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25 January 2016

China approves $15bn green bonds

The Chinese government has approved two green bonds worth a total of 100 billion Yuan (US$15.2 billion) in a boost for global climate finance.

The China Industrial Bank and Shanghai Pudong Development Bank will issue green bonds worth 50bn Yuan ($7.6bn).

The two green bonds will be the first such issues after the China’s central bank announced a quota system for financial institutions to raise 300bn Yuan ($45bn).

China’s first green bonds were issued in 2015 and generated significant interest from investors around the world.

Chinese wind energy company Xinjiang Goldwind Science & Technology received investment interest worth about US$1.4bn for a US$300m bonds issue.

The Agriculture Bank of China issued its first green bonds in London and raised a $1bn, with the dual currency bonds listed on the London Stock Exchange.

The global green bonds market is expected to see greater participation from developing countries including  China and India, according to leading provider of credit ratings, research, and risk analysis Moody’s.

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