China’s National Financial Regulatory Administration and the People’s Bank of China jointly published an implementation plan to guide banks and insurers in expanding green finance and supporting green and low-carbon development, in line with the broader “five major areas” agenda for financial services. The plan sets out four parts and 24 measures covering overall requirements and principles, green finance development targets for the next five years, and priority workstreams. It calls for stronger financial support for key green sectors, improvements to the green financial services system, progress on low-carbon transition in institutions’ asset portfolios and own operations, enhanced financial risk prevention and control, and further development of green finance mechanisms, backed by organisational measures on accountability, supervisory assessment and coordination. Institutions are directed to prioritise areas including industrial upgrading, low-carbon energy transition, ecological and biodiversity protection, and carbon market development, while expanding green credit, improving the green insurance framework, broadening service channels, refining standards and progressively strengthening disclosure. The plan also encourages development of tailored green products, standardised green bond business with tighter use-of-proceeds management, and greater insurance-sector participation in green investment, alongside more explicit requirements to strengthen end-to-end risk management, build environmental, social and governance risk frameworks and explore tools for managing environmental and climate risks.

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