To fully implement the guidelines of the 20th National Congress of the Communist Party of China (CPC) and the second and third plenary sessions of the 20th CPC Central Committee, and to act on the requirements made at the Central Financial Work Conference on making significant efforts in green finance, it is essential to give full play to the leading role of green finance, improve the standards system and institutional framework for green finance, and further increase financial support for the comprehensive green transformation of economic and social development as well as the Beautiful China Initiative. In accordance with the Opinions of the CPC Central Committee and the State Council on Accelerating the Comprehensive Green Transformation of Economic and Social Development and the Guidelines of the People’s Bank of China, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Ecology and Environment, the National Financial Regulatory Administration, and the China Securities Regulatory Commission on Financial Supporting for Green and Low-Carbon Development (Yinfa No.70 [2024]), the People’s Bank of China (PBOC), the National Financial Regulatory Administration (NFRA), and the China Securities Regulatory Commission (CSRC) have formulated the Green Finance Endorsed Project Catalogue (2025 Edition) (hereinafter referred to as the Catalogue) based on the Green and Low-Carbon Transition Industry Guidance Catalogue (2024 Edition) and the Green Bond Endorsed Project Catalogue (2021 Edition) (Yinfa No.96 [2021]). The updated catalogue is hereby issued, with the notifications made as follows.
1. To enhance the liquidity of the green finance market, improve the efficiency of green financial asset management, and reduce the cost of project identification, the Catalogue shall be uniformly applied to all types of green financial products. It shall not apply, for the time being, to stock listings or issuances on the Shanghai, Shenzhen, or Beijing Stock Exchanges, or on the National Equities Exchange and Quotations (NEEQ, or “New Third Board”).
2. All relevant parties shall take the Catalogue as the basis, and, in light of their respective green development goals and the status of green finance system development in their fields, study, formulate, and implement related supporting policies. Efforts should be made to strengthen publicity and guidance, and to fully leverage the role of various green financial instruments in supporting environmental improvement, climate change mitigation, and the efficient and economical use of resources, so as to advance sustainable economic and social development and promote the green and low-carbon transition.
3. Efforts shall be made to ensure a smooth transition between the Catalogue and existing historical standards for financial products such as green loans and green bonds. For loans approved prior to the release of the Catalogue but not yet issued, and for bonds that are still within their maturities or have already been approved or registered, the recognition of green attributes and the allocation of funds shall continue to follow the applicable historical standards. For bonds whose application materials were submitted prior to the release of the Catalogue but have not yet been approved or registered, issuers can choose to apply either the historical standards or the Catalogue for the identification of green projects at their own discretion. Issuers of the above-mentioned bonds are encouraged to adopt the Catalogue for information disclosure and other relevant practices.
4. The PBOC, the NFRA, and the CSRC, in collaboration with relevant authorities, will revise and update the Catalogue in due course, based on major national tasks related to ecological civilization, key decisions and arrangements on peaking carbon emissions and achieving carbon neutrality, priorities in ecological and environmental protection and pollution prevention and control, updates to technical standards, developments in international cooperation on green finance, and the demand for the development of the domestic green finance market.
5. The Catalogue shall come into effect on October 1, 2025.
Any emerging situation and issue should be promptly reported to the relevant authorities.
People’s Bank of China
National Financial Regulatory Administration
China Securities Regulatory Commission
June 27, 2025
