On 27 June 2025, the People’s Bank of China (PBoC), the National Financial Regulatory Administration (NFRA), and the China Securities Regulatory Commission (CSRC) jointly issued the “Green Finance Endorsed Project Catalogue” (2025 edition).
The catalogue builds on the “Green and Low-Carbon Transition Industry Guidance Catalogue” (2024 Edition) and the “Green Bond Endorsed Project Catalogue” (2021 Edition). It applies to all types of green financial products and aims to increase the liquidity of the green finance market, improve the efficiency of green financial asset management, and reduce the cost of project identification.
While the past catalogues covered only core industrial sectors, the 2025 edition expands its scope to trade, distribution and end-use consumption, including energy conservation and carbon reduction, environmental protection, recycling, energy transition, ecological protection and restoration, green infrastructure upgrades, green services, green trade as well as green consumption. The catalogue excludes areas related to the clean utilisation of fossil fuels.
In addition, the new catalogue facilitates practical application through two changes:
- A column “Code for Industrial Classification of National Economic Activities” has been added, allowing users to easily find the corresponding industry name based on the industry’s classification code.
- A column “Contributions to Greenhouse Gas Emission Reductions” has been added, showing whether the relevant economic activity can contribute to emissions reduction. This step supports companies in better aligning financial support with the strategic goals of carbon peaking and neutrality.
The new catalogue, which serves as a reference for the future issuance of green loans and green bonds, took effect on 1 October 2025.
