Asiamoney China Green Finance Awards
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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.
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Last year, China’s State Council designated five regions where the central government will work with local authorities to build green finance reform and innovation pilot areas; Xinjiang in western China stands out among these.
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With the rise of green finance in China has come the rise of onshore green accreditation agencies. The leader among the domestic firms is Beijing Zhongcai Green Financing Consultant, which was spun off from the Green Bonds and Research Institute of China Central Political and Law University. Zhongcai’s director of green bond business is Hanke Zhang.
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When it comes to green finance verification in China, Ernst & Young Hua Ming stands out, and this is in part due to the fact that the global audit firm has invested in talent under managing partner Jack Chan.
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Beijing-headquartered China Lianhe Credit Rating (or Lianhe Ratings) is one of the market leaders in setting the criteria and standards for China’s green finance industry. As a council member of the Green Finance Committee affiliated to the People’s Bank of China, Lianhe Ratings has promoted the development of the green bond market in China.
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Agricultural Bank of China wins the green innovation award for becoming the first in China to successfully issue a green credit asset-backed securitization, or ABS, product.
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When it comes to an overseas presence, no Chinese rival can beat Bank of China. Since 2012, green credit financing, both onshore and offshore at the bank, has increased year by year. At the end of 2017, the bank’s green credit portfolio stood at Rmb727 billion ($113.6 billion), an increase of 11.5% year on year. The growth rate was higher than the average growth rate of the bank’s overall corporate credit balance.
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The Bank of Communications was founded 110 years ago under the last imperial government specifically for the purpose of issuing bonds.
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Among Chinese brokerage houses, CITIC Securities is not only the largest in the field, but also stands out as the leader of the green finance pack. The brokerage firm has a commanding share of the green bond market among brokers and has underwritten a large number of green finance projects that are directly issued by companies themselves.
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Of the regional banks in China, Bank of Nanjing in the capital of Jiangsu province stands out from the crowd. The bank has lent Rmb23.7 billion ($3.7 billion) in green finance to support enterprises in their efforts to promote energy conservation, environmental protection and to reduce emissions of pollutants. Its chair is Hu Shengrong.
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Yin Hong leads post-doctoral, dissertation students and talks like an academic. She is, in fact, a senior banking executive and is deputy head of Industrial and Commercial Bank of China’s Urban Finance Research Institute.
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Industrial Bank of China is known as the bank of green finance in its homeland because it was the first to begin operating by the Equator Principles, a globally accepted risk-management framework used by financial institutions for determining, assessing and managing environmental and social risk in projects.
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China’s initial attempts to address environmental improvements were met with considerable scepticism. But its banks have embraced the challenge much faster than its industrial companies. These new Asiamoney awards recognize the financial institutions and individuals that have done the most to promote China’s booming green-finance market over the last year
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Jun Ma is known as ‘Chief Ma’ in China’s green-finance sector in recognition of the dual role he has played in the last three years, both as the chief economist of the People’s Bank of China (PBoC) and as the leading proponent for green finance in China as chair of the green finance committee of the China Society for Finance and Banking.
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Huzhou City, in the eastern province of Zhejiang, used to be known in China for its prosperous textiles industry. Now it is recognized as a hub for green finance thanks to the support of the Zhejiang provincial government.
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China Cheng Xin International Credit Rating Co, established in 1992 in Beijing, is not only China’s largest domestic credit-rating agency, but also a clear leader in serving the domestic green-finance market.
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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.
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China Securities, established in Beijing in 2005, ranked among China’s top three bond underwriters in the last three years. After embracing green-bond underwriting as a new strategic direction in business development two years ago, the securities house has established itself as a clear leader in the underwriting of both corporate green bonds and green bonds placed by domestic financial institutions.
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Shanghai Pudong Development Bank is one of the second-tier national commercial banks in China. There is no way for the Shanghai-based bank to match the country’s big four state-owned commercial banks in terms of green lending, but it has established itself as a leading player in the domestic green-bond market.