Beijing Launch: New ChinaBond China Climate-Aligned Bond Index: Post G20 Green Finance in action: Report on Symposium: Translated from Chinese

Green Finance Players Gather post G20

Climate Bonds China specialist Dai Weihui (Lily) speaking at the launch.


Yesterday’s Beijing Symposium saw key players from China’s green finance sector gather for the official launch of the new ChinaBond China Climate-Aligned Bond Index, a world first.

A joint initiative of China Central Depository & Clearing Co. ltd, CECEP Consulting and the Climate Bonds Initiative, the new Climate-Aligned Bond Index is now available on Bloomberg, Thomson Reuters, Wind and Finchina.

Climate Bonds has been sent a direct translation of proceedings including comments from our very own China specialist and guest speaker Dai Weihui (Lily).

The account provides a window into where and how the new CCDC/CEDEC Consulting/Climate Bonds Initiative Index fits within domestic reforms to build green finance markets and improve transparency and disclosure for investors.

Read on…


Symposium on the Marketing of the ChinaBond China Climate-Aligned Bond Index and Information Disclosure of Green Bonds

The symposium on the marketing of the Chinabond China Climate-Aligned Bond Index and information disclosure of the green bonds has been held in Beijing on September 19.

Shui Ruqing, Chairman of the China Central Depository & Clearing Co. Ltd (CCDC), attended the meeting and gave the welcome speech.



Representation from PBOC, Green Finance Committee, major banks & ratings agencies

Ma Jun, chief economist of research bureau in People’s Bank of China and the director of the Green Finance Committee of China Society of Financing and Banking (referred to as Green Finance Committee), An Guojun, associate researcher at the Chinese Academy of Social Science Financial Research Institute and deputy secretary-general of the Green Finance Committee, and about 80 experts from China Development Bank, Agriculture Development Bank, Export-import Bank, Climate Bonds Initiative and CECEP Consulting, bond rating agencies, climate bond issuers and journalists, also attend the meeting.


Live Streaming on major platforms

The meeting was live on Wind 3C meeting video broadcast platform and Da ZhiHui live broadcast platform.


CCDC Chair Opening Address

Shui Ruqing, Chairman of CCDC, outlined his understanding of green finance and green bond developments and summarized the key achievements by CCDC in the green bond field.

He said that to realize the sustainable development of the global economy, green finance has aroused widespread interest of international society and it has become an important issue in the recently concluded G20 summit in Hang Zhou.

China is in a key period of transformation of economic development and building a green financial system will help to speed up our country’s economy transformation to a green economy and also promote economic growth potential.

Shui Ruqing said in his speech that CCDC, which is part of the core financial infrastructure of the country’s bond markets, actively seeks to be the Director Unit of the Green Finance Committee, gives a service in the whole of life infrastructure of green bonds, issues green bond series indices, explores the identification of the stock of green bonds and promotes the communication of the related experts.

These steps have been fundamental and pioneering contributions.

Looking forward to the future, CCDC will continue to be committed to their role, promote the innovative development of the green bond market and make contributions to China’s green financial strategy implementation.


PBOC overview including G20 summary

Ma Jun, the chief economist of research bureau in People’s Bank of China and the director of the Green Finance Committee, commended the achievement of the CCDC and their work in the green bonds field.

He highlighted key aspects of recently published Guidelines for Establishing Green Financial System (referred as Guidelines) and the G20 Green Finance Synthesis Report, and introduced the growth in Chinese green finance. He pointed out that the China Climate-Aligned Bond Index is an a step forward in China's green bond development.

He emphasized that the Guidance is a positive policy signal for social capital to reduce the uncertainty raised by some green investors.

Ma also stated the green bond market provides new investment instruments for investors and new long-term financing tool for issuers, leading to more green investment. He believed there are 5 ways to boost green bonds market: integrate China green bond definitions, improve mandatory environmental information disclosure systems, develop various financial products forgreen finance such as index products, cultivate the capability  of third party professional organizations, and establish green bond ratings.


ChinaBond profiles new Index

During the meeting, Niu Yurui, deputy manager of the ChinaBond Pricing Center, introduced the ChinaBond China Climate-Aligned Bond Index from the perspectives of a development background, index product introduction and future expectation.

CCDC has partnered with Climate Bonds Initiative and CECEP Consulting to launch ChinaBond China Climate-Aligned Bond Index, which is the global first climate-aligned bond index and it will fill the gap that exists in this field. According to the data, the base date of the ChinaBond China Climate-Aligned Bond Index is set at Dec 31, 2009 with a 100 base value.

Up to August 31, 2016, it consists of 210 constituents with average market capitalization weighted duration of 5.64, 9.49 percent return in the recent year and the total market value of 1.33 trillion RMB.

He noted the the index is now available on Bloomberg, Thomson Reuters, Wind and Finchina.


Climate Bonds specialist overview and market analysis

Dai Weihui from the Climate Bonds Initiative outlined fundamental features of the global climate-aligned bond market. Climate-aligned bonds are used to finance low carbon and climate adaptive infrastructure. There is clear authentication by the professional institutions for green project green bonds but in some financing of climate related assets there is yet to be certification by a professional institution of green or climate aspects of bonds.

Climate-aligned bonds include the bonds in the fields of energy, transportation, construction and industrial, water, waste and pollution control, agriculture and forestry.  

At present, global climate-aligned bonds market amounted to USD$694 billion. The release of climate-aligned bond index is helpful to promote market knowledge, assist global investors become more familiar with bonds, encourage sustainable investment, and promote green bond market liquidity and its overall development.


CECEP Consulting Keynote Address

Liao Yuan, vice general manager of CECEP Consulting, delivered a keynote address.  He emphasized that environment information disclosure is key to the healthy development of green bond markets and talked about the CECEP experience in the process of developing the ChinaBond Green Series Bond Index and the new ChinaBond Climate-Aligned Bond Index.

Regarding content disclosure information, disclosure should satisfy the Green Bond Principles, the 2015 Point No. 39 policy document of the People’s Bank of China and other related requests to disclose the use of capital raised for investment the green projects, progress of the green project and the environment benefits of the project.

As for specific disclosure paths, issuers with full capability can choose the disclosure path by themselves and complete regular evaluations, calculation and disclosure on the green bonds invested into the project.

Issuers with a lack of capability can appoint a third party to complete the work.


Roundtable discussion

Comments from Agricultural Development Bank

Liu Youhui, head of treasury department in Agriculture Development Bank, shared experiences in green identification of existing bond. She noted that agriculture, farmer and rural areas sectors  highly related to green development and suggested these areas should be incorporated by the China Green Bond Endorsed Project Catalogue. 

She recommended to integrate green financial policies, innovate in green financial products, and issue different green bonds in different currencies for various investors and issuers.


Comments from China Development Bank and Export Import Bank

Yu Wangshun, deputy head of treasury department in China Development Bank, and Zhao Ying, deputy head of treasury operation department in Export-Import Bank, presented on the achievement of both banks in the green finance field. Yu suggested the China bond market should process in four steps to achieve sustainable development: policy framework, market infrastructure, operations and internationalisation.

Zhao suggested to there was also a need to simplify approval processes of green bonds, lower issuance costs and encourage institutional green investors.


CECEP, Climate Bonds & CCDC comments

Representatives from CECEP Consulting, Climate Bonds Initiative and CCDC also gave expert commentary in turn.


Investor Confidence and Growing China Green Finance Markets

Participants  in the conference also appealed to investors assist to enhance confidence in the domestic green bond market. As the government attaches great importance to green finance especially since the publishing of “Guidance on building green financial system”, China is embracing a strong development period of green finance.

The investment in green industry through green indices, green funds and green bonds gives insitutional investors opportunities for returns as well as building the development of green industry.


Conclusion - ChinaBond Green Bond Index Committee

At the end, expert particpants suggested CCDC establishing a ChinaBond Green Bond Index Committee which will guide relevant work in index methodology and maintenance.




Well that’s certainly a comprehensive account of the Symposium proceeedings and the launch of a new green index. 

We hope you’ve enjoyed this latest read fresh from Beijing.

More to come as the ChinaBond China Climate-Aligned Bond Index develops.

Remember, the index is available on Bloomberg, Thomson Reuters, Wind and Finchina.


Till next time,

Climate Bonds Communications






中国人民银行研究局首席经济学家、中国金融学会绿色金融专业委员会(以下简称“绿金委”)主任马骏,绿金委副秘书长安国俊、中国人民银行金融市场司、中国银行间市场交易商协会以及来自国家开发银行、农业发展银行、进出口银行、气候债券倡议组织(Climate Bonds Initiative,CBI),中节能咨询有限公司等机构近80位业内专家、债券评级机构、气候债券发行人代表及新闻媒体记者参加会议。此外,会议也通过万得3C会议视频直播平台和大智慧视吧直播平台进行了互联网在线直播。













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