{"id":60055436,"date":"2024-10-17T17:53:39","date_gmt":"2024-10-17T16:53:39","guid":{"rendered":"https:\/\/dialogue.earth\/?p=60055436"},"modified":"2024-10-22T09:39:23","modified_gmt":"2024-10-22T08:39:23","slug":"can-chinas-new-bri-bonds-spur-sustainable-development","status":"publish","type":"post","link":"https:\/\/dialogue.earth\/en\/business\/can-chinas-new-bri-bonds-spur-sustainable-development\/","title":{"rendered":"Can China\u2019s new BRI bonds spur sustainable development?"},"content":{"rendered":"\n

In June this year, the Bank of China (BOC) issued the first sustainable development bonds for which all funds raised are directed towards countries affiliated with the Belt and Road Initiative (BRI), according to the bank\u2019s website<\/a>. The bonds totalled USD 940 million and were issued simultaneously through BOC branches in Macau<\/a>, Hungary<\/a> and Panama<\/a>, in US dollars and yuan.<\/p>\n\n\n\n

Sustainable development bonds, or sustainability bonds, are issued to finance a combination of both green and social projects, often simultaneously. Banks typically use the raised money to provide loans for sustainability projects. Meanwhile, \u201cgreen\u201d bonds raise financing for eco-friendly projects such as renewable power stations and green transport schemes, and \u201csocial\u201d bonds support projects with positive social impacts. <\/p>\n\n\n\n

The release of the sustainability bonds is the latest example of Chinese financial institutions\u2019 support for green Belt and Road investment, experts have told Dialogue Earth. Demand for financing that spurs green development has been growing for several years in developing countries, and China is now using green bonds and these new sustainability bonds to leverage private capital in support of \u201chigh-quality development\u201d within BRI partner countries.<\/p>\n\n\n\n

China was the world\u2019s largest issuing market for green bonds in both 2022 and 2023, according to the 2023 Green Bond Report<\/a> from the Climate Bonds Initiative (CBI), a non-profit seeking to mobilise global capital for climate action. In 2023, China\u2019s issuances of green bonds abroad were in the range of USD 10 billion, or 10.9% of its annual total. This suggests that, compared to domestic issuance levels, there is still room for growth.<\/p>\n\n\n\n

Belt and Road sustainability bonds: a history<\/h2>\n\n\n\n

Experts have told Dialogue Earth that while this most recent sustainability bond is the first of its kind, it is similar to other Belt and Road green bonds issued by BOC and the Industrial and Commercial Bank of China (ICBC) in recent years. The latter issued<\/a> USD 2.15 billion of green bonds through its Luxembourg branch back in October 2017.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Bonds issued since 2017 by Chinese commercial banks to finance sustainable development projects in BRI countries<\/h3>\n\n\n\n
Issuer<\/strong><\/td>Name of bond<\/strong><\/td>Amount (USD equivalent)<\/strong><\/td>Date issued<\/strong><\/td><\/tr>
Bank of China<\/a><\/td>Sustainable Development Bond for Building the Belt and Road Together<\/td>USD 940 million <\/td>June 2024<\/td><\/tr>
ICBC<\/a><\/td>Multi-currency Belt-and-Road-Themed International Green Bond<\/td>USD 2.03 billion<\/td>October 2023<\/td><\/tr>
Bank of China<\/a><\/td>Green Bond for Building the Belt and Road Together<\/td>USD 770 million<\/td>September 2023<\/td><\/tr>
ICBC<\/a><\/td>Cooperation Bond for Green Belt-and-Road Interbank Normalisation<\/td>USD 2.2 billion<\/td>April 2019<\/td><\/tr>
ICBC<\/a><\/td>Green Climate Bond for the Belt and Road<\/td>USD 2.15 billion<\/td>October 2017<\/td><\/tr><\/tbody><\/table>
Information collated by Dialogue Earth<\/figcaption><\/figure>\n\n\n\n

According to BOC\u2019s disclosure<\/a>, use of proceeds from this issuance of sustainability bonds complies with the environmental, social and sustainability guidelines and principles issued by the International Capital Market Association (ICMA). The funds raised will be used to support existing and future BOC investments in green and social projects, such as electric-vehicle battery manufacturing in Hungary, renewable-energy transmission in Slovakia, wind power in Uzbekistan and sustainable fisheries in Chile.<\/p>\n\n\n\n

The BOC\u2019s disclosure shows that the new tranche of bonds has attracted investors in the UK, Switzerland, UAE, Singapore, South Korea and Malaysia, among others. These investors include government institutions, asset management companies, insurers and banks.<\/p>\n\n\n\n

Information on specific investors is not publicly available, but one expert at a stock exchange who wished to have their name withheld told Dialogue Earth: \u201cAt present, these bonds are most likely being bought by long-term BOC and ICBC investors, and perhaps by others caught up in the green investment boom.\u201d<\/p>\n\n\n\n

Greening BRI investments<\/h2>\n\n\n\n

China\u2019s government and businesses have been looking at greening the Belt and Road Initiative in recent years, and in 2021 the country announced<\/a> it would no longer build new coal-fired power plants abroad. The following year, the government updated its 2017 advice<\/a> on promoting green development along BRI routes, with emphasis on \u201cregulating companies\u2019 environmental activities abroad\u201d. The end of new coal-power projects abroad was also reiterated, along with a call for more green investment.<\/p>\n\n\n\n

Jackie Lu, senior academic researcher at Boston University\u2019s Global Development Policy Center, told Dialogue Earth that according to their databases, since 2021, China has stopped providing new loans to fossil-fuel-dedicated projects, including natural gas, in BRI countries, and that the most heavily invested projects now include hydroelectric, solar photovoltaic and grid developments.<\/p>\n\n\n\n

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Recommended<\/span><\/span><\/div><\/a>\n\n\n\n

BRI engagement in the form of financial investments and signed agreements rebounded in 2023 after several years of contraction, with some 212 deals worth USD 92.4 billion, according to the China Belt and Road Initiative (BRI) Investment Report 2023<\/a>, published by the Green Finance and Development Center at Fudan University in Shanghai. China\u2019s overall energy-related engagement in 2023 was the greenest since the BRI\u2019s inception in 2013: in 2023, China\u2019s solar and wind energy engagement was about USD 7.9 billion \u2013 about 28% of energy engagement \u2013 with an additional 6% (USD 1.6 billion) for hydropower.<\/p>\n\n\n\n

However, Lu says that China\u2019s main approach to projects in BRI countries, which involves issuing development-focused bank loans and offering support through multilateral financial institutions, presents two challenges. First, less private capital is mobilised, and second, it could be difficult to track the funds and assess their \u201cgreenness\u201d because of poor transparency in some of the loan projects.<\/p>\n\n\n\n

A Chinese green finance researcher who did not wish to be named told Dialogue Earth that financial institutions can potentially address these challenges by issuing green bonds to raise finance, then proceeding to make loans.<\/p>\n\n\n\n

Pros and cons of Belt and Road green bonds<\/h2>\n\n\n\n

Bonds are a great way of leveraging private capital in support of green investment and development as bond buyers are usually private investors. The green finance researcher noted that the rate of default with green bonds is generally lower than for ordinary bonds. This is due to clear-cut standards and funds typically being allocated to long-term and stable projects, which risk-averse investors appreciate.<\/p>\n\n\n\n

There is more transparency around the fate of funds raised by banks via bonds than through other means such as customer deposits, meaning greater peace of mind for investors, the researcher said. Any change in use of proceeds during the life of the bond must legally be disclosed, leaving little scope for greenwashing.<\/p>\n\n\n\n

\"men<\/div>
Workers check power transformer equipment at a wind farm in Zhanatas, Kazakhstan, a green energy project constructed under the BRI. Green projects of this type are one of several that could be eligible for funding via the new sustainability bonds\u00a0(Image: Xinhua \/ Alamy)<\/div><\/div><\/div><\/div>\n\n\n\n

Also, financial institutions in BRI countries \u2013 which tend to be in developing regions and have low credit ratings \u2013 may need to set the interest on their bonds at rates higher than 10% to attract investors, Xie Wenhong, head of the China programme at the Climate Bonds Initiative, told Dialogue Earth. Bonds from Chinese banks \u2013 which enjoy high international credit ratings \u2013 can facilitate financing at lower rates of interest, easing pressure on the relevant countries and reducing risk for investors. The interest rate for the BOC sustainability bond is 2.82%, for instance.<\/p>\n\n\n\n

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Recommended<\/span><\/span><\/div><\/a>\n\n\n\n

However, green bonds worldwide face a major challenge: the return on investment is no more appealing than for that of other kinds of bonds. The green finance researcher gave the example of the World Bank issuing USD 150 million worth of five-year bonds in 2022 for the protection of black rhinos<\/a> in South Africa: \u201cThe Rhino Bond featured various innovations and attracted enthusiastic media coverage, but ended up being bought mainly by charitable foundations, owing to the uncertain rate of return and the bond\u2019s dependence on sustainable development outcomes.\u201d<\/p>\n\n\n\n

China\u2019s green bonds face a similar situation. As a study<\/a> from Tianfeng Securities indicates, they \u201ccan attract interest in the early stages due to their relative scarcity, but it is hard to maintain that enthusiasm over the long term\u201d. The study recommends<\/a> policy guidance to enhance the liquidity and allocation value of green bonds. One such example is by establishing a specific yield curve for green bonds \u2013 which shows the relationship between interest rates and time until maturity \u2013 as this will provide a more accurate reference for investors. Other examples include lowering the risk weight and introducing tax incentives for investing in green bonds.<\/p>\n\n\n\n

Tightening standards and aligning with international equivalents<\/h2>\n\n\n\n

Green bonds issued abroad by China also have to compete with other similar foreign-issued products. This prompts the question of alignment with relevant international standards. <\/strong>\u201cThe degree of alignment is actually very high, on the whole,\u201d noted Xie. He told Dialogue Earth that China came into closer alignment with international requirements following the 2021 removal of \u201cclean coal use\u201d from its green-bond catalogue.<\/p>\n\n\n\n

Another former problem<\/a> is fragmented regulation. Until the 2023 reform<\/a> of China\u2019s financial regulatory system, corporate bonds were regulated by the China Securities Regulatory Commission (CSRC), enterprise bonds by the National Development and Reform Commission (NDRC), and financial bonds by the People\u2019s Bank of China. This led to inconsistencies in regulatory reach and requirements. For example, to meet the requirements of enterprise-issued green bonds, it used to be sufficient to deploy more than 50% of their proceeds on green projects.<\/p>\n\n\n\n

Enterprise versus corporate bonds<\/span>
\n

Enterprise bonds are generally issued by entities that are central-government administered, such as those that are state-owned or state-controlled. Corporate bonds, meanwhile, are issued by private businesses such as joint-stock or limited-liability companies.<\/p>\n<\/div><\/div><\/div>\n\n\n\n

This first changed with the 2022 release of the China Green Bond Principles<\/a>, which require that \u201c100% of the proceeds from green bond issuances be directed into green projects\u201d. According to the CBI report, the proportion of green bonds meeting the requirement has rapidly increased since their release, surpassing 98% in 2023.<\/p>\n\n\n\n

In addition, the financial regulatory system underwent major reform<\/a> in March 2023. Review and approval of the issuance of enterprise bonds, which was originally the responsibility of the NDRC, now comes under the CSRC, along with other corporate bonds. According to Xie Wenhong, this could further harmonise the regulation of green bonds.<\/p>\n\n\n\n

\u201cThe standards for Chinese green bonds are now more in line with international standards, both in terms of the green bond taxonomy and use-of-proceeds percentages,\u201d says Xie. He added that the problems he mentioned generally only apply for green bonds issued within China. \u201cFor bonds issued abroad, such as Belt and Road sustainability bonds, it is normally the case that international standards like those of the ICMA or CBI, which meet the requirements of international investors, have [already] been adopted for a while.\u201d<\/p>\n\n\n\n

The Belt and Road green bond market is developing, but remains relatively small compared with China\u2019s overall levels of investment in BRI projects. As the CBI report notes, with China introducing a series of economic stimulus policies and the US Federal Reserve entering a cycle of rate cutting, China\u2019s overseas issuance of green and sustainability bonds is expected to pick up. If Chinese banks can further grow the scale of such bonds, they will be able to better support the energy transition and sustainable development of countries along BRI routes.<\/p>\n","protected":false},"excerpt":{"rendered":"

The bonds, focused on green projects, can help programmes in developing countries secure lower-cost financing, but competition and sustaining interest remain challenges <\/p>\n","protected":false},"author":3747,"featured_media":60055467,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[758],"tags":[510,544,20000237],"hashtags":[],"country":[20000110],"class_list":["post-60055436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-china-in-the-world","tag-finance","tag-sustainable-development","country-china"],"acf":[],"yoast_head":"\nCan China\u2019s new BRI bonds spur sustainable development? | Dialogue Earth<\/title>\n<meta name=\"description\" content=\"The bonds, focused on green projects, can help BRI countries secure lower-cost financing, but competition and sustaining interest remain challenges\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dialogue.earth\/en\/business\/can-chinas-new-bri-bonds-spur-sustainable-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can China\u2019s new BRI bonds spur sustainable development?\" \/>\n<meta property=\"og:description\" content=\"The bonds, focused on green projects, can help programmes in developing countries secure lower-cost financing, but competition and sustaining interest remain challenges\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dialogue.earth\/en\/business\/can-chinas-new-bri-bonds-spur-sustainable-development\/\" \/>\n<meta property=\"og:site_name\" content=\"Dialogue Earth\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-17T16:53:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-22T08:39:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dialogue.earth\/content\/uploads\/2024\/10\/Hungary-Serbia-railway-project_Alamy_2RRR7GT-1-scaled-e1729178633958.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mengnan Jiang\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/dialogue.earth\/en\/business\/can-chinas-new-bri-bonds-spur-sustainable-development\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/dialogue.earth\/en\/business\/can-chinas-new-bri-bonds-spur-sustainable-development\/\"},\"author\":{\"name\":\"Mengnan Jiang\",\"@id\":\"https:\/\/dialogue.earth\/en\/#\/schema\/person\/2ddb41fb0129b88f6a1710161e894a9c\"},\"headline\":\"Can China\u2019s new BRI bonds spur sustainable development?\",\"datePublished\":\"2024-10-17T16:53:39+00:00\",\"dateModified\":\"2024-10-22T08:39:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/dialogue.earth\/en\/business\/can-chinas-new-bri-bonds-spur-sustainable-development\/\"},\"wordCount\":1801,\"publisher\":{\"@id\":\"https:\/\/dialogue.earth\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/dialogue.earth\/en\/business\/can-chinas-new-bri-bonds-spur-sustainable-development\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/dialogue.earth\/content\/uploads\/2024\/10\/Hungary-Serbia-railway-project_Alamy_2RRR7GT-1-scaled-e1729178633958.jpg\",\"keywords\":[\"China in the world\",\"Finance\",\"Sustainable development\"],\"articleSection\":[\"Business\"],\"inLanguage\":\"en\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dialogue.earth\/en\/business\/can-chinas-new-bri-bonds-spur-sustainable-development\/\",\"url\":\"https:\/\/dialogue.earth\/en\/business\/can-chinas-new-bri-bonds-spur-sustainable-development\/\",\"name\":\"Can China\u2019s new BRI bonds spur sustainable development? 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