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This report examines the financing of China's steel sector decarbonisation, highlighting the impact of Hebei Province's 2023 transition finance guidelines. It finds that while labelled debt (loans and bonds) is growing—with USD2.8bn in Hebei transition loans and USD3bn in labelled bonds in 2024—the sector requires USD18bn in capex over the next five years to meet EAF and H2-DRI targets. The report recommends government incentives, diversified financial products, and proactive corporate transition planning to bridge the funding gap.

This report, produced by the Climate Bonds Initiative and Peking University, examines the role of transition finance in decarbonising China's power sector. It emphasizes the necessity of credible, science-based transition plans to attract capital and avoid greenwashing, while analyzing the use of sustainability-linked bonds (SLBs) and use-of-proceeds (UoP) instruments. The document provides a framework for electrical utilities to develop transition roadmaps and includes case studies of Vattenfall, Enel, and China Huaneng Group to illustrate varying levels of alignment with global standards.

The Hong Kong Green Market Briefing 2023, published by the Climate Bonds Initiative, provides a comprehensive analysis of the sustainable debt market in Hong Kong as of December 31, 2023. The report highlights a significant surge in aligned GSS+ debt originating from the HKSAR, driven primarily by government green bond issuance, and examines the role of the Hong Kong Stock Exchange (HKEX) and the Common Ground Taxonomy (CGT) in connecting Chinese and international capital.

The China Sustainable Debt State of the Market Report 2022, published by the Climate Bonds Initiative, CCDC Research, and CIB Research, analyzes the growth and composition of China's green, social, sustainability, sustainability-linked (SLB), and transition bond markets (GSS+) through the end of 2022.

The 'China Green Finance Policy Analysis Report 2021' examines the evolution of China's green bond market and the impact of national and regional policy frameworks. It highlights a significant market rebound in 2021, the unification of domestic standards through the Green Bond Endorsed Project Catalogue, and a positive correlation between local policy efficacy and green bond issuance. The report identifies challenges in information disclosure and asset selection, recommending the development of transition finance standards and enhanced transparency to attract further international and domestic capital.

Zhejiang Deqing Rural Commercial Bank Co., Ltd. issued a CNY200m (USD29m) green bond on 13-Dec-2018 to fund water management, wastewater treatment, and industrial waste recycling projects in China. The bond is aligned with the Green Bond Endorsed Project Catalogue (2015 Edition) and carries a G1 green rating from CCX.

The Bank of Huzhou issued a CNY500m (USD73m) green bond on December 7, 2018, with a three-year tenor maturing on December 7, 2021. The proceeds are allocated to 10 nominated projects focusing on pollution prevention, clean transport, and adaptation and resilience, including rooftop solar panels and water treatment.