Zheng Quan Shi Bao·2025-11-27 11:03Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively promoting the development of the green and ESG bond market to support the green transformation of real enterprises and enhance the effectiveness of financing for the real economy [1][3]. Group 1: Market Development and Achievements - As of October 2025, the cumulative issuance scale of green bonds (including ABS) on the SSE has approached 900 billion yuan, with low-carbon transition bonds exceeding 80 billion yuan since their launch in 2022 [1]. - The market structure of SSE's green and low-carbon transition bonds features a diversified maturity profile, primarily mid-term, with issuers spanning key industries such as industrial, public utilities, and finance, including large state-owned enterprises, local state-owned enterprises, and private companies [1][3]. Group 2: Financing Mechanisms and Benefits - The SSE's green bonds provide a convenient financing mechanism that aligns well with companies' financing needs, as demonstrated by China Merchants Energy's successful issuance of a 1 billion yuan, 15-year low-carbon transition bond at a 2.18% interest rate [3]. - The ability to replace self-funded expenditures on green projects with raised funds enhances the flexibility of fund usage and reduces financing costs [3]. Group 3: Secondary Market Innovations - The SSE is continuously innovating mechanisms to support green bond issuance, including lowering the threshold for green bonds to be included as benchmark market-making securities, which improves liquidity and pricing efficiency in the secondary market [4]. - The introduction of a science and technology innovation bond ETF has effectively reduced financing costs and could further stimulate market activity if similar products are launched in the green bond market [4]. Group 4: Future Directions and Recommendations - Participants at the symposium emphasized the importance of enhancing the flexibility of fund management and optimizing incentive policies to expand the depth and breadth of the green bond market [6]. - Investment institutions called for a richer supply of green bonds to broaden investment choices, with expectations for more enterprises to issue green bonds on the SSE [7]. - The SSE plans to continue advancing the green and ESG bond market under the guidance of the China Securities Regulatory Commission, aiming to provide stronger financing support for the green transformation of real enterprises and better serve national strategic goals and high-quality economic development [6][7].