Green bonds, which support environmentally friendly projects, are becoming an increasingly attractive investment prospect in China as the estimated costs to clean up the environment and cut emissions mount, increasing the need for environmentally friendly financing plans. Last year, 29 Chinese companies and financial institutions raised more than 201bn RMB through the sale of 66 green debt instruments, according to a recent report jointly issued by the China Central Depository & Clearing Co. But despite the clamor, Chinese investors appear not to have a clear sense of what green bonds are. Many investors purchase green bonds while focusing on the general credibility of the bond issuers while overlooking the environmental impact of the investment. Several fund managers told Caixin that they did not use a clearly defined standard to assess the “green elements” of the bonds they purchased.