China Green Bond Market Mid-Year Report 2018

The China Green Bond Market Mid-Year Report 2018 details a 14% year-on-year increase in green bond issuance from Chinese issuers in H1 2018, totaling USD 13.02 billion. While financial and non-financial corporates drove growth, 28% of total issuance failed to align with international green bond definitions, primarily due to allocations to general working capital. Renewable energy remained the largest sector for proceeds, and over 40% of issuance occurred offshore, led by ICBC. The report also highlights new regulatory measures from the PBoC and the launch of a Green Bond Issuance Programme in Hong Kong.

• Total green bond issuance from Chinese issuers in the first half of 2018 reached USD 13.02 billion (RMB 84.4 billion), representing a 14% increase compared to the same period in 2017.
• Financial corporates were the largest issuer type in H1 2018, accounting for 44% of the total volume with USD 5.75 billion issued, followed by non-financial corporates at 32%.
• Approximately 28% of green bonds issued by Chinese entities in H1 2018 did not align with international green bond definitions. Nearly half of these exclusions were due to more than 5% of proceeds being allocated to general working capital, and 45% were due to allocations that met local Chinese guidelines but not international ones.
• Renewable energy was the dominant sector for green bond proceeds in H1 2018, receiving USD 3.4 billion. Low carbon transport (30%) and low carbon buildings (10%) were also significant categories.
• Offshore issuance accounted for over 40% of green bonds from Chinese domiciled issuers in H1 2018. ICBC was the largest offshore issuer, listing USD 2.3 billion on the London and Hong Kong Stock Exchanges in June.
• External reviews were utilized for 74% of H1 2018 issuance, with 20% being Certified Climate Bonds and 54% receiving a second party opinion or assurance.
• The People's Bank of China (PBoC) introduced several policy updates in 2018, including a March circular to strengthen supervision of green bond allocations by financial institutions and a June announcement expanding the Medium Term Lending Facilitation (MLF) to include green bonds and loans as eligible collateral.

APA

Climate Bonds Initiative (2018). China Green Bond Market Mid-Year Report 2018. https://www.climatebonds.net/files/drupal-files/files/China%202018%20H1%20Report_EN%20final%281%29.pdf

Chicago

Climate Bonds Initiative. China Green Bond Market Mid-Year Report 2018. 2018. https://www.climatebonds.net/files/drupal-files/files/China%202018%20H1%20Report_EN%20final%281%29.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=China Green Bond Market Mid-Year Report 2018 |date=July 2018 |url=https://www.climatebonds.net/files/drupal-files/files/China%202018%20H1%20Report_EN%20final%281%29.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2018china, author = {{Climate Bonds Initiative}}, title = {{China Green Bond Market Mid-Year Report 2018}}, institution = {Climate Bonds Initiative}, year = {2018}, month = jul, url = {https://www.climatebonds.net/files/drupal-files/files/China%202018%20H1%20Report_EN%20final%281%29.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }