中国绿色债券市场季报 2018 第三季度

The report analyzes China's green bond market in Q3 2018, noting a total issuance of USD 8.5bn. It highlights that while total issuance for the first three quarters of 2018 (USD 21.5bn) exceeded the same period in 2017, only 49% of Q3 volumes aligned with international definitions. Financial corporates dominated issuance, and renewable energy remained the largest sector for proceeds. The document also details new regulatory guidelines from the PBoC, SSE, and CSRC, and updates to the Climate Bonds Initiative (CBI) taxonomy regarding utility tunnels and hydropower.

• Total green bond issuance in China for the first three quarters of 2018 reached USD 21.5bn, which is higher than the USD 20.9bn issued during the same period in 2017, despite a 9% decrease in Q3 2018 (USD 8.5bn) compared to Q3 2017 (USD 9.4bn).
• Only 49% (USD 4.2bn) of the Q3 2018 issuance from Chinese issuers aligned with international green bond definitions. The primary reasons for excluding the remaining bonds were the allocation of proceeds to working capital and projects not aligned with the CBI Taxonomy.
• Financial corporates were the dominant issuer type in Q3 2018, accounting for 51% of the total issuance with a volume of USD 4.3bn. Local government financing vehicle (LGFV) issuers also saw growth, issuing USD 827m in Q3, which is three times the amount issued in the previous quarter.
• Renewable energy was the largest sector for the use of proceeds in Q3 2018. Other significant climate themes included low carbon transport and water, with the proportion of proceeds allocated to water increasing from 7% in Q1 to 18% in Q3.
• Offshore issuance represented 19% of the Q3 total, with bonds listed on the Luxembourg Green Exchange, Euronext Ireland, and the Hong Kong Stock Exchange.
• The People's Bank of China (PBoC) introduced a quarterly evaluation of green credit performance for deposit-type financial institutions, with results integrated into the banks' macro-prudential assessment.
• The Shanghai Stock Exchange (SSE) updated its regulatory requirements, allowing issuers with over 50% of operating revenue from green industry to issue green corporate bonds without specifying underlying projects, provided at least 70% of funds are used for business development within the green industry.
• The Climate Bonds Initiative (CBI) updated its database criteria to align with the PBoC catalogue on underground pipeline corridors (utility tunnels) and established new hydropower criteria based on power density (preferably 5W/sqm or higher) and emissions (preferably up to 100gCO2e/kWh).

APA

Climate Bonds Initiative (2018). 中国绿色债券市场季报 2018 第三季度. https://www.climatebonds.net/files/drupal-files/files/China%202018%20Q3%20EN_Final.pdf

Chicago

Climate Bonds Initiative. 中国绿色债券市场季报 2018 第三季度. 2018. https://www.climatebonds.net/files/drupal-files/files/China%202018%20Q3%20EN_Final.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=中国绿色债券市场季报 2018 第三季度 |date=October 2018 |url=https://www.climatebonds.net/files/drupal-files/files/China%202018%20Q3%20EN_Final.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative20182018, author = {{Climate Bonds Initiative}}, title = {{中国绿色债券市场季报 2018 第三季度}}, institution = {Climate Bonds Initiative}, year = {2018}, month = oct, url = {https://www.climatebonds.net/files/drupal-files/files/China%202018%20Q3%20EN_Final.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }