China approves $15bn of green bonds to fight pollution

China approved more than RMB 100 bn ($15.2 bn) of green bond issuance in the first five months of this year, as the world’s largest energy consumer bolsters financing for clean energy to help tackle pollution. Some RMB 55 bn of the securities, which raise money for projects from renewable energy power plants to electric cars, were issued this year through May, People’s Bank of China research bureau chief economist Ma Jun said at a summit in Beijing Tuesday. China’s clout in the green bond market has expanded rapidly since its first such security onshore in January. The nation already accounts for one third of the total $25.3 bn issuance of the debt globally this year, according to data compiled by Bloomberg.