中国绿色债券市场季报 2018 第三季度

The Climate Bonds Initiative's Q3 2018 report on the Chinese green bond market details a total issuance of USD 8.5 billion for the quarter, with a cumulative USD 21.5 billion for the first three quarters of 2018. The report highlights the dominance of financial corporates, the growth of local government financing vehicles, and the ongoing alignment challenges between Chinese and international green bond definitions.

• Total green bond issuance in China for the first three quarters of 2018 reached USD 21.5 billion, which is higher than the USD 20.9 billion issued during the same period in 2017. However, Q3 2018 issuance of USD 8.5 billion represented a 9% decrease compared to the USD 9.4 billion issued in Q3 2017.
• Only 49% (USD 4.2 billion) of the Q3 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 assets or projects that did not align with the CBI Taxonomy.
• Financial corporates were the dominant issuer type in Q3, accounting for 51% of the total with USD 4.3 billion issued. This included five new issuers, mostly small- and medium-sized banks such as Fudian Bank, Bank of Jiujiang, Hebei Xingtai Rural Commercial Bank, and Ping An Financial Leasing, as well as China Construction Bank's debut offshore green bond.
• Local government financing vehicle (LGFV) issuers saw increased momentum in Q3, issuing USD 827 million, which was triple the amount from the previous quarter. New LGFV issuers included Beijing Infrastructure Investment, Qingdao Guoxin Development, Chongqing Qianjiang Urban Investment, and Urumqi City Urban Investment Group.
• Renewable Energy was the largest sector for proceeds allocation in Q3. Low carbon transport remained a top three theme, with projects including metro and bus infrastructure. The proportion of proceeds allocated to Water increased from 7% in Q1 to 18% in Q3, covering wastewater treatment, stormwater collection, and water distribution.
• Offshore issuance accounted for 19% of Q3 issuance, with three deals listed on the Luxembourg Green Exchange, Euronext Ireland, and the Hong Kong Stock Exchange by China Construction Bank, CGNPC, and China Everbright Bank.
• The Climate Bonds Initiative updated its database alignment to match the PBoC catalogue regarding underground pipeline corridors (utility tunnels), which are now categorized under the Buildings sector. Additionally, new hydropower criteria were developed, prioritizing run-of-river projects and reservoirs with high power density (preferably 5W/sqm or higher) and low 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} }