China Green Bond Market Mid-Year Report 2019 -中国绿色债券市场半年报 2019: Latest on green bond issuers, market trends and developments in the world’s second largest green bond market

Welcome to our latest English/Chinese newsletter for H1 2019




  • 2019 first half issuance from China at USD21.8bn/CNY143.9bn;

  • 85% of all Chinese issuance was issued domestically. Singapore Stock Exchange was the most popular offshore listing venue;

  • Transport was the largest issuing sector;

  • Financial corporates remained the largest issuer type contributing 41% of total issuance;

  • A CNY1bn (USD14.9m) deal from Jiangsu Financial Leasing was the first Certified Climate Bond issued in China’s onshore market;

  • New Notice from the PBoC on supporting green financial reform and innovation pilot zones to launch green debt financing tools;

  • Full versions of the report in both English & Chinese can be found here.




In the first half of 2019, total green bond issuance from China went up to USD21.8bn, a 62% increase year on year, largely due to contributions from regional banks and the private sector as a whole. 

However, only 49% (or USD10.7bn) of H1 volume from Chinese issuers is in line with international green bond definitions. Another 49% has been excluded in accordance with CBI Green Bond Database Methodology. Of the remainder there are 5 deals on the Pending list, and they account for 2% (USD395.3m) of H1 issuance, where proceeds allocation disclosure is insufficient for us to determine alignment.

Issuance from financial corporates accounts for 41% of the H1 total issuance, followed by non-financial corporates at 34%, government-backed entities at 12.3% and ABS at 12.5%.


Use of Proceeds 

In terms of use of proceeds allocation, Low Carbon Transport has been the largest climate sector representing 37% of the total issued volume in H1 2019, followed by Renewable Energy (26%) and Water (20%). 




By amount issued, 70% of the overall excluded bonds in H1 fail to meet best practice as they allocate more than 5% of proceeds to general corporate purposes, not necessarily linked to green assets or projects. 28% of the excluded bonds are not aligned with international green bond definitions and the rest 2% fail to provide sufficient information.



The extras 

In this latest report we also give a summary on how financial leasing companies in China are increasingly using green bonds as means for financing green assets, especially in the Energy, Transport and the Waste and Water sector.

Moreover, we’ve included local policy updates where assessment standards and implementation plans have been introduced to provide guidance on green projects eligibility and innovation pilot zones for carbon reduction, as well as pioneering measures in promoting green finance. 


Read the full report here.


We hope you’ll enjoy it!


'Till next time,

Climate Bonds Initiative






  • 2019年上半年来自中国的绿色债券发行量为1439亿人民币/ 218亿美元

  • 85%的中国发行为在岸发行。同时,新加坡证券交易所是最受欢迎的离岸挂牌地点

  • 低碳交通为最大的募集资金投向领域

  • 江苏金融租赁的10亿元人民币(1.49亿美元)绿色债券是首只在中国境内发行的认证气候债券

  • 中国人民银行:支持绿色金融改革创新试验区发行绿色债务融资工具