EY
Capitalizing on its abundant experience in green-finance verification globally and the unrivalled expertise of its Climate Change and Sustainability Services team on the ground, EY is recognized as a pioneer and leader in China when it comes to providing verification services and safeguarding the development of the local green-finance sector. Judy Li is its green finance leader in China.
The leading accounting and business advisory firm certified nearly all of the first batches of green bonds issued by banks and companies. Last year, EY also provided verification services for the $3 billion of green bonds that Bank of China issued overseas and the Rmb3 billion ($437 million) of green bonds that New Development Bank floated on China’s interbank market.
By March 2017, EY had already certified Rmb100 billion of green bonds for financial institutions in China, as well as Rmb20 billion of green bonds, other green debt financing products and green asset-backed securities for Chinese companies.
As green finance takes off across China, the firm’s local client base for green-finance verification is expanding: EY is certifying up to Rmb300 billion of green bonds from Chinese financial institutions and nearly Rmb50 billion of green corporate bonds, other debt financing products and green asset-backed securities from local enterprises.
Several other firms offering certification services have sprung up in China over the last couple of years, sowing some confusion with their use of different standards.
Drawing on its experience in applying globally recognized green-bond verification standards, EY is working with Chinese government agencies such as the central bank and banking regulatory body to come up with unified standards for green-bond verification, as well as other relevant rules and regulations to ensure the sustainable growth of the local market.