China2024$555.5bnCumulativeAligned.·.··GreenGreenSocialSustainability興業(yè)研究CIBRESEARCH興業(yè)研究CIBRESEARCHReporthighlightsChineseGSS+alignedvolumescorecard(201ChineseGSS+alignedvolumescorecard(2014-24,USDbn)-------ChinaisoneoffoursourcestohaveexceededUSD0.5tnincumulativeGSS+volumeasoftheendof20240AdeclineinalignedChinesefinancialcorporateissuancehitvolumesin20240TheproportionofalignedGSS+volumefromChinahasincreased080%ofcumulativealignedvolumefromChinaisgreen01.Introduction2.GreenChinawastheamongthetopthreesourcesofalignedgreenbondvolumein20240AlignedgreenvolumefromChinesefinancialcorporatesslowedtohitoverallfigures0Energyandtransportare82.7%ofChinesealignedgreenUoP MostChinesegreenbondsobtainanSPOChinaInterbankisthedominantlistingchoiceforalignedonshoredeals02EnergyreceivedoverhalftheUoPofon-shorealignedChinesegreenbondvolumeHKEXwasamongtheexchangeschosenfor93%ofalignedoffshorevolumein2024DU5%DU5%5USDtook75%ofalignedoffshoregreenvolumein202480%ofalignedoffshoregreen80%ofalignedoffshoregreenvolumein2024AAAlignedgreenvolume2024Alignedgreenvolume2024522991170%ofcumulativealignedABSvolumeoriginatedfromChinaisEVrelated3.SocialandsustainabilityAlignedS&SvolumesfromChinagrew316%YOY0China’ssustainabilityvolumeswerefivetimeslargerthansocialvolumesin2024AlignedsocialandsustainabilityvolumAlignedsocialandsustainabilityvolumefromChinareacheditshighestlevelsince2020(USDbn)Alignedsocialandsustainabilitydealsincreasedsharplyin2024Socialandsustainabilitydealsweremainlyexcludedforinsufficientdisclosurein20240AffordableinfrastructuredominatedsocialUoPin2024AffordableinfrastructuredominatedsocialUoPin2024ExamplesofExamplesofSDGmappingAlignedSNSdealsfromChinasupport15SDGsSustainabilitybondbestpracticeexamplesof2024Sustainabilitybondbestpracticeexamplesof2024Socialbondbestpracticeexamplesof20244.Sustainability-linkedbonds95Cumulativeresults:partialGHGscopecoverageisthetopCumulativeresults:partialGHGscopecoverageisthetopreasonfornon-alignment(byamountireasonfornon-alignment(byamountissued)21ChineseSLBdealcountcontinuestoincrease0Non-financialcorporatesgeneratedthelargestshareofSLBvolumeMorethanhalfofChineseSLBsreferencedundisclosedKPIsNon-disclosureoftargetsbecamethemainreasonforexclusionin20245.Spotlight:UsingGSS+bondstosupportgrowthinChina’sGuangdong-HongKong-MacauGreaterBayArea26TheGreaterBayAreaintheSourcesofSourcesofcorporateGSS+dealsinGBAbyeconomicsectorofactivityasof31.12.20242734131411362431311SourcesofcorporateGSS+dealsinGBAbyeconomicsectorofactivityasof31.12.2024528753119111152112211114241111431224917122116.PolicypushforsustainabledebtmarketdevelopmentEnhancementstoattractinternationalinvestmentandglobalcooperation7.OutlookAppendices40common-ground-taxonomy-powerhousechargesintoEuropebusiness/article/2024/jun/18/byd-china-electric-vehicle-europe-sustainable-finance/the-principles-guidelines-and-handboosocial-bond-principles-sbp/https://www.icmagroupguidelines-and-handbooks/mapping-to-th14.SolactiveIndex.https://wwlaunches-social-and-sustainable-bond-index-with-the-climate-bonds-initiative/cib/complex/content/marketssocial-and-sustainability-bond-indices.pdf17.AdetailedassessmentoSLBcanbefoundinClimatenet/resources/reports/sustainability-linked-bond“軌道上大灣區(qū)”再加速.https://www.gcontent/post_9493220.hwith-soe-china-merchants-she/files/content-imaSustainability-linked-bonds_DaBondsInitiative,ClDisclaimer:TheinformationcontainedinthiscommunicationdoesnotconstituteinvestmentadviceinanyformandtheClimateBondsInitiativeisnotaninreferencetoafinancialorganisationordebtinstrumentorinvestmentproductisforinformationpurposesonly.Linkstoexternalwebsitesareforinformationpurposesonly.TheClimateBondsInitiativeacceptsnoresponsibilityforcontentonexternalwebsites.TheClimateBondsInitiativeisnotendorsing,recommendingoradvisingonthefinancialmeritsorotherwiseofanydebtinstrumentorinvestmentproductandnoinformationwithinthiscommunicationshould