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The Green Finance Committee of China Society of Finance and Banking publishes the Green Bond Endorsed Project Catalogue (2015 Edition) on December 22, 2015. ....
Preparation Instructions on Green Bond Endorsed Project Catalogue (2015 Edition)
Translated by International Capital Market Association(ICMA)
The Integrated Reform Plan for Promoting Ecological Progress issued by CPC Central Committee and the State Council on September 21, 2015, for the first time clearly stated to initiate the top-level design for the national green financial system, of which developing green bond market is an essential part. In the spirit of strategic planning of CPC Central Committee and the State Council, for the purpose of promoting green bond market, and of exploiting new, efficient and low-cost financing channels, Green Finance Committee of China Society of Finance and Banking (hereinafter referred to as “the Committee”) hereby put forward the Green Bond Endorsed Project Catalogue (2015 Edition) (hereinafter referred to as “the Catalogue”). The preparation instructions on the Catalogue are stated as follow.
I. Necessity of the Catalogue
The environmental challenges that China is facing greatly increase the necessity of transiting Chinese economy to a green and sustainable one. Finance lays a foundation for resource allocation, and plays a significant role in the industrial restructuring and the transition to a green economy. However, the direct financing market in China is currently lacking of explicit defining criteria and catalogue for green investment projects, which goes against the purpose of encouraging investors from home and abroad to reinforce green investment and take social responsibilities.
Green bond, as an economical investment instrument with high mobility and low risk, can effectively enhance the financing availability for green projects, especially those with medium and long term, lower financing cost, and provide investors with a new channel to engage in green investment. Defining criteria and category for green bond projects and establishing endorsed project catalogue is a fundamental work to push forward the sustainable development of the green bond market, and an essential reference for green bond issuance approval and registration, third party assurance, green bond rating and related environmental disclosure.
II. International Green Bond Principles/ Standards
When it comes to the defining criteria for green bond, the International Capital Market Association (ICMA) launched the Green Bond Principles (GBP), Climate Bonds Initiative (CBI) introduced Climate Bonds Initiative Taxonomy- Definitions, and Barclays and MSCI ESG Research have collaborated to develop Barclays MSCI Green Bond Index. In addition, providers of second party review or third party certifications, presented by CICERO, and financial institutions, presented by HSBC, also unveil related framework documents under GBP to set out more detailed classification and definition of green bond.
The definition and classification of the green bond is based primarily on the environmental performance of the green bond endorsed projects. The different focus on environmental performance by various institutions reflects the different focus on problems to be solved, which stems from the differences in stage of development and natural environments in different countries and regions.
III. Rationale and Principle of the Catalogue
In addition to challenges from climate change, China is facing other issues such as severe environmental pollution, aggravated resource constraints and deteriorated ecological degradation. As a consequence, the Catalogue must take multi-dimensional environmental benefits as the defining standard. Project definition should take special consideration of environmental benefits in GHG emission reduction, pollution reduction, resource conservation, ecological protection, and etc.. The Catalogue should prioritize projects with direct and marked environmental benefits, and those accord with national industrial policy.
Based on the considerations above, the Catalogue shall adhere to the following basic principles: i. Conforming to national conditions: focusing on improving the ecological environment and easing resource pressure, and following the lead of national industrial policy at the current stage. ii. Highlighting environmental benefits: supporting projects with marked environmental benefits and positive spillover effects. iii. Being simple and clear: taking into account the fact that most of the capital market practitioners are non-environmental professionals, and thus employing definition and classification method that is easy to follow and operate. iv. Making continuous adjustment: timely updating the Catalogue according to technological advancement, policy adjustment, standard updates and changes in resource and environmental conditions. v. In line with international practice: taking international standards and practices as reference to develop domestic definition and classification method, in order to facilitate international cooperation in green finance.
IV. Key Reference
1. Classification of Strategic Emerging Industry (2012) (Trial) (Guo Tong Zi [2012] 106; National Bureau of Statistics, January 4, 2013)
2. Proposal for Promoting the Application of Cleaner Production Technologies in Key Industrial Sectors for the Prevention and Control of Air Pollution (Gong Xin Bu Jie [2014] 273; Ministry of Industry and Information Technology, July 2, 2015)
3. Action Plan for Implementation of Key Energy Saving Technology and Equipment Industrialization (Fa Gai Huan Zi [2014] 2423; National Development and Reform Commission/ Ministry of Industry and Information Technology, October 2014)
4. National Key Energy-Efficient and Low-Carbon Technologies Promotion Catalogue (2014 Edition, Energy Saving Part) (NDRC Announcement No. 24 [2014]; National Development and Reform Commission, December 31, 2014)
5. Notice of National Energy Administration on Issuing the Action Plan of Clean and Efficient Coal Use (2015-2020) (Guo Neng Mei Tan [2015] 141; National Energy Administration, April 27, 2015)
6. Catalogue for Low-carbon Technology Promoted with Priority (NDRC Announcement No. 13 [2014]; National Development and Reform Commission, August 25, 2014)
7. Guidelines on Green Credit Loans (Yin Jian Hui [2012] 4; China Banking Regulatory Commission, February 24, 2012)
8. Energy Efficiency Credit Guidelines (Yin Jian Fa [2015] 2; China Banking Regulatory Commission and National Development and Reform Commission, January 13, 2015)
9. Notice of China Banking Regulatory Commission on Filing and Reporting the Green Credit Statistics Forms (Yin Jian Ban Fa [2013] 185; General Office of China Banking Regulatory Commission, July 4, 2013 )
10. Classification Standard for the Energy Saving and Environmental Protection Operation (2014 Edition) (China Energy Conservation and Environmental Protection Group, December 11, 2014)
11. Green Bond Principles (2015) (International Capital Market Association, March 27, 2015)
12. Climate Bonds Standards (Climate Bonds Initiative, May 2015)
V. Preparation of the Catalogue
The Committee commissioned the CECEP Consulting Co., Ltd. and the Research Center of Climate and Energy Finance of Central University of Finance and Economics to prepare the Catalogue and undertake relevant research work. During the research stage, the Committee organized four symposiums and solicited feedback in written and other forms from hundreds of organizations including all the members of the Committee. Organizations that made important statements include National Development and Reform Commission, Ministry of Environmental Protection, China Banking Regulatory Commission, Market Department of People’s Bank of China, National Association of Financial Market Institutional Investors, China Securities Financial Research Institute of China Securities Regulatory Commission, China Development Bank, China Industry Bank, Shanghai Pudong Development Bank, Standard Chartered Bank, HSBC, China Beijing Environment Exchange, International Capital Market Association, China National Institute of Standardization, International Finance Corporation, The Energy Foundation, Noah Holdings Limited, Dagong Global Credit Rating Co., Ltd., China Bond Rating Co., Ltd., Yingli Group, etc..
During the discussion, the main comments proposed by related parties and experts include: to highlight and steadily push forward projects that have marked environmental benefits, are widely accepted and conform to industrial policies; to exclude highly controversial projects or to apply strictive conditions; to timely expand and adjust the Catalogue along with the establishment and development of the green bond market, the technological advancement, the policy adjustment and standard updates; to take reference of international standards, attracting international green investment on one hand and creating opportunities for Chinese enterprises and financial institutions to issue green bond overseas on the other hand. Many technical recommendations raised by the relevant parties and experts are also reflected during the Catalogue preparation.
VI. Content of the Catalogue
The Catalogue takes on projects with marked environmental benefits, and are categorized into 6 categories (Level-1 Category) and 31 sub-categories (Level-2 Category), with detailed explanations and defining criteria. Given the fact that the indirect green benefits of equipment/ product manufacturing will be achieved through project construction and operation, and that the evaluation program is complex and imprecise, it is tentatively agreed upon that in the initial stage of green market development, the environmental benefits would be measured mainly from the construction and operation.
The Catalogue includes the following 6 categories. i. Energy Saving: through constructing high efficiency facilities and conducting energy-saving improvement, to reduce energy/ water/ raw material consumption per unit product or service, lower pollutants and GHG (e.g.,CO2) emissions generated from resource consumption, and achieve resource conservation, GHG emission reduction and pollutant alleviation. ii. Pollution Prevention and Control: through constructing facilities for desulfurization, denitrificaiton, dust removal and sewage treatment, as well as other forms of integrated environmental treatment, to reduce pollutant discharge, control environmental pollution, protect, restore and improve environment. iii. Resource Conservation and Recycling: through the exploitation and reuse of tailings and associated mines, reuse of industrial and agricultural waste, recycling and remanufacturing of waste metals and non-metallic, to improve resource utilization, save resources and minimize environmental damages. iv. Clean Transportation: through the construction of railway, urban rail transit and clean fuel production units, and promotion of new energy vehicles, to reduce GHG emission and pollutant discharge intensity, achieving energy conservation and emission reduction. v. Clean Energy: substituting fossil energy consumption with renewable energy such as solar energy, wind energy, hydropower, geothermal energy, ocean energy, to reduce pollutants and CO2 emitted from the exploitation, production and consumption of fossil fuels; through the utilization of low carbon energy such as natural gas, to minimize pollutant discharge and GHG emission reduction. vi. Ecological Protection and Climate Change Adaption: through comprehensive treatment of soil erosion, ecological restoration, disaster prevention and control, and natural reserve construction, to improve the ecological environment quality, strengthen disaster prevention ability, and enhance biodiversity conservation, etc.; through afforestation, forest tending and conservation, eco-agriculture, animal husbandry and fishery, and strengthened infrastructure construction, to adapt to climate changes.
Green Finance Committee of China Society of Finance and Banking
December 22, 2015
Green Bond Endorsed Project Catalogue (2015 Edition)
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