Asiamoney China Green Finance Awards
LATEST ARTICLES
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China Development Bank’s Rmb10 billion climate bond
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Lianhe Equator Environment Impact Assessment Co
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Research on climate-related information disclosure systems of the banking and insurance industry by CIB Research
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China Chengxin International Credit Rating
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There is plenty of green finance research done by banks and credit rating agencies in China.
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Many Chinese green companies find it hard to finance their overseas Belt and Road projects, even with the guarantee of their parent firms.
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Many Chinese banks have rolled out financial products to facilitate green finance transactions. But Industrial Bank’s ‘Lv Chuang Dai’ – which literally translates as ‘green innovative loan’ – stood out because of its ability to tap a huge pool of government funding.
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Sustainable investment is still in its infancy in the Chinese onshore market. Many funds have not yet set up any environment, social and governance (ESG) -themed or green products. But China Southern Asset Management, led by general manager Yang Xiaosong, has integrated ESG principles into its own business operation as well as its investment decisions.
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It was a particularly tough year to pick the winner of this award. With China’s domestic green finance industry fast developing, multiple verification agencies have sprung up in recent years.
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China Chengxin International Credit Rating (CCXI), which has over 27 years of experience in rating domestic bonds, has long had a dominant market share in the wider onshore bond market. That now applies to the green bond market, too.
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Bank of China’s $960 million Sofr-linked deal, issued in dollars, euros and offshore renminbi, was a landmark deal in more ways than one.
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All of the big four Chinese banks – Agricultural Bank of China, Bank of China, China Construction Bank and Industrial and Commercial Bank of China – have bet big on the green bond market. But ABC stands out for beating even its own lofty track record during our awards period.
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Provincial and regional banks have a huge role to play in boosting the appeal of China’s green finance industry for local governments. No other bank has done this better than the Bank of Huzhou, a local joint-stock commercial firm based in Zhejiang province.
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Industrial Bank has become the leading green finance bank in China’s domestic market.
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Which banks and other service providers continue to lead the charge in China green finance?
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There are many reasons why Industrial Bank beats the big state-owned banks to become the largest bank issuer of green bonds in China, but one contributing factor is its outstanding research capability.
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Wang Yao, professor and director general of the International Institute of Green Finance (IIGF) at Beijing-based Central University of Finance and Economics (CUFE), has won international fame not only for her outstanding green finance research, but also for the prominent role she has played in promoting green finance development in China. Wang started research on green finance while working in the banking sector at the start of the millennium. There, she gained first-hand experience of how green finance worked in the real world and why it was urgently needed in China.
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Huzhou city was chosen by the central Chinese government in June 2017 as “a pilot green finance reform and innovation zone”. The city quickly took a top-down approach to accelerating the development of green finance, which has proved to very effective.
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China Chengxin Credit Management, incorporated in Beijing in 1992, is China’s largest credit rating agency. It has also established itself as a leading domestic green finance verification agency.
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In China’s green finance sector, Ernst & Young is an admired player because of its position as the largest green finance verifier and its role in promoting sustainable green finance development with expertise and innovative services.
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ICBC was not only the largest issuer of green bonds overseas among the Chinese banks last year, but also a clear leader in promoting the development of green finance outside China.
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With the robust growth of the green finance sector in China, local financial institutions and their regulators need to improve the collection and analysis of data on the environmental benefits of green finance projects.
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Industrial Bank was the largest issuer of green bonds among Chinese banks in 2018, domestically and abroad. Its guidelines and standards set out for its own green bond issues have also won recognition from international agencies.
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Bank of Huzhou was established in 1997 in the eponymous economically vibrant, medium-sized city in east China’s Zhejiang province. With total assets of Rmb52 billion ($7.5 billion) at the end of 2018, it is a small bank by Chinese standards. Yet it has emerged as a leader (at least among the numerous regional commercial banks in China) on multiple fronts in green finance.
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Industrial Bank is a pioneer in China’s green finance sector. It started making green loans in 2006 and was the first Chinese bank to adopt the Equator Principles, an internationally recognized, risk-management framework for financial institutions to determine, assess and manage environmental and social risks in projects.
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Industrial and Commercial Bank of China is not only the leading provider of green loans in China, but also the top issuer among Chinese banks of green bonds in the international markets, and the most active of the Chinese banks in collaborating with domestic and international agencies to advance the development of green finance, both at home and abroad.
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View the results of the 2018 Asiamoney awards for green finance in China here
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Ma Xianfeng is dedicated to the development of green finance in China. The director of the Research Centre of the China Securities Regulatory Commission has also served tirelessly as the deputy director of the central bank-linked Green Finance Committee.