Greener on the other side? Mapping China's overseas co-financing and financial innovation

Chen, Yunnan; Eme y, Teal
Resea ch Repo
G eene on he o he side? Mapping China's o e seas co-
inancing and inancial inno a ion
ODI Repo
P o ided in Coope a ion wi h:
ODI Global, London
Sugges ed Ci a ion: Chen, Yunnan; Eme y, Teal (2025) : G eene on he o he side? Mapping China's
o e seas co- inancing and inancial inno a ion, ODI Repo , ODI Global, London
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/317061
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by-nc-nd/4.0/
Repo
G eene on he o he side?
Mapping China’s o e seas co- inancing and
inancial inno a ion
Yunnan Chen and Teal Eme y
G eene on he o he
side?
Yunnan Chen and Teal Eme y
ODI Global
203 Black ia s Road
London SE1 8NJ
Uni ed Kingdom
© ODI Global 2025
Online ISSN: 2052-7209
This wo k is licensed unde CC BY-NC-ND 4.0.
Reade s a e encou aged o ep oduce ma e ial o hei own publica ions,
as long as hey a e no being sold comme cially. ODI Global eques s due
acknowledgemen and a copy o he publica ion. Fo online use, we ask eade s o
link o he o iginal esou ce on he ODI Global websi e.
Views and opinions exp essed in his publica ion a e he esponsibili y o he
au ho (s) and should in no way be a ibu ed o he ins i u ions o which hey a e
a ilia ed o o ODI Global.
How o ci e: Chen, Y. and Eme y, T. (2025) G eene on he o he side: mapping
China’s o e seas co- inancing and inancial inno a ion. Repo . London: ODI
Global (www.odi.o g/en/publica ions/g eene -on- he-o he -side-mapping-chinas-
o e seas-co- inancing-and- inancial-inno a ion/)
F on co e image: Shu e s ock ID: 2480041573

Acknowledgemen s
Abou his publica ion
We a e hugely g a e ul o e iewe s, Amma Malik, Ch is oph Nedopil Wang and F ede ique
Dahan, o hei hough ul eedback and commen s, which ha e shaped and imp o ed he
de elopmen o he pape . We also hank Sheng Zhang o me hodological eedback and ad ice
on he social ne wo k analyses, and Je emy S e ens and Jiang Mengnan, as well as o he sec o
p ac i ione s in Beijing and London, who sha ed hei ime and insigh s on his opic. Thank
you o Maegan Rod icks, Jane Lanigan and S e en Dickie o hei suppo o he design and
publica ions p ocess.
Finally, we a e g a e ul o he Eu opean Clima e Founda ion Pooled Fund on In e na ional Ene gy,
and o he Ga es Founda ion o hei suppo o his wo k.
Abou he au ho s
Yunnan Chen (ORCID: 0000-0002-3286-3949) is a esea ch ellow in he De elopmen and
Public Finance eam a ODI.
Teal Eme y (ORCID: 0009-0002-4804-2202) is an independen consul an and ounde o Teal
Insigh s. He se es as an Adjunc Lec u e a Johns Hopkins SAIS.
Con en s
Acknowledgemen s /
Ac onyms/Glossa y / ii
Execu i e summa y / 1
1 In oduc ion / 3
1.1 Why co- inancing? Balancing isk and ewa d in o e seas lending / 4
1.2 Me hodological app oach and da a collec ion / 10
1.3 S uc u e o he epo / 13
2 Syndica ed lending and co- inancing / 14
2.1 The ole o syndica ion in China’s o e seas lending / 14
2.2 Who is inancing? Comme cial banks domina e syndica ed lending / 16
2.3 Syndica ed loans skew comme cial in sec o and geog aphy / 19
3 Mul ila e al pa ne ships and co- inancing / 21
3.1 Co- inancing wi h MDBs: key ends / 21
3.2 Co- inancing ia mul ila e al unds / 22
4 G een co- inancing ne wo ks in o e seas lending / 27
4.1 Who is co- inancing g een in es men s? / 28
5 Beyond de elopmen inance: o he sou ces o g een in es men / 32
5.1 P i a e sec o pa icipa ion in g een in as uc u e / 32
6 Conclusions and policy implica ions / 38
6.1 Policy implica ions / 39
Re e ences / 42
Appendix 1 / 46
Ac onyms/Glossa y
ADB Asian De elopmen Bank
A DB A ican De elopmen Bank
AGTF A ica G owing Toge he Fund
AI a i icial in elligence
AIIB Asian In as uc u e In es men Bank
ASEAN Associa ion o Sou heas Asian Na ions
BOC Bank o China
BRI Bel and Road Ini ia i e
CAF China-ASEAN Fund
CBIRC China Banking and Insu ance Regula o y Commission
CCB China Cons uc ion Bank
CDB China De elopmen Bank
CGIF C edi Gua an ee and In es men Facili y
CPV concen a ed pho o ol aic (sola powe )
DFI de elopmen inance ins i u ion
EBRD Eu opean Bank o Recons uc ion and De elopmen
EIF Eu opean In es men Fund
ESG en i onmen al, social and go e nance (impac , in es men )
FDI o eign di ec in es men
FI inancial ins i u ion
FOCAC Fo um on China-A ica Coope a ion
GCDF Global Chinese De elopmen Finance
ICBC Indus ial and Comme cial Bank o China
IDB In e -Ame ican De elopmen Bank
IFC In e na ional Finance Co po a ion
IRENA In e na ional Renewable Ene gy Agency
MCDF Mul ila e al Coope a ion Cen e o De elopmen Finance
MDB mul ila e al de elopmen bank
MOF Minis y o Finance (China)
MW megawa s
NDB New De elopmen Bank
OECD O ganisa ion o Economic Co-ope a ion and De elopmen
PBOC People’s Bank o China
PDB public de elopmen bank
PPI p i a e pa icipa ion in in as uc u e
PPP public–p i a e pa ne ship
PRC People's Republic o China
PV pho o ol aics
RMB Renminbi/Chinese yuan
SBG S anda d Bank G oup (Sou h A ica)
SNA social ne wo k analysis
SOE s a e-owned en e p ise
TDB T ade and De elopmen Bank (Eas A ica)
USD US dolla
7
G eene on he o he side?
In esponse o hese isks, Chinese FIs and
inancial au ho i ies ha e esponded in
se e al ways.
Fi s , lending has been signi ican ly
cu back, e lec ing a educed isk
appe i e and educ ion o isk
exposu e, pa icula ly o highe - isk
o ca bon-in ensi e sec o s ollowing
he announcemen o ‘no new coal’ in
2021. The boom in o e seas lending ha
ollowed he global inancial c isis was
pa ly d i en ia capi al om policy banks
and he so e eign weal h und, mobilised
7 These mainly comp ised a small numbe o coun ies: 45% o all swaps we e a ge ed o
A gen ina, ollowed by 22% o Pakis an, while o he majo ecipien s included Mongolia, Egyp
and Venezuela.
8 This cha adap s he amewo k de eloped in Pa ks e al. (2023), which in oduced he
pe iodisa ion o ‘Ea ly BRI’ (2014–2017) and ‘La e BRI’ (2018–2021). As in hei analysis, he
La e BRI pe iod e lec s he signi ican pullback in Chinese o e seas in as uc u e lending ha
began a ound 2017, allowing o mo e meaning ul compa ison o lending pa e ns ac oss hese
dis inc phases o he Bel and Road Ini ia i e.
o help o sho e Chinese indus ial
capaci y and su plus capi al o highe
e u ns o e seas (Chin and Gallaghe ,
2019; Liu, 2023; F anz e al., 2024). This
lending o in as uc u e has e enched
since 2016, s alled u he by he shock
o he Co id-19 pandemic in 2020–21.
Meanwhile, he ise o eme gency lending,
in he o m o sho - e m e inancing,
o eign exchange swap lines and ollo e s
a e 2016, indica ed a g owing need
o suppo bo owe coun ies acing
epaymen di icul ies (see Figu e 3).7
Figu e 3 To al Chinese lending commi men s (2000–21)
No e: Eme gency lending ises quickly in he Ea ly BRI pe iod. See Pa ks e al. (2023) o an
in-dep h discussion.
Sou ce: AidDa a GCDF 3.0; au ho s’ elabo a ion8
Loan commi men s (cons an 2021 USD)
In as uc u e lending O he Eme gency lending
2000 2005 2010
Commi men yea
20202015
$0 billion
$25 billion
$50 billion
$75 billion
$100 billion
Ea ly BRI
(2014–17)
La e BRI
(2018–21)

8G eene on he o he side?
Second, a shi o ‘g een’ China’s
o e seas ac i i ies e lec s
s eng hened isk managemen
amewo ks and a b oade ocus
on clean ene gy coope a ion. A
he Con e ence o he Pa ies (COP)
2024 in Baku, Aze baijan, China’s Vice
P emie announced he coun y had
p o ided $25 billion in clima e inance
since 2016, signalling i s poli ical
commi men s o g een coope a ion
and suppo o clima e inance.9
Discou se a ound he BRI a e 2020
has seen a pi o o a ‘G een BRI’.
Likewise, ‘g een’ coope a ion has
ea u ed in he Global De elopmen
Ini ia i e (GDI), as well as unde
egional coope a ion ini ia i es
such as he Fo um on China-A ica
Coope a ion (FOCAC, no da e).
The BRI’s new na a i e o ‘small and
beau i ul’ and g owing p io i isa ion
o g een p ojec s also e lec s a
s onge ocus on due diligence and
he comme cial iabili y o p ojec s
(Chen, 2022; Nedopil, 2022). The
in oduc ion o new g een guidelines
and g een in es men p inciples se es
o aise s anda ds o en i onmen al
p o ec ion. Guidelines o FIs, such as
a ‘ a ic ligh ’ sys em o BRI p ojec s
and a g een axonomy o g een bond
use o p oceeds, also help di ec p ojec
selec ion and inancing decisions.
Thi d, China’s o e seas inance
a chi ec u e has sough o di e si y
i s ins umen s and ins i u ional
9 O he clima e inance esea che s ha e es ima ed igu es be ween $34 and 45 billion o e a
10-yea pe iod (Cichocka and Mi chell, 2024; Liu e al., 2024).
pa ne ships o sha e and
delega e isk. Since 2015, China’s
o e seas lending has seen a g owing
comme cialisa ion in e ms o he
pa icipa ion o comme cial c edi o s
in p ojec inance (Wu and Chen,
2024), and g owing emphasis in policy
discou se on comme cial, ma ke -
o ien ed inance and hi d-pa y
coope a ion. The BRI Fo um in 2019
encou aged ‘ hi d-ma ke , ipa i e
coope a ion and Public P i a e
Pa ne ship (PPP) coope a ion’, o
encou age g ea e isk-sha ing be ween
p ojec inancie s and de elope s,
and o Chinese en e p ises o ake
on a g ea e sha e o p ojec isk, bu
also as a means o ensu e comme cial
iabili y and educe so e eign deb
isks ( an Wie ingen and Zajon z, 2023).
Co- inancing be ween Chinese FIs and
hi d-pa y ac o s has eme ged as one
esponse o hese p essu es, becoming
a p ominen modali y o inancing in he
mine als and mining sec o , as well as in
in as uc u e (Lu e al., 2024; Escoba
e al., 2025).
We use he e m ‘co- inancing’ in his
pape o encompass di e se means o
inancial isk-sha ing be ween wo o
mo e ins i u ions, pa icula ly be ween
Chinese FIs and hi d-pa y ac o s. We
ocus pa icula ly on co- inancing ia
lending: syndica ed lending be ween
comme cial banks and co- inancing
pa ne ships wi h mul ila e als and
o he de elopmen banks, since
hese a e he mos salien channels o
9
G eene on he o he side?
inancing a scale. Howe e , Sec ion
5 also e alua es ecen da a on o he
non-lending ins umen s, including
o eign di ec in es men (FDI) and
bond inancing, as po en ial o ms o
isk-sha ing s uc u es, o assess how he
b oade inancing landscape o g een
in es men s is di e si ying.
Syndica ed lending s uc u es gene ally
en ail di ec co- inancing be ween FIs
o he same p ojec (usually unde he
same loan e ms). PPPs indica e simila
isk-sha ing s uc u es h ough p i a e
sec o in es men s in deb o equi y;
howe e , hese en ail he longe - e m
in ol emen o an in es men pa ne
(such as an en e p ise) – o example,
in ope a ion o an in as uc u e
concession. Co- inancing can in ol e he
delega ion o isk, h ough he ans e
o unds o be managed by a hi d pa y,
in he o m o on-lending, o he use o
co- inancing unds and us unds ( o
example, wi h an MDB). These o ms o
co- inancing se e o educe he olume
o exposu e o indi idual FIs, bu also
o load esponsibili y o o he pa ies
in a eas such as p ojec incep ion,
p epa a ion and ESG managemen ha
ha e con ibu ed o he inancial and
epu a ional isks o he pas (Pa ks e
al., 2023; Cichocka and Mi chell, 2024;
Escoba e al., 2025).
The g ow h and ela i e esilience
o co- inanced loans aises he
ques ion whe he co- inancing may
be a po en ial sou ce o u u e clima e
inance (Cichocka and Mi chell, 2024).
The domes ic ma ke o g een inance
in China has boomed in he las i e
yea s. Meanwhile, China’s h i ing clean
echnology sec o s in enewables,
ba e y p oduc ion and new ene gy
ehicles a e eaching domes ic
o e capaci y, making o e seas ma ke s,
pa icula ly in he Global Sou h,
mo e s a egically impo an . These
ends a e salien gi en he po en ial
o Chinese echnologies in enabling
ene gy ansi ion and suppo ing
g eene , low-ca bon de elopmen
pa hways in he Global Sou h
(Hel es on and Nahm, 2019; Shen,
2020; Chiyemu a e al.,2021).
Chinese FIs now balance new
compe ing manda es (see Figu e 4): o
mi iga e isk, ensu e p o i abili y and
inancial s abili y, while s ill suppo ing
na ional s a egies o inance g een
in es men s in he Global Sou h. Ou
analysis looks a he ends and ac o s
d i ing hese di e en inancing
modali ies o e alua e he ollowing:
1. In an e a o ‘de- isking’, wha is he
ole o co- inancing modali ies in
China’s o e seas inance? Who a e
he key d i ing ins i u ions and who
a e hey co- inancing wi h?
2. Wha po en ial ole can eme ging
inancing modali ies play o suppo
ene gy ansi ion in es men s?
Whe e does he inancing go, in
sec o and geog aphy? Wha a e he
challenges and ba ie s o scale?
10 G eene on he o he side?
Figu e 4 Chinese FIs mus balance isk exposu e agains new expanded manda es
Sou ce: Au ho s' elabo a ion
10 O he da ase s on China’s egional and global lending a e a ailable, including om
Bos on Uni e si y Global Policy De elopmen Cen e (GPDC) and he Wo ld Resou ces
Ins i u e’s (WRI’s) China o e seas inancing, which p o ide sligh ly mo e ecen da a and
mo e conse a i e es ima es o inancing olumes. Howe e , hese da ase s do no ha e
g anula da a on co- inancing and inancial da a. Bo h ins i u es p o ide anspa en and
comp ehensi e me hodology documen a ion on how hei da a is collec ed, analysed and
e i ied, using a mix o algo i hmic, web-sc aping me hods, as well as o icial sou ces, and
la ge-scale human expe e i ica ion. AidDa a uses he T acking Unde epo ed Financial
Flows (TUFF) me hodology, while Bos on Uni e si y and SAIS-CARI (John Hopkins Uni e si y,
School o Ad anced In e na ional S udies; China-A ica Resea ch Ini ia i e), which buil he
ini ial China-A ica loan da ase , also p o ide a Da abase Me hodology Guide. See: www.
aidda a.o g/me hods/ acking-unde epo ed- inancial- lows; www.bu.edu/gdp/ iles/2021/03/
GCI-Da abase-Me hodology-Guide_2023-FIN.pd .
1.2 Me hodological app oach
and da a collec ion
Like he p o e b o he h ee blind
men eeling he elephan , his epo
explo es dynamic pa s in a bigge
pic u e o China’s o e seas inance ha
is incomple e – and e ol ing. Ou analysis
d aws om mul iple publicly a ailable
da ase s on China’s o e seas inancing:
p ima ily, he AidDa a’s Global Chinese
De elopmen Finance (GCDF) 3.0
da ase , which gi es a comp ehensi e
o e iew o all o icial sec o inance
om 2000 o 2021, as de ined by he
O ganisa ion o Economic Co-ope a ion
and De elopmen (OECD)-De elopmen
Assis ance Commi ee (DAC) guidelines
(Cus e e al., 2023), including da a on
syndica ion, on-lending and us unds,
wi h g anula da a on inancing e ms and
condi ions. The da ase includes inancing
om all s a e-owned en i ies, including
policy banks, and comme cial banks and
en e p ises.10
While he AidDa a da a is comp ehensi e,
i does no shed ligh on pos -2021
ends. We ace some mo e ecen
ends in Sec ion 5 using lending da a
Risk mi iga ion
Inc ease p o i abili y
A oid so e eign deb ,
ESG and epu a ional isks
Main ain domes ic
inancial s abili y
G een finance
Clima e inance p o ision
Suppo na ional g een
echnology sec o s
Scale up g een inance
ins umen s
Manda e
Di es in coal
S eng hen ESG s anda ds
Co- inancing
!
11
G eene on he o he side?
om Bos on Uni e si y (BU) China
O e seas De elopmen Finance, da a on
g een bond issuances om Bloombe g,
Wo ld Bank P i a e Pa icipa ion in
In as uc u e da a, and FDI ma ke s
o A ica-only p ojec s. As such, hese
analyses a e supplemen ed by seconda y
academic and g ey li e a u e, as well as
o - he- eco d in e iews wi h sec o
expe s and p ac i ione s.
Fo o e seas lending, we look a wo
main a eas: i s , he majo ends in
he ins umen s and ins i u ions o co-
inancing, and second, o wha ex en
hey go on o suppo g een in es men s
o ene gy ansi ion. We ou line he
key s eps o ou app oach below. A ull
me hodology is p o ided as a sepa a e
annex o his pape .
1. De ining co- inanced loan
ansac ions
Ou analysis uses AidDa a’s GCDF 3.0
da ase , which p o ides speci ic ags o
co- inancing, syndica ed loans, on-lending
and mul ila e al in ol emen . To iden i y
single co- inanced ansac ions in ol ing
mul iple lis ed lende s, we iden i ied
cases o co- inanced p ojec ansac ions
using a heu is ic me hod, classi ying
ansac ions using he ecipien and he
da e o signa u e o he loan ag eemen .
We conduc ed ex ensi e alida ion o his
app oach by examining all ansac ions
wi h mul iple eco ds and combined
unding o e $1 billion, calcula ing s ing
dis ance me ics be ween desc ip ions in
mul i- eco d ansac ions, and manually
e iewing cases wi h high desc ip ion
di e gence. This analysis con i med
ha ou ansac ion iden i ie app oach
e ec i ely consolida ed ela ed inancing
ac i i ies in o cohe en ansac ions. The
ew edge cases ypically ep esen ed
mul iple go e nmen - o-go e nmen
ag eemen s likely signed du ing a single
diploma ic engagemen and would no
change he subs an i e indings.
The da a comes wi h ca ea s. Fi s ,
loan commi men s do no e lec
disbu semen o inancing o deb
ou s anding. Second, syndica ed loans
do no gi e consis en da a o he sha e
o lending om each inancie . Finally,
he da a on Chinese FIs and en e p ises
co e s only lending and no b oade
ac i i ies, including FDI, inancing o
non-so e eign bo owe s o o he capi al
lows ha si ou side OECD de elopmen
inance de ini ions.
2. Ne wo k analysis o co- inancing
banks
D awing om he app oaches o Joosse
e al. (2025) and Escoba e al. (2025), we
employ a social ne wo k analysis (SNA)
me hod o iden i y he clus e s o co-
inancing be ween di e en Chinese
and non-Chinese banking ins i u ions,
which we ca ego ise by he ins i u ion’s
manda e (whe he comme cial o a
policy-o ien ed public de elopmen
bank). We analyse how connec ed
he inancial ins i u ion is wi hin he
ne wo k h ough me ics o deg ee
cen ali y, be weenness cen ali y
and cons ain . Ou analysis ea s
co- inancing as a bina y ela ionship
(whe he ins i u ions a e co- inanced o
no ) wi h edges weigh ed by he numbe
o ansac ions a he han inancial
olumes, as consis en con ibu ion da a
12 G eene on he o he side?
is no a ailable ac oss ins i u ions. This
app oach, while no cap u ing he ull
inancial exposu e o each lende , s ill
e eals impo an s uc u al ela ionships
be ween inancial ins i u ions ha
adi ional quan i a i e analysis would
miss, highligh ing which ins i u ions ac
as key connec o s o b idges be ween
dis inc inancing ecosys ems. A de ailed
discussion o he SNA me hodology is
a ailable in a me hodological annex o
his pape .
3. Iden i ying ansi ion-o ien ed
in es men s
We apply a speci ic lens on ene gy
ansi ion, a key componen bo h o
he achie emen o global clima e goals,
as well as o suppo equi able low-
ca bon de elopmen in lowe -income
coun ies (Simpson e al., 2023). Ou
analysis complemen s exis ing e o s o
ca ego ise China’s clima e inance, which
use OECD me hods and Rio Ma ke s o
mi iga ion o adap a ion pu poses (Tsang
e al., 2023; Cichocka and Mi chell, 2024;
Liu e al., 2024; Liu e al., 2025).
Ou pape akes a na owe ocus on
co- inancing lows only, whe e i suppo s
ansi ion-o ien ed ac i i ies. This
o e laps in cap u ing mi iga ion ac i i ies
(such as deploymen o enewable
11 The conside a ion o na u al gas as a ansi ion uel is a con es ed a ea; in ou analysis we
include his as a ‘g ey’ ca ego y.
ene gy) bu widens he lens o look
a ‘g ey’ sec o s ha ha e signi ican
ups eam o downs eam implica ions o
ene gy ansi ion, and whe e China has a
salien ole – o example, ansmission
in as uc u e, in c i ical mine al mining,
in sus ainable anspo ( o example,
new ene gy ehicles o NEVs) and in he
de elopmen o na u al gas.11
We de eloped c i e ia o ansi ion-
o ien ed in es men s as ollows, d awing
om exis ing g een axonomies based on
he In e na ional Renewable Ene gy Agency
(IRENA), Eu opean Union (EU) axonomies
and China’s g een de elopmen guidelines
o he BRI. A ull discussion o he c i e ia
and hei mapping on exis ing axonomies
is included in he me hodological annex o
he pape .
• G een : clea posi i e impac
o ene gy ansi ion and clima e
mi iga ion objec i es – o example,
enewable ene gy p ojec s, mic o-
g id in as uc u e and ene gy s o age
in as uc u e.
• G ey : indi ec posi i e impac
o b oade ene gy ansi ion in he
con ex o o he in es men s, bu do

13
G eene on he o he side?
no di ec ly con ibu e o ene gy ansi ion –
o example, ene gy ansmission and ene gy
e iciency in as uc u e, elec ic ehicle and
sus ainable anspo , na u al gas,12 and mining
o c i ical mine als.13
• B own : nega i e impac o ene gy
ansi ion and clima e mi iga ion objec i es
– o example, oil, coal and o he ossil uel
in as uc u e, non-c i ical mine al mining, and
ene gy-in ensi e indus ial p ojec s (such as
s eel o glass).
• Neu al : mixed o minimal impac o
ene gy ansi ion – o example, non-ene gy
sec o p ojec s, anspo , social, educa ion
and heal h p og ammes.
We sys ema ically classi ied nea ly 18,000
AidDa a p ojec desc ip ions using DeepSeek-V3,
an ad anced la ge-language model (LLM),
ollowing ou c i e ia o ansi ion-o ien ed
in es men s. This e icien a i icial in elligence
(AI)-d i en me hodology allowed us o
comp ehensi ely iden i y g een inancing
pa e ns in ways p e iously in easible a scale.
The LLM achie ed 91.8% ag eemen wi h human
classi ica ions du ing alida ion es ing. A de ailed
discussion o he AI-me hodology is included in
a sepa a e annex o his pape , including model
selec ion, p omp design and alida ion p ocess.
The axonomy o ansi ion in es men s is also
expanded upon in he annex. While his analysis is
subjec i e in classi ica ion, wi h a ma gin o e o
due o he AI-me hodology, i gi es an es ima e
compa able o o he schola ly exe cises, making i
a use ul analysis o ecen ends.
12 The conside a ion o na u al gas as a ansi ion uel is a con es ed and li e al ‘g ey’ a ea. While na u al gas is
no included as pa o IRENA’s ansi ion uel, ce ain na u al gas p ojec s a e included in he EU axonomy
in playing a ole in ansi ioning om o he mo e ca bon-in ensi e ossil uels in he con ex o o he
enewables in es men s mo eo e , na u al gas de elopmen emains an impo an pa o he ene gy mix in
A ica and o he de eloping egions (IEF, 2021; ACF, 2022; Esc ig, 2022; IRENA, 2024).
13 We u ilise In e na ional Ene gy Agency (IEA) de ini ions o c i ical mine als as being li hium, nickel, cobal ,
coppe and a e ea h mine als (IEA, 2022; Escoba e al., 2025).
4. Non-lending inancing o g een in es men
To gi e a ho izon scan o mo e ecen ends,
Sec ion 5 includes analyses using Wo ld Bank
da a on p i a e pa icipa ion in in as uc u e
(PPI), as well as FDI ma ke s, eme ging ends
in i m-le el in es men s, and Bloombe g da a
on Chinese onsho e and o sho e g een bond
issuances. This p o ides an o e iew o o he
o ms o isk-sha ing and co- inancing ou side o
de elopmen inance, in o de o unde s and he
b oade shi s in China’s inancing a chi ec u e
ha may indi ec ly enable in es men s in clima e
and ene gy ansi ion- ela ed sec o s. These gi e
an indica ion o mo e ecen i m-le el and FI-le el
ac i i ies ha may no be cap u ed in o e seas
lending da ase s.
1.3 S uc u e o he epo
This epo is s uc u ed as ollows. Sec ion
2 ou lines he use o syndica ed loans, which
cons i u es he bulk o co- inanced ansac ions,
and he ole o comme cial c edi o ne wo ks
wi hin his. Sec ion 3 hen ocuses on he ole o
mul ila e al co- inancing and he key ins umen s
Chinese ac o s ha e deployed, including
mul ila e al unds. Sec ion 4 goes on o analyse
he inancing o g een and ansi ion-o ien ed
p ojec s in co- inanced loan p ojec s. Sec ion 5
hen widens he pe spec i e o look a eme ging
ends beyond de elopmen inance lending om
policy and comme cial bank lending, o b ie ly
examine g een in es men s ia g een bond and
FDI inance. Finally, Sec ion 6 concludes wi h
policy implica ions.
14 G eene on he o he side?
2 Syndica ed lending and
co- inancing
Syndica ed lending – whe e mul iple banks
join ly p o ide inancing o a single p ojec
– ep esen s he mos dominan o m o
co- inancing in China’s o e seas inancing
po olio. In a classic syndica ion s uc u e,
s uc u ing ansac ions ac oss mul iple
banks, lead inancie s (o lead a ange s)
s uc u e ansac ions ac oss mul iple
banks o sha e he isk exposu e o big-
icke o high- isk ansac ions, as well as
di iding echnical o legal esponsibili ies
o he ansac ion be ween o he
pa icipan s in he syndica ion.
This sec ion analyses he landscape o
syndica ed lending, i s ends and key
playe s. We examine he key Chinese and
in e na ional playe s, bo h by he numbe
o ansac ions and by he cen ali y o
hei ole wi hin he ne wo k o lende s. We
iden i y majo co- inancing pa ne s and
clus e s wi hin he inancing ecosys em.
2.1 The ole o syndica ion in
China’s o e seas lending
Be ween 2013 and 2021, syndica ed loans
om Chinese policy banks and s a e-owned
comme cial banks eached mo e han
$180 billion. As shown in Figu e 5, while
bila e al policy bank lending saw a sha p
decline s a ing in 2017, syndica ed loan
olumes ha e p o ed mo e esilien . E en
when bila e al lending in 2021 emained a
a low, syndica ed lending ma ched non-
eme gency bila e al loans in olume. This
ma ks a s uc u al shi in how Chinese
ins i u ions deploy capi al o e seas.
Figu e 5 The ise o syndica ed lending (2000–21)
No e: In dolla e ms, syndica ed lending has emained s eady as bila e al lending wi hou co- inancing
has d opped d ama ically. This excludes eme gency lending.
Sou ce: Au ho s' cha , AidDa a GCDF 3.0
In ol es mul ila e al co- inancingBila e al loan wi hou co- inancing Syndica ed Loan
2000 2005 2010
Commi men yea
20202015
Loan commi men s (cons an 2021 USD)
$0 billion
$25 billion
$50 billion
$75 billion
$100 billion
Ea ly BRI
(2014–17)
La e BRI
(2018–21)
15
G eene on he o he side?
Compa ed o bila e al lending om a
single bank, syndica ed loans show s iking
di e ences in he e ms o inancing, mos
no ably in ma u i y. Syndica ed loans ha e
a median eno o 5 yea s, compa ed o 10
yea s o CDB loans; meanwhile, Eximbank
loans a e ou imes as long, a 20 yea s.
Combined wi h median g ace pe iods
o h ee yea s o syndica ed loans, his
necessi a es egula e inancing. While
his sho e - e m s uc u e helps lende s
manage isk, i ans e s signi ican ollo e
isk o bo owe s.
Syndica ed loans ca y a median in e es
a e o 3.78%, making hem ela i ely lowe
cos compa ed o CDB’s highe median
a e o 4.80% hough highe han China
Eximbank’s 2.00% median. Howe e , he
p e alence o a iable in e es a es di e s
ma kedly ac oss he lending modali ies.
We ind a iable a es men ioned in 54% o
syndica ed loans (p edominan ly LIBOR 14
14 LIBOR (London In e bank O e ed Ra e) was a benchma k in e es a e a which majo global
banks len o one ano he , widely used o se bo owing cos s o loans and inancial p oduc s
un il i s phase-ou s a ing in 2021.
based), compa ed o 49% o CDB loans and
only 17% o China Eximbank loans. Like he
sho e ma u i ies, a iable a es p o ec
lende s, bu ans e isk o he bo owe s,
wi h subs an ial impac s. Fo a ypical $250
million LIBOR-based syndica ed loan wi h
a 3.5% sp ead, annual in e es paymen s
would ha e mo e han doubled om
abou $9 million o o e $23 million as he
6-mon h LIBOR ose om 0.15% in 2021 o
5.9% in 2023.
No ably, unlike bila e al loans, which
a e p edominan ly denomina ed in US
dolla s (USD) o Chinese yuan (RMB)
( o concessional loans), syndica ed loans
show a no ably highe sha e o eu o-
denomina ed lending (10% e sus 2% o
policy bank bila e al loans), consis en wi h
he p ominen ole o Eu opean banks in
hese ansac ions. This also e lec s he
b oade global pool o capi al ha hese co-
inancing modali ies can po en ial ap in o.
Figu e 6 Median loan ma u i y
No e: Syndica ed loans ha e a median ma u i y o 5 yea s. The median ma u i y o a CDB loan is
wice as long. The median ma u i y o China Exlm loan is ou imes as long.
Sou ce: Au ho s' cha , AidDa a GCDF 3.0
Median loan ma u i y (yea s)
0 5 10 15 20
Syndica ed loan
CDB (non-co inanced)
Eximbank (non-co inanced)
16 G eene on he o he side?
2.2 Who is inancing?
Comme cial banks domina e
syndica ed lending
D awing om he app oach o Joosse e
al. (2025) and Escoba e al. (2025), which
pionee an applica ion o social ne wo k
analysis (SNA) o Chinese de elopmen
inance, we analyse he key ac o s and
web o ela ionships be ween banks
pa icipa ing in syndica ed lending. This
app oach allows us o iden i y no jus he
key playe s, bu hose wi h a cen al ole
in coo dina ing syndica ion ne wo ks and
a anging deals.
We ind ha he la ges Chinese s a e-
owned comme cial banks si a he
hea o syndica ed lending ne wo ks
wi hin a dense comme cial co e o
comme cial banks. Figu e 7 shows he
ne wo k o op 20 mos ac i e banks,
acco ding o hei deg ee cen ali y and
o he me ics. Bank o China (BOC)
and ICBC occupy a p ominen cen al
posi ion and high cen ali y, while China
Cons uc ion Bank (CCB) and policy banks
like CDB play a mo e pe iphe al ole in he
ne wo k. By olume, ICBC and Bank o
China pa icipa e in he highes numbe o
ansac ions (see Figu e 8).
Figu e 7 Syndica ed lending ne wo ks: op 20 banks
Sou ce: Au ho s' cha , AidDa a GCDF 3.0
P ofi o ien a ion
Mixed manda e
Policy d i en
P o i maximising
Deg ee cen ali y
250
300
350
Lende ype
Chinese
Non-Chinese: p o i maximising
Weigh
30
60
90
C edi Suisse
DZ Bank
ICBC
Ci ibank
HSBC
Mizuho
Mi subishi UFJ Sumi omo
Mi sui
Bank o China
ING
Socie e
Gene ale
China
Cons uc ion
Bank
JPMo gan
Comme zbank
In esa
Sanpaolo
Na ixis
China
De elopmen
Bank
S anda d
Cha e ed
C edi
Ag icole
BNP
Pa ibas
23
G eene on he o he side?
Mos o he unds a e modes , anging
a ound con ibu ions o $50 million.
Many ha e a egional o ien a ion: o
example, se e al olde unds c ea ed
in he la e 2000s we e a ge ed o he
Asia and Associa ion o Sou heas Asian
Na ions (ASEAN) egion and in ol ed
he Asian De elopmen Bank, including
he C edi Gua an ee and In es men
Facili y (CGIF) and he China-ASEAN und
(CAF). The la ges o hese unds, and
he mos p oli ic sou ces o co- inanced
ansac ions, ha e been he PBOC-
suppo ed unds a h ee MDBs, he
A ican De elopmen Bank (A DB), In e -
Ame ican De elopmen Bank (IDB) and
he In e na ional Finance Co po a ion
(IFC). The China Co- inancing Fund
o La in Ame ica a IDB and he A ica
G owing Toge he Fund (AGTF) ocus
mo e s ongly on sus ainable in es men s
in he in as uc u e and ene gy sec o s
(see Table 1 in he appendix).
17 The UA (Uni o Accoun ) is he A ican De elopmen Bank’s (A DB) in e nal cu ency used
o inancial epo ing and ansac ions, designed o p o ide a s able e e ence alue o i s
ope a ions ac oss membe coun ies wi h di e en na ional cu encies.
Es ablished be ween 2013 and 2014 a he
IDB, IFC and A DB, hese unds amoun ed
o $7 billion o al in con ibu ions ia
he PBOC. They we e pa o a wide
mo emen o o sho e su plus capi al,
bo h in he mul ila e al sys em, as well as
bila e ally h ough he BRI (Humph ey
and Chen, 2021; F anz e al., 2024). Box2
highligh s he case o he A DB und,
which has suppo ed se e al ene gy
p ojec s ac oss A ica. Howe e , none o
he co- inancing unds ha e seen u he
eplenishmen om PBOC, despi e
coming o he end o hei 10-yea eno .
A he ecen FOCAC 2024 o um, China
announced addi ional suppo o he
China-Wo ld Bank Pa ne ship Facili y,
inanced by he MOF, bu no u he
commi men s we e made o he PBOC-
unded AGTF. Gi en he key ole ha
capi al ia hese co- inanced unds has
played in suppo ing ene gy ansi ion
in es men s, he e is a clea case o
hei expansion and eplica ion.
Box 2 A ica G owing Toge he Fund (AGTF)
The A ica G owing Toge he Fund was es ablished in 2014 as an A DB-adminis e ed
und, o p o ide low-cos inancing o sus ainable in as uc u e p ojec s. The
PBOC injec ed an ini ial capi alisa ion o $2 billion in o he und o be deployed o e
a 10-yea pe iod; as o 2024, UA1.5 billion17 ($1.9 billion) had been commi ed o 54
p ojec s. Much o his has gone o so e eign p ojec s, al hough a g owing p opo ion
(a o al o 11%) has also gone owa ds suppo ing non-so e eign ecipien s.
Acco ding o he A DB, a ound 21% o AGTF unds ha e suppo ed he banks’ Ligh
Up and Powe A ica ini ia i es.

24 G eene on he o he side?
Disbu semen s ha e been much slowe , s alling since he pandemic (see Figu e 13).
While he AGTF was men ioned as a key achie emen in he 2024 Fo um on China-
A ica Coope a ion, u u e commi men s o unding om China o he AGTF ha e
no been con i med.
Geog aphically, he bigges ecipien s ha e been Nige ia, Tanzania and Egyp ,
ollowed by Kenya and Angola (see Figu e 14). AidDa a igu es acked a ound
$571 million in commi men s o he AGTF, o which 52% (a ound $300 million)
wen owa ds p ojec s in anspo , wi h wa e and sani a ion, and ene gy
p ojec s ecei ing 34% and 14%, espec i ely. A signi ican pa o he eco ded
ene gy p ojec s (a ound $50 million) wen o suppo ing o -g id (mainly sola )
elec i ica ion p ojec s in Nige ia, as well as la ge hyd oelec ic plan s in Tanzania.
A ew p ojec s ha e mobilised inancing om o he pa ne s, including he Islamic
De elopmen Bank and Eu opean In es men Bank, as well as co- inancing om
he EU A ica T us Fund. Small amoun s o AGTF unds (up o $30 million) ha e
also been used o co- inance A DB packages o na ional banks, including o he
Economic Communi y o Wes A ican S a es (ECOWAS) Bank o In es men and
De elopmen (EBID),18 Senegal’s Na ional Bank o Economic De elopmen (BNDE),19
he Comme cial In e na ional Bank o Egyp (CIB) o ade inance,20 and Egyp ’s
Banque Mis ,21 highligh ing i s small ole in suppo ing na ional PDBs in A ica.
18 A DB (2023) ‘Wes A ica: A ican De elopmen Bank, Ecowas Bank o In es men and
De elopmen sign loan ag eemen o $50 million and €50 million o enhance egional ood
secu i y’ (www.a db.o g/en/news-and-e en s/p ess- eleases/wes -a ica-a ican-de elopmen -
bank-ecowas-bank-in es men -and-de elopmen -sign-loan-ag eemen -50-million-and-eu50-
million-enhance- egional- ood-secu i y-64828).
19 A DB (2019) ‘Senegal: A ican De elopmen Bank app o es o e 22 million eu os o BNDE
o suppo SMEs and job c ea ion in u al a eas’ (www.a db.o g/en/news-and-e en s/p ess-
eleases/senegal-la-banque-a icaine-de-de eloppemen -app ou e-plus-de-22-millions-deu os-
la-bnde-pou -sou eni -les-pme-e -la-c ea ion-demplois-en-zone- u ale-30402).
20 A DB (2023) ‘Egyp : A ican De elopmen Bank suppo s Comme cial In e na ional Bank wi h
$148 million o p op up SMEs and ade’ (www.a db.o g/en/news-and-e en s/p ess- eleases/
egyp -a ican-de elopmen -bank-suppo s-comme cial-in e na ional-bank-148-million-p op-
smes-and- ade-66385).
21 A DB (2022) ‘Egyp : A ican De elopmen Bank ex ends $160 million loan o Banque Mis o
s eng hen p i a e sec o pa icipa ion in Egyp ’s economy’ (www.a db.o g/en/news-and-
e en s/p ess- eleases/egyp -a ican-de elopmen -bank-ex ends-160-million-loan-banque-mis -
s eng hen-p i a e-sec o -pa icipa ion-egyp s-economy-56328).
25
G eene on he o he side?
Figu e 13 AGTF commi men s and disbu semen s (2015–23)
No e: Con e ed om UA (Uni o Accoun ) using USD (2023) a es.
Sou ce: Au ho s' cha , A ican De elopmen Bank da a
Figu e 14 AGTF all commi men s by coun y (2015–23)
No e: Con e ed om UA (Uni o Accoun ) using USD (2023) a es.
Sou ce: Au ho s' cha , A ican De elopmen Bank da a
Sum o o al disbu semen s Sum o o al commi men s
USD billions
0
0.5
1
1.5
2
2.5
3
2015 2016 2017 2018 2019 2020 2021 2022 2023
Nige ia
Angola
Egyp
Tanzania
Kenya
1 Billion
800 million
600 million
400 million
200 million
0
n/a
26 G eene on he o he side?
While he scale o hese MDB unds
has diminished o e ime, he e a e
s ong poli ical signals o he con inued
impo ance o MDB coope a ion. The
c ea ion o he ecen Mul ila e al
Coope a ion Cen e o De elopmen
Finance (MCDF) in 2020, wi h a
modes inance acili y o $150 million
commi men om China’s MOF, indica es
a desi e o b ing mul ila e al coope a ion
wi h MDBs in o BRI and in as uc u e
ini ia i es (Calab ese and Chen, 2020;
Gu, 2020). The MCDF unds suppo
p ojec p epa a ion bu also capaci y
building o implemen ing pa ne s,
wi h he goal o imp o ing p ojec
quali y, as well as accoun abili y and
sa egua ding s anda ds. To 2024, i had
disbu sed a ound $38 million in g an s,
mainly o p ojec s om CAF, he Asian
In as uc u e In es men Bank (AIIB) and
A DB (MCDF, 2024).
Likewise, policy banks, and China Eximbank
in pa icula , ha e been p ominen in
suppo ing egional and sub- egional
de elopmen banks such as A eximbank
and TDB ia on-lending. Mo e ecen ly,
China Eximbank signed coope a ion
ag eemen s wi h bo h he ADB and BRICS-
led New De elopmen Bank (NDB): wi h
ADB, he ag eemen emphasised knowledge
sha ing and exchanges o high-quali y
22 Asian De elopmen Bank (ADB) (2023) ‘ADB, CEXIM sign ag eemen o suppo co- inancing
o p i a e sec o in es men s in Asia and he Paci ic’ (www.adb.o g/news/adb-cexim-sign-
ag eemen -suppo -co- inancing-p i a e-sec o -in es men s-asia-and-paci ic); The Expo -
Impo Bank o China (2023) ‘A coope a ion amewo k signed be ween he Expo -Impo
Bank o China and he New De elopmen Bank (NDB)’ (h p://english.eximbank.go .cn/News/
NewsR/202312/ 20231211_54494.h ml).
23 AIIB (2021) ‘China: China EXIM Bank Enhanced En i onmen al and Social Managemen Sys ems
(ESMS)’ (www.aiib.o g/en/p ojec s/de ails/2021/special- und/China-EXIM-Bank-Enhanced-
En i onmen al-and-Social-Managemen -Sys ems.h ml).
in as uc u e and g een p ojec s; wi h
NDB, he wo sides pledged coope a ion
ia syndica ion, co- inancing and pa allel
inancing in sus ainable in as uc u e,
including clean ene gy.22 Eximbank has
also ecei ed unds om AIIB and MCDF
as pa o a pa ne ship o suppo he
enhancemen o i s en i onmen al and
social managemen sys ems (ESMS) o
domes ic p ojec s.23 These demons a e
he con inued impo ance o MDB
collabo a ion o Chinese FIs, and he
p ospec o g owing MDB pa ne ships, no
only as a way o mi iga e inancial and non-
inancial isks, bu also o upg ade and build
he isk managemen capaci ies o bila e al
inancie s o he u u e.
27
G eene on he o he side?
4 G een co- inancing
ne wo ks in o e seas
lending
24 See he me hodological annex o discussions ela ing o ca ego isa ions o p ojec ype and
he classi ica ion.
25 This likely e lec s he ela i e ise o eme gency lending, e inancing and o eign exchange
swap lines o e his pe iod.
This sec ion examines how he co-
inancing ne wo ks explo ed in p e ious
sec ions in e sec wi h ends in loan
inancing o g een p ojec s. Looking a all
inancing ends, based on ou AI-powe ed
me hodology o classi y all o e seas lending
da a, we es ima e app oxima ely $86.5
billion in ansi ion-o ien ed ‘g een’
in es men s commi ed be ween 2000 and
2021, as cap u ed by AidDa a, ep esen ing
5.8% o o al lending commi men s.
La ge hyd opowe domina es his
ca ego y, accoun ing o a ound $61 billion
(71.6%) o ‘g een’ in es men s, ollowed by
nuclea p ojec s a $10.4 billion. ‘G ey’ and
‘b own’ in es men s, espec i ely, accoun
o $131 billion and $549 billion. The mos
p ominen ‘g ey’ in es men s (which we
de ine as p ojec s ha may no di ec ly
con ibu e o, bu can suppo , b oade
ene gy ansi ion pa hways), include
g id in as uc u e ($38 billion), c i ical
mine als mining ($51 billion) and na u al
gas powe ($34.6 billion).24 Howe e ,
ac oss all ca ego ies, wi h he excep ion o
neu al-classi ied loans,25 we see a decline
in o e all lending since 2015.
Figu e 15 T ends in p ojec ype lending (2000–21)
Sou ce: Au ho s' cha , au ho s' ca ego isa ion and calcula ions based on AidDa a GCDF 3.0
G een G ey B own Neu al
USD billions
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
$90.00
$100.00
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
28 G eene on he o he side?
How much o his g een lending is co-
inanced? O he $86.5 billion commi ed
o g een p ojec s, a ound $34.6 billion,
o 40%, is co- inanced, hough his
di e s subs an ially be ween di e en
ypes o g een p ojec s. A ound 48% o
hyd o p ojec s in ol e co- inancing –
unsu p ising gi en he la ge- icke and
high- isk na u e o dam p ojec s – while
we see no obse ed co- inancing o
nuclea p ojec s. Though sola and wind
powe loan olumes a e smalle , hey
also appea o be a ac i e sec o s o
co- inancing: a hi d o sola p ojec s a e
co- inanced, while o wind, his is one-
qua e (see Figu e 16).
Figu e 16 Co- inancing ends ac oss g een p ojec s
Sou ce: Au ho s' cha , calcula ions based on AidDa a GCDF 3.0
4.1 Who is co- inancing g een
in es men s?
In con as o he wide comme cial
syndica ed lending inancing ne wo k,
social ne wo k analysis o g een
p ojec s e eals a ma kedly di e en
ins i u ional ecosys em. This in ol es
a dis inc ecosys em o clus e ed co-
inancing, whe e policy-o ien ed public
de elopmen banks, which include
de elopmen inance ins i u ions (DFIs)
and mul ila e al de elopmen banks
(MDBs), play an ou sized ole, compa ed
o non-g een con en ional lending,
whe e comme cial banks ea u e mo e
signi ican ly. No ably, PDBs cons i u e
app oxima ely wo- hi ds (66%) o
non-Chinese co- inancie s o p ojec s
classi ied as ‘g een’, compa ed o all
o he lending, whe e PDBs a e a ound
one- hi d (33%) o he composi ion o
non-Chinese co- inancie s. As Figu e 17
shows, he e is a undamen ally di e en
lende composi ion o g een inance,
wi h a bi u ca ed ne wo k s uc u e
be ween comme cial and PDB inancing
ecosys ems.
% Non-co inanced % Co- inanced
Financial se icesClean ene gy
manu ac u ing acili ies
Renewable ene gy
po olio
Geo he mal powe O he low-ca bon
ene gy
Wind powe G een anspo a ionSola powe Nuclea powe Hyd opowe

29
G eene on he o he side?
Figu e 17 Key ne wo k inancie s in g een co- inancing: op 20 banks
Sou ce: Au ho s' cha , calcula ions based on AidDa a GCDF 3.0
Social ne wo k analysis highligh s ICBC
and Bank o China’s uniquely c i ical
ole in b idging o he wise disconnec ed
comme cial and policy-o ien ed
inancing ne wo ks. Thei s uc u al
posi ion indica es a subs an ial, hough
cu en ly unde u ilised, po en ial o
channel comme cial capi al owa ds
g een ansi ion p ojec s. ICBC and Bank
o China occupy cen al posi ions wi h
high be weenness, indica ing hei ole
as s a egic b idges be ween comme cial
and policy-o ien ed clus e s. A hand ul
o comme cial banks a e ex emely
cen al and ac i e in g een co- inancing,
such as Socie e Gene ale and S anda d
Cha e ed. Howe e , policy-o ien ed
PDBs domina e he g een co- inancing
ne wo k, wi h K W (K edi ans al ü
Wiede au bau), F ench De elopmen
Agency (AFD), IFC and A DB eme ging
as c ucial pa ne s in ways no isible in
In e na ional
Finance
Co po a ion
A ican
De elopmen
Bank
China
De elopmen
Bank
ICBC
Bank o China
C edi Suisse
K W
Socie e
Gene ale
S anda d
Cha e ed
Ci ibank
Sumi omo
Mi sui
Expo -Impo
Bank o China
CDC
Eu opean
In es men
Bank
OPEC Fund o
In e na ional
De elopmen
P opa co
Eme ging A ica
In as uc u e Fund
F ench
De elopmen
Agency
BBVA
BNP
Pa ibas
Weigh
1
2
3
4
5
P ofi o ien a ion
Mixed manda e
Policy d i en
P o i maximising
Deg ee cen ali y
20
30
40
50
Lende ype
Chinese
Non-Chinese: policy d i en
Non-Chinese: p o i maximising
30 G eene on he o he side?
he o e all lending ne wo k, wi h high
ep esen a ion in g een ansac ions,
hough wi h limi ed pa icipa ion in he
numbe o ansac ions o e all.
The People’s Bank o China (PBOC), wi h
cen ali y me ics so low i doesn’ appea
in ou ne wo k isualisa ion, ne e heless
pa icipa es in a signi ican numbe o
g een co- inanced ansac ions, p ima ily
h ough specialised co- inancing unds
es ablished a mul ila e al de elopmen
banks, as p e iously discussed in
Sec ion 3 o his pape . This sugges s a
s a egic app oach o g een inance ha
ope a es h ough a ge ed ins i u ional
ela ionships a he han b oad ma ke
pa icipa ion.
These indings should be in e p e ed
wi h app op ia e cau ion gi en he
ela i ely small sample o g een inancing
ansac ions, bu hey poin o dis inc
ins i u ional pa hways o di e en
ypes o g een in es men s. De ailed
in o ma ion on he SNA me ics and
ne wo k cons uc ion is a ailable in he
me hodological annex o his pape . This
PDB-cen ic ne wo k s uc u e likely
e lec s se e al ac o s: hese ins i u ions
ha e a s onge manda e o suppo
g een p ojec s; hey can p o ide lowe -
cos capi al; hey o en enjoy de ac o
o de ju e p e e ed c edi o s a us; and
hey ha e expe ise in p ojec p epa a ion
and en i onmen al s anda ds. The
‘bu e ly’ na u e o he ne wo k indica es
a bi u ca ed pa e n o g een inancing,
wi h a dis inc ecosys em o PDB co-
inancing bu weak linkages o o he
comme cial inancing ecosys ems.
When examining inancing pa e ns,
comme cially co- inanced g een p ojec s
ypically in ol e b own ield in es men s
wi h exis ing cash lows, such as sale o
e inancing o es ablished hyd opowe
asse s, while g een ield enewable ene gy
in es men s end o be ei he di ec ly
inanced by policy banks o co- inanced
wi h o he PDBs.
Ou ex -based classi ica ion o g een
p ojec s, while app oxima e and subjec
o me hodological ca ea s, o e s some
clea implica ions. Fi s , ha co- inancing
o g een p ojec s elies on undamen ally
di e en ins i u ional ne wo ks han
con en ional p ojec lending, wi h
policy-o ien ed PDBs playing a dominan
co- inancing ole, a he han p o i -
maximising comme cial lende s which
domina e o e all syndica ed lending
ne wo ks. This bi u ca ion o ne wo ks
sugges s a a dis inc and sepa a e
ecosys em o PDB- elian co- inancing
ne wo ks o g een inance. Second,
a he han policy banks, i is Chinese
comme cial banks ha play a cen al
ole bo h in o e all syndica ion ne wo ks
and in g een inancing ne wo ks. Thei
high measu es o cen ali y indica e hei
c i ical ole in ‘b idging’ be ween he
bi u ca ed PDB and comme cial lending
ecosys ems.
These obse a ions ha e impo an
implica ions o scaling up ansi ion
inance. Pas ends sugges ha Chinese
co- inancing o g een p ojec s equi es
di e en isk-sha ing ne wo ks han
adi ional comme cial BRI p ojec s. I
also indica es ha Chinese comme cial
31
G eene on he o he side?
banks can ‘play wi h bo h sides’ in co-
inancing wi h bo h PDB and comme cial
ne wo ks, wi h he po en ial o b idge
be ween hem and mobilise comme cial
capi al owa ds g een in es men s.
The nex sec ion ou lines addi ional
ecen ends in g een p ojec inance
ha e lec o he modali ies o isk-
sha ing, going beyond lending and
de elopmen inance.
32 G eene on he o he side?
5 Beyond de elopmen
inance: o he sou ces o
g een in es men
26 The da abase eco ds con ac ual a angemen s o public in as uc u e p ojec s in low- and
middle-income coun ies (as classi ied by he Wo ld Bank) ha ha e eached inancial closu e,
in which p i a e pa ies assume ope a ing isks. While his includes PPP-like models, such
build-own- ans e o build-own-ope a e- ans e (BOT/BOOT) p ojec s, i does no gi e
de ini i e igu es o equi y in es men s.
This sec ion widens he lens beyond
de elopmen inance and lending, o
ack he ac i i ies o Chinese comme cial
inancie s in mo e ecen ends pos -
2021. As China’s inancing a chi ec u e
e ol es o sha e and mi iga e isk
in lending, we see g owing signs o
di e si ica ion in he modali ies o
inancing. This sec ion ou lines he use
o di ec equi y in es men s h ough
FDI and o he o ms o public–p i a e
pa ne ship, and no es eme ging ends in
g een inance ins umen s.
5.1 P i a e sec o pa icipa ion
in g een in as uc u e
Aside om bond inance, policy signals
in ecen yea s ha e encou aged g ea e
use o PPPs and p i a e in es men
in o e seas in as uc u e. Such
in es men s may no be cap u ed in
exis ing de elopmen inance o loan da a
bu may play a salien ole. This may be
he case pa icula ly o ene gy ansi ion
in es men s, including in enewables,
o in majo comme cial ansac ions in
mining commodi ies, whe e inancing
o in as uc u e can be ied o a la ge
in es men and i s income s eams.
S udies in A ica ind se e al PPP-
like p ojec s, mainly in exp essways,
oads and po s, wi h a ew powe
sec o p ojec s, hough he da a is no
comp ehensi e ( an Wie ingen and
Zajon z, 2023). In con as o many
syndica ed lending ansac ions, hese
ansac ions a e la gely d i en by Chinese
con ac o s, some imes wi h suppo
om Chinese lende s who ake on a
longe - e m s ake in he p ojec , and do
no gene ally en ail co- inancing wi h
in e na ional pa ne s.
Wo ld Bank PPI da a es ima es a ound
$74 billion be ween 2010 and 2023 in
o e seas in as uc u e inance coming
om China wi h p i a e pa icipa ion,
o en in ol ing ope a ion o long- e m
concessions wi h a Chinese company.26
This has shown a ise and all o e ime,
wi h a small up ick in 2023 (Figu e 18).
39
G eene on he o he side?
comme cial banks such as ICBC appea o
play a clea b idging ole be ween hese
bi u ca ed ne wo ks, wi h cen al and
s ong ela ionships wi h bo h inancing
ecosys ems.
We also highligh he ole o mul ila e al
unds, including PBOC-es ablished co-
inancing unds a he IDB and A DB, in
suppo ing ene gy in as uc u e. Many
o hese unds we e es ablished in he
boom pe iod be o e 2014, and while hey
ha e la gely been disbu sed, hey ha e
no been ecapi alised. No new unds
ha e been es ablished o he same scale.
Ne e heless, he e is a clea poli ical
willingness o collabo a e wi h MDBs
wi hin he b oade a chi ec u e, as seen
in he es ablishmen o he MCDF pla o m
and g owing on-lending o egional banks.
The e is also a clea appe i e on he pa
o policy banks like China Eximbank o
collabo a e and co- inance wi h MDBs in
p ojec s o sus ainable in as uc u e and
clean ene gy, indica ing his will be a ising
a ea going o wa d.
Beyond de elopmen inance and o icial
s a e-backed inancial ins i u ions, isk-
sha ing is aking place h ough o he
o ms. One a ea is in he ising end o
g een in es men s ia FDI, in ol ing equi y
(usually om a comme cial business)
a he han deb inance om an FI. This
appea s o be in line wi h policy ends ha
ha e emphasised new inancing h ough
in es men p omo ion a he han di ec
lending, whe e implemen ing i ms ake on
a g ea e sha e o p ojec in es men isks.
Meanwhile, he modes boom in
Chinese g een bond ma ke s, d i en
by domes ic and domes ic ene gy
ansi ion in es men s, may also see
g owing use o o e seas p ojec s. The
use o BRI-b anding in mo e ecen
g een bond issuances by majo FIs a e
2021 demons a es a model o p ojec
inancing whe e comme cial banks can
channel in es men capi al owa ds g een
p ojec s in BRI coun ies whe e di ec
lending may o he wise be un easible.
6.1 Policy implica ions
Co- inancing wi h comme cial and
de elopmen inance has been an
a ac i e modali y o FIs as a means
o educing isk exposu e in o e seas
in es men s. Howe e , i has no led o a
signi ican expansion o suppo o g een
p ojec s o da e.
G een p ojec lending wi h co- inancing
has in ol ed PDBs o aken place ia
ea ma ked co- inancing unds. This
highligh s he impo ance o PDBs
in p o iding long- e m concessional
inancing, and in p io i ising g een sec o s
o p ojec de elopmen and inance. The
bulk o comme cial syndica ed loans ha e
a sho ma u i y, making i challenging
o in as uc u e p ojec s, including
enewables in es men s, which equi e
signi ican capi al ou lays and o en long-
e m pa ien capi al o ma ch hei long
payback pe iods. These issues aise se e al
policy implica ions:
Chinese comme cial banks play a
ole in b idging comme cial and
de elopmen co- inancing ecosys ems.
Ou ne wo k analysis shows dis inc
ne wo ks and clus e s in how comme cial

40 G eene on he o he side?
banks and de elopmen banks suppo
p ojec s as pa o co- inancing clus e s,
wi h limi ed o e lap be ween he wo.
Howe e , majo Chinese comme cial
banks ac as a b idge, b inging
PDBs in o egionally concen a ed
comme cial ne wo k ansac ions, and
edi ec ing pools o comme cial capi al
o amelio a ing hei isk a e sion
owa ds mo e de elopmen al and
g een ansac ions. This could in ol e
pionee ing blended inance s uc u es
o le e aging PDBs’ gua an ees o de-
isk p ojec s, p o ide mo e a ou able
inancing e ms and, c ucially, ex end
he ma u i y o hese comme cial
ins umen s o long- e m ene gy
in es men s. Success ul g een inancing
is no me ely abou he amoun o capi al
deployed, bu abou he s uc u e o
ins i u ional ela ionships ha acili a e
i . By s eng hening he connec ions
be ween policy and comme cial inancing
ecosys ems, China has he oppo uni y
o subs an ially inc ease he scale and
impac o i s g een o e seas in es men s.
Collabo a ion wi h MDBs and PDBs
is i al in enabling ene gy ansi ion
inance. Concessional de elopmen
inance emains essen ial in suppo ing
highe - isk sec o s and economies. Majo
MDB co- inancing unds a IDB and A DB
ha e been ac i e in inancing g een and
ene gy ansi ion in as uc u e p ojec s.
The e is a s ong case o be made o
China o o he dono s o eplenish o
ecapi alise hese mul ila e al unds
o on-lending acili ies, some o which
a e coming o he end o hei eno .
Meanwhile, egional de elopmen banks
should p io i ise and ea ma k on-lending
acili ies o g een and o he ansi ion-
o ien ed ac i i ies and in as uc u e.
Regional pa ne ships ha e been a win-
win o Chinese and o he in e na ional
sou he n FIs and a means o capaci y
building. In e na ional collabo a ion also
b ings di e se ad an ages o Chinese
FIs, no only h ough isk-sha ing bu
also ia he egional dep h and echnical
expe ise ha pa ne s hold. This includes
in managing ESG and clima e impac s, and
in es ablishing p ojec s and de eloping
p ojec pipelines. Pa ne ships wi h
egional banks such as S anda d Bank
Sou h A ica ha e p o ided a success ul
model o o he egions, as a means o
channel capi al and bols e domes ic
banking sec o s in capi al-sca ce
economies. FIs seeking o co- inance
wi h egional banks o MDBs should
also le e age hei echnical ad an ages
o sys ema ic capaci y building and
knowledge exchange in ESG moni o ing
and compliance as a pa o co- inancing
ela ionships, s eng hening he capaci y
o Chinese FIs and i ms in his a ea.
G een inancing and inno a ion will
need o go beyond de elopmen
inance. In suppo ing he ‘going ou ’ o
g een echnologies such as enewable
ene gy, di ec comme cial in es men s
in highe - isk egions such as A ica
ha e been as e o eco e han di ec
deb - inance. Chinese comme cial FIs
can help acili a e o e seas FDI h ough
c edi enhancemen ins umen s, such
as in es men insu ance o h ough
mezzanine s uc u es o PPPs. G ea e
41
G eene on he o he side?
in e na ionalisa ion o banking ne wo ks,
o o ming egional pa ne ships wi h
local banking ins i u ions, can help de-
isk o e seas in es men s o i ms and
educe in o ma ion and in es men
cos s. Finally, g een inance ins umen s
ha e la gely a ge ed enewable ene gy
and anspo p ojec s, bu banks and
in es o s can also expand he ange
o in es men s o o he indus ial
sec o s such as manu ac u ing in ene gy
ansi ion alue chains. This will help
os e b oade g een ans o ma ions in
hos coun ies.
Re e ences
ACF (2022) Jus ene gy ansi ions and na u al gas in A ica: balancing clima e ac ion
and s uc u al ans o ma ion. The A ican Clima e Founda ion.
A kins, L. e al. (2017) ‘Challenges o and oppo uni ies om he commodi y p ice
slump’, SAIS-CARI B ie ing Pape , (1), p. 10.
B au igam, D. (2020) ‘A c i ical look a Chinese “deb - ap diplomacy”: he ise o a
meme’, A ea De elopmen and Policy, 5(1), pp. 1–14. A ailable a : h ps://doi.o g/10.1
080/23792949.2019.1689828.
Calab ese, L. and Chen, Y. (2020) ‘B oadening he Bel and Road: China’s new
und o mul ila e al coope a ion’, ODI, 15 Sep embe . A ailable a : h ps://odi.
o g/en/insigh s/b oadening- he-bel -and- oad-chinas-new- und- o -mul ila e al-
coope a ion/ (Accessed: 29 Ap il 2021).
CBI and CIB Resea ch (2023) China Sus ainable Deb : S a e o he ma ke epo .
Clima e Bonds Ini ia i e.
Chen, Y. (2019) E hiopia and Kenya a e s uggling o manage deb o hei Chinese-
buil ailways, Qua z A ica. A ailable a : h ps://qz.com/a ica/1634659/e hiopia-
kenya-s uggle-wi h-chinese-deb -o e -sg - ailways/ (Accessed: 5 July 2019).
Chen, Y. (2022) ‘Old wine in new bo les? China, he G7 and he new in as uc u e
geopoli ics’, ODI: Think change, 30 No embe . A ailable a : h ps://odi.o g/en/
insigh s/old-wine-in-new-bo les-china- he-g7-and- he-new-in as uc u e-
geopoli ics/ (Accessed: 4 Ma ch 2023).
Chen, Y. and Land y, D. (2018) ‘Cap u ing he ains: Compa ing Chinese and Wo ld
Bank hyd opowe p ojec s in Came oon and pa hways o Sou h-Sou h and No h-
Sou h echnology ans e ’, Ene gy Policy, 115, pp. 561–571. A ailable a : h ps://doi.
o g/10.1016/j.enpol.2017.11.051.
Chen, Y. and Liu, Z.Z. (2023) Hedging Bel s, De- isking Roads: Sinosu e in China’s
o e seas inance and he global challenge and esponse. Repo . London: ODI.
Chin, G.T. and Gallaghe , K.P. (2019) ‘Coo dina ed C edi Spaces: The Globaliza ion
o Chinese De elopmen Finance’, De elopmen and Change, 50(1), pp. 245–274.
A ailable a : h ps://doi.o g/10.1111/dech.12470.
Chiyemu a, F., Shen, W. and Chen, Y. (2021) Scaling China’s G een Ene gy
In es men in Sub-Saha an A ica: Challenges and P ospec s. Ins i u e o
De elopmen S udies, The A ican Clima e Founda ion, The Open Uni e si y, p. 46.
Cichocka, B. and Mi chell, I. (2024) ‘China as a P o ide o In e na ional Clima e
Finance’. A ailable a : h ps://www.cgde .o g/publica ion/china-p o ide -
in e na ional-clima e- inance (Accessed: 19 No embe 2024).
CISL (2024) Financing A ica’s Low Ca bon T ansi ion. Tex . Camb idge, UK: Uni e si y
o Camb idge Ins i u e o Sus ainabili y Leade ship. A ailable a : h ps://www.
cisl.cam.ac.uk/news-and- esou ces/publica ions/ inancing-a icas-low-ca bon-
ansi ion (Accessed: 10 Feb ua y 2025).
Cus e , S. e al. (2023) ‘T acking Chinese De elopmen Finance: An Applica ion o
AidDa a’s TUFF 3.0 Me hodology’. AidDa a a William & Ma y.
Du, C. (2024) ‘China Re ises Syndica ed Loan Rules o Fi s Time in 13 Yea s o
Bols e Co po a e Financing’. A ailable a : h ps://www.yicaiglobal.com/news/china-
e ises-syndica ed-loan- ules- o - i s - ime-in-13-yea s (Accessed: 7 No embe
2024).
Engel, L. e al. (2024) ‘Rela i e Risk and he Ra e o Re u n’.
England, A. (2015) ‘ICBC buys s ake in S anda d Bank’s UK business’, Financial Times.
A ailable a : h ps://www. .com/con en /b4c8903c-aade-11e4-91d2-00144 eab7de
(Accessed: 2 Decembe 2019).
Escoba , B. e al. (2025) Powe Playbook Beijing’s Bid o Secu e O e seas T ansi ion
Mine als. Repo . AidDa a. A ailable a : h ps://docs.aidda a.o g/ epo s/china-
ansi ion-mine als-2025/FULL_REPORT_Powe _Playbook.pd (Accessed: 30
Janua y 2025).
Esc ig, P. (2022) ‘When is gas “g een” acco ding o he EU Taxonomy?’, E3G, 16
Sep embe . A ailable a : h ps://www.e3g.o g/news/when-is-gas-g een-acco ding-
o- he-eu- axonomy/ (Accessed: 20 Feb ua y 2025).
E e e, J. (2023) ‘S anda d Bank and ICBC celeb a e 15-yea pa ne ship’, The Business
& Financial Times, 4 Oc obe . A ailable a : h ps:// heb online.com/2023/10/04/
s anda d-bank-and-icbc-celeb a e-15-yea -pa ne ship/ (Accessed: 17 Decembe
2024).
FOCAC (no da e) ‘Xi announces 10 majo China-A ica coope a ion plans o coming
3 yea s’, Fo um on China-A ica Coope a ion. A ailable a : h p://www. ocac.o g/
eng/l da/dwjbzjjhys_1/ 1322068.h m (Accessed: 13 Feb ua y 2017).
F anz, L. e al. (2024) ‘The Financial Re u ns on China’s Bel and Road’. Wo ld Bank
ABCDE, 9 July.
GPDC (2020) BU: China’s O e seas De elopmen Finance Da abase, Bos on
Uni e si y, Global Policy De elopmen Cen e . A ailable a : h p://www.bu.edu/gdp/
chinas-o e seas-de elopmen - inance/ (Accessed: 20 Janua y 2021).
Gu, B. (2020) ‘MCDF: A New Beacon o Mul ila e alism in De elopmen Finance’,
Jou nal o In e na ional Economic Law, 23(3), p. 665.
Han Kun (2024) ‘New Measu es on Syndica ed Loans: Policy Shi s and Insigh s’,
asialaw. A ailable a : h ps://www.asialaw.com/NewsAndAnalysis/new-measu es-
on-syndica ed-loans-policy-shi s-and-insigh s/Index/2165 (Accessed: 7 No embe
2024).
Hel es on, J. and Nahm, J. (2019) ‘China’s key ole in scaling low-ca bon ene gy
echnologies’, Science, 366(6467), pp. 794–796. A ailable a : h ps://doi.o g/10.1126/
science.aaz1014.
Humph ey, C. and Chen, Y. (2021) China in he mul ila e al de elopmen banks:
e ol ing s a egies o a new powe . Repo . London: ODI, p. 51. A ailable a : h ps://
odi.o g/en/publica ions/china-mul ila e al-de elopmen -banks/.
Hu ley, J., Mo is, S. and Po elance, G. (2018) Examining he Deb Implica ions
o he Bel and Road Ini ia i e om a Policy Pe spec i e. CGD Policy Pape 121.
Washing on DC: Cen e o Global De elopmen , p. 39.
IEA (2022) The Role o C i ical Mine als in Clean Ene gy T ansi ions. Wo ld Ene gy
Ou look Special Repo . In e na ional Ene gy Agency.
IEF (2021) ‘4 easons na u al gas is a c i ical pa o he ene gy ansi ion’, In e na ional
Ene gy Fo um. A ailable a : h ps://www.ie .o g/news/4- easons-na u al-gas-is-a-
c i ical-pa -o - he-ene gy- ansi ion (Accessed: 10 Decembe 2024).
IRENA (2024) ‘Ene gy axonomy: classi ica ions o he ene gy ansi ion’.
In e na ional Renewable Ene gy Agency.
Isaksson, A.-S. and Ko sadam, A. (2018) ‘Chinese aid and local co up ion’, Jou nal
o Public Economics, 159, pp. 146–159. A ailable a : h ps://doi.o g/10.1016/j.
jpubeco.2018.01.002.
Jones, L. and Hamei i, S. (2020) Debunking he My h o ‘Deb - ap Diplomacy’.
Cha ham House – In e na ional A ai s Think Tank. Resea ch Pape . Cha ham
House. A ailable a : h ps://www.cha hamhouse.o g/2020/08/debunking-my h-
deb - ap-diplomacy (Accessed: 2 Decembe 2023).
Joosse, A., Malik, A.A., Zhang, S., and Els on, T.B. (2025). ‘Ne wo ks o he Bel &
Road: The Hidden Role o Financial B oke s’, Jou nal o In e na ional De elopmen .
Ki chhe , J., Disselho , T. and Cha les, K. (2016) ‘Sa egua ds, inancing, and
employmen in Chinese in as uc u e p ojec s in A ica: he case o Ghana’s Bui
Dam’, Wa e lines, 35(1), pp. 37–58.
La sen, M.L., Voi u iez, T. and Nedopil, C. (2023) ‘Chinese o e seas de elopmen
unds: An assessmen o hei sus ainabili y app oaches’, Jou nal o In e na ional
De elopmen , 35(8), pp. 2373–2396. A ailable a : h ps://doi.o g/10.1002/jid.3778.
Liu, L., Cao, Y. and Kamninga, T. (2025) A wo k in p og ess: China’s Sou h-Sou h
coope a ion on clima e change. ODI & E3G.
Liu, S. e al. (2024) ‘China’s In e na ional Clima e-Rela ed Finance P o ision and
Mobiliza ion o Sou h-Sou h Coope a ion’. A ailable a : h ps://www.w i.o g/
esea ch/chinas-in e na ional-clima e- ela ed- inance-p o ision-and-mobiliza ion-
sou h (Accessed: 19 No embe 2024).
Liu, Z.Z. (2023) So e eign Funds: How he Communis Pa y o China Finances I s
Global Ambi ions. Camb idge, MA: Belknap P ess.
Lu, Y., Sp inge , C. and S e en, B. (2024) ‘Co inancing and in as uc u e
p ojec ou comes in Chinese lending and o e seas de elopmen inance’,
Wo ld De elopmen , 175, p. 106473. A ailable a : h ps://doi.o g/10.1016/j.
wo ldde .2023.106473.
MCDF (2024) ‘MCDF Upda es’. Mul ila e al Coope a ion Cen e o De elopmen
Finance.
Nedopil, C. (2022) ‘G een inance o so powe : An analysis o China’s g een policy
signals and in es men s in he Bel and Road Ini ia i e’, En i onmen al Policy and
Go e nance, 32(2), pp. 85–97. A ailable a : h ps://doi.o g/10.1002/ee .1965.
Pa ks, B.C. e al. (2023) Bel and Road Reboo . Williamsbu g, VA: AidDa a.
Peng, R., Chang, L. and Liwen, Z. (2017) ‘China’s in ol emen in coal- i ed powe
p ojec s along he Bel and Road’. Global En i onmen al Ins i u e.
Pilling, D. and Feng, E. (2018) ‘Chinese in es men s in A ica go o he ails’,
Financial Times. A ailable a : h ps://www. .com/con en /82e77d8a-e716-11e8-
8a85-04b8a ea6ea3 (Accessed: 23 July 2019).

Shen, W. (2020) ‘China’s ole in A ica’s ene gy ansi ion: a c i ical e iew o i s
in ensi y, ins i u ions, and impac s’, Ene gy Resea ch & Social Science, 68, p.
101578. A ailable a : h ps://doi.o g/10.1016/j.e ss.2020.101578.
Simpson, N.P., Jacobs, M. and Gilmou , A. (2023) Taking s ock o Jus Ene gy
T ansi ion Pa ne ships. Policy B ie . London: ODI Global.
Sims Gallaghe , K. and Qi, Q. (2018) Policies Go e ning China’s O e seas
De elopmen Finance: Implica ions o Clima e Change. 016. Tu s Uni e si y, MA:
Cen e o In e na ional En i onmen and Resou ce Policy, Clima e Policy Lab, The
Fle che School.
Solheim, E. e al. (2023) ‘G een De elopmen Guidance o BRI P ojec s Phase III:
S udy o China O e seas In es men Funds’. A ailable a : h ps:// esea ch.cbs.dk/en/
publica ions/g een-de elopmen -guidance- o -b i-p ojec s-phase-iii-s udy-o -ch
(Accessed: 18 Decembe 2024).
S a e Council and CBIRC (2017a) ‘Measu es o he Supe ision and Adminis a ion
o China De elopmen Bank’. China Banking Regula o y Commission. A ailable a :
h ps://lawin ochina.com/display.aspx?id=27035&lib=law (Accessed: 11 No embe
2024).
S a e Council and CBIRC (2017b) ‘Measu es o he Supe ision and Adminis a ion
o he Expo -Impo Bank o China’. China Banking Regula o y Commission.
A ailable a : h ps://lawin ochina.com/display.aspx?id=27038&lib=law (Accessed: 11
No embe 2024).
Tsang, B., Schäpe, B. and Hackba h, A. (2023) Chinese clima e- ela ed inance o
he global sou h. B ie ing Pape . E3G.
Umeha a, N. (2017) O e iew o he 5 h Na ional Financial Wo k Con e ence:
Newsle e . Ins i u e o In e na ional Mone a y A ai s.
Wang, Y. and Zhai, Z. (2025) ‘The Po en ial Role o Panda Bonds in De elopmen
Finance’, BU Global De elopmen Policy Cen e , 11 Feb ua y. A ailable a : h ps://
www.bu.edu/gdp/2025/02/11/ he-po en ial- ole-o -panda-bonds-in-de elopmen -
inance/ (Accessed: 19 Feb ua y 2025).
Wang, Z. and Jia, Y. (2023) ‘Twice-a-decade Cen al Financial Wo k Con e ence
eadou and no es’, Pekinology, 31 Oc obe . A ailable a : h ps://www.pekingnology.
com/p/ wice-a-decade-cen al- inancial (Accessed: 13 No embe 2024).
an Wie ingen, K. and Zajon z, T. (2023) ‘F om Loan-Financed o P i a ised
In as uc u e? T acing China’s Tu n Towa ds Public–P i a e Pa ne ships in A ica’,
Jou nal o Cu en Chinese A ai s, 52(3), pp. 434–463. A ailable a : h ps://doi.
o g/10.1177/18681026231188140.
Wu, T. and Chen, Y. (2024) China’s c edi o di e si ica ion in A ica: Impac s and
challenges o in as uc u e deb - inancing by Chinese comme cial c edi o s.
Wo king Pape . London: ODI Global. A ailable a : h ps://odi.o g/en/publica ions/
chinas-c edi o -di e si ica ion-in-a ica-impac s-and-challenges-o -in as uc u e-
deb - inancing-by-chinese-comme cial-c edi o s/ (Accessed: 7 No embe 2024).
Xia, Y. (2019) In luence h ough In as uc u e: Con es ing he Chinese-Buil S anda d
Gauge Railway in Kenya. Resea ch B ie 9, p. 6.
46 G eene on he o he side?
Appendix 1
Table 1 Majo co- inancing unds wi h Chinese con ibu ions
Name o und
(yea )
Bank/co-
inancie s
Size/China
sha e (USD
millions)
De ails
PRC Regional
Coope a ion and
Po e y Reduc ion
Fund (2005)
Asian
De elopmen
Bank (ADB)
90 This und suppo s egional coope a ion, po e y educ ion
and sus ainable de elopmen in he Asia-Paci ic egion.
La gely suppo s echnical assis ance and p ojec g an s.
$75 million has been app o ed o suppo 125 p ojec s.
C edi Gua an ee
and In es men
Facili y (CGIF)
(2010)
Japan, Asian
De elopmen
Bank, Ko ea
1,158
(China 342.8)
The CGIF bond gua an ee ope a ion is aimed a suppo ing
ASEAN+3 companies access he egion’s bond ma ke s
ac oss di e en coun ies, cu encies and eno s. CGIF has a
AAA c edi a ing (Fi ch), AA/A-1+ (S&P). Main issue s ha e
been Vie Nam, Thailand and Singapo e, wi h he bigges
sha es in he eal es a e, consume and indus ial sec o s.
China-ASEAN
Fund (CAF)
(2013)
ASEAN Unknown The China-ASEAN In es men Coope a ion Fund (‘CAF’)
is a USD-denomina ed o sho e quasi-so e eign equi y
und sponso ed by he Expo -Impo Bank o China
(‘Eximbank’), among o he ins i u ional in es o s, unde
he di ec ion o he PRC S a e Council and he Na ional
De elopmen and Re o m Commission. The und a ge s
in es men oppo uni ies in in as uc u e, ene gy and
na u al esou ces in he ASEAN coun ies. I was o mally
announced by he Chinese P emie Wen Jiabao in 2009 and
u he app o ed by he Na ional De elopmen and Re o m
Commission in 2013.
Managed Co-
lending Po olio
P og am (MCPP)
(2013)
Wo ld Bank
(IFC)
16,000
(China 3,000)
The Managed Co-Lending Po olio P og am (MCPP) is
IFC’s syndica ions pla o m o ins i u ional in es o s. Since
i s launch in 2013, he MCPP has aised mo e han $16
billion om 17 pa ne s, suppo ing he mobilisa ion o
ins i u ional capi al and c edi insu ance o di ec lending
o IFC’s bo owe s in de eloping coun ies. Pa icipan s
include he S a e Adminis a ion o Fo eign Exchange
(SAFE), which suppo ed he T us Fund o $3 billion o e
six yea s. They we e joined by Allianz Global In es o s, he
HKMA, Libe y Special y Ma ke s, Munich Re, Eas sp ing
In es men s, Axa G oup, Swiss Re, Aspen Insu ance, E e es
Insu ance and Tokio Ma ine HCC, he la e ou o which all
p o ide c edi insu ance and joined in 2018–20. Ini ial unds
aised $1.6 billion o 47 p ojec s in 30 coun ies.
47
G eene on he o he side?
Name o und
(yea )
Bank/co-
inancie s
Size/China
sha e (USD
millions)
De ails
China Co- inancing
Fund o La in
Ame ica and he
Ca ibbean (2013)
IDB In es ,
In e -Ame ican
De elopmen
Bank (IDB)
2,000 This und suppo s public and p i a e sec o p ojec s
in La in Ame ica and he Ca ibbean, wi h a ocus on
in as uc u e, ene gy and sus ainable de elopmen . I was
es ablished by he People’s Bank o China and he IDB; unds
ha e ea ma ked $500 million o public sec o loans and
$1.5 billion o p i a e sec o inance.
A ica G owing
Toge he Fund
(AGTF) (2014)
A ican
De elopmen
Bank (A DB)
2,000 This und was es ablished wi h he PBOC. I co- inances
de elopmen p ojec s in A ica, bo h so e eign and non-
so e eign, ocusing on in as uc u e, ene gy, anspo and
indus ialisa ion. I is managed by he A DB, wi h 54 p ojec s
commi ed as o 2024, wi h UA1,464.16 million commi ed
(app ox. $1,923 million).
China-Mexico
Fund (2014)
Wo ld Bank
(IFC)
1,200 Launched in 2014, he $1.2 billion China-Mexico Fund
is a coun y-speci ic und ha makes equi y, equi y-like
and mezzanine in es men s along wi h IFC in Mexico. I
ocuses on in as uc u e alongside o he sec o s, including
manu ac u ing, ag ibusiness, se ices and banking. As
o 30 June 2020, he und had made h ee in es men
commi men s o alling $320 million. The und does no
appea o ha e made any ac i e in es men s since 2017.
Recen inancial s a emen s show 362 million in cumula i e
in es men s o a ound ou p ojec s as o 2022.
China-Wo ld Bank
G oup Pa ne ship
Facili y (CWPF)
(2015)
Wo ld Bank 50 The China-Wo ld Bank G oup Pa ne ship Facili y (CWPF),
es ablished in July 2015, is a pa ne ship be ween he
People’s Republic o China’s Minis y o Finance (MOF)
and he Wo ld Bank G oup (WBG). The Facili y’s o e all
objec i e is o assis WBG clien coun ies in achie ing
inclusi e and sus ainable economic g ow h. Th ough his
Facili y, he Go e nmen o he People’s Republic o China
has p o ided $52.74 million om FY2016 h ough FY2022.
CWPF seeks o enhance ipa i e coope a ion be ween
China, ecipien coun ies and he WBG by le e aging
di e en pools o esou ces, bo h inancial and knowledge
based, o suppo demand-d i en ac i i ies. The Facili y is
in ended o suppo ac i i ies ha a e aligned wi h p io i ies
o he ecipien coun ies, as well as he WBG’s s a egy,
and ha a e eplicable.
48 G eene on he o he side?
Name o und
(yea )
Bank/co-
inancie s
Size/China
sha e (USD
millions)
De ails
China-A ica
In es men and
Indus ialisa ion
P og amme
(2016)
A ican Expo -
Impo Bank
(A eximbank)
1,000 The A ican Expo -Impo Bank (‘A eximbank’) and he
Expo -Impo Bank o China ha e signed a coope a ion
ag eemen o c ea e a $1-billion China-A ica In es men
and Indus ialisa ion P og amme. The und will acili a e he
cons uc ion and c ea ion o indus ial pa ks and special
economic zones on he con inen . The ag eemen will see
he wo ins i u ions wo king oge he o p o ide A ica wi h
he capaci y o ligh manu ac u ing and p ima y p ocessing
o aw ma e ials and commodi ies. I will also look a he
acquisi ion o shipping equipmen , ailways and olling
s ock, and ade acili a ing in as uc u e, such as powe .
Equi y
Pa icipa ion Fund
(2016)
Eu opean
Bank o
Recons uc ion
and De elopmen
(EBRD)
380 The EBRD’s Equi y Pa icipa ion Fund (EPF) mobilises
unds om global ins i u ional in es o s o ake pa in i s
own di ec equi y in es men s, wi h he goal o a ac ing
long- e m ins i u ional capi al in o he p i a e sec o in he
coun ies whe e i wo ks. The alue o join China-EBRD
in es men s ood a €3.47 billion as o Feb ua y 2023. EBRD
inance accoun ed o €1.93 billion and China in es men
accoun ed o €1.54 billion. The join in es men has been
ac oss he egion co e ed by EBRD in a ious coun ies:
in Tü kiye, Kazakhs an, Uzbekis an and Aze baijan. B oken
down by indus y, he join in es men has aken place in
he ollowing indus ies: sus ainable in as uc u e, indus y,
comme ce and ag ibusiness, and inancial ins i u ions.
China-EU Co-
In es men Fund
(CECIF)(2018)
Eu opean
In es men Bank
(EIB), Eu opean
In es men Fund
(EIF), Bpi ance,
694
(China 500)
The China-EU Co-in es men Fund (CECIF) p og amme
was es ablished by he EIF and Silk Road Fund (SRF)
wi h he aim o de eloping syne gies be ween he Bel
and Road Ini ia i e and he Juncke Plan. The und will
suppo mid-cap companies wi h high g ow h po en ial in
Eu ope and China, in a eas such as heal hca e, high-end
indus ies, consume goods and business se ices. The und
is backed by he EIF unde he Juncke Plan’s Eu opean
Fund o S a egic In es men s (EFSI), as well as he China
De elopmen Bank, F ench na ional p omo ional bank
Bpi ance, China’s Silk Road Fund, so e eign unds, and
ins i u ional and o he p i a e in es o s.
Che nobyl Shel e
Fund
Eu opean
Bank o
Recons uc ion
and De elopmen
(EBRD)
48 This und p omo es clean ene gy, sus ainable in as uc u e
and g een inance in Eas e n Eu ope, Cen al Asia and he
Medi e anean.