Reporter Bao Xing'an
Since the beginning of this year, my country's green bond market has developed rapidly.Flush iFinD statistics show that in the first half of this year, 334 green bonds were issued, a year-on-year increase of 46.5%, and the total issuance size was 391.16 billion yuan, a year-on-year increase of 97.6%.Among them, 131 green bonds were issued in the bond markets of the Shanghai and Shenzhen Stock Exchanges, with a total issuance scale of 93.48 billion yuan.203 green bonds were issued in the inter-bank market, with a total issuance scale of 297.68 billion yuan.
Fang Yixiang, assistant general manager of the Green Finance Department of Dongfang Jincheng, told a reporter from Securities Daily that the scale of green bond issuance in the first half of this year increased significantly compared with the same period last year, mainly due to the rapid development of low-carbon industries and the improvement of green financial policies and tools. And the high enthusiasm on the issuer and investment sides.
Fang Yixiang further stated that in 2021, the innovative green bond product "carbon-neutral bond" will show explosive growth. In 2022, the dual-carbon and green concepts will continue to deepen, driving the green and low-carbon industry to continue to develop, and green finance will also enter a new stage of development. As a direct financing method for green and low-carbon industries, green bonds have ushered in vigorous development.
In February last year, my country innovatively launched carbon-neutral bonds, and the funds raised were earmarked for projects with carbon emission reduction benefits such as clean energy and green transportation.Flush iFinD statistics show that in 2021, 247 carbon-neutral bonds will be issued, with a total issuance scale of 256.6 billion yuan; in the first half of this year, 100 carbon-neutral bonds will be issued, with a total issuance scale of 119.158 billion yuan.
Ding Zhenyu, senior investment consultant of Jufeng Investment Consulting, told the "Securities Daily" reporter that green bonds are of great significance to promoting the preparation of "dual carbon" projects and the achievement of "dual carbon" goals.Since the beginning of this year, my country has carried out infrastructure construction moderately ahead of schedule. Many industries such as environmental protection, electric power, and water conservancy are in line with the "dual carbon" target guidelines. The development of green bonds can better support the advancement of low-carbon projects.
The reporter noticed that since last year, the introduction of a number of policies has promoted the rapid development of my country's green bond market.In April 2021, the People's Bank of China, the National Development and Reform Commission and the China Securities Regulatory Commission jointly released the "Catalogue of Green Bond Support Projects (2021 Edition)", which for the first time unified the definition standards of green bond-related management departments for green projects and reduced the issuance and trading of green bonds. and management costs, improving the pricing efficiency of the green bond market.In May last year, the People's Bank of China revised and issued the "Green Finance Evaluation Plan for Banking Financial Institutions", which included the issuance of green loans and green bonds by financial institutions in the central bank's financial institution rating, in order to encourage financial institutions to provide support for green transformation.At the beginning of June this year, the Shanghai Stock Exchange revised and issued the “Guidelines for the Application of the Shanghai Stock Exchange’s Corporate Bond Issuance and Listing Review Rules No. 2 – Corporate Bonds of Specific Types”, and launched low-carbon transition corporate bonds and low-carbon transition-linked bonds.
Fang Yixiang believes that with the further improvement of the "five pillars" of the green financial market (ie, the green financial standard system, financial institution supervision and information disclosure requirements, incentive and restraint mechanisms, green financial products and market systems, and international cooperation in green finance), the market will continue to improve. More mature, the green value of bonds will be further reflected.
"Exchanges and the inter-bank market are actively supporting the development of green bonds, such as the issuance of guidelines for the issuance of carbon neutral bonds, low-carbon transition bonds, sustainable development-linked bonds, low-carbon transition-linked bonds and other innovative varieties, which will be conducive to further development of green bonds. It will greatly support the comprehensive green and low-carbon development of the economy and society." Fang Yixiang said.
The reporter noticed that among the 334 green bonds issued in the first half of the year, 186 were issued by state-owned enterprises, with a total issuance scale of 306.73 billion yuan, accounting for 78.4%.
Fang Yixiang said that it is the responsibility of state-owned enterprises and financial institutions to actively implement the concept of green development.In addition, green bond issuers, mainly state-owned enterprises, issue green bonds with lower issuance costs, which can reduce the interest burden. The underwriting and investment of green bonds can also help improve the regulatory rating of relevant financial institutions.
Xie Logistics, senior investment consultant of Jufeng Investment Consulting, told the Securities Daily reporter that the development of green bonds has provided financial support for my country's low-carbon development.With green bonds as the fulcrum, the future development prospects of China's bond market are promising.
(Editor in charge: Tian Yunfei)
