Chinese banks are using ethically labelled bonds to refinance existing loans, helping to propel the country to become the world’s biggest issuer of green paper.
Green bond issuance is at a record high and China became the largest source of new paper in the third quarter of this year, taking it to the joint-largest source of issuance in the year to date, along with France.
Financial institutions issued three-quarters of green bonds in China since the market first emerged in 2014, a Financial Times analysis of data from the credit rating agency Moody’s has found.
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