3c4d222a-da6d-4ffb-8387-69a7bdaf7e2a-04aeb175f8844c18.pdf

This guide by the Climate Bonds Initiative provides a regulatory and operational framework for foreign entities wishing to issue Green Panda Bonds—RMB-denominated bonds issued in mainland China with proceeds dedicated to green assets or projects.

• Green Panda Bonds are defined as RMB bonds issued by overseas entities in mainland China where the proceeds are specifically used for green assets or projects. Issuers must label the bonds as 'green', track the use of funds, and report on them to ensure compliance.
• As of October 2018, China's green bond market had a total issuance scale of 60.9 billion USD, making it the second largest green bond market globally. Within this market, five Green Panda Bonds were issued since 2016, totaling 5.9 billion RMB (880 million USD).
• The regulatory landscape for Green Panda Bonds involves multiple authorities, including the People's Bank of China (PBoC), the China Securities Regulatory Commission (CSRC), and the National Development and Reform Commission (NDRC). Issuers must navigate both general Panda Bond requirements (such as registration and investor protection) and specific green bond guidelines regarding asset eligibility and disclosure.
• The first Green Panda Bond was issued in July 2016 by the New Development Bank for 3 billion RMB (448 million USD). The proceeds supported projects in China, Brazil, and Russia, including the Shanghai Lingang distributed solar power project and the Karelia hydropower project in Russia.

APA

Climate Bonds Initiative (n.d.). 3c4d222a-da6d-4ffb-8387-69a7bdaf7e2a-04aeb175f8844c18.pdf. https://www.climatebonds.net/files/documents/publications/3c4d222a-da6d-4ffb-8387-69a7bdaf7e2a.pdf

Chicago

Climate Bonds Initiative. 3c4d222a-da6d-4ffb-8387-69a7bdaf7e2a-04aeb175f8844c18.pdf. n.d. https://www.climatebonds.net/files/documents/publications/3c4d222a-da6d-4ffb-8387-69a7bdaf7e2a.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=3c4d222a-da6d-4ffb-8387-69a7bdaf7e2a-04aeb175f8844c18.pdf |url=https://www.climatebonds.net/files/documents/publications/3c4d222a-da6d-4ffb-8387-69a7bdaf7e2a.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiativend3c4d222ada6d4ffb838769a7bdaf7e2a04aeb175f8844c18pdf, author = {{Climate Bonds Initiative}}, title = {{3c4d222a-da6d-4ffb-8387-69a7bdaf7e2a-04aeb175f8844c18.pdf}}, institution = {Climate Bonds Initiative}, url = {https://www.climatebonds.net/files/documents/publications/3c4d222a-da6d-4ffb-8387-69a7bdaf7e2a.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }