亚开行-中国绿色金融与信息披露（英）

ADB BRIEFSNO. 319NOVEMBER 2024ISBN 978-92-9270-984-6 (print)ISBN 978-92-9270-985-3 (PDF) ISSN 2071-7202 (print)ISSN 2218-2675 (PDF)Publication Stock No. BRF240503-2DOI: http://dx.doi.org/10.22617/BRF240503-2Green Finance and Information Disclosure in the People’s Republic of ChinaKEY POINTS• For green finance to grow and the country’s carbon targets to be met, more commercial banks and other financial institutions in the People’s Republic of China (PRC) must adopt credible environmental information disclosure.• Such transparency bolsters regulatory compliance, builds investor confidence, and gives businesses and banks a competitive advantage in today’s sustainability-sensitive capital markets.• The Bank of Huzhou has demonstrated how local financial institutions can fill the current green finance voids in regions and economic segments that the PRC’s big banks do not serve.• The Bank of Huzhou’s criteria and efficient fintech system for accurately collecting, managing, analyzing, disclosing, and potentially self-certifying environmental benefits of projects it finances are replicable and can catalyze a faster and more efficient spread and deepening of the green finance crucial to the PRC’s climate goals.Anqian HuangPrincipal Financial Sector Specialist Finance Sector Office, Sectors GroupAsian Development BankFang ZhangDeputy Director ESG Investment and FinanceInstitute of Finance and SustainabilityINTRODUCTIONBig challenges and solutions. While the People’s Republic of China (PRC) is the world’s leading carbon emitter, it is also a leading manufacturer and adopter of the renewable energy technology key to battling global climate change and achieving green, sustainable development. It dominates the international solar panel market and leads the world in solar and wind energy generation. It produces and puts more electric vehicles on the road than any other country.Rising green finance. Also notable—and the topic of this brief—is the PRC’s success in rapidly scaling up its green finance ecosystem and activity. Only the European Union issued a greater amount of green bonds in 2023.1 The PRC is also a global leader in green lending.2Small but growing role for regional banks. As is often the case in the world’s second-largest economy, state-owned institutions have led the way, and the big state banks remain the PRC’s main green financiers. Importantly, however, smaller joint-stock and Notes: In this publication, “CNY” refers to yuan. ADB recognizes “China” as the People’s Republic of China and “Korea” as the Republic of Korea.The authors are grateful for the peer review provided by Thinh Tran, financial market specialist (Climate Financing), Finance Sector Office, Sectors Group, Asian Development Bank (ADB). Geeta Keswani, an ADB staff consultant, contributed to the editing of the document.1 In 2023, a total of $131 billion (equivalent) labeled green bonds originated from issuers in the PRC, of which $83.5 billion, or 64%, was aligned with the Climat