China Sustainable Debt State of the Market Report 2024

China’s Sustainable Debt Market Hits Key Milestones. China’s total cumulative issuance reached USD555.5bn, ranking top four globally and becoming one of four markets to surpass the half-trillion mark.  In 2024, China issued USD68.9bn in aligned green bonds across onshore and offshore market, making it the third largest source of aligned volume after USA and Germany. Low-carbon energy and transport remained top Use-of-Proceeds (UoP) categories.

Sustainable finance instruments are broadening beyond green bonds. Green remains the dominant theme among Chinese issuers, reaching 80% of cumulative aligned volume by the end of 2024 (USD442.4bn). However, there has been a significant surge in the issuance of S&S bonds and sustainability-linked bonds, reflecting a broader diversification within the market.

China is strengthening transparency and global investor appeal. Stricter disclosure requirements, enhanced guidelines for use of proceeds, and the development of China’s green taxonomy are building a more credible and transparent sustainable finance ecosystem.  

The flagship China Sustainable Debt State of the Market Report 2024  provides an in-depth overview of China’s green, social, and sustainable, sustainability-linked and transition bond markets, known collectively as the GSS+ bond market up until the end of 2024.

This report is co-produced with CIB Research and supported by Standard Chartered Bank.  

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中国可持续债务市场突破五千亿美元里程碑。截至2024年底，中国的累计发行规模达到4万亿元人民币（5555亿美元），位列全球前三，成为突破五千亿美元门槛的四大市场之一。2024年，中国在境内外市场发行的、符合CBI定义的绿债总量达4933亿元人民币（689亿美元），位列全球第三，仅次于美国和德国。低碳能源与低碳交通仍是绿色债券募集资金最主要的流向。

中国可持续金融工具不断拓展多样性。截止2024年底，中国GSS+债券市场（符合CBI定义）仍以绿色债券为主，占累计发行总量的80%（3.2万亿元人民币，约合4424亿美元）。但社会责任和可持续（S&S）债券及可持续发展挂钩（SLB）债券的发行量显著增长，反映出市场的多元化。

中国市场透明度进一步提升，吸引全球投资者。持续提高的信息披露要求持续提高，更加明确的资金用途指引，以及中国绿色分类目录的发展，正在助力中国构建更加可信、透明的可持续金融生态。

本报告是气候债券倡议组织（CBI）和合作机构共同编写的第九份中国可持续债务市场年度报告，盘点了2024年全年中国绿色、社会责任、可持续发展以及可持续发展挂钩债务市场（统称为GSS+市场）的发展状况及规模。 报告由CBI和兴业研究联合编制，并得到渣打银行的鼎力支持。