中央登记结算公司：中国转型债券白皮书（2025）

Core Insights - The report presents a comprehensive overview of the development of China's transition bond market, highlighting its significance as a financial tool supporting green and low-carbon transitions, with substantial achievements in policy guidance, market practices, and environmental benefits, indicating a promising future potential [1][2]. Group 1: Development Opportunities - China's transition bonds are positioned to benefit from significant development opportunities driven by national policies aimed at achieving carbon peak and carbon neutrality, as outlined in the 20th National Congress report [11]. - The G20 Transition Finance Framework provides international standards and guidelines for transition activities, while domestic policies have established clear standards, product systems, and incentive mechanisms for transition finance [12][13]. Group 2: Market Growth - The transition bond market in China has steadily grown over four years, with a total of 244 bonds issued from 2021 to 2024, amounting to a total scale of 220.8 billion yuan, and the number of issuers increasing to 59 [2][19]. - The product categories have diversified, with both linked and non-linked bonds, and corporate bonds and medium-term notes becoming the primary issuance types [21]. - The geographical distribution of issuers shows a concentration in regions with strong transition demands, with Beijing and Shanghai accounting for nearly 40% of the total issuance [24]. Group 3: Environmental Benefits - Transition bonds have demonstrated significant environmental benefits, with funds primarily directed towards energy-saving and carbon-reduction projects, accounting for over 80% of total investments [2][34]. - Quantitative data indicates that from 2021 to 2024, linked transition bonds are expected to achieve annual carbon reductions of over 48.06 million tons of CO2 equivalent and save over 15.8 million tons of standard coal [37]. Group 4: High-Quality Development - To promote high-quality development of the transition bond market, several strategies are recommended, including the establishment of a "ladder-type" transition bond planning framework, encouraging product innovation, and enhancing information disclosure mechanisms [40][41]. - Strengthening international cooperation and aligning Chinese standards with international standards are also emphasized to support the continuous expansion of the transition bond market [43].