绿色债券环境效益信息披露情况二季度分析报告

Policy Developments - The Ministry of Finance released the "Corporate Sustainable Disclosure Standards No. 1 - Climate (Trial) (Draft for Comments)" on April 27, 2025, which requires companies to systematically disclose greenhouse gas emissions across three scopes, enhancing climate risk management in enterprises and financial institutions [1] - The Ministry of Finance published the "Application Guidelines for the 'Corporate Sustainable Disclosure Standards - Basic Standards (Trial)'" on June 17, 2025, providing specific operational guidance for sustainable disclosure, emphasizing the connection between sustainability information and financial performance [2] - The People's Bank of China, along with financial regulatory authorities, issued the "Green Finance Support Project Directory (2025 Edition)" on June 27, 2025, establishing unified standards for recognizing green financial products and projects, thereby improving asset management efficiency in green finance [3] Green Bond Issuance Overview - In Q2 2025, the number and scale of green bonds issued in China increased compared to the previous quarter and the same period last year. Specifically, labeled green bonds totaled 110 issues worth 273.045 billion yuan, marking a 57.14% increase quarter-on-quarter and a 32.53% increase year-on-year [4] - "Green-targeted" bonds amounted to 239 issues worth 442.438 billion yuan, with a quarter-on-quarter increase of 14.35% and a year-on-year increase of 16.59% [4] - The issuance of labeled green bonds included 84 corporate credit bonds, 24 financial bonds, and 2 asset-backed securities, while "green-targeted" bonds comprised 187 corporate credit bonds, 26 government bonds, 24 financial bonds, and 2 asset-backed securities [4][7] Fund Allocation for Green Bonds - In Q2 2025, the disclosed amounts for green projects funded by labeled green bonds and "green-targeted" bonds were 272.881 billion yuan and 316.092 billion yuan, respectively, primarily directed towards energy conservation and environmental protection industries [10] Environmental Benefits of Green Bonds - The labeled green bonds issued in Q2 2025 are expected to support annual reductions of 44.916 million tons of CO2, 18,996.46 tons of SO2, and 13,529.52 tons of NOx, along with energy savings of 11.734 million tons and water savings of 4.5845 million tons [12] - The average completeness score for environmental benefit disclosures of labeled green bonds reached 88.92 points, reflecting a 7.56% increase from the previous quarter, with the highest scores in the clean energy sector [15][17] Case Studies of Environmental Benefit Disclosures - Six bonds were highlighted as typical cases for environmental benefit disclosures in Q2 2025, including four corporate credit bonds, one financial bond, and one government bond, showcasing their respective environmental impact and completeness scores [20]