Chinese Language Report Launch: Shanghai, Friday
The Climate Bonds Initiative will launch the Chinese Version of its 5th annual report ‘Bonds and Climate Change: State of the Market in 2016’ (SOtM) in Shanghai tomorrow.
China Largest Issuer of Climate Aligned Bonds
The reports reveals China is the largest country of issuance in the climate aligned universe. Unlabelled issuance is dominated by China Railway Corporation (largest issuer with $194bn). This figure highlights the significance of bonds within the transport sector and demonstrates the continuing importance they will play in raising finance for low-carbon transportation.
Largest Issuer of Labelled Green Bonds in 2016
China is also seen as a leader in the labelled green bond market and is the largest country of issuance in 2016 year to date.
This annual flagship report from the Climate Bonds Initiative is the only global analysis of the climate-aligned bond universe. Our analysis discovers and quantifies those bonds that are being used to finance low carbon and climate resilient infrastructure; this includes bonds that are labelled as green as well as bonds that are financing climate solutions but do not carry a label.
Local Cooperation on Data Collection
Climate Bonds collaboration with entities such as the CCDC, CECEP, NAFMII and the Shanghai Stock Exchange helped identify unlabelled domestic bonds.
Key findings include:
- The climate-aligned bonds universe now stands at $694bn outstanding - A jump of $96bn (16%) from the 2015 figure. This total is comprised of unlabelled climate-aligned bonds at $576bn and labelled green bonds at $118bn.
- The universe is made up of over 3,590 bonds (issued from Jan 2005 to May 2016) from 780 individual issuers across transport, energy, buildings and industry, water, waste and pollution and agriculture and forestry.
- China leads the top 10 countries for climate aligned bonds with $246bn of total issuance (36%) followed by the US ($136bn/16%) then France and the United Kingdom ($64bn & $62bn, around 9% respectively).
- The Chinese RMB is the dominant currency in the climate-aligned bond universe (with 35% of the total amount outstanding), followed by the US dollar (24%) and the Euro (16%).
- Unlabelled issuance is dominated by China Railway Corporation (largest issuer with $194bn). This figure highlights the significance of bonds within the transport sector and demonstrates the continuing importance they will play in raising finance for low-carbon transportation.
- 78% of the universe is investment grade; the majority of bonds have tenors of 10 years or more; the majority are also government-backed.
- The $96bn increase on 2015 includes $94bn in new bonds from existing issuers, plus $85bn from new issuers minus $83bn of matured bonds and issuers that no longer meet our climate-aligned criteria.
- Low carbon transport was the largest single sector, accounting for $464bn (67%) of the total climate aligned universe, followed by clean energy at $130bn (19%).
- The remaining $97bn (14%) is drawn from Building and Industry, Agriculture and Forestry, Waste and Pollution, Water or Multi-Sector bonds; a small but welcomed indication towards more diversity in issuance.
The Climate Bonds View
Sean Kidney, Climate Bonds CEO:
“The report reflects the growing weight of Chinese green bond development and its global implications for markets and institutional investors.”
“China is steadily progressing its green finance systems. This alignment of bond market activity with low emissions growth, climate and environmental goals will provide enormous opportunities for global investors.”
“Green bond based capital to fund infrastructure and environment based projects are now an established model.”
“As countries like China look to turn their INDC commitments into climate plans, the priority for international policy makers and regulators is to further develop and harmonise financial frameworks. This will assist the rapid and sustainable flow of global investment into climate resilient transport, greening cities, clean energy, environmental improvement, water and energy efficiency projects.”
Download the full English report here.
Download the full Chinese report here.
《债券与气候变化：市场现状报告2016》中国发布会
中国是气候相关债券的最大发行国
气候债券倡议组织（Climate Bonds Initiative）将于明天在上海发布中文版 《债券与气候变化：市场现状报告2016》，这将是气候债券倡议组织发布的第五份该系列年度报告。
此报告指出，中国是气候相关债券的最大发行国。其中未贴标债券发行量以中国铁路总公司为主导 (作为最大发行人, 其发行量为1940亿美元)。这一数据显示了债券在运输行业中的重要性，并展示了债券将持续为低碳运输融资所起到的重要作用。
在贴标绿色债券市场上，中国同样扮演着领跑者的角色。中国也是2016年初至今的最大贴标绿色债券发行国。
由气候债券倡议组织撰写的这份年度报告，也是全球唯一的对气候相关债券市场进行分析的报告。此报告发现并量化分析了用于低碳及气候适应基础设施融资的债券，这包括被贴标的绿色债券，以及用于为气候解决方案融资但未进行贴标的债券。
气候债券倡议组织通过与中央国债登记结算有限公司、中国节能环保集团公司、中国银行间市场交易商协会以及上海证券交易所等机构的合作，得以识别出更多中国市场上未贴标的债券。
这份报告的主要发现包括：
- 气候相关债券市场目前的债券存量为6940亿美元，相较2015年规模增加960亿美元（即上升16%）。这包括了5760亿美元的未贴标的气候相关债券和1180亿美元的贴标绿色债券。
- 这一规模的市场由780个发行人所发行的大约3590只债券组成（债券发行日期从2005年1月至2016年5月），它们覆盖了运输、能源、建筑与工业、水、废弃物与污染控制以及农林等主题。
- 中国以2460亿美元（占36%）的气候相关债券发行存量成为最大的发行国，紧随其后的是美国（1360亿美元，占16％），法国（640亿美元，约占9％）和英国（620亿美元，约占9%）。
- 人民币是最主要的气候相关债券的发行货币单位（占总债券存量的35%），紧随其后的是美元（占24%）和欧元（占16%）。
- 未贴标债券发行量以中国铁路总公司为主导 (作为最大发行人, 其发行量为1940亿美元)。这一数据显示了债券在运输行业中的重要性，并展示了债券将持续为低碳运输融资所起到的重要作用。
- 气候相关债券市场中有78%为投资级债券；大部分债券为10年期以上；大部分债券是由政府支持。
- 相较2015年，新增长的960亿美元规模来自于：现有发行人发行的940亿美元规模的新债券，加上新发行人发行的850亿美元规模的债券，并减去830亿美元规模的到期债券及不能再继续满足标准的发行人所发行的债券。
- 低碳运输是气候相关债券市场中最大的主题，以4640亿美元规模占总存量的67% ，清洁能源为第二大主题，以1300亿美元规模占总存量的19%。
- 其余的970亿美元债券存量（占14%）来自于建筑与工业、农林、弃物与污染控制、水和“多领域”主题。虽然这些主题所占比例较小，但却显示了我们所希望看到的债券融资项目的多样化。
气候债券倡议组织首席执行官 Sean Kidney 表示:
“这份报告表明中国绿色债券规模的增长及其对于全球市场和机构投资者的启示。中国绿色金融体系正稳步完善。债券市场活动与低碳增长、气候与环境目标的结合将为全球投资者带来巨大的机遇”。
“利用绿色债券募集资金以支持基础设施和环境项目的模式已得到确立。中国和其他国家目前正在落实国家自主贡献，确定应对气候变化的方案。对于全球政策制定者和监管者来说，其优先任务是发展和协调一个金融框架。这将促进全球投资迅速而持续地流向能够解决气候问题的交通、绿色城市、清洁能源、环境提升、水和能源效率项目”。
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