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.

有些钱从“污秽”中来。在中国会有更多这样的钱。中国的空气污染问题众所周知，而土壤的污染状况（虽然不那么明显）也同样可怕。

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.

上周，政府宣布在5年内改善耕地质量的计划。一份2014年的调查估计，耕地面积约五分之一遭到重工业污染。

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.

该计划旨在到2020年使受污染耕地“安全利用率”达到90%左右。官员们估计，清理成本可能超过1万亿美元。

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.

整治土壤污染是中国十三五规划（2016年至2020年）中向污染全面宣战的一部分。

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.

中国人民银行(PBoC)支持的绿色金融工作小组去年估计，5年期间为达到环保目标而产生的成本可能高达每年3000亿美元。中国政府可能只能为大约15%的账单买单。

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.

这一缺口有一部分可能会越来越多地利用所谓绿色债券（明确为环保应用项目而发行的债务工具）填补。

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，全球发行的绿色债券总额是170亿美元，几乎是一年前的三倍。其中近一半来自中国。穆迪(Moody’s)估计，2016年全球绿色债券的发行总额可能达700亿美元。

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.

虽然中国在岸融资迄今主要由银行进行，但其他企业也在参与。5月，汽车集团浙江吉利(Zhejiang Geely)在中国银行(Bank of China)支持下，发行了4亿美元的绿色债券，收益率为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.

融资所得将用于资助一款电动出租车的开发，该车有望用于降低伦敦繁忙街头的空气污染。对此类资产的市场需求强劲。鉴于绿色债券的收益率和非绿色债券相仿，为清洁生活出资是额外的好事。