Some of the proceeds go to wind projects. Some help build new coal power plants. And lots of cash raised in Chinese green bond deals simply adds to state-owned companies’ working capital.
China’s domestic green bond market has been a minefield for global investors, who worry they might inadvertently buy green debt that does not meet international standards.
But the growth of the Chinese market in recent years has been too fast for the world’s largest investors to ignore, and many experts say standards are improving.
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