GREEN BOND 绿债

WHAT：

Climate bonds，also known as green bonds，are regular bonds with one distinguishing feature: Proceeds ['prəʊsiːdz] are earmarked for projects with environmental benefits, primarily climate change mitigation and adaptation. A green label is a discovery mechanism ['mek(ə)nɪz(ə)m] for investors. It enables the identification of climate-aligned investments with limited resources for due diligence. By doing so, a green bond label reduces friction in the market and facilitates growth in climate-aligned investments.

DEVELOPMENT

Regulatory developments in China in late 2015 marked the official launch of China’s domestic green bond market. Issuance began in late 2015 with the Agricultural Bank of China issuing a green bond in the London market. In December 2015 the PBC published regulations for green bond issuance in the China interbank market. A few weeks later the National Development & Reform Commission (NDRC) published guidelines for the state-owned enterprise sector. Since then the market has grown rapidly, led by large issuers such as Shanghai Pudong Development Bank, Industrial Bank and Bank of Communications. Issuance has also been diverse, including asset-backed securities (ABS) and a covered bond issued by Bank of China.

2016 was a record-breaking year of green bounds by all metrics. Green debt raised by Chinese entities rose from less than USD1bn in 2015 (8th place) to over USD23bn (1st place) in 2016, accounting for more than a quarter of the 2016 total.

The Chinese market can be classified in the following ways:

Meets international green definitions or local green definitions

Offshore or onshore bonds

What’s more, the release of official guidelines has driven the development of China’s green bond market

Various regulatory authorities and stock exchanges in China have played crucial roles in sparking the development of the green bonds market by releasing policies and guidance.

22 December 2015: the PBC released the guidance on issuance of green financial bonds and the Green Bond Endorsed Project Catalogue['kæt(ə)lɒg]. This provides guidance for financial institutions on how to issue a green bond.

13 January 2016: NDRC released Guidance on Green Bond Issuance stating which projects are eligible as green projects, and outlining the requirements for bond issuance approval and other relevant policies.

March /April 2016: Shanghai Stock Exchange and Shenzhen Stock Exchange published the Notice on Green Bond Pilot Program, indicating that green bonds can be listed on stock exchanges in addition to the interbank bond market.

31 August 2016, Guidelines for Establishing the Green Financial System were jointly released by the PBC, Ministry of Finance, NDRC, Ministry of Environmental Protection, China Banking Regulatory Commission (CBRC), China Securities Regulatory Commission (CSRC), and China Insurance Regulatory Commission (CIRC). It proposed 36 measures to push the development of the green financial system.

Green finance is having its best time in China as the country repositions its economy for sustainable development. The potential of green finance will be particularly felt in the spheres of urbanization, the Belt and Road Initiative and infrastructure construction.

Cities and municipalities are joining the market

As cities look to play a role in country NDCs, green bonds have become an increasingly viable form of finance with issuance from cities and municipalities. While US municipalities continue to dominate the sub-sovereign space, green municipals and city bonds have come from all around the world, including Mexico, Sweden and Australia. Nordic municipality debt aggregators were important players, enabling small municipalities’ access to low-cost capital through the bond market despite their small size

Green bonds have emerged as a valuable tool to mobilize the global investment community. While they account for less than 0.2% of all bonds issued globally and 2% in China, the potential for scaling up is tremendous. The market now needs to grow much bigger, and quickly.

The need for harmonization between China guidelines Currently

NDRC allow 50% of bond proceeds to be directed to repaying bank loans and investing in working capital. This is different from the PBC guidelines and international green bond market practice which require that the full bond is directed to green projects This is an example of where harmonization of guidelines will have positive outcomes for the China market as it will lead to better comparability and alignment of bonds within the China market as well as between the Chinese and global markets.

2016年可谓是中国绿债的起始年。根据CBI和中央国债登记结算有限公司2017年1月17日发布的《中国绿债市场现状》报告，截至2016年12月31日，中国债券市场上的绿债规模达到2017.85亿元，包括29个发行主体发行的绿色金融债、绿色公司债、绿色企业债、绿色中期票据和绿色资产支持证券等各类债券66只。

在2016年9月的G20领导人峰会前夕，一行三会、财政部、环保部、国家发改委等七部委联合发布《关于构建绿色金融体系的指导意见》，提出36条推动中国绿色金融发展的具体措施，涵盖了发展绿色信贷、绿色债券、绿色股票指数产品、碳金融等金融工具的路线图，以及财政贴息和市场担保机制等可以用于降低绿色融资成本的机理机制，被视为中国绿色金融体系建设的里程碑。

2016年，中国公司或机构在海内外绿债发行规模跃升全球第一，占全球绿债市场的40%以上。而在2015年，由中国公司或机构发行的绿债仅有三笔，规模占全球绿债市场的3%，且全部在海外市场发行。中国仅用了一年时间就成为全球最大的绿债市场，而其他国家可能需要五年才能达到这一目标，这主要是得益于中国人民银行和国家发改委提供的政策支持和激励。

目前，绿债市场发展的环境效益初现。根据目前绿债市场内已披露的第三方评估认证报告与有关募集说明书披露情况，2016年绿债募集资金用于的绿色项目，预计每年可以节约标准煤2166万吨，减排二氧化碳7941万吨。绿色金融在中国处于最佳时机，随着国家重振经济，实现可持续发展。绿色金融的潜力将在城市化进程，“一带一路倡议”和基础设施建设等方面特别受到重视。绿债正成为调动全球债券市场、满足绿色投资需求的有力工具，中国绿债具有巨大潜力，中国在2016成为全球绿债市场的领导者。在2017年，中国应该推动绿债标准的统一，以

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