelaniswa neenjongo ezivunyiweyo kumazwe ngamazwe kwandisa isibheno sozinzo lwebhondi, ingakumbi kubatyali-mali bamaziko kunye neengxowa-mali ezibeka phambili imilinganiselo yokusiNgqongileyo, iNtlalo, noLawulo (ESG) kubuchule babo botyalo-mali.
| Icandelo | Amaphuzu aphambili |
|---|---|
| Iindidi zeebhondi | Kubandakanya iibhondi eziluhlaza (ugxininiso lwendalo), iibhondi zentlalo (imicimbi yentlalo), kunye neempembelelo zempembelelo (iinjongo ezibanzi zokuzinza kunye neziphumo ezinokulinganiswa). |
| Iimpawu eziphambili | Ukusetyenziswa kwemali efunyenweyo kujoliswe kuyo, ukuthotyelwa kwezicwangciso-sikhokelo ezifana ne-GBP, i-SBP, okanye i-SBG, kunye nogxininiso lokungafihli kunye nokunika ingxelo. |
| Ulungelelwaniso nee-SDGs | Iibhondi ezizinzileyo ziqhagamshelwe ngokuthe ngqo kwii-SDGs, iiprojekthi zenkxaso-mali ezixhasa iinjongo zehlabathi ezifana namandla acocekileyo, ukunciphisa intlupheko, kunye noluntu oluzinzileyo. |
3. Ukuphonononga iiBonds eziZinzileyo
3.1. Ukuvavanya ukuthembeka koMniki-nkonzo
Xa uvavanya iibhondi ezizinzileyo, elinye lamanyathelo okuqala kukuvavanya ukuthembeka komniki. Isidima somniki, irekhodi, kunye nokuzinikela kuzinzo zizinto ezibalulekileyo ezinokuchaphazela impumelelo yebhondi kunye nokuba nokwenzeka kokuphumeza impembelelo ejoliswe kuyo. Abatyali-mali kufuneka baqale ngokuphonononga imbali yalowo ukhuphayo kwimali ezinzileyo kunye nezenzo zabo ezibanzi zeESG. Oku kubandakanya ukujonga iiprojekthi zexesha elidlulileyo ezixhaswa ngemali ngulowo ukhuphayo, ukusebenza kwazo, kunye nokungafihli nto apho iziphumo zazibhengezwa khona.
Abanikezeli abahloniphekileyo bahlala beseka iziqinisekiso zokuzinza, ezifana nembali yokukhupha amabhondi aluhlaza okanye asekuhlaleni okanye ukuqaphela izalathisi zokuzinza ezithembekileyo okanye amabhaso. Kukwabalulekile ukuphonononga naziphi na izatifikethi zomntu wesithathu okanye uqikelelo olufunyenwe ngumniki. Ezi zinokubonelela ngokuqinisekiswa okuzimeleyo kokuzibophelela komniki kuzinzo kunye nokuthembeka kwebhondi. Ukongeza, impilo jikelele yemali kunye nozinzo kufuneka kuthathelwe ingqalelo, njengoko oku kuchaphazela amandla abo okuphumeza izithembiso zebhondi.
Omnye umba wokuthembeka sisimo solawulo salowo ukhuphayo, ingakumbi indlela abadibanisa ngayo uzinzo kushishino lwabo. qhinga kunye neenkqubo zokwenza izigqibo. Abatyali-zimali kufuneka bajonge iinkampani okanye imibutho eneenjongo ezicacileyo zozinzo, amaqela azinikeleyo okanye iikomiti ezijongene nemiba ye-ESG, kunye nezenzo eziqinileyo zokuzibandakanya nabachaphazelekayo. Eli nqanaba lokudibanisa lihlala libonisa ukuzibophelela okunyanisekileyo ekuzinzeni, endaweni yokujonga phezulu okanye ithuba.
3.2. Ukuphonononga iNkqubo-sikhokelo yeBond kunye nokuSetyenziswa kweMali
Inkqubo-sikhokelo apho ibhondi yozinzo ikhutshwa ngumba ophambili ekugxilwe kuwo ngexesha lovavanyo. Esi sikhokelo sichaza indlela ibhondi eya kusebenza ngayo, kuquka indlela yokukhetha iiprojekthi, ulawulo lwengeniso, kunye nezibophelelo zokunika ingxelo zomnikeli. Isakhelo esisebenzayo seso sithobela imigangatho evunyiweyo kumazwe ngamazwe, efana neGreen Bond Principles (GBP), Social Bond Principles (SBP), okanye Sustainability Bond Guidelines (SBG). Le migangatho ibonelela ngezikhokelo malunga nokusetyenziswa ngokufanelekileyo kwengeniso, ukuvavanywa kweprojekthi nokukhetha, ulawulo lwengeniso, kunye nokunika ingxelo.
Ukusetyenziswa kwengeniso yinxalenye ebalulekileyo yesi sikhokelo. Abatyali-mali kufuneka baphonononge ngononophelo ukuba iimali eziqokelelwe kwibhondi ziya kwabiwa njani. Oku kubandakanya ukuqonda iintlobo zeeprojekthi eziya kuxhaswa ngemali kunye nokuvavanya iimpembelelo ezinokuthi zibe kho kokusingqongileyo okanye kwezentlalo. Ukungafihli nto kungundoqo—abaniki-mali kufuneka bachaze ngokucacileyo ukuba ingeniso iya kusetyenziswa njani kwaye inike iinkcazo ezineenkcukacha zeeprojekthi, kubandakanywa iziphumo ezilindelekileyo, amaxesha amisiweyo, kunye nayo nayiphi na imingcipheko enokubakho.
Kukwabalulekile ukuvavanya inkqubo yokukhetha iiprojekthi. Umniki-nkonzo kufuneka abe nenkqubo eqinileyo neselubala ekukhethweni kweprojekthi, ebandakanya abachaphazelekayo abafanelekileyo kunye neengcali. Le nkqubo kufuneka ihambelane nesicwangciso sokuzinza somniki kunye nee-SDGs. Abatyali-mali kufuneka bajonge ubungqina bokuba umkhuphi ubeka phambili iiprojekthi ezinempembelelo ephezulu ekunokwenzeka ukuba zinikezele ngenzuzo ebalulekileyo, enokulinganiswa.
3.3. Ukuvavanywa kweMpembelelo yeProjekthi kunye noLungelelwaniso kunye neNjongo yeBond
Impembelelo yeeprojekthi ezixhaswa ngemali ngamabhondi ozinzileyo yinkxalabo engundoqo kubatyali-zimali. Ukuqinisekisa ukuba ibhondi iyayifezekisa injongo yayo, kubalulekile ukuvavanya iziphumo ezilindelekileyo zentlalo okanye zokusingqongileyo kwiiprojekthi ezixhaswa ngemali. Oku kubandakanya ukuphonononga iimethrikhi zempembelelo eziqikelelweyo, ezinjengokuncitshiswa kokukhutshwa kwekhabhoni, ukonyuka kwamandla ahlaziyekayo, okanye uphuculo lwezalathi zentlalontle ezifana nokufikelela kukhathalelo lwempilo okanye ukufikelela kwimfundo.
Abatyali-mali kufuneka bafune iibhondi ezichaza ngokucacileyo iinjongo zempembelelo kwaye zibandakanye iithagethi ezithile, ezinokulinganiswa. Ezi thagethi kufuneka zilungelelaniswe neenjongo zokuzinza ngokubanzi, ezifana nee-SDGs, kwaye kufuneka ziphunyezwe ngexesha elibekiweyo lebhondi. Umniki-nkonzo kufuneka kwakhona azibophelele ekunikezeni ingxelo yempembelelo rhoqo, ebonelela ngohlaziyo malunga nenkqubela phambili kwezi thagethi kunye nakuphi na ukutenxa kwiziphumo ezilindelekileyo.
Ukongeza, ukuqinisekiswa kwempembelelo yomntu wesithathu kuyingqwalasela ebalulekileyo. Uvavanyo oluzimeleyo lwemibutho eqeqeshiweyo lunokubonelela ngesiqinisekiso sokuba iiprojekthi zisendleleni yokufezekisa izibonelelo ezicetywayo. Le nkqubo yokuqinisekisa ihlala ibandakanya ukuvavanya iindlela ezisetyenziswayo ukulinganisa impembelelo, iinkqubo zokuqokelelwa kwedatha, kunye nokungafihli konke kwengxelo.
3.4. Ukuhlalutya iNdlela yokuSebenza kwezeMali kunye noMngcipheko
Ngelixa eyona nto iphambili ekugxilwe kuyo kwiibhondi zokuzinza ikukuvelisa impembelelo entle kwezentlalo okanye kokusingqongileyo, ukusebenza kwemali kuhlala kuyingqwalasela ephambili kubatyali-mali. Kubalulekile ukuhlalutya ubume bemali yebhondi, imbuyekezo elindelekileyo, kunye nemingcipheko eyayanyaniswa nayo ukuqinisekisa ukuba iyahambelana neenjongo zezimali zomtyali-mali.
Uhlalutyo lwemali kufuneka luqale ngokuqonda isivuno sebhondi, ukuvuthwa, kunye nomgangatho wetyala. Abatyali mali kufuneka bathelekise isivuno sebhondi kunye neso seebhondi zemveli ezifanayo ukuvavanya ukuba ibhondi yozinzo ibonelela ngembuyekezo ekhuphisanayo na. Umlinganiselo wetyala unika ingqiqo malunga nokufaneleka komnikeli wetyala kunye nokuba nokwenzeka kokusilela, okubalulekileyo ekuvavanyeni iprofayile yomngcipheko webhondi.
Abatyali-mali kufuneka baqwalasele imingcipheko yezemali eyayanyaniswa neeprojekthi ezithile ezixhaswa ngemali. Oku kunokubandakanya imingcipheko yokwenziwa kweprojekthi, imingcipheko yolawulo, okanye imingcipheko yemarike enokuthi ibe nefuthe kwimpumelelo yeprojekthi, kwaye, ngenxa yoko, ukusebenza kwebhondi. Umzekelo, ibhondi eluhlaza ixhasa ngemali iprojekthi yamandla ahlaziyekayo inokujongana nemingcipheko enxulumene nokuba nokwenzeka kobuchwepheshe, utshintsho kumgaqo-nkqubo karhulumente, okanye ukuhla kumaxabiso amandla.
Ulawulo lwengozi ngomnye umba obalulekileyo wokusetyenziswa kwemali. Abatyalomali kufuneka bajonge iibhondi ezibandakanya izicwangciso ezicacileyo zokunciphisa iingozi ezinokuthi zibekho. Oku kunokubandakanya ukwahluka kweprojekthi portfolio, ukufumana i-inshorensi okanye iziqinisekiso, okanye kuquka nezicwangciso zemeko enokwenzeka ngenxa yokusilela okunokwenzeka.
3.5 Ukuqwalasela iiFactors zeESG kunye neeMetrics zeMpembelelo
Imiba yokusiNgqongileyo, iNtlalo, kunye noLawulo (ESG) idlala indima ebaluleke kakhulu kuvavanyo lweebhondi ezizinzileyo. Uhlalutyo lwe-ESG lubandakanya ukuvavanya indlela yonke yomniki yokulawula imingcipheko yokusingqongileyo neyentlalo kunye nezenzo zabo zolawulo. Oku kunceda abatyali-mali baqonde indlela umkhuphi abekwe ngayo ukuze afezekise iinjongo ezizinzileyo zebhondi.
Icandelo lokusingqongileyo ligxile kwindlela umkhuphi ajongana ngayo nemiba efana nokutshintsha kwemozulu, ulawulo lwezibonelelo, kunye neentlobo-ntlobo zezinto eziphilayo. Icandelo lezentlalo lihlola impembelelo yomniki kuluntu, kubandakanywa izenzo zabasebenzi, uthethathethwano noluntu, kunye namalungelo oluntu. Ulawulo lujonge ubunkokeli balowo ukhuphayo, imbuyekezo yesigqeba, iyantlukwano yebhodi, kunye nokuziphatha.
Iimetriki zempembelelo zizalathisi ezithile ezisetyenziselwa ukulinganisa impumelelo yeeprojekthi ezixhaswa ngemali yibhondi. Ezi metrics kufuneka zichazwe ngokucacileyo kwaye zihambelane nemigangatho eyaziwayo, njengaleyo ibonelelwe yi-Global Reporting Initiative (GRI) okanye i-International Finance Corporation (IFC). Iimetrics zempembelelo eqhelekileyo zinokubandakanya ubungakanani bokukhutshwa kwerhasi yegreenhouse ethintelwayo, inani lemisebenzi edaliweyo, okanye inani labantu ababonelelwe ngokufikelela kwiinkonzo ezibalulekileyo.
Abatyali-mali kufuneka babeke phambili iibhondi ezibandakanya ingxelo yeESG eneenkcukacha kunye neemetrics zempembelelo ezicacileyo, ezinokulinganiswa. Oku akuboneleli nje elubala kuphela kodwa kukwanceda ekulandeleni inkqubela kunye nokusebenza kotyalo-mali.
3.6. Ukuvavanywa koLungelelwaniso lweBond kunye neeNqobo zoBuqu okanye zeZiko
Okokugqibela, kubalulekile ukuqwalasela indlela ibhondi ehambelana ngayo neenqobo kunye neenjongo zomtyali-mali, nokuba zezobuqu okanye zeziko. Kubatyali-zimali ngabanye, oku kunokubandakanya ukuqinisekisa ukuba ibhondi ixhasa izizathu ezibakhathaleleyo, ezinjengolondolozo lwendalo esingqongileyo okanye ubulungisa kwezentlalo. Kubatyali-mali bamaziko, ukulungelelaniswa nomnqophiso wombutho, iinqobo ezisemgangathweni, okanye imigaqo-nkqubo yeESG ibalulekile.
Olu lungelelwaniso lungavavanywa ngokuphonononga iinjongo ezichaziweyo zebhondi, iiprojekthi ezixhasa ngemali, kunye nefuthe elilindelekileyo. Abatyali-mali kufuneka babuze ukuba iinjongo zebhondi ziyahambelana na nemilinganiselo yabo kunye nokuba bakhululekile na trade-imivuzo phakathi kwembuyekezo yemali kunye nefuthe lentlalo okanye kokusingqongileyo.
Abatyali-zimali bamaziko banokufuna ukuqwalasela ukuba ibhondi ingena njani kwisicwangciso sepotfoliyo ebanzi kunye nokuba iyayixhasa na iinjongo zabo zotyalo-mali lwexesha elide. Oku kuquka ukuvavanya indima yebhondi kwipotfoliyo ulwahlulo, iprofayili yayo yomngcipheko, kunye negalelo layo kwiinjongo zempembelelo jikelele.
| Icandelo | Amaphuzu aphambili |
|---|---|
| Ukuvavanya ukuthembeka koMniki-nkonzo | Vavanya irekhodi lokuzinza komniki, impilo yezemali, ubume bolawulo, kunye neziqinisekiso zomntu wesithathu. |
| Ukuphonononga iSakhelo seBond | Uphononongo lwesakhelo sebhondi ekukhethweni kweprojekthi, ukusetyenziswa kwemali efunyenweyo, kunye nokubambelela kwimigangatho yamazwe ngamazwe efana ne-GBP, i-SBP, okanye i-SBG. |
| Ukuvavanywa kweMpembelelo yeProjekthi | Vavanya impembelelo elindelekileyo yentlalo/esingqongileyo, ulungelelwaniso nee-SDGs, kunye nokubandakanywa komlinganiselo, iimetriki zempembelelo eziqinisekisiweyo. |
| Ukuhlalutya ukuSebenza kweMali kunye noMngcipheko | Qwalasela isivuno sebhondi, ukuvuthwa, izinga letyala, kunye nobungozi bezemali kwiiprojekthi ezixhaswa ngemali, kunye nezicwangciso zokulawula umngcipheko. |
| Ukuthathela ingqalelo iiFactors zeESG kunye neeMetric zeMpembelelo | Vavanya indlela abakhuphayo abajongana ngayo ne-ESG, ukucaca kweemetrics zempembelelo, kunye nokulungelelaniswa nemigangatho eyaziwayo yokunika ingxelo efana ne-GRI okanye i-IFC. |
| Ulungelelwaniso kunye neMimiselo | Qinisekisa ukuba iinjongo zebhondi zihambelana nexabiso lomtyali-mali lomntu okanye iziko kunye neenjongo zexesha elide, ukulungelelanisa imbuyekezo yemali kunye nefuthe elifunekayo. |
4. Iingqwalasela eziphambili kubaTyali-mali
4.1. Iingozi zeGreenwashing kunye nendlela yokuchonga
Enye yezona zinto zixhalabisayo kubatyali-mali kwiibhondi ezizinzileyo ngumngcipheko wokuhlaza. Uhlaza luhlaza lwenzeka xa ibhondi ithengiswa njengoxanduva lokusingqongileyo okanye ngokwentlalo ngaphandle kokunikezelwa kweenzuzo zozinzo lokwenene. Lo mkhuba unokulahlekisa abatyali-mali kwaye ujongele phantsi ukuthembeka kwemarike yezemali ezinzileyo. Ukuchonga kunye nokunciphisa imingcipheko yokuhlanjululwa luhlaza kubalulekile ekuqinisekiseni ukuba utyalo-mali ngokwenene lunegalelo kwiziphumo ezincumisayo zokusingqongileyo nezentlalo.
Abatyali-mali kufuneka baqale ngokuphonononga ngocoselelo amabango ozinzo lwalowo ukhuphayo. Kubalulekile ukujonga ngaphaya kwezixhobo zokuthengisa kwaye uphonononge amanyathelo abambekayo athathiweyo ngumkhuphi ukuxhasa amabango abo. Oku kubandakanya ukuphonononga isicwangciso esipheleleyo sozinzo somniki, iiprojekthi ezithile ezixhaswa ngemali yibhondi, kunye nokungafihli kwengxelo yazo. Iibhondi ezikhutshwe ziinkampani ezinembali yobunkokheli obuzinzileyo, iimetrics ezicacileyo zempembelelo, kunye nokuqinisekiswa komntu wesithathu zithembeke ngakumbi.
Esinye isilathisi esingundoqo sokuhlanjwa okunokubakho kukungacacanga okanye ukunqongophala kweenkcukacha kwisakhelo sebhondi kunye nokusetyenziswa kwengeniso. Iibhondi zozinzo ezisemthethweni zibonelela ngeenjongo ezithile, ezinokulinganiswa kunye nenkcazo ecacileyo yeeprojekthi ezizixhasa ngemali. Ukuba iinjongo zokuzinza komniki-nkonzo azicacanga, okanye ukuba ibhondi ayinaso isakhelo esichazwe kakuhle sokukhetha nokulawula iiprojekthi, oku kunokuba yiflegi ebomvu.
Izatifikethi zomntu wesithathu kunye nemilinganiselo evela kwimibutho ehloniphekileyo inokunceda ukuchonga i-greenwashing. Izatifikethi ezifana nezo zisuka kwi-Climate Bonds Initiative (CBI) okanye iireyithingi ezivela kwii-arhente ezikhethekileyo zokukala i-ESG zibonelela ngoluhlu olongezelelweyo lokuphonononga, ukuqinisekisa ukuba ibhondi iyahlangabezana nemigangatho emiselweyo yokuzinza.
Okokugqibela, abatyali-mali kufuneka balumke kwiibhondi ezikhutshwe ziinkampani ezineerekhodi ze-ESG ezihlwempuzekileyo okanye ezo zijongene neengxabano ezibalulekileyo ezinxulumene nokusingqongileyo okanye imiba yezentlalo. I-pivot yequbuliso yokukhupha iibhondi ezizinzileyo ngaphandle kotshintsho oluhambelanayo kwimisebenzi ephambili yenkampani inokubonisa umzamo wokufumana imali ekukhuleni. imfuneko kutyalo-mali oluzinzileyo endaweni yokuzibophelela ngokunyanisekileyo kuzinzo.
4.2. Umlinganiselo wempembelelo kunye noQinisekiso
Ukulinganisa kunye nokuqinisekisa impembelelo yozinzo lwebhondi kubalulekile ekuqinisekiseni ukuba utyalo-mali luphumeza izithembiso zalo. Umlinganiselo wempembelelo ubandakanya ukulandelela ezona ziphumo zeeprojekthi ezixhaswa ngemali yibhondi, ezinjengokuncitshiswa kokukhutshwa kwerhasi yegreenhouse, ukuphuculwa kwentlalo-ntle yoluntu, okanye ukuqhubela phambili kumandla ombane ahlaziyekayo.
Ukulinganisa ngokufanelekileyo impembelelo, iibhondi kufuneka zibe neemetrics ezichazwe ngokucacileyo kwasekuqaleni. Ezi metrics kufuneka zihambelane neenjongo zebhondi kwaye zibe zizo zombini ezichanekileyo kwaye zinokulinganiseka. Umzekelo, ibhondi eluhlaza inokulandelela umyinge wokukhutshwa kwekhabhoni ethintelweyo okanye iimegawathi zamandla ahlaziyekayo ezenziweyo. Iibhondi zentlalo zinokulinganisa inani lezindlu ezifikelelekayo ezakhiweyo okanye inani labantu abafumana ufikelelo kukhathalelo lwempilo.
Ukuqinisekiswa kwezi mpembelelo kubaluleke ngokufanayo. Abaqinisekisi beqela lesithathu abazimeleyo banokudlala indima ebalulekileyo ekuqinisekiseni ukuba iimpembelelo ezixeliweyo zichanekile kwaye zithembekile. Aba baqinisekisi bavavanya ukuba ngaba iiprojekthi ezixhaswa ngemali yibhondi zifezekisa iziphumo ezijoliswe kuyo kwaye ingaba idatha echazwe ngumkhuphi ichanekile. Iinkqubo zokuqinisekisa zinokubandakanya utyelelo lwesiza, uphicotho lwedatha, kunye novavanyo lweendlela ezisetyenziswayo ukulinganisa impembelelo.
Abatyalomali kufuneka babeke phambili iibhondi ezibandakanya ukuzibophelela kwingxelo yempembelelo rhoqo kunye nokuqinisekiswa komntu wesithathu. Oku akuboneleli nje elubala kuphela kodwa kukwanceda ekwakheni ukuthembana kwimarike yebhondi ezinzileyo ngokuqinisekisa ukuba utyalo-mali lwenza umahluko wokwenyani.
4.3. Imbuyekezo yeMali vs. Impembelelo
Enye yezinto eziphambili zokuqwalaselwa kubatyali-mali kwiibhondi ezizinzileyo yibhalansi phakathi kwembuyekezo yemali kunye nefuthe lezentlalo okanye lokusingqongileyo. Ngelixa iibhondi ezizinzileyo ziyilelwe ukuvelisa iimpembelelo ezilungileyo, zisezizixhobo zemali ekufuneka zinike imbuyekezo ekhuphisanayo ngokunxulumene neebhondi zemveli.
Umceli mngeni kubatyali-mali kukufumana iibhondi ezihambelana nezabo iinjongo zemali ngelixa sikwanikezela ngeenjongo zozinzo. Kwezinye iimeko, iibhondi zokuzinza zinokunika isivuno esisezantsi kancinci kuneebhondi eziqhelekileyo ngenxa yeendleko ezongezelelweyo ezinxulumene nomlinganiselo wempembelelo, ukunika ingxelo kunye nokuqinisekiswa. Nangona kunjalo, abatyali-mali abaninzi bakulungele ukuzamkela ezi trade-i-offs ngenxa yeenzuzo ezingezizo ezemali ezi zibhondi zibonelela, ezifana negalelo ekunciphiseni utshintsho lwemozulu okanye ukuxhasa ukulingana kwezentlalo.
Abatyalomali kufuneka bavavanye ngononophelo izinto zabo eziphambili kunye nokunyamezela umngcipheko xa bevavanya iibhondi ezizinzileyo. Kwabo babeka phambili impembelelo kwimbuyekezo, iibhondi ezineziqinisekiso zozinzo olomeleleyo, nokuba zibonelela ngezivuno ezisezantsi, zinokuba nomtsalane ngakumbi. Ngokuchaseneyo, abatyali-mali abafuna ukufikelela kwiithagethi ezithile zembuyekezo yemali banokufuna ukulinganisa iziqinisekiso zokuzinza kwebhondi ngokuchasene nokusebenza kwayo kwemali.
Kuyo nayiphi na imeko, kubalulekile ukuba abatyali-mali bathathele ingqalelo ixabiso lilonke lesiphakamiso sebhondi yozinzo, ebandakanya zombini imbuyekezo yemali kunye nefuthe lezentlalo okanye lokusingqongileyo. Ngokulungelelanisa utyalo-mali lwabo kunye neenqobo zabo eziphangaleleyo kunye neenjongo, abatyali-mali banokufikelela kwibhalansi ehlangabezana neemfuno zabo zemali ngelixa benegalelo kwikamva elizinzileyo.
4.4. Ukwahluka kunye noLawulo loMngcipheko
Idiversification ngumgaqo ongundoqo weqhinga lotyalo-mali, kwaye isebenza ngokulinganayo kwiibhondi ezizinzileyo. Ngokusasaza utyalo-mali kuluhlu lweebhondi, amacandelo, kunye neendawo, abatyali-mali banokunciphisa umngcipheko wokungaqhubi kakuhle kuyo nayiphi na ibhondi enye okanye iprojekthi. Kumxholo wozinzo lwamabhondi, ukuhlukahluka kunokunyusa impembelelo yepotfoliyo yotyalo-mali ngokuxhasa uluhlu olubanzi lweenjongo zozinzo.
Abatyali-mali kufuneka baqwalasele ukuhlukahluka kokugcinwa kwebhondi kwiindidi ezahlukeneyo zeebhondi, ezinje ngeebhondi eziluhlaza, iibhondi zentlalo, kunye neebhondi zempembelelo. Oku akusabalalisi umngcipheko wemali kuphela kodwa kukwaqinisekisa ukuba ipotifoliyo inegalelo kuluhlu olubanzi lweenjongo zozinzo. Umzekelo, ipotifoliyo eyohlukeneyo inokubandakanya iibhondi eziluhlaza ezigxile kumandla ahlaziyekayo, iibhondi zentlalo ezixhasa ngemali izindlu ezifikelelekayo, kunye neebhondi zempembelelo ezixhasa amanyathelo emfundo kumazwe asaphuhlayo.
Ukwahluka ngokwejografi nako kubalulekile. Imingeni yozinzo kunye namathuba ahluka kakhulu kwiingingqi, kwaye ngokutshala imali kwiibhondi ezivela kumazwe ahlukeneyo okanye imimandla, abatyali-mali banokufumana ukuvezwa kuluhlu olubanzi lweeprojekthi kunye neempembelelo. Le ndlela inokunciphisa imingcipheko ehambelana neenguqu zolawulo, iimeko zoqoqosho, okanye imiba ethile yokusingqongileyo okanye yentlalo kummandla othile.
Ulawulo lomngcipheko kwiibhondi zozinzo alubandakanyi kuphela imingcipheko yezemali eqhelekileyo kodwa nemingcipheko enxulumene neeprojekthi ngokwazo. Oku kunokubandakanya imingcipheko yokwenziwa, apho iiprojekthi zisilelayo ukuhlangabezana neenjongo zazo; imingcipheko yolawulo, apho utshintsho kumgaqo-nkqubo luchaphazela iziphumo zeprojekthi; kunye nemingcipheko yegama, apho ibhondi okanye iziqinisekiso zokuzinza komniki zibizwa nemibuzo. Ngokuphonononga le mingcipheko ngokucokisekileyo kunye nokwahluka kwezinto abazibambileyo, abatyali-mali banokulawula ngcono ukuvezwa kwabo kukonke.
4.5. IiNdlela zoTyalo-mali eziziPhathayo kunye noXanduva
Izenzo zotyalo-mali ezisemgangathweni kunye noxanduva zisisiseko kwisibheno seebhondi ezizinzileyo. Ezi bhondi zinika abatyali-mali indlela yokulungelelanisa utyalo-mali lwabo kunye nexabiso labo lomntu okanye iziko, ukuxhasa iiprojekthi ezikhuthaza iziphumo ezilungileyo zentlalo kunye nokusingqongileyo. Utyalo-mali olusesikweni kwiibhondi zozinzo lubandakanya kungekuphela nje imbuyekezo yemali kodwa nefuthe elibanzi lotyalo-mali.
Kubatyali-mali abaninzi, utyalo-mali olusesikweni luthetha ukuphepha iibhondi ezixhasa ngemali imisebenzi okanye iiprojekthi ezingqubana nexabiso labo, ezifana nezo zinxulunyaniswa namafutha efosili, izixhobo, okanye icuba. Endaweni yoko, bafuna iibhondi ezixhasa izizathu ezifana namandla avuselelekayo, ubulungisa bentlalontle, kunye nophuhliso oluzinzileyo.
Utyalo-mali olunoxanduva luhamba inyathelo eliya phambili ngokuzama ukuphembelela utshintsho olulungileyo. Oku kunokubandakanya ukunxulumana nabaniki-nkonzo ukukhuthaza ukungafihli kunye nokuphendula okanye ukukhuthaza ukuzinikela okuqinileyo kozinzo. Abatyali-zimali banokukhetha ukuxhasa iibhondi ezixhasa iiprojekthi ngezimali kwiindawo ezingabonelelwanga okanye ezingahoywanga, zinegalelo kubulungisa obukhulu kunye nokubandakanywa.
Utyalo-mali olufanelekileyo kunye noluxanduva kwiibhondi ezizinzileyo nazo zifuna imbono yexesha elide. Abatyali-zimali kufuneka bakulungele ukuzibamba ezi bhondi kwixesha elide ukuze baqonde ngokupheleleyo imbuyekezo yemali kunye neempembelelo zentlalo okanye zokusingqongileyo. Le ndlela yexesha elide ihambelana nohlobo lweeprojekthi ezininzi zozinzo, ezihlala zifuna ixesha lokufezekisa iinjongo zabo, nokuba kukunciphisa ukukhutshwa kwekhabhoni okanye ukuphucula iziphumo zempilo yoluntu.
| Icandelo | Amaphuzu aphambili |
|---|---|
| Imingcipheko yokuhlamba iGreenwashing | Kulumkele ukuhlanjululwa luhlaza ngokuphonononga amabango okhuphi, uqinisekise izikhokelo ezicacileyo, kunye nokukhangela izatifikethi zomntu wesithathu okanye iireyithingi. |
| Umlinganiselo wempembelelo kunye noQinisekiso | Beka phambili iibhondi ngokuchazwa ngokucacileyo, iimetrics zempembelelo ezinokulinganiswa kunye nokuqinisekiswa komntu wesithathu ukuqinisekisa ukungafihli kunye nokuthembeka. |
| Imbuyekezo yeMali vs. Impembelelo | Ukulungelelaniswa kwembuyekezo yemali kunye nefuthe lezentlalo / lokusingqongileyo, kuqwalaselwa trade-offs kunye nexabiso lilonke isiphakamiso sebhondi. |
| Ukwahluka kunye noLawulo loMngcipheko | Ukwahluka kuzo zonke iintlobo zebhondi, amacandelo, kunye neejografi ukusasaza umngcipheko kunye nokuphucula impembelelo yotyalo-mali. |
| IiNdlela zoTyalo-mali eziziPhathayo kunye noXanduva | Lungelelanisa utyalo-mali kunye nemilinganiselo yobuqu okanye yeziko, uphephe ukungqubana komdla, kwaye ubandakanyeke kutyalo-mali olunenkathalo nombono wexesha elide. |
5. IiNdlela eziPhambili zokuHlola iiBonds eziZinzileyo
5.1. Ukusebenzisa ii-Arhente eziHloniphekileyo zokuKhathalela kunye nabaBoneleli boPhando
Enye yeendlela ezilungileyo zokuvavanya iibhondi zokuzinza kukunyusa ubuchwephesha bee-arhente zokulinganisa ezihloniphekileyo kunye nababoneleli bophando. La maqumrhu asebenza ngokukhethekileyo ekuvavanyeni ukugcinwa koqinisekiso lweebhondi, ukunika abatyali-mali ulwazi oluxabisekileyo kwimiba yokusingqongileyo, yezentlalo, nolawulo (ESG) yebhondi kunye nomniki wayo. Ukusebenzisa ezi zixhobo kunokwandisa kakhulu inkqubo yokunyameka, ukunceda abatyali-mali benze izigqibo ezizizo.
Ii-arhente zokukala ezifana ne-Moody's, i-S&P Global Ratings, kunye ne-Fitch Ratings ziphuhlise iindlela ezikhethekileyo zokuvavanya imiba yozinzo lweebhondi. Ezi arhente zihlala zibonelela ngokuzinza okanye amanqaku abonisa ulungelelwaniso lwebhondi kunye nemilinganiselo yeESG. Ezi zilinganiso zinokusebenza njengendawo ekhawulezayo yesalathiso kubatyali-mali, enikezela ngovavanyo oluzimeleyo lwempembelelo yozinzo lwebhondi kunye nokusebenza kweESG jikelele komniki.
Ukongeza kwii-arhente zokulinganisa eziqhelekileyo, ababoneleli bophando abakhethekileyo njenge-Sustainlytics, i-MSCI ESG Research, kunye ne-Climate Bonds Initiative (CBI) inikezela ngohlalutyo olunzulu kunye nokulinganiswa okujoliswe ngokukodwa kwiibhondi ezizinzileyo. Aba baboneleli bahlala beqhuba uhlolo olungqongqo lwesakhelo sebhondi, ukusetyenziswa kwengeniso, kunye neemetrics zempembelelo, beqinisekisa ukuba ibhondi iyahlangabezana nemigangatho emiselweyo yokuzinza.
Abatyalomali kufuneka babeke phambili iibhondi ezifumene amanqaku aphezulu okanye iimvavanyo ezifanelekileyo kwezi arhente kunye nababoneleli bophando. Nangona kunjalo, kukwabalulekile ukuqonda iindlela zokusebenza ezisetyenziswa ngala maqumrhu kwaye uthathele ingqalelo amanqaku awo njengenxalenye yenkqubo yovavanyo olubanzi kunokuxhomekeka kuwo kuphela. Ukudibanisa ezi zilinganiso kunye nohlalutyo oluthe ngqo lwamaxwebhu ebhondi kunye nezenzo zomkhuphi kunokubonelela ngembono ebanzi yokuqinisekisa ukuzinza kwebhondi.
5.2. Ukuqhuba inkuthalo efunekayo kuMkhuphi kunye neProjekthi
Unyameko olucokisekileyo lubalulekile xa kuvavanywa iibhondi zokuzinza, njengoko kunceda ekuqinisekiseni ukuba ingeniso yebhondi iya kusetyenziswa ngokufanelekileyo kwaye iiprojekthi ezixhaswa ngemali ziya kuzisa izibonelelo ezicetywayo zentlalo okanye kokusingqongileyo. Inkuthalo efunekayo ibandakanya ukuntywila nzulu kubo bobabini abakhuphayo kunye neeprojekthi ezithile ibhondi eza kuzixhasa ngemali.
Kulowo ukhuphayo, inkuthalo efanelekileyo kufuneka igxininise kwirekhodi labo lokuzinza, impilo yezemali, izenzo zolawulo, kunye nokuzinikela elubala. Oku kubandakanya ukuphonononga ukukhutshwa kwebhondi yangaphambili yalowo ukhuphayo, ukusebenza kwabo, kunye naziphi na iziqinisekiso zomntu wesithathu abazifumeneyo. Abatyali-zimali kufuneka kwakhona bahlole isicwangciso-qhinga se-ESG salowo ukhuphayo, kubandakanywa indlela uzinzo oludityaniswa ngayo kwimisebenzi yabo yoshishino kunye neenkqubo zokwenza izigqibo.
Xa kuziwa kwiiprojekthi ezithile ezixhaswa ngemali yibhondi, ukunyamekela kufuneka kubandakanye ukuphononongwa okucacileyo kwenkqubo yokukhethwa kweprojekthi, iziphumo ezilindelekileyo kunye nobungozi obunokuthi bubekho. Abatyali-mali kufuneka bavavanye ukuba ngaba iiprojekthi zihambelana nemigangatho evunyiweyo kumazwe ngamazwe, njengeMigaqo ye-Green Bond (i-GBP) okanye iMigaqo yeBond yeNtlalo (SBP), nokuba ingaba negalelo kusini na ekuphunyezweni kweeNjongo zoPhuhliso oluZinzileyo (SDGs).
Ukuzibandakanya ngokuthe ngqo nomniki-nkonzo kunokuba yinxalenye ebalulekileyo yenkqubo yokunyamekela. Oku kunokubandakanya ukuxoxa ngesikhokelo sebhondi, ukubuza imibuzo eneenkcukacha malunga neeprojekthi, kunye nokufuna ingcaciso malunga nokuba ifuthe liza kulinganiswa kwaye lixelwe njani. Uthethathethwano olunjalo lunokubonelela ngengqiqo enzulu ekuzibopheleleni komniki kuzinzo kunye nokukwazi kwabo ukuphumeza iinjongo zebhondi.
5.3. Ukusebenzisana nabaKhohlisi kunye nabaPhuhlisi beProjekthi
Uthethathethwano olusebenzayo nabakhuphi kunye nabaphuhlisi beprojekthi yeyona ndlela ilungileyo enokuphucula ukuvavanywa kozinzo lwebhondi. Olu thethathethwano luvumela abatyali-mali ukuba bafumane ulwazi ngokwabo malunga neenjongo zebhondi, iiprojekthi ezixhaswa ngemali, kunye nokuzinikela komniki kuzinzo.
Uthethathethwano lungathatha iindlela ezahlukeneyo, kubandakanywa unxibelelwano oluthe ngqo nomntu okhuphayo, ukuthatha inxaxheba kwiifowuni zabatyali-zimali okanye iintlanganiso, kunye nokutyelela indawo kwiiprojekthi ezixhaswa ngemali. Ngolu nxibelelwano, abatyali-mali banokubuza imibuzo eneenkcukacha malunga nesikhokelo sebhondi, indlela yokukhetha iiprojekthi, kunye neziphumo ezilindelekileyo. Basenokubuza malunga nobume bolawulo lwalowo ukhuphayo, indlela abalawula ngayo imingcipheko yeESG, kunye nendlela yabo yokwenza izinto elubala kunye nokunika ingxelo.
Ukusebenzisana nabaphuhlisi beprojekthi kunokubonelela ngeembono ezongezelelweyo kwiinkalo eziphathekayo zeeprojekthi ezixhaswa ngemali yibhondi. Oku kunokubandakanya ukuxoxa ngemingeni nemingcipheko eyayanyaniswa nokuphunyezwa kweprojekthi, ukuqonda imiba yobugcisa yeeprojekthi, nokuvavanya ukwenzeka kwempembelelo elindelekileyo.
Ngokuzibandakanya ngokuthe ngqo nabakhuphi kunye nabaphuhlisi beprojekthi, abatyali-mali banokuvavanya ngcono ukuthembeka kwebhondi kunye nokukwazi kwayo ukuphumeza izithembiso zayo zokuzinza. Le ndlela yokujongana nentshukumo ikwabonisa ukuzibophelela komtyali-mali kutyalo-mali olunenkathalo kwaye inokukhuthaza abakhuphi ukuba bamkele imigangatho ephezulu yokungafihli kunye nokuphendula.
5.4. Ukuqwalasela iHorizons yoTyalo-mali lweXesha elide
Iibhondi zokuzinza zihlala zinxulunyaniswa neeprojekthi ezifuna ixesha elibalulekileyo lokuzisa iimpembelelo ezijoliswe kuzo, ezifana nophuhliso lweziseko ezingundoqo, ukufakwa kwamandla ahlaziyekayo, okanye iinkqubo zentlalo. Ngenxa yoko, ukuqwalasela i-horizon yexesha elide lotyalo-mali yindlela efanelekileyo yokuvavanya ezi bhondi.
Abatyali-zimali kufuneka balungele ukubamba iibhondi ezizinzileyo kwithuba elongeziweyo ukuze bafezekise ngokupheleleyo imbuyekezo yemali kunye neenzuzo zentlalo okanye zokusingqongileyo. Umbono wexesha elide uhambelana nobume beeprojekthi ezixhaswa ngemali zezi bhondi, ezihlala zithatha iminyaka ukugqitywa kwaye ziqalise ukuvelisa iimpembelelo ezinokulinganiswa.
Le ndlela yokusebenza yexesha elide ikwavumela abatyali-mali ukuba babeke iliso kwinkqubela phambili yeeprojekthi kunye nokubambelela komniki kumgaqo-nkqubo webhondi. Ngokuhamba kwexesha, abatyali-mali banokuhlola ukuba ngaba iiprojekthi zisendleleni yokufezekisa iinjongo zabo kunye nokuba umkhuphi unikezela rhoqo, ingxelo ecacileyo malunga nefuthe lebhondi.
Ukongeza, i-horizon yexesha elide yotyalo-mali inokunceda ukunciphisa imingcipheko ehambelana neebhondi ezizinzileyo. Ngokubamba ibhondi ixesha elide, abatyali-mali banokukhupha ukuguquguquka kwemarike yexesha elifutshane kwaye bagxile kwigalelo elipheleleyo lebhondi kwiinjongo zozinzo zepotfoliyo yabo.
5.5. Ukuhlala uHlaziywa kwiiNdlela zoShishino kunye neMimiselo
Imarike yeebhondi ezizinzileyo zivela ngokukhawuleza, kunye nentsha iintsingiselo, imimiselo, kunye nemigangatho evela rhoqo. Ukuhlala unolwazi malunga nolu phuhliso kubalulekile kubatyali-mali abajonge ukuvavanya kunye nokutyala imali kwiibhondi ezizinzileyo ngokufanelekileyo.
Iintsingiselo zeshishini zinokubandakanya ukuvela kweentlobo ezintsha zeebhondi zozinzo, ezifana neebhondi eziluhlaza (zigxile ekulondolozweni kolwandle) okanye iibhondi zenguqu (eyilwe ukunceda iinkampani zitshintshele kwizenzo zoshishino ezizinzileyo). Ukuqonda ezi meko kuvumela abatyali-mali ukuba baphonononge amathuba amatsha kwaye baguqule iipotfoliyo zabo.
Imimiselo kunye nemigangatho nazo zihlala zivela, kunye noorhulumente kunye nemibutho yamazwe ngamazwe bazisa izikhokelo ezitsha zezemali ezizinzileyo. Umzekelo, i-European Union's Sustainable Finance Disclosure Regulation (SFDR) kunye ne-EU Taxonomy zenza izikhokelo ezitsha zokuhlela nokunika ingxelo ngotyalo-mali oluzinzileyo. Abatyali-mali kufuneka baqaphele le mimiselo ukuze baqinisekise ukuba utyalo-mali lwabo luthobela imigangatho yangoku kunye nokuchonga iibhondi ezihlangabezana nezona mfuno ziphezulu zolawulo.
Ngokuhlala behlaziywa kwiintsingiselo kunye nemimiselo yoshishino, abatyali-mali banokwenza izigqibo ezinolwazi ngakumbi, baphephe imigibe enokubakho, kwaye basebenzise amathuba avelayo kwimarike yozinzo lwebhondi.
| Icandelo | Amaphuzu aphambili |
|---|---|
| Ukusebenzisa ii-Arhente zokuHlola kunye noPhando | Ukuphucula ukulinganisa kunye novavanyo oluvela kwii-arhente ezihloniphekileyo kunye nababoneleli bophando ukwandisa inkuthalo efanelekileyo kunye nokuvavanya iziqinisekiso zokuzinza kwebhondi. |
| Ukuqhuba Ngenkuthalo Efanelekileyo | Yenza inkuthalo ethe kratya kumniki-nkonzo kunye neeprojekthi, kubandakanywa ukuphonononga iirekhodi zokuzinza, impilo yezemali, kunye nokulungelelaniswa kweprojekthi kunye nemigangatho yamazwe ngamazwe. |
| Ukunxulumana nabaKhuphi kunye nabaPhuhlisi | Bandakanya ngokuthe ngqo nabakhuphi kunye nabaphuhlisi beprojekthi ukuze bafumane ulwazi olunzulu kwiinjongo zebhondi, ukuba nokwenzeka kweprojekthi, kunye nokuzinikela komkhuphi kuzinzo. |
| Ukuqwalasela iHorizons yoTyalo-mali lweXesha elide | Yamkela imbono yotyalo-mali yexesha elide ukuze ufezekise ngokupheleleyo izibonelelo zemali kunye nozinzo lwebhondi, ihambelane nobume beeprojekthi ezixhaswa ngemali. |
| Ukuhlala uHlaziywa kwiiTrendi kunye neMimiselo | Hlala unolwazi malunga neendlela zoshishino olusakhulayo kunye nemigaqo eguqukayo ukuqinisekisa ukuthotyelwa, ukuchonga amathuba amatsha, kunye nokwenza izigqibo zotyalo-mali ezinolwazi. |
isiphelo
Iibhondi ezizinzileyo zibonisa isixhobo esinamandla kutshintsho olusingise kuqoqosho lwehlabathi oluzinzileyo nolulinganayo. Ngokulungelelanisa utyalo-mali lwemali kunye neenjongo zokusingqongileyo kunye nezentlalo, ezi bhondi zinika abatyali-mali ithuba lokuba negalelo kwinguqu enentsingiselo ngelixa befumana imbuyekezo yemali. Nangona kunjalo, impumelelo yeebhondi zokuzinza ixhomekeke kakhulu kuvavanyo olucokisekileyo kunye nenkqubo yokhetho eyenziwa ngabatyali-mali.
Kulo lonke eli nqaku, siye sahlola iinkalo ezahlukeneyo zokuzibophezela kweebhondi, ekuqondeni iintlobo zabo ezahlukeneyo-eziluhlaza, ezentlalo, kunye neempembelelo zempembelelo-kwizinto ezibalulekileyo ezibandakanyekayo ekuhloleni amandla abo. Ukubaluleka kokuvavanya ukuthembeka komntu okhuphayo, ukuphonononga isakhelo sebhondi, kunye nokuvavanya impembelelo kunye nokusebenza kwemali akunakuchazwa. Ezi zinto ziqinisekisa ukuba iibhondi azihlangabezi nje kuphela iinjongo zazo zemali kodwa zibonelela ngeenzuzo zabo ezithenjisiweyo zokusingqongileyo nezentlalo.
Iingqwalasela eziphambili kubatyali-mali, njengokunciphisa imingcipheko ye-greenwashing, impembelelo yokulinganisa, kunye nokulinganisa imbuyekezo yemali kunye neenjongo zokuzinza, zibalulekile ekwenzeni izigqibo ezinolwazi. Isidingo seyantlukwano, ulawulo lomngcipheko, kunye nezenzo zotyalo-mali ezisesikweni zigxininisa ngakumbi ukuntsonkotha nokubaluleka kwendlela ebanzi yotyalo-mali oluzinzileyo.
Ngokulandela ezona ndlela zilungileyo-ezifana nokusebenzisa ii-arhente zokulinganisa ezibekekileyo, ukwenza inkuthalo ngokucokisekileyo, ukusebenzisana nabakhuphi, ukwamkela imbono yexesha elide, nokuhlala behlaziywa kwiintsingiselo zeshishini-abatyali-zimali banokuphucula ukubakho kwempumelelo kutyalo-mali lwebhondi yozinzo. Uphononongo lwemeko yehlabathi lokwenyani oluxoxiweyo lubonisa iziphumo ezibambekayo zotyalo-mali oluyimpumelelo nolungakhange lube yimpumelelo, lunika izifundo ezibalulekileyo kwiinzame zexesha elizayo.
Ukuqukumbela, iibhondi zokuzinza zinika ithuba elikhethekileyo lokulungelelanisa izicwangciso zotyalo-mali kunye neenjongo ezibanzi zoluntu, ukuxhasa ukutshintshela kwikamva elizinzileyo. Nangona kunjalo, ukuqonda oku kunokwenzeka kufuna indlela ekhutheleyo kunye nolwazi lokuvavanya nokukhetha iibhondi. Ngokubeka phambili elubala, uxanduva, kunye nefuthe, abatyali-mali banokudlala indima ebalulekileyo ekuqhubeni utshintsho oluhle ngelixa befezekisa iinjongo zabo zemali.
