China’s first green bond of biomass power generation, green debt financing instrument of State Grid Energy Saving Service Limited, for which ICBC serves as the lead manager, was successfully registered in the National Association of Financial Market Institutional Investors. The issuance of green bond has a registered amount of RMB 1 billion and aims to raise funds for 16 biomass power generation projects of State Grid Energy Saving Service Limited.

Biomass is an important source of renewable energy characterized by green, low-carbon, clean and renewable. Accelerating the development and utilization of biomass energy is an important part in promoting energy production and consumption revolution, having great significance in improving environment quality and developing circular economy. The biomass power generation projects backed by this issuance of bonds consume 4.44 million tons of biomass fuel each year. Compared with traditional thermal power projects, they can save 999,200 tons of standard coal, equivalent to reduction of about 2,456,900 tons of carbon dioxide emissions. These projects cover seven provinces including Henan, Hebei, Shandong, Heilongjiang, Jilin, Xinjiang and Anhui, and will play positive role in utilizing local agricultural and forestry residues like straw and protecting ecological environment.

According to an official with ICBC, the Bank has been actively implementing the concept of green development in recent years. It has built a comprehensive direct green financing service system, and continued to support green projects such as energy saving, pollution prevention, resource conservation and recycling through direct financing like bond underwriting. Since the beginning of this year, ICBC has sold green bonds totaling RMB 38.3 billion, ranking the first among all domestic financial institutions. The bonds sold include China's first green financial bond - Industrial Bank green financial bonds worth RMB 30 billion, the first RMB green bonds from international multilateral development institutions registered in National Association of Financial Market Institutional Investors - green financial bonds of BRICS Development Bank totaling RMB 3 billion, China’s first green corporate bonds - green corporate bonds of BAIC Motor Corporation totaling RMB 2.5 billion and the green non-financial corporate debt financing instruments of Beijing Enterprises Water (China) Investment Co., Ltd. totaling RMB 2.8 billion. All these bonds have pushed the development of green economy and ecological and environmental protection.