China's Green Bond Certification And Assessment Analysis

The origins of green bonds originated from investors' continuous attention to climate change and environmental issues and were first issued by the European Investment Bank(EIB)in 2007.With the increasing emphasis on global climate change and energy conservation and emission reduction issues in the country,China's policy support for the development of green industries has been continuously strengthened.As a new type of financial instrument to support the financing of green industry,green bonds have attracted the attention of investors because of their broad market and compliance with national policy guidance.Vigorously developing the green bond market is of great significance for solving the upgrading and transformation of traditional enterprise industrial structures and developing new green industries.In view of the green credit asset-backed securities "17 Ning ying" issued by the Agricultural Bank of China,and through green bonds certified by KPMG and China Bond Credit Co.,Ltd.,this paper takes "17 Ning ying" as a case study object and evaluates the green bond assessment and certification standards.Research has certain theoretical value and practical significance.This paper uses the case analysis method and comparative analysis method to first introduce the status of the development and certification of green bonds.Secondly,taking the "Agricultural" green credit asset-backed securities of the Agricultural Bank of China as an example,the KPMG and China Bond Ratings Certification Process and Standards were analyzed.Third,comparing the evaluation and certification standards of green bonds issued by typical domestic assessment and certification organizations,and analyzing the differences between different standards,it was found that their assessment contents are not specific enough,their operability is poor,and their environmental and social benefits are lacking.Issues related to environmental credit inspections of issuers and related parties of the project.Then,through the experience gained from the establishment of a standardized index system for domestic assessment agencies,the “Guidelines for Conducting Green Bond Certification(Interim)” expands the scope of certification,and a set of standards for evaluation and certification criteria has been designed.From the five aspects of green project compliance,green project screening criteria,environmental efficiency goals,fundraising management,and information disclosure system,the green degree of green bonds is evaluated.A new “assessment of environmental and social risks to the project” has been added to the project screening and assessment system indicators,and an assessment of whether “the issuer or related party has been sanctioned by the environmental protection authority in the last three years” has been added to the environmental benefit indicators.The establishment of a green bond assessment and certification standard provides a reference.