Construction Of Green Bond Verification System In China And Case Analysis

The green bond in china gained tremendous growth in recent years,at the same time,china green bond market is still in the initial stage and haven't form an relative well-established green bond verification system which makes it hard to eradicate the “Green washing” behavior.This research gives an systematic analysis of current situation in the verification procedure of domestic market and three major problems were found: 1)definition of green project still need further consistent and perfect;2)environmental benefit quantification assessing system is still not perfect;3)further refinement and specification is still needed for the improvement of green ensurence mechanism.Based what is mentioned above,this research proposed a framework for green bond verification from these three aspects to thoroughly solve the problems of “whether or not green”,”degree of green” and “green ensurence”.One step further,this research divided these three aspects into eight major assessing factors,adopting analytic hierarchy process to get the weight of each factor,then obtain the rating result based on weighted score.This research also picks up a wind power generation based green bond for case study and the process as well as result of analysis is also given in the research.In the case study,location,type of machine and maintenance level is considered comprehensively based on the benchmark of industry leading level.This assessment is of vital importance to the building and perfect of the “green benchmark” of wind power generation industry in china.At last,several policies were proposed for the healthy developing of domestic green bond market and the well-functioning of verification system: 1)accelerating the perfection and unification process of green bond project supporting index;2)form a comprehensive system of environmental benefit quantification and assessment,offering feasible calculating formula and parameter range;3)keep improving the public reputation and transparency of the green bond and establish related measures,further improving the cost for “Green washing”.