In 2015, the People’s Bank of China (PBOC) released guidelines around which assets are eligible for green bonds in China. This was shortly followed by other regulators in China releasing similar guidance. While these are largely in line with the Climate Bonds Taxonomy, there are some areas which are currently not eligible or are under discussion. These include:
- Upgrades to coal-fired power stations including clean coal
- Large hydropower electricity generation greater than 50 MW (currently under discussion)
- Bonds with more than 10% of proceeds allocated to ‘general corporate purposes’ rather than disclosed green assets.
These bonds are not currently included in the CBI database or main figures but are represented for informational purposes in a light green colour on the homepage chart.
The Climate Bonds Initiative green bond database includes all labelled green bonds that are broadly aligned with the Climate Bonds Taxonomy.
|Olive green is used to show bonds that have been Certified by the Climate Bonds Initiative. These are, by default, in line with the CBI Taxonomy and the Green Bonds Principles.
|Bright green is used to represent all bonds that are aligned with the CBI Taxonomy. These include most but not all bonds issued by Chinese issuers.
Together, the certified bonds and bonds aligned with the taxonomy comprise the total for the year to date that is aligned with the taxonomy.
|Light green shows bonds that are aligned with China definitions of green but do not align with the CBI Taxonomy or international investor expectations of green. This figure is not included in our headline figures and analysis.