Handbook: How to issue a green panda bond

The document outlines the process for foreign entities to issue green panda bonds—RMB-denominated bonds issued in mainland China with proceeds earmarked for green projects. It details the regulatory landscape, involving the PBoC, CSRC, and NDRC, and explains the dual requirement to follow both panda bond and green bond guidelines. The guide highlights the growth of China's green bond market, the role of domestic investors (primarily commercial banks), and the increasing use of RMB for cross-border settlements, particularly within the Belt and Road Initiative. It provides a step-by-step issuance process and lists key regulatory requirements for different market segments.

• A green panda bond is defined as an "RMB-denominated bond issued in mainland China by a foreign entity, with proceeds earmarked for green assets or projects."
• As of October 2018, China's green bond market had total issuances of USD60.9bn, making it the second largest green bond market in the world.
• Commercial banks are the dominant investors in the Chinese domestic bond market, representing approximately 85% of all bond deals.
• The issuance of green panda bonds requires compliance with two sets of regulations: those governing panda bonds (for approval, qualification, and registration) and those governing green bonds (for asset eligibility, use of proceeds, and disclosure).
• The People's Bank of China (PBoC), China Securities Regulatory Commission (CSRC), and National Development and Reform Commission (NDRC) are the primary regulators of China's bond market.
• Between 2016 and November 2018, five green panda bond deals were completed, totaling RMB5.9bn (USD880m), representing less than 1% of total outstanding green bonds in China.
• Renewable energy is the primary climate theme for the allocation of proceeds in China's green bond market, receiving over 60% of funds to date.

APA

Climate Bonds Initiative (2018). Handbook: How to issue a green panda bond. https://www.climatebonds.net/files/documents/publications/CBI-Green-Panda-Bonds-30Nov18.pdf

Chicago

Climate Bonds Initiative. Handbook: How to issue a green panda bond. 2018. https://www.climatebonds.net/files/documents/publications/CBI-Green-Panda-Bonds-30Nov18.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Handbook: How to issue a green panda bond |date=November 2018 |url=https://www.climatebonds.net/files/documents/publications/CBI-Green-Panda-Bonds-30Nov18.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2018handbook, author = {{Climate Bonds Initiative}}, title = {{Handbook: How to issue a green panda bond}}, institution = {Climate Bonds Initiative}, year = {2018}, month = nov, url = {https://www.climatebonds.net/files/documents/publications/CBI-Green-Panda-Bonds-30Nov18.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }