China has become the leader of global green bonds

"Japan Economic News" recently reported that the issuance of green bonds financing for environmental related projects is rapidly increasing. The circulation from January to June 2022 has almost doubled compared to the same period last year. According to statistics from the Intercontinental Exchange (ICE), the amount of green bonds issued by Chinese enterprises and local public groups reached US $ 57.8 billion. Due to the uncertainty of interest rate trends, global green bond issuance is slowing down. In this context, China's circulation growth is particularly prominent.

According to Singapore Asia News, Sean Kidney, CEO of Climate Bond Initiative, said that China is the first to set up mandatory green bond guidance guidelines, which means that more green bonds in China will be internationally recognized, so that China Become the leader of global green bonds.

Since its launch of the green bond market in 2016, China has been the fastest -growing country in global green bonds. According to the statistics of the Green Financial International Research Institute of the Central University of Finance and Economics, in the first half of 2022, the number of new green bonds at home and abroad was about 503.963 billion yuan. In recent years, the green bond market has continuously played its role in the resources allocation in the capital market and provided financial support for the domestic green low -carbon industry.

Clean energy is the key area of ​​ordinary green bonds in China, accounting for 39.40%of the issuance scale of new ordinary green bonds in China. Construction and operation; followed by supporting green upgrade projects for infrastructure, such as green transportation, energy efficiency improvement, sustainable construction, water resources conservation, and unconventional water resource utilization; Industry and ecological environment industries and other fields.

China's green bonds present a variety of types. In 2021, the Chinese bond market added a sub -breed "carbon neutralization bond" under the green bonds, which mainly invested in the field of green upgrade in infrastructure. Since its launch, its market circulation has continued to increase. China also conducts a preliminary exploration of the blue bond market. Blue bonds, as a new type of investment and financing tools for special support for marine governance and protection and marine resource development, play an important role in promoting marine ecological environmental protection and promoting blue economic development. Green rural revitalization bonds are of great significance to promote rural revitalization projects such as clean energy and pollution control and the green development of agricultural and rural areas.

After the goal of China's "2030 Carbon Dafeng, 2060 Carbon Neutralization", the regulatory authorities and market entities actively practiced the concept of "double carbon", actively developed from the aspects of the green bond standard system and the innovation of bond varieties to achieve "double Carbon "goal provides effective help. On the one hand, the green bond standard system provides policy guarantee for the "double carbon" goal. In July 2022, the Green Bond Standard Committee issued the "China Green Bond Principles", which is a milestone in the development of the Chinese green bond market. It is also an important sign of China's green bond standards to achieve preliminary unified domestic and international integration. On the other hand, the "carbon neutralization bonds", sustainable development linked bonds, sustainable development and other hook bonds, such as continuously enrich and innovative green bonds, have accurately introduced living water for the transformation and development of related industries under the "double carbon" goal.

Under the "double carbon" goal, green, low -carbon, and digitalization are the trend of China's economic transformation. Green bonds, as the second largest green financing channels second only to green credit, can improve the following aspects by improving the following aspects. Economic green transition play an important role:

At the regulatory level, the supervision of the green bond market is further strict, and the scope of the participation of the green bond market issuance is expanded. The financial regulatory authorities can study and introduce the coercive information disclosure mechanism of green bonds, strengthen the financial regulatory authorities to disclose the information disclosure of green bond issuance, and study and introduce special measures such as non -state -owned enterprise green bond issuance guidelines to promote and promote green bonds to non -state -owned enterprises. Guide diversified market institutions to participate in the issuance of green bonds.

In terms of capital investment structure, the fundraising project of green bonds must focus on supporting the transformation and upgrading of the high -carbon industry. At present, China's energy pattern is still mainly coal, but the key areas of green bonds are clean energy, and there is a large capital gap in the transformation and upgrading of the high -carbon industry. In the future, China's green bonds should pay close attention to the needs of green and low -carbon transformation in the high -carbon industry, guide the expansion of the application scope of existing sustainable bonds, and promote the development of green bond innovation varieties, introduce the guidelines for transformation bonds, and further guide market resources to green to green green Low -carbon transformation field.

In the field of application, further study the application of environmental, social and corporate governance (ESG) in the field of green bonds. With the continuous deepening of economic globalization, the mainstream trend of sustainable investment and financing represented by ESG is becoming increasingly obvious, and it plays an increasingly important role in serving the comprehensive green and low -carbon transformation of economic society. Relevant departments and financial institutions can strengthen the green bond market risk management by strengthening ESG management before and durable ESG information disclosure mechanisms before the issuance of green bonds and the establishment of an open and transparent ESG information disclosure mechanism.

Experts interviewed: Wang Yao, Dean of the Green Financial International Research Institute of Central University of Finance and Economics

(Li Haojia interview and organize)

Original title: Green bonds introduce the introduction of funds for China "decarburized" (interpretation of experts)

"People's Daily Overseas Edition" (10th edition, August 29, 2022)

- END -