China’s green bonds grew in volume by 278% and 28% in value over the last year.
That’s according to the International Institute of Green Finance (IIGF) and UN Environment, which says the nation has become a new growth driver in the global green bonds market – it issued 36 green bonds worth RMB77.67 billion (£8.9bn) in the first half of this year.
By this time, it was home to a total of 7,826 green and low carbon projects, with a total investment of RMB6.4 trillion (£730bn).
However, the groups say progress still needs to be made and have laid out a series of recommendations.
This includes clearly defining what the term ‘green’ means, setting up systems to evaluate green finance performance and clarifying laws and regulations surrounding the processes.
They suggest efforts should also be made to improve the green finance database to give international investors more information and confidence.
Wang Yao, Professor and Director-General at the IIGF, said: “Green finance is essential to realising China’s national strategic objectives in green development and ecological civilisation.”