2024年中国可持续债券市场报告

Report highlights China’s aligned GSS+ volumebreaches USD0.5tn. As of the end of 2024, global aligned GSS+volume had reached USD5.6tn. China’scumulative contribution was among foursources that have exceeded the half trillionmark, reaching USD555.5bn by the end of the Table of Contents Report highlights2 1. Introduction42. Green53. Social and sustainability12 5. Spotlight: How the GSS+ marketcan support development in the Acronyms: GBD: Green bond datasetGBP: (ICMA) Green Bond PrinciplesGHG: Greenhouse gasGSS: Green, social and sustainabilityGSS+: GSS and SLBKPI: Key performance indicatorS&S: Social and sustainabilitySSBD: Social and sustainability bond datasetSLB: Sustainability-linked bondSLBD: Sustainability-linked bond datasetSPO: Second party opinionSPT: Sustainability performance targetUoP: Use of proceedsYOY: Year-on-year Financial corporate volumesslowed in 2024 There was a modest slowdown in China’sGDP growth to 5% in 2024 from 5.2% theprior year.1Performance was supported byexports and policy action as domestic demandweakened and the property market continued In 2024, USD84.6bn of aligned GSS+ volumeoriginated from China, which was a 4%decrease from the prior year (USD87.9bn).The drop of 33% in annual aligned volumefrom financial corporates (USD39bn from The integrity of the market has improved since2020 with 59% of total 2024 volume alignedwith Climate Bonds dataset methodologies, Green continues to dominatewhile other themes gain pace Green is the dominant theme among Chineseissuers reaching 80% of cumulative alignedvolume by the end of 2024 (USD442.4bn). Thiswas mirrored in 2024 global issuance patternsas 81% of total volume bore the green label Social and sustainability volumes grew byover 300% each compared to 2023. There wasalso activity in the SLB theme which had been Policy action underpins growth China’s extraordinary focus in pursuing itsstrategic objectives through policy action hasunderpinned the growth of the GSS+ market inthe region. Probity in the green bond markethas strengthened in recent years, which if The rapid development of the Guangdong-Hong Kong-Macau Greater Bay Area (GBA)illustrates how supportive policy can influenceeconomic growth in China. As of the endof 2023, the GDP of the GBA had exceeded Countrywide, initiatives including the Chinagreen sovereign bond programme, taxonomydevelopment and consolidation, enhancedclimate-related disclosure rules, and further 1. Introduction This is the ninth iteration of the ClimateBonds China Sustainable Debt State of theMarket report, describing the shape andthe size of the green, social, and sustainable(GSS) markets, plus sustainability-linkedbonds (SLBs), collectively known as the GSS+ About the ClimateBonds Initiative About CIB Research CIB Researchwas founded on June 1, 2015,in Shanghai. It was founded to supportbanking transformation, promotetechnological innovation, and serve the realeconomy. Through high-quality research,CIB Research empowers banks to navigateeconomic cycles and contributes to thehigh-quality development of the banking TheClimate Bonds Initiative (Climate working to mobilise global capital for climateaction. It promotes investment in projectsand assets needed for a rapid transitionto a low-carbon, climate-resilient, and faireconomy. The mission focus is to help drivedown the cost of capital for large-scaleclimate and infrastructure projects and tosupport governments seeking increased •Unless otherwise specified this reportdescribes the Chinese GSS+ market that is •Chinese deals are those originating fromissuers whose country of economic risk is •Climate Bonds screens fixed incomeinstruments bearing thematic labelsdiscoverable via public sources. In theory,while this extends to loans, in practice only0.3% of aligned Chinese volume captured 2. Green Green bonds are debtinstruments used to financeprojects that have positiveenvironmental or climate earmarked to finance or re-finance eligiblegreen activities. Internationally accepted greenbond standards include the InternationalCapital Markets Association Green Bond Global context •As of the end of 2024, cumulative alignedgreen bond volume issued globally had •USD671bn of aligned green bond volume waspriced globally in 2024, a 9% increase on theUSD614bn captured in 2023. •Green bonds contributed 63% to globalaligned GSS+ volume in 2024. •Cumulative aligned volume from China wasUSD442.4bn by the end of 2024, makingit the second largest source after the USA •Aligned green bond volume from Chinareached USD68.9bn in 2024. In 2024, aligned green bond volume originatingfrom China and priced in both on-shore and off-shore markets reached USD68.9bn, making itthe third largest source of aligned volume after The UK, Italy, Netherlands, Sweden, andSpain also featured in the top ten, albeitwith more modest issue levels ranging fromUSD21bn to USD32bn. This reshuffling of globalrankings reflects both shifting macroeconomicconditions and gro