China Green Bond Market Mid Year Report 2017中国绿色债券市场2017半年报
JANUARY-JUNE 20172017年1月至6月

Market Overview
China’s green bond market growth was on
track in the first half of 2017
At the end of June, issuance for 2017 totaled
USD 11.52bn: It represents a 33.6% year on
year growth from the first half 2016 and morethan 20% of global green bonds, with 26
issuers bringing 38 bonds to the market.
Issuance momentum picked up in Q2: Albeit
from the slowdown in Q1, largely due to tightened
liquidity, domestic interest rate volatility andhence increase of funding costs, the market ralliedin Q2, with issuance of USD 7.85bn more thandouble the amount of Q1 (USD 3.68bn).
Issuers’ diversification: More non-bankissuers emerged in China’s green bonds market
vis-à-vis the first half of 2016. 38% of bonds
were issued by non-financial corporates and
24% of bonds by policy banks; commercial
banks made up 38% of the market, a smaller
proportion compared to 87% in the first six
months of last year.
78% of Chinese green bonds have tenors
from 3-5 years: In the first half of 2017, thetenors of green bonds ranged from 6 months
to 10 years, among which 3-year and 5-year
took up the largest percentages, at 42.3% and35.8% respectively.

Investment-grade green bonds remained
as the norm: Except for privately placed
debt financing tools and subprime
asset-backed securities, green bonds
issued in the first half of 2017 were all
rated AA- or higher. Prime-rated(AAA) bonds made up the largest proportion(80.2%) of total issuance. Only 3.8% of
Chinese issuance had no ratings.
Differentiation of Green Bond Prices:
Based on like for like comparison of bonds
having the same ratings, tenor, type andissuance time, excluding green asset-backed
securities, privately placed green debt
financing tools, additional issuance andoffshore issuance, there were 30 green
bonds in the first half of 2017 where we
can find comparable non-green equivalents.
Among them, 15 green bonds were priced
lower than that of the non-green bonds;
whereas the other 15 green bonds were
issued at a higher cost than their non-green
equivalents.
83% issuance received second party
reviews: The majority of Chinese issuers
upheld the best practice in the Green
Bonds Principles.

At a Glance
Total First Half Chinese Issuance:
USD11.52bn/RMB79.39bn
Issuance that meets international
definitions:
USD8.95bn/RMB62.09bn
Largest issuer: China Development
Bank & Bank of Beijing
Largest issuing sector: Energy
Total Q1 & Q2 Approved:
USD16.85bn/RMB116.3bn
China saw the first Certified Climate Bond:
China Three Gorges Corporation, a leadinghydropower operator, has issued its first offshore
green bond, raising EUR650 million for two windprojects in Europe. The bond was also the firstfrom a Chinese issuer to gain Climate Bonds
Initiative Certification. For Chinese green bondissuers that plan to go global, aligning with acredible international standard gives confidence
to the international green bond market on theenvironmental credentials of their bonds.

Growth of Chinese and global green bonds• China Issuance (aligned with international and China definitions)• Other countries Issuance• China Issuance (only aligned with China definitions)$120 bn$100 bn$80 bn$60 bn$40 bn$20 bn
$0
2013

2014

2015

2016

2017 YTD

PAGE 1

Policy Update – China
Market development supported by
a flurry of policies and regulations
China Securities Regulatory Commission(CSRC) releases new green bond guidelines
for Chinese listed companies1: the guidelines
by the CSRC adopted the green definitions
used by People’s Bank of China (PBoC), witha restrictive proviso excluding high polluting
companies that conflict with the national
industrial planning policy. The guidelines also
encourage financial institutions including
brokerages, fund management companies
and banks to invest in green bonds, andprompted Shanghai and Shenzhen stock
exchanges to develop dedicated green
bond lists, indices and other instruments tofacilitate investment.
Green Finance and Ecological Protection
written into 2017 Government Work Report2:
China’s Prime Minister Li Keqiang presented
the 2017 Government Work Report at the 12th
National People’s Congress, where he stressedthat the Xi administration will continue tomake major efforts to develop green finance,
to contribute to ecological conservation andto work actively to respond to climate change.
This is another policy step marking China’s
commitment to the Paris Agreement.
China-EU collaboration on harmonisationof green bond guidelines: People’s Bank of
PBoC and the European Investment Bank
(EIB) have launched a joint initiative3 todevelop a clear framework for analysis anddecision-making in green finance.

The EIB and China Green Finance Committee
have committed to look at harmonisation ofgreen bond guidelines between EU and China.
Green Belt and Road: China’s President Xi
Jinping has proposed4 to other world leaders
at a Belt and Road Initiative (BRI) summit theestablishment of an international coalition forgreen development on Belt and Road, coupledwith the “Guideline on Promoting Green Beltand Road”5 jointly issued by four Ministries,
which identified developing green financial
system as one of the main tasks.
PBoC and Hong Kong Monetary Authority
approve the “Bond Connect” scheme6: The
scheme allows all investors to trade bonds
directly in the mainland and Hong Kongbond markets through connection between
the mainland and Hong Kong Financial
Infrastructure Institutions.
It starts with “northbound” trading first at theinitial stage, giving global investors accessto buy and sell Chinese bonds. Green bondissuance and trading in the mainland are
expected to benefit from the scheme.

This will include developing standards andcertification schemes for green financial
products, including green loans, green bonds,
green funds, green insurance products etc.
The State Council sets up pilot zones in
5 provinces to promote green finance8:
Guangdong, Guizhou, Jiangxi, Zhejiang and
Xinjiang will each have a pilot zone to focus
on different aspects of green financing,including growing green bond issuance.
Financial institutions will be given various
incentives to offer credit and special funds
for environmentally friendly industries. The
zones will explore replicable ways to boost
green financing, to support its industrial
upgrading and cut red tape.
Taipei Exchange establishes Green Bonds
Guidelines with reference to Global
Standards: Taipei Exchange, has issued
guidelines endorsing the Climate Bonds
Standard and Green Bond Principles (GBP)
to identify green bonds.

PBoC and four other Ministries jointly publish
the Construction and Development Planningof the Financial Industry Standardization7:
China’s Central Bank and CSRC, China Banking
Regulatory Commission (CBRC), China
Insurance Regulatory Commission (CIRC)
and the Standardization Administration of
PRC are making a concerted effort to establish
and implement standards for the financial
sector by 2020.

1. http://www.csrc.gov.cn/pub/zjhpublic/G00306201/201703/
P020170303534078925053.pdf
2. http://news.xinhuanet.com/politics/2017lh/2017-03/16/c_1120638890_2.htm
3. http://www.eib.org/infocentre/press/releases/all/2017/2017073-new-peoples-bank-of-china-and-eib-initiative-to-strengthengreen-finance4. http://news.xinhuanet.com/english/2017-05/14/c_136282982.
htm
5. https://eng.yidaiyilu.gov.cn/zchj/qwfb/12479.htm
6. http://www.pbc.gov.cn/english/130721/3309693/index.html
7. http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3322066/index.html
8. http://english.gov.cn/policies/policy_watch/2017/06/15/content_281475686873286.htm

27th March A LATAM delegation led by theInterAmerican Development Bank visited
China’s various finance bodies, such as PBoC
and CBRC, to gain insight into China’s green
finance sector.

21st April International Finance Corporation(IFC) and European largest listed asset manager
Amundi launched a USD2bn green bond fund tosupport the financing of low-carbon investmentsin emerging markets, with 20% of the fundinvesting in China’s green bond market.

News and Events
6th March Climate Bonds, in partnership with
the City of London and the Green FinanceInitiative held the 2017 Green Bond Awards at
the Guildhall. The Awards recognise leadingorganisations, financial institutions andgovernments, who have been pioneers in thedevelopment of green finance and the green
bond market in the past year. Award winners
include the Bank of Communications, SPD Bankand People’s Bank of China (PBoC). Recognition
was also given to Export-Import Bank of China
and Shanghai Stock Exchange.
20th March Luxembourg Stock Exchange(LuxSE) and Shenzhen Stock Exchange (SZSE)
jointly launched the China Green Bond IndexSeries with the Central University of Financeand Economics (CUFE). The index series will
be displayed on both LuxSE and SZSE and will
act as a market benchmark for the increasingly
mainstream green bond market in China.

JAN-JUN 201715th April More than 500 green financeexperts from regulators and industry
gathered at the annual Green Finance
Summit in Beijing. The Summit has
been held annually since 2015 by the
China Financial Society Green FinanceCommittee with the support of PBoC.
Major issues on the agenda this year
included opportunities and challenges
facing green credit and green bondmarkets; the establishment of green
financial systems at a local level andinnovation in green financial products etc.

19th June A new green index series was jointly
launched by the Shanghai Stock Exchange
and China Securities Index Co. The index
series consists of three indices: the SSE Green
Corporate Bond Index, the SSE Green Bond
Index and CSI Exchange Green Bond Index;
and quotes of the former two are displayed
synchronously on Luxembourg Stock Exchange(LuxSE) and Shanghai Stock Exchange (SSE)
platforms. The indices aim to provide greatertransparency on value of green bonds issued
and listed on the stock market in Shanghai andfacilitate access to Chinese green securities forinvestors in Europe.

PAGE 2Green Bond Discussion
Global green muni bond issuance ramped
up in the first half of 2017, will Chinese
munis be the next big story?
Green municipal bonds are debt securities
issued by local governments that meet theinternational green bond standard, generally
used to finance public projects, such astransportation, telecommunications, housing,hospitals and schools etc. At the end of Q2,
global green munis issuance stood at USD
8.07bn, with 51% growth from the first halfof last year.
US municipalities have been taking the leadin tapping into the green muni bond market
in the first six months, accounting for over
60% of global issuance. Green muni bonds
make up the largest part of US green bondissuance to date.
Despite President Trump announced that
the U.S. would withdraw from the Paris
Climate Accord and cease all implementation
measures of the agreement immediately,state level climate plans remain ambitious.
Numerous State governments have joined
the US Climate Alliance pledging to work
towards Paris Agreement objectives within
their borders.
Being the world’s leading green bond market,
China is expected to demonstrate green
municipal leadership in financing low carbon
transition at the local level going forward.
Here are the reasons (read our discussion
paper, Study of China’s Local Government
Policy Instruments for Green Bonds, for detailed
analysis).

Rapid expansion of China’s green
bond market - In the first half of 2017,
China’s green bond market expanded in both
depth and width. Not only the total issuancegrew by 33% year-over-year, there werealso more issuers making their debut green
bond issuance, among them, many werelocal entities. Harbin Bank in Heilongjiang
province issued the first green bond, filling thevacuum in China’s Northeast. Besides, Bankof Beijing, Bank of Nanjing and Chongqing
Longhu Development are also some of thelarge issuers from local level that issued green
bonds for the first time.
Strong policy signals - Ever since the
Guidelines for Establishing the Green Financial
System were released in August 2016 jointly
by seven ministries in China, led by PBoC,
local governments at provincial and municipal
levels also actively responded to the call bydeveloping green finance plans.
They began to encourage non-financial
corporates to issue green bonds. These
included major centers like Beijing, Shanghai,
Guangdong Province, Qinghai Province andZhejiang Province.
Along with the establishment of five green
finance pilot zones, these signals are conducive
in reducing policy uncertainty and buoying
market confidence.
Standardisation of local government financing
underway – Since 2011, the China governmenthas been stepping up efforts to help local
governments to deleverage and mitigate risingcredit risks, by amending the Budget Law toallow local governments issuing municipal

bonds to finance public investment, as
well as expanding the scope of pilot
programmes governments.
A senior official from the Ministry of
Finance9 has recently said that following
the announcement of Local Government
Land Reserve Special Bond Management
Approach and Local Government Toll Road
Special Bond Management Approach, theMinistry would keep exploring different
areas that special bonds can finance, tohelp meet local financing needs.
While central government and regulatory
authorities play a pivotal role in setting
the stage for greening the debt market, atthe local level, provincial and municipal
governments should also gear up to support
the development of China green bondmarket. As Dr. Ma Jun, Chief Economist
of PBoC Research Bureau says, while large
financial institutions and major cities takea leading role in promoting green finance,as the market develops, actively engaging
other different cities and local financial
institutions becomes necessary. Only inthis way, the access of green finance can
expand to the entire Chinese economy, andChina would be able to support majority of
the SMEs going green.

9. http://www.scio.gov.cn/32618/Document/1559929/1559929.htm
10. http://www.sohu.com/a/154644942_481887

Market Data Q1 & Q2 2017
Snapshot of Q1 & Q2 issuanceOnshore breakdown Q1 & Q2

Offshore

Shenzhen Stock Exchange
Green
Panda
Bonds

ShanghaiStock
Exchange

OnshoreJAN-JUN 2017

China
Interbank

PAGE 3

Market Data
83% issuance in China received second party reviews

Nearly 80% of Chinese green bonds aligned with both internationaland China’s definitions

CCXI 1%
Syntao Green
Finance 3%

Green bonds only alignedwith China’s definitions

None
17%

22%

EY
40%

KPMG
6%

78%

PWC
19%

CCEP 6%China Credit Rating 5%
ZHOGCAI LVRONG 3%

Green bonds alignedwith both internationaland China’s definitions

Allocation of proceeds according to PBoC’s Green Bond Endorsed
Project Catalogue

Allocation of proceeds according to CBI Taxonomy

General use orrefinancing 3%

Resource conservation& recycling 9%

Waste management 8%Agriculture, Forestry andOther Land Uses 3%

Energyefficiency or
Low carbon
buildings 9%

Clean
energy27%

Energysaving 12%

Cleantransport
16%

Energy
36%
Water
11%

Pollution
prevention
and control
17%

Transport
16%

Adaptation
17%

Ecological protection andclimate change adaptation 16%

Financial Institutions are the largest issuers*

Chinese green bond market recorded 33%
growth in the first half of 2017

SECTORSISSUANCE SIZE
(BN, RMB)% OF
ISSUANCE

NO. OF
BONDS

% OF
BONDS

FINANCE

53.6

67.51%

22

42.31%UTILITIES

16.6

20.91%

15

28.85%

INDUSTRIAL

4.15

5.23%

11

21.15%$8bn

PROPERTY

4.04

5.09%

3

5.77%

$6bn

INFORMATION TECHNOLOGY

1

1.26%

1

1.92%

$4bn

TOTAL

79.39

100.00%52

100.00%* According to the CCDC’s classification, ABS are separately counted.

JAN-JUN 2017

• Corporate• Commercial Bank

• ABS
• Policy Bank

$12 bn
$10bn

$2bn
0
Jan–June 2016

Jan–June 2017

PAGE 4

Q1 & Q2 2017 Chinese Green Bonds Issuance
ISSUER

MARKETDATEISSUEDSECOND REVIEWER

RATING AGENCY

RATINGUSE OF PROCEEDS*AMOUNT(RMB)
Hebei Financial Leasing

China Interbank

23-01-2017

100mn

EY

Chengxin Rating

AA+

Energy & Transport

Huarong Financial Leasing

China Interbank

15-02-2017

1bn

EY

Chengxin Rating

AAA

Mixed

China Interbank

15-02-2017

1bn

EY

Chengxin Rating

AAA

Mixed

China Interbank

17-02-2017

1.6bn

None

Shanghai Brilliance
Credit Rating

AAA

Low carbon buildings*

China Interbank

17-02-2017

1.44bnNone

Shanghai Brilliance
Credit Rating

AAA

Low carbon building*

China Interbank

07-03-2017

1bn

None

Shanghai Brilliance
Credit Rating

AAA

Low carbon building*Wuhai Bank

China Interbank

21-02-2017

500mn

China Credit Rating

Chengxin Rating

AA-

Mixed

China Development Bank

China Interbank

23-02-2017

10bn

PWC

None **

None

Mixed*

China Interbank

02-05-2017

5bn

PWC

None **

None

Mixed*

Agriculture Development
Bank of China

China Interbank

27-02-2017

4bn

CECEP

None **

None

Adaptation

Dongjiang Environment

Shenzhen

10-03-2017

600mn

None

Chengxin Rating

AA

Mixed*

Nantong Economics
Technological
Development Zone

China Interbank

22-03-2017

300mn

None

None

None

N/A

China Interbank

21-06-2017

700mn

None

None

None

N/A

Guiyang Public Transport

Shanghai24-03-2017

2.65bnZhongcai Lvrong

N/A

N/A

Transport

Harbin Bank

China Interbank

11-04-2017

2bn

EY

Lianhe Credit Rating

AAA

Mixed*

China Interbank

10-05-2017

2bn

EY

Lianhe Credit Rating

AAA

Mixed*

China Interbank

10-05-2017

1bn

EY

Lianhe Credit Rating

AAA

Mixed*

China Interbank

19-04-2017

12bn

EY

Lianhe Credit Rating

AAA

Mixed*

Chongqing Longhu
Development

Bank of Beijing

China Interbank

19-04-2017

3bn

EY

Lianhe Credit Rating

AAA

Mixed*

Beijing Enterprise Water
Group

China Interbank

24-04-2017

2.1bn

Syntao Green Finance

Shanghai Brilliance
Credit Rating

AAA

N/A

State Grid Energy
Conservation Service

China Interbank

25-04-2017

1bn

CCXI

Chengxin Rating

AA+

EnergyBank of Nanjing

China Interbank

27-04-2017

4bn

EY

Chengxin Rating

AAA

Mixed

China Interbank

27-04-2017

1bn

EY

Chengxin Rating

AAA

Mixed

Liuyang Modern
Manufacturing Industrial

China Interbank /Shanghai

02-05-2017

900mn

None

None

None

Waste*

Bank of Luoyang

China Interbank

12-05-2017

1bn

KPMG

Chengxin Rating

AA+

Mixed*

China Longyuan PowerGroup

Shanghai

16-05-2017

2bn

KPMG

Dagong Global
Credit Rating

AAA

EnergyBank of Changsha

China Interbank

16-05-2017

2bn

KPMG

Chengxin Rating

AA+

Mixed

China Power New Energy
Development

China Interbank

19-05-2017

800mn

CCXI

None

None

EnergySPIC Ronghe Financial
Leasing

China Interbank

22-05-2017

1bn

None

None

None

EnergyBank of Gansu

China Interbank

24-05-2017

1bn

None

Lianhe Credit Rating

AA+

Mixed*

Beijing Capital

Shanghai26-05-2017

1bn

None

Chengxin Rating

AAA

N/A

Yunnan Water Investment

China Interbank /Shanghai

01-06-2017

550mn

None

Lianhe Credit Rating

AA+

Water*

Shanghai

29-06-207

1.2bn

None

None

None

N/A

China Interbank

05-06-2017

800mn

China Credit Rating

Lianhe Credit Rating

AA

Mixed*

China Interbank

05-06-2017

200mn

China Credit Rating

Lianhe Credit Rating

AA

Mixed*

China Interbank

07-06-2017

2bn

China Credit Rating

Chengxin Rating

AAA

EnergyDublin21-06-2017

650mn
(EUR)

EY

Moody’s/Fitch
Ratings

A1/A+

EnergyShanghai

09-06-2017

2bn

None

Lianhe Credit Rating

AAA

Energy*Leshan Commercial Bank
China Three Gorges

China Huadian

Note: * The CBI Taxonomy excludes clean coal projects, although they are eligible under the China Green Bond Endorsed Project Catalogue. Also, large hydropower projects
are currently excluded from our taxonomy due to issues of reservoir emissions and other social and environmental impacts. There may be scope to include these in the
future but more research will be required from our recently convened technical working group.
**Policy banks effectively act as agents of the state, notwithstanding the issuance didn’t seek a credit rating, it is deemed equivalent to AAA.

JAN-JUN 2017

PAGE 5Green Bonds Approved by Regulators in Q1 & Q2 2017
ISSUER

Amount approved (RMB)

Approval Date

Regulatory Authority

State Grid Conservation Service

1bn

06-01-17

NDRC

Shaanxi Xixian Xinqu Fengxi Development and Construction (Group)

1.67bn07-01-17

NDRC

Jiangsu Zhenjiang Dantu District Construction Investment Limited

1.4bn

11-01-17

NDRC

Liuyang Modern Manufacturing Industrial

1.8bn

18-01-17

NDRC

Wuhan Metro

5bn

25-01-17

NDRC

China Development Bank

25bn

08-02-17

PBOC

Leshan City Commercial Bank

4bn

06-03-17

CBRC, PBOC

Tibet Urban Development and Investment

1.82bn07-03-17

NDRC

Bank of Beijing

15bn

09-03-17

CBRC, PBOC

Kaifeng Developmeng Investment

1.3bn

14-03-17

NDRC

Bank of Nanjing

5bn

13-03-17

CBRC, PBOCBank of Luoyang

1bn

22-03-17

CBRC, PBOCBank of Changsha

5bn

24-03-17

CBRC, PBOC

Guiyang-Pingan Green ABS

2.65bn31-03-17

N/A

China Power New Energy Development Co. Ltd.

2.5bn

April-17

N/A

Bank of Gansu

1bnApril-17

CBRC, PBOC

Zhongli Group

700mn

20-04-17

CSRC

China Huadian Corporation

5bn

20-04-17

CSRC

Anhui Tongling Development Investment Group

1.2bn

25-04-17

NDRC

Jingjiang Binjiang New Town Investment Development

970mn

28-04-17

NDRC

Danyang Investment Group

1.5bn

28-04-17

NDRC

Pingxiang Huifeng Investment Company

2bn

05-05-17

NDRC

Heilongjiang Quanlin Ecological Agriculture Company

3bn

11-05-17

NDRC

China Longyuan Power Group

6bn

15-05-17

NDRC

Sichuan Naxing Group1bn

19-05-17

NDRC

Guangzhou Development Group

4.8bn

22-05-17

NDRC

Jiangsu Hongzehu Shenzhou Tourism Development

1bn

25-05-17

NDRC

Huishang Bank

5bn

June-17

CBRC, PBOCBank of Zhengzhou

5bnJune-17

CBRC, PBOC

Qingdao Rural Commercial Bank

4bn

June-17

CBRC, PBOC

JAN-JUN 2017

PAGE 6

ChinaBond China Climate-Aligned Bond Index
performance

As of 30 June 2017, the ChinaBond China
Climate-Aligned Bond Index comprised 312
bonds amounting to RMB1.34 trillion, withaverage maturity of 4.89 years. The 1-year and
YTD return rates of the index were -0.84% and0.1% respectively.

145.0
144.0
143.0
Total Return Index (total value)

ChinaBond China Climate-aligned Bond Index
is the world’s first climate related bond index,
compiled in collaboration between China Central
Depository & Clearing Co. Ltd, China Energy
Conservation and Environmental Protection
Consulting Co. Ltd (CECEP) and the Climate
Bonds Initiative. The index identifies a broadlist of bonds that are supporting low carbon
and climate resilient projects as defined by the
Climate Bonds Taxonomy and the China Green
Bond Endorsed Project Catalogue. The index was
released in September 2016.

Total Return-ChinaBond China Green Bond Selected Index

142.0
141.0
140.0
139.0
138.0
01.201702.201703.201704.201705.201706.201707.2017

Total Return - ChinaBond China Climate-Aligned Bond Index and other ChinaBond China Green Bond Indices
TOTAL RETURN INDEX

1 Month

1 Year

3 Years

5 Years

YTD 2017

CHINABOND CHINA CLIMATE-ALIGNED BOND INDEX

1.61%-0.84%

20.19%

28.82%

0.10%

CHINABOND CHINA GREEN BOND INDEX

1.50%-0.17%

18.03%

27.76%

0.43%

CHINABOND CHINA GREEN BOND SELECTED INDEX

1.52%-0.37%

18.58%

27.76%

0.35%

Green Bond First Movers and Innovation
First Green Bond listed on Shenzhen Stock Exchange– Dongjiang Environment

First Green Bond in China to finance for Biomass Energy project- State Grid Energy Conservative Service

First Green Asset-backed Note (ABN) in China– Beijing Enterprises Water GroupFirst Euro-denominated Green Bond from a Chinese Corporate– China Three Gorges Corporation

First Financial Lease Company issuing Green Bond
- SPIC Ronghe Financial LeasingFirst Offshore Non-Financial Enterprise to issue Green Panda Bond
- China Power Clean Energy Development

Reports

Follow us

Study of China’s Local Government Policy
Instruments for Green Bonds:

Green Bond Pricing in the Primary Market: January
2016 - March 2017:

This report is jointly released by SynTao Green
Finance and Climate Bonds Initiative at China’s Green
Finance Committee Annual Conference in April 2017.
It provides an overview of local government policy
instruments for developing green bond market in China
with further recommendations. Download the report.

Anecdotal evidence has suggested that green
bonds are heavily oversubscribed and may pricetighter than expected. This report explores the data
to discover whether or not this is happening.
Download the report.

This report is also available in Chinese您也可获取本报告中文版

This report produced in partnership with China Central Depositing and Clearing Co. (CCDC) ©Climate Bonds Initiative & CCDC July/August 2017 Designed by Godfrey Design
Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Any reference to a financial organisation or
debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites.
The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this communication should be taken
as such, nor should any information in this communication be relied upon in making any investment decision.
Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect the credit worthiness of the designated debt instrument, nor its
compliance with national or international laws.
A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties on behalf of
an individual or organisation, based in whole or in part on any information contained within this, or any other Climate Bonds Initiative public communication.

JAN-JUN 2017

PAGE 7