2022年绿色债券中国投资者调查报告

2022GreenBondChinaInvestorSurvey丰Climate Bonds商道融绿SynTeo Lreen FinnnceThis report was prepared bry the Climate Bonds Initiative, with analysis support from 5ynTao Green FinanceNATIXISHKEX香港交易所Sponsored by Natixis Corporate and Investment Barlking and Hong Kong Exchanges and Clearing Limited. 1.IntroductionThis is the sathe issu1.introduction 2a series of surveys from the Cimate Bonds2.SummaryoffindingsInitiative (Cimate Bonds), The purpose of thedeveloping its green bonc market through policy.series is to determine imestor attitutles to greerSreater inwestof participation from both d1.Investnocnds and establish what is need ed tor theouunj dojanop o11ae5 published in 2019 ann the ChirChina'sgreen bond market 1Sby 2030 ant cerbon neutrality bry 2050 w,hich anknown as the 30.60 targets anc exAppendix il: QuestionnaireAppendix Iv: About the sponsors 22Fndnotes 72gublished by the National Centre for ClimateImercial banas occupy NCSpivotal position in Chna's financal system: fiveof the six major state-cwned commercial banks2.a Domicile of respondent2060, with a long-term fundinp8ap of R4016tnorganisatione aue spuog ue :wnuue jad (ugtszgsn)can be founc in Appendix 3International 38%help direct capital flows to 2ssets, projects, andoxpenditiue Buupiqeiss (D:l sajuedeo3 ouaBeuen30.60 objectives.FMC in China requires a different ticense from the to icentify actions ancssset management industry underthe Chineseapproaches with the potential te accelerateregulatory frameiwork.1. China was the third largest country source of sustainable debtat theend of2021500GreenSocialSustainability0095LBTrarsition3002.b Respondent Type(uqasn)pens200Anonymous21%100lutChinaGreenBondInvestorSurvey2021Clim 2.SummaryoffindingsThe resuts of the survey suggest thatvith the3. Respondents care about green5. International investors want to engagerequired transparency and integrity, the Chinesecredentials and issuerfundamentalswithissuerstogrowthemarketgreen bond market can contribute meaningfulyto meeting China's carbon reduction ambitions.+ Respondents identified satis/actory green+ International respondents identifiecd difterenteod do: aen] euaentry thresholds anc quotas for dinerent typesBcth demestic andintenational respondentsstated a desire to buy more Chinese geen boncs,• Kcy factors to further enhance the appealthe Chinese bond market, including the greenof bonds as a key constraint to participation inbut those bonds had to meet the appropriateof Chinese green bonds were identified as:positive issuer findamentak,transgarencybond market.staridarcis, Respondents assigned the highestlevels ofimportance to green credentials andin UoP, and enhanced external reviews,• International respondents acknowtecgeccredit fundamentzis (see chart 15).certification, and disclosure practicestrat issuer engagement would contribute toRespondents were keen to diversify across al Use4. Both market and polticytools can bringChnese ereen bond marset cevekopmenof Proceeds (UoP) categories, with Reneiwablethe required scale6. Respondents are embracing otherEnergy being the most frequently requested. This+ Respondents preferred market tools andthematic labelsalignec with the specific carbcn reduction focusmechanisms that strengthened the broad• Respondents were keen to move beyonc theof the 30.60 targets.bond market ecosysten, particulariy positive thermalit label:1. Respondents prefer deals thatcredit fundamentels.• Social bonds have been incorporated intocontribute to mitigation+ Respondents supported policy mechanismsfewer investment policies than green boncs,• Renewable Energy and Low Carbon Transportthat drive capita: towards lowcarbon assets,but growing demand xas identiied, especiallywere identified as preferred use of proceedsboost ivestmert incentives,ard stengthenanorgieternationalresponderts.afcurrert soldings.green definitiors and standards includingthe Green Bond Endorsed Projects Catalogue, Cardon neutrality is a thematic debt abel• Respondents highlighted Rerewasle Energy(202L Edition) which harmonised the nationalunique to China (see box on page 11). Marketas the preferred UoP category for futuretasonomy with intemational equivalentsuncerstanding and acceptance cf carboninvestment. This is consistent with theneutrality bonds is still evolvingprioriti cs of China's 30.60 target.• International respondents ere alreacy2. Respondents want more green bondsimplementing the recommencations of theTask Force on Climate-Relatec Financialfrom all sourcesDisclosures (TCFD), Damestic respandents• Financial and non-financial corporate bondshad started, but /anted more guidanoe fromwere the current preferred green bond assetregulatcrs, industry associations, anc cthers.classes among respondents across the board.• Respondents highlighted government-backedentities, policy banks [see box on page 7), andcorperates [financial anc non-financial] asasset classes in vhich they would like to buymore green bonds.China Green Bond Investor Survey 2021 Climate Bonds Iritist