2022年绿色债券中国投资者调查报告

2022 GreenBond ChinaInvestor Survey 丰 ClimateBonds 商道融绿 SynTeoLreenFinnnce ThisreportwaspreparedbrytheClimateBondsInitiative,withanalysissupportfrom5ynTaoGreenFinance NATIXISHKEX 香港交易所 SponsoredbyNatixisCorporateandInvestmentBarlkingandHongKongExchangesandClearingLimited. 1.Introduction 1.introduction2 Thisisthesatheissu aseriesofsurveysfromtheCimateBonds2.Summaryoffindings Initiative(CimateBonds),Thepurposeofthedevelopingitsgreenboncmarketthroughpolicy. seriesistodetermineimestorattitutlestogreerSreaterinwestofparticipationfrombothd 1.Investn ocndsandestablishwhatisneededtorthe ouunjdojanopo11ae 5publishedin2019an ntheChir China'sgreenbondmarket1S by2030antcerbonneutralitybry2050w,hichan knownasthe30.60targetsancexAppendixil:Questionnaire AppendixIv:Aboutthesponsors22 Fndnotes72 gublishedbytheNationalCentreforClimate Imercialbanasoccupy NCS pivotalpositioninChna'sfinancalsystem:five ofthesixmajorstate-cwnedcommercialbanks2.aDomicileofrespondent 2060,withalong-termfundinp8apofR4016tn organisation eauespuogue:wnuuejad(ugtszgsn) canbefouncinAppendix3International38% helpdirectcapitalflowsto2ssets,projects,and oxpenditiueBuupiqeiss(D:lsajuedeo3ouaBeuen 30.60objectives.FMCinChinarequiresadifferentticensefromthe sssetmanagementindustryundertheChinese toicentifyactionsanc regulatoryframeiwork. approacheswiththepotentialteaccelerate 1.Chinawasthethirdlargestcountrysourceofsustainabledebt attheendof2021 500 GreenSocialSustainability 5LBTrarsition 009 3002.bRespondentType 200 Anonymous 21% 100 lut ChinaGreenBondInvestorSurvey2021Clim 2.Summaryoffindings Theresutsofthesurveysuggestthatviththe3.Respondentscareaboutgreen5.Internationalinvestorswanttoengage requiredtransparencyandintegrity,theChinesecredentialsandissuerfundamentalswithissuerstogrowthemarket greenbondmarketcancontributemeaningfulytomeetingChina'scarbonreductionambitions. +Respondentsidentifiedsatis/actorygreen+Internationalrespondentsidentifiecddifterent eoddo:aen]euaentrythresholdsancquotasfordinerenttypes Bcthdemesticandintenationalrespondents statedadesiretobuymoreChinesegeenboncs,butthosebondshadtomeettheappropriate •Kcyfactorstofurtherenhancetheappeal ofChinesegreenbondswereidentifiedas: ofbondsasakeyconstrainttoparticipationin theChinesebondmarket,includingthegreenbondmarket. staridarcis,Respondentsassignedthehighest levelsofimportancetogreencredentialsand creditfundamentzis(seechart15). positiveissuerfindamentak,transgarency inUoP,andenhancedexternalreviews,•Internationalrespondentsacknowtecgec certification,anddisclosurepracticestratissuerengagementwouldcontributeto Chneseereenbondmarsetcevekopmen RespondentswerekeentodiversifyacrossalUse ofProceeds(UoP)categories,withReneiwable 4.Bothmarketandpolticytoolscanbring therequiredscale6.Respondentsareembracingother thematiclabels Energybeingthemostfrequentlyrequested.This+Respondentspreferredmarkettoolsand alignecwiththespecificcarbcnreductionfocusmechanismsthatstrengthenedthebroad•Respondentswerekeentomovebeyoncthe ofthe30.60targets.bondmarketecosysten,particulariypositivethermalitlabel: 1.Respondentspreferdealsthat creditfundamentels. •Socialbondshavebeenincorporatedinto contributetomitigation+Respondentssupportedpolicymechanismsfewerinvestmentpoliciesthangreenboncs, •RenewableEnergyandLowCarbonTransport thatdrivecapita:towardslowcarbonassets, butgrowingdemandxasidentiied,especially wereidentifiedaspreferreduseofproceeds afcurrertsoldings. boostivestmertincentives,ardstengthenanorgieternationalresponderts. greendefinitiorsandstandardsincluding ,Cardonneutralityisathematicdebtabel theGreenBondEndorsedProjectsCatalogue •RespondentshighlightedRerewasleEnergy(202LEdition)whichharmonisedthenational asthepreferredUoPcategoryforfuturetasonomywithintemationalequivalents investment.Thisisconsistentwiththe •Internationalrespondentserealreacy uniquetoChina(seeboxonpage11).Marketuncerstandingandacceptancecfcarbonneutralitybondsisstillevolving prioriticsofChina's30.60target. 2.Respondentswantmoregreenbonds implementingtherecommencationsofthe TaskForceonClimate-RelatecFinancial fromallsourcesDisclosures(TCFD),Damesticrespandents •Financialandnon-financialcorporatebonds werethecurrentpreferredgreenbondasset hadstarted,but/antedmoreguidanoefrom regulatcrs,industryassociations,anccthers. classesamongrespondentsacrosstheboard. •Respondentshighlightedgovernment-backed entities,policybanks[seeboxonpage7),and corperates[financialancnon-financial]as assetclassesinvhichtheywouldliketobuy moregreenbonds. ChinaGreenBondInvestorSurvey2021ClimateBondsIritistive 3.lnvestmentpolicyoverview Mostrespondentsembracedgreenbonds3.Respondentsprefferedgreenbondswhereavailableand Kespondentswereaskedtodescribehow gseenbondshadbeenincorporatecdintotheir investmentstrategjesandthecontrisution competitivelypriced InternationalDomestic ofgreenboncstacurrentassetsunder managemert(AUM)Noimpacton investmentdecisions Theresuiltsrefectedstrongrecognitionofgreen bondsamongrespondentsandsuggestedthatPtanstoincorporate greenbondshavepermsatedt