绿色债券市场2024年报

Market Overview - As of December 31, 2024, the cumulative stock of green bonds reached 21,771.24 billion yuan, with 478 new listings in the year totaling 6,838.05 billion yuan, involving 249 issuers. Compared to 2023, the number of green bonds decreased by 0.62%, the issuance scale decreased by 18.58%, and the number of issuers decreased by 18.36% [7][11]. - Green bonds accounted for over 2% of the overall bond market, specifically 2.65% [9][48]. Issuance Characteristics - The issuance of various types of green bonds showed mixed trends, with green debt financing tools and green corporate bonds increasing, while green financial bonds saw a reduction, leading to an overall decline in scale [11]. - Green debt financing tools accounted for the highest proportion by number at 43.72%, while green financial bonds led in scale at 32.25% [15][16]. Fund Allocation - Over 50% of the raised funds were directed towards the clean energy sector, which received approximately 54.77% of the total funds allocated [25][29]. Interest Rates and Credit Ratings - More than 70% of green bonds had a cost advantage over non-green bonds, with an average interest rate advantage of 8.77 basis points [29][31]. - AAA-rated issuers dominated both in number and scale, accounting for 77.13% and 89.94% respectively [31][32]. Industry Distribution - The financial sector represented over 40% of the issuance scale, with 46.15% of the total scale attributed to this sector [34][41]. Regional Distribution - Beijing accounted for over 40% of the issuance scale, with 43.22%, followed by Jiangsu, Guangdong, and Shanghai [41][42]. Issuer Types - Central state-owned enterprises made up over 50% of the issuance scale, with 51.83%, while local state-owned enterprises accounted for 28.24% [44]. Third-Party Certification - Over 70% of green bonds underwent third-party evaluation and certification, with 75.94% of the total number certified [47]. Market Trends - The issuance of sustainable development-linked bonds (SLBs) totaled 128, with a scale of 1,251.15 billion yuan, and 50 new listings in 2024 amounting to 389.75 billion yuan [56].