Notice of the PBOC, NFRA and CSRC on Issuing the Green Finance Endorsed Project Catalogue (2025 Edition)
Published: October 18, 2026
Sources & Verification
Primary Source
People's Bank of China (PBOC), National Financial Regulatory Administration (NFRA), China Securities Regulatory Commission (CSRC) — Official document ↗
CPG Analysis
AI-assisted summary of the official source linked above, pending human review.
Verification
AI-assisted summary · generated Oct 18, 2026 · pending human review
This summary was generated by AI from the linked official source. It has not been reviewed line-by-line by a human editor.
⚡ Impact at a Glance
Who is affected
Banking and lending, bond issuance and underwriting, asset management and green funds, renewable energy, environmental protection and pollution control, energy efficiency and clean manufacturing
Cities / Agencies
Nationwide · People's Bank of China (PBOC), National Financial Regulatory Administration (NFRA), China Securities Regulatory Commission (CSRC)
What to do now
Map your existing and pipeline green loans, bonds and fund products against the 2025 catalogue now, and document whether each deal falls under the grandfathering transition rules or the new standard before 1 October 2025.
Source & verification
PBOC · AI-assisted summary · generated Oct 18, 2026 · pending human review
Executive Summary
China's central bank and financial regulators have issued a single unified catalogue that defines which projects count as "green" for green loans, green bonds and other green financial products. The 2025 Edition replaces the previously separate green bond catalogue (2021) and builds on the 2024 Green and Low-Carbon Transition Industry Catalogue, so banks, bond issuers and asset managers now use one common list instead of several. It matters because eligibility for green labelling, preferential funding and disclosure obligations now hinges on one standard, and older deals are given a transition window so they are not disrupted.
Key Points
The Green Finance Endorsed Project Catalogue (2025 Edition) is issued jointly by the PBOC, NFRA and CSRC and takes effect on October 1, 2025, replacing the 2021 Green Bond Endorsed Project Catalogue.
The catalogue is to be applied uniformly across all types of green financial products to improve market liquidity, simplify project identification and lower the cost of classifying assets.
It does not yet apply to stock listings or share issuances on the Shanghai, Shenzhen and Beijing Stock Exchanges, or on the National Equities Exchange and Quotations (NEEQ / New Third Board).
Transition rules grandfather legacy deals: loans approved before release but not yet drawn, and bonds still outstanding or already approved/registered, continue to follow the old standards for green recognition and fund allocation.
Issuers whose bond application materials were submitted before the release but not yet approved or registered may choose either the old standards or the new catalogue, and are encouraged to disclose using the new catalogue.
The three regulators will revise the catalogue periodically in line with carbon-peaking and carbon-neutrality priorities, pollution-control goals, technical standard updates and international green finance cooperation.