China Green Bond Market Report 2020

The Chinese green bond market issued USD 44bn in 2020, a 21% decrease from 2019, partly due to the pandemic and a shift toward social-themed 'Pandemic Prevention and Control' bonds. While China remains a global leader, a significant portion of its issuance (USD 20.2bn) is not aligned with Climate Bonds Initiative (CBI) standards, primarily because local regulations allow proceeds to fund general working capital. However, the 2020 Green Bond Catalogue consultation draft marked a shift toward international alignment by removing 'clean coal' projects. Non-financial corporates, led by Beijing Jingneng Clean Energy, are becoming more prominent issuers, and there is a substantial pool of unlabelled climate-aligned debt, particularly in the transport sector, that presents refinancing opportunities.

• Total Chinese green bond issuance across domestic and overseas markets fell to USD 44bn (RMB 289.5bn) in 2020, representing a 21% decrease from USD 55.8bn in 2019.
• A significant gap exists between local and international standards: USD 23.8bn of Chinese green bonds aligned with both Chinese and CBI definitions, while USD 20.2bn were only aligned with local definitions.
• The primary cause of non-alignment with CBI standards is the use of proceeds for general working capital, which accounted for over USD 15bn of non-aligned bonds in 2020.
• China's 2020 Green Bond Catalogue consultation draft improved international alignment by removing 'clean coal' investments, including super-critical coal-fired power plants and coal mining.
• Non-financial corporates are increasing their market share, with Beijing Jingneng Clean Energy becoming the largest issuer in 2020 with RMB 15bn (USD 2.1bn) in green bonds.
• The COVID-19 pandemic led to a surge in 'Pandemic Prevention and Control' bonds, which reached a total of RMB 1.55trn (USD 210bn) by December 2020.
• Low Carbon Transport (30%) and Energy (29%) were the largest themes for bonds aligned with CBI definitions, while green building proceeds more than doubled in 2020 to USD 5.2bn.
• China holds a massive amount of unlabelled climate-aligned debt totaling USD 325bn, with the transport sector, specifically China Railway Corp, dominating the volume.

APA

Meng, A. X., Xie, W., Shao, H., Shang, J., & Qiqige, Z. (2021). China Green Bond Market Report 2020. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/cbi_china_sotm_2021_06d.pdf

Chicago

Meng, Alan Xiangrui, Wenhong Xie, Huan Shao, Jin Shang, and Zhula Qiqige. China Green Bond Market Report 2020. Climate Bonds Initiative, 2021. https://www.climatebonds.net/files/documents/publications/cbi_china_sotm_2021_06d.pdf.

Wikipedia

{{cite report |last1=Meng |first1=Alan Xiangrui |last2=Xie |first2=Wenhong |last3=Shao |first3=Huan |last4=Shang |first4=Jin |last5=Qiqige |first5=Zhula |title=China Green Bond Market Report 2020 |publisher=Climate Bonds Initiative |date=July 2021 |url=https://www.climatebonds.net/files/documents/publications/cbi_china_sotm_2021_06d.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{meng2021china, author = {Meng, Alan Xiangrui and Xie, Wenhong and Shao, Huan and Shang, Jin and Qiqige, Zhula}, title = {{China Green Bond Market Report 2020}}, institution = {Climate Bonds Initiative}, year = {2021}, month = jul, url = {https://www.climatebonds.net/files/documents/publications/cbi_china_sotm_2021_06d.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }