Abstract
This chapter discusses green certification and credit rating on Mainland Chinese green bonds in Hong Kong. These green bonds are mostly denominated in USD, distributed to global investors, and issued with international practices of green certification and credit rating. Using qualitative analysis and case study method, the chapter finds four external reviewers sharply different in their assessment framework although they attempt to assess degree of compliance of a bond issuance or a bond issuer with some international green standards. All the three global credit rating agencies claim their incorporation of green assessment into their credit rating process. However, the chapter finds no clear evidence on such claim from their credit rating comments on selected bond issuers.
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