China Green Bond Market Report 2021

China's green bond market experienced record growth in 2021, driven by the nation's '30·60' climate targets and the 14th Five-Year Plan. Annual issuance aligned with Climate Bonds definitions reached USD 68.2 billion, making China the second largest green bond market globally. The market saw a significant shift as non-financial corporates became the primary source of supply, overtaking financial corporates. Over 60% of the use-of-proceeds was directed toward renewable energy. The report also highlights the emergence of carbon neutrality bonds and transition finance as key tools for decarbonizing high-emitting sectors.

• China's green bond market grew rapidly in 2021, with annual issuance aligned with both Chinese and Climate Bonds definitions reaching a record USD 68.2 billion (RMB 440.1bn), an increase of 186% from the previous year.
• Non-financial corporates became the leading source of green bond supply in 2021 for the first time, with issuance growing 482% to USD 31.2 billion, accounting for 46% of total volumes.
• State-owned enterprises (SOEs) continue to dominate the onshore market, representing 97% of deals and nearly 99% of total issuance volume in 2021.
• Renewable energy was the primary destination for bond proceeds, accounting for 60.6% of the overall use-of-proceeds in 2021 and contributing 73% of the year's growth.
• The market is characterized by short-to-medium term debt, with 54% of overall issuance volume having a 3-year tenor and 92% of bonds aligned with Climate Bonds definitions expected to mature by 2026.
• New financial instruments are emerging to support the transition of high-emitting sectors, including carbon neutrality bonds (CNBs), which accounted for over 40% of labelled green bonds in 2021, and sustainability-linked bonds (SLBs).

APA

Deng, M., Xie, W., & Shang, J. (2022). China Green Bond Market Report 2021. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/China-Green-Bond-Market-Report-2021.pdf

Chicago

Deng, Manshu, Wenhong Xie, and Jin Shang. China Green Bond Market Report 2021. Climate Bonds Initiative, 2022. https://www.climatebonds.net/files/documents/publications/China-Green-Bond-Market-Report-2021.pdf.

Wikipedia

{{cite report |last1=Deng |first1=Manshu |last2=Xie |first2=Wenhong |last3=Shang |first3=Jin |title=China Green Bond Market Report 2021 |publisher=Climate Bonds Initiative |date=May 2022 |url=https://www.climatebonds.net/files/documents/publications/China-Green-Bond-Market-Report-2021.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{deng2022china, author = {Deng, Manshu and Xie, Wenhong and Shang, Jin}, title = {{China Green Bond Market Report 2021}}, institution = {Climate Bonds Initiative}, year = {2022}, month = may, url = {https://www.climatebonds.net/files/documents/publications/China-Green-Bond-Market-Report-2021.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }