People’s Bank of China (PBoC) today announced new guidance on green bond issuance in China’s inter-bank bond market.
中国人民银行（央行）在今天发布了银行间市场绿色债券发行公告。
The PBoC has also published Green Projects Catalogue developed by Green Finance Committee, China Society for Finance & Banking (GFC), defining assets and projects qualified for green bonds.
同时，央行也公布了《绿色债券支持项目目录》。该目录由中国金融学会绿色金融专业委员会(简称“绿金委”)开发，为绿色债券融资项目提供界定标准。
The announcement:
根据央行，公告主要内容如下：
1. Emphasises that the proceeds of the green financial bonds can only be used for green assets and projects. The Green Projects Catalogue can be used for screening out green assets and projects.
一、强调募集资金只能用于绿色资产和项目。《绿色债券支持项目目录》可以用作项目界定标准。
2. Provides regulations on the allocation of proceeds including ring-fencing, earmarking and investments allowed before the allocation.
二、规定了债券募集资金分配和管理，包括开立专门账户或建立台账，在资金闲置期间可进行的投资等。
3. Requires robust environmental information disclosure regarding assets/projects type, decision-making process including standard used, and environmental performance target, etc.
三、严格要求环境信息披露，包括资产和项目类别、项目决策程序和标准、环境效益目标等。
4. Encourages issuers to arrange an independent party to review or to certify the bond in terms of use of proceeds and environmental performance.
四、鼓励发行人对绿色债券进行独立评估或认证，对募集资金用途、环境绩效等进行追踪评估。
According to the latest green definitions from the Green Projects Catalogue, green industry in China will cover Energy Conservation, Pollution Control, Resources Utilisation, Clean Transport, Clean Energy and Adaptation.
根据《绿色债券支持项目目录》的绿色定义，中国绿色产业将覆盖节能、污染治理、资源利用、清洁交通、清洁能源和气候适应六个领域。
The recently published Ecological Civilisation Master Plan has explicitly pointed out the requirement to establish a green financial system in China in order to achieve a green and low carbon economy.
中国国务院近期发布的《生态文明体制改革总体方案》明确提出了建立绿色金融系统的要求，支持绿色、低碳经济的发展。
Correspondingly, apart from encouraging issuing green credits from commercial banks, PBoC now develops green “financial bonds” (bonds issued by financial institutions) in the interbank bond market. It will serve as a new channel for financial institutions to tap into the debt capital market in order to support the development of green industry in China.
因此，在大力支持商业银行发放绿色信贷的同时，央行在中国银行间市场推出了绿色金融债券(金融债券是由金融机构发行的债券)。绿色金融债券为金融机构利用债务资本市场以支持绿色产业提供了融资渠道。
Comment by Climate Bonds CEO Sean Kidney:
气候债券倡议组织首席执行官Sean Kidney：
“PBOC's inclusion in its announcement of the green definitions work from by the Green Finance Committee underlines the importance of that Committee as an implementation vehicle for the government's green finance reforms.”
"央行在本次公告中公布了绿金委开发的《绿色债券支持项目目录》，这意味着绿金委在中国绿色金融改革中发挥着重要作用。"
“That Committee is made of representatives from investors representing two-thirds of China's investments under management, all the finance sector regulators and from all the major banks and development banks. The Climate Bonds Initiative is also a member, along with the IFC and ICMA.”
"绿金委由管理中国三分之二以上的投资者代表、金融部门监管机构、主要银行和开发银行组成。气候债券倡议组织、国际金融公司和国际资本市场协会都是绿金委的成员。"
2015 Flashback
2015回顾
China’s and green bonds have been regularly in the news during 2015, April saw widespread reporting of green bond policy developments and May heralded the release of the joint PBoC/UNEP Enquiry Report Establishing China’s Green Financial System.
在2015年的新闻中我们经常可以看到中国绿色债券的身影。4月我们报道了中国绿色债券政策发展；5月我们公布了由中国人民银行和联合国环境规划署联合编写的《构建中国绿色金融体系》的发布消息。
In November the Agricultural Bank of China, the country's third-largest listed lender, completed its debut sale of $1 billion dual currency bonds London - the first "green bond" from a Chinese bank.
在11月，中国农业银行在伦敦发行了中国首只银行绿色债券。该债券总额达10亿美元，以美元和人民币计价。
Expect to see a lot more on green bonds from China in 2016.
我们期待在2016年有更多中国绿色债券的消息。
