IIGF专刊 | 绿色债券半年刊

Policy Overview - The Ministry of Finance of China released the "Green Sovereign Bond Framework," promoting the issuance of green sovereign bonds in overseas markets, reflecting the country's commitment to sustainable development and enhancing the diversity of high-quality green bond products in the international market [3][4]. Green Bond Market Update - In the first half of 2025, China saw the issuance of 251 new green bonds, with a total issuance scale of approximately 4749.87 billion yuan, marking a 25.5% increase in the number of bonds and an 89.5% increase in issuance scale compared to the same period in 2024 [8][9]. - The structure of green bonds showed significant growth in financial bonds (+330%), medium-term notes (+53%), and short-term debt financing tools (+126%), indicating strong demand for long-term green infrastructure financing [9][10]. Transition Bonds - A total of 43 transition bonds were issued in the first half of 2025, with a new issuance scale of approximately 289.50 billion yuan, reflecting a 0.49% increase in the number of bonds but a 25.4% decrease in issuance scale compared to the previous year [37][42]. Case Studies - The first issuance of RMB green sovereign bonds by the Ministry of Finance in London amounted to 6 billion yuan, with a dual structure of 3-year and 5-year bonds, showcasing strong international investor confidence with a subscription rate of 6.9 times [26][27]. - Huaneng Lancangjiang issued "twin green bonds," marking the first application of the "Li Sheng Green Bond" model in the domestic interbank market, which aims to quantify the market performance differences between green and non-green bonds [30][31]. Sustainable Development Linked Bonds - In the first half of 2025, 27 sustainable development linked bonds were issued, with a total scale of 176.00 billion yuan, focusing on various key performance indicators related to energy efficiency and renewable energy development [45]. - The issuance of low-carbon transition linked corporate bonds totaled 13, with a scale of approximately 73.50 billion yuan, primarily concentrated in the power and energy sectors [46]. Issuer Information - State-owned enterprises dominated the green bond issuance in the first half of 2025, accounting for 86.85% of the number of bonds and 82.06% of the issuance scale, indicating a stable market foundation but highlighting the need for policy support to enhance participation from private enterprises [17][19].