The People’s Bank of China, the National Financial Regulatory Administration and the China Securities Regulatory Commission have issued the Green Finance Supported Projects Catalogue (2025 edition), updating China’s green finance project taxonomy and setting a unified reference list for identifying eligible projects across green finance products. The catalogue is intended to support market liquidity and reduce identification costs by applying a single standard across product types, although it does not temporarily apply to stock listings and equity issuance on the Shanghai, Shenzhen and Beijing stock exchanges or to National Equities Exchange and Quotations listing and share issuance business. The notice also sets transition rules for legacy standards: loans approved but not yet disbursed before the catalogue’s release, and bonds that are outstanding or already approved/registered, continue to follow the historical scope for product classification and use of proceeds; for bonds with application materials submitted but not yet approved or registered at the time of release, issuers may choose either the historical standard or the 2025 catalogue for green project identification, and are encouraged to align disclosures with the 2025 catalogue. The Green Finance Supported Projects Catalogue (2025 edition) takes effect on 1 October 2025, and the authorities will revise it as needed in line with national ecological and carbon policy priorities, technology standard updates, progress in international green finance cooperation and domestic market development needs.

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