中国转型债券白皮书（2025）

Core Viewpoint - The "China Transition Bond White Paper (2025)" outlines the development trends of transition bonds in China, emphasizing their crucial role in the green low-carbon transition and future directions for growth [1][2]. Group 1: Development Opportunities - The transition bond market in China is experiencing significant growth opportunities, driven by policies such as the G20 Transition Finance Framework and local government initiatives promoting green transition industries [1][2]. - Various stakeholders, including industry self-regulatory organizations and financial infrastructure entities, are providing robust support for the transition bond market [1][2]. Group 2: Market Development - The transition bond market has steadily expanded, with a total of 244 bonds issued and a cumulative scale of 220.8 billion yuan by the end of 2024, reflecting a 2.6 times increase in the number of issuers from 21 to 59 [2][20]. - The product categories of transition bonds are diversifying, with company bonds and medium-term notes making up over 85% of the total issuance [2][22]. - The geographical distribution of transition bonds shows a concentration in major cities, with Beijing and Shanghai accounting for nearly 40% of the total issuance [2][26]. Group 3: Environmental Benefits - Transition bonds are primarily funding low-carbon transition industries, with over 85% of funds directed towards energy-saving and carbon-reduction projects [2][35]. - Quantifiable environmental benefits from transition bonds include an estimated annual saving of 15.81 million tons of standard coal and a reduction of 48.06 million tons of CO2 equivalent from 2021 to 2024 [2][38]. Group 4: High-Quality Development - The white paper proposes six key directions for promoting high-quality development of transition bonds, including the formulation of transition bond plans, encouragement of product innovation, and enhancement of information disclosure [2][42]. - Strengthening international cooperation and aligning domestic standards with international ones is also highlighted as a critical area for development [2][50].