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In 2020, China's green bond market saw a 21% decrease in total issuance to 289.5 billion RMB, partly due to the COVID-19 pandemic and the rise of pandemic-related bonds. Despite the decline, the market showed progress in aligning domestic standards with international ones, notably through the 2020 draft Green Bond Endorsed Project Catalogue which removed clean coal projects. Non-financial enterprises and government-supported institutions showed strong growth, while financial enterprise issuance declined. A significant gap remains between domestic and Climate Bonds Initiative (CBI) definitions, primarily because some domestic bonds allow funds to be used for general corporate operating capital. The report also highlights a massive stock of unlabelled climate-related bonds, totaling 325 billion USD, primarily in the transport sector, presenting a major opportunity for future green labelling and refinancing.

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APA
孟祥瑞, 谢文泓, 邵欢, 商瑾, & 朱拉其其格 (2021). 2020年中国绿色债券市场报告. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/7d749fe5-6833-4a8b-93a6-7cb652d23e8d.pdf
Chicago
孟祥瑞, 谢文泓, 邵欢, 商瑾, and 朱拉其其格. 2020年中国绿色债券市场报告. Climate Bonds Initiative, 2021. https://www.climatebonds.net/files/documents/publications/7d749fe5-6833-4a8b-93a6-7cb652d23e8d.pdf.
Wikipedia
{{cite report |last1=孟祥瑞 |last2=谢文泓 |last3=邵欢 |last4=商瑾 |last5=朱拉其其格 |title=2020年中国绿色债券市场报告 |publisher=Climate Bonds Initiative |date=September 2021 |url=https://www.climatebonds.net/files/documents/publications/7d749fe5-6833-4a8b-93a6-7cb652d23e8d.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}
BibTeX
@techreport{20212020, author = {孟祥瑞 and 谢文泓 and 邵欢 and 商瑾 and 朱拉其其格}, title = {{2020年中国绿色债券市场报告}}, institution = {Climate Bonds Initiative}, year = {2021}, month = sep, url = {https://www.climatebonds.net/files/documents/publications/7d749fe5-6833-4a8b-93a6-7cb652d23e8d.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }

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