As the 2026 National Environment Day theme of "Comprehensive Green Transition, Building a Beautiful China Together" approaches, CHINA CINDA has been actively implementing national strategies. The firm is committed to the principle that "lucid waters and lush mountains are invaluable assets," aligning its core business operations with the national "dual carbon" goals. It focuses on enhancing capabilities to support green development, assisting real economy enterprises in their low-carbon transitions, promoting low-carbon office practices and green transportation, and synergistically advancing carbon reduction, pollution control, ecological expansion, and economic growth. These efforts have yielded positive results and generated a series of exemplary green development cases.
Jingu Trust, a subsidiary of CHINA CINDA, is leveraging green trusts to support waste-to-energy initiatives, effectively turning waste into a valuable resource. Waste incineration for power generation is a crucial method for achieving the reduction, recycling, and harmless treatment of municipal solid waste. It is also a green, low-carbon industry strongly encouraged by national industrial policies. This approach not only conserves land resources and offers high processing efficiency but also transforms waste into clean energy, displacing fossil fuels and contributing to carbon emission reductions.
In November 2025, Jingu Trust established the "Tianjin TEDA Environmental Protection Co., Ltd. 2025 First Tranche Green Targeted Asset-Backed Notes (Carbon Neutrality Bond) Trust." TEDA Environmental Protection, acting as the settlor and originator, entrusted the future electricity fee collection rights from its carbon-reducing waste-to-energy power generation projects for a specific period to Jingu Trust as the underlying assets. Serving as the special purpose vehicle manager, Jingu Trust privately placed asset-backed notes on the national interbank bond market, raising 560 million yuan with a maturity of up to 5 years. The proceeds are dedicated to supporting the ongoing development of TEDA Environmental Protection.
The power generation projects underlying this trust, operated by Tianjin TEDA Environmental Protection Co., Ltd., demonstrate carbon reduction metrics surpassing both national and European Union standards, achieving a high degree of integration of environmental, social, and economic benefits. Firstly, the underlying projects are estimated to reduce carbon dioxide equivalent emissions by 269,400 tons annually, conserve 98,000 tons of standard coal, and process 974,000 tons of solid waste. Rated at the top green level (G1), these projects significantly enhance the resource utilization of municipal solid waste, making important contributions to improving regional living environments and promoting a greener energy mix.
Secondly, the trust's transaction structure showcases a high level of professionalism and innovation. As the trustee, Jingu Trust established clear asset isolation and risk control mechanisms. It also engaged China Bond Insurance Co., Ltd. to provide credit enhancement services, which improved the product's credit rating and lowered the financing costs for the enterprise.
Thirdly, the notes were oversubscribed by 2.22 times, and the average coupon rate for the senior tranche was as low as 2.42%. This strong market reception reflects high recognition for green, low-carbon assets and underscores Jingu Trust's market influence and professional service capabilities.
Fourthly, by employing a Special Purpose Vehicle (SPV) structure for these green carbon-neutrality asset-backed notes, the initiative merges the advantages of the trust system with the needs of green industry development. This exploration provides a viable pathway for financial services to support the "dual carbon" goals and holds significant demonstrative value.
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