Notice of the PBOC, NFRA and CSRC on Issuing the Green Finance Endorsed Project Catalogue (2025 Edition)
Published: November 4, 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 Nov 4, 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 green lending, green bond issuance and underwriting, asset management, project finance; underlying eligible sectors include renewable energy, energy efficiency, clean transport, pollution control and resource recycling
Cities / Agencies
Nationwide · People's Bank of China (PBOC), National Financial Regulatory Administration (NFRA), China Securities Regulatory Commission (CSRC)
What to do now
Before 1 October 2025, map your green loan and green bond pipeline against the 2025 Catalogue and decide, for any pending applications, whether to file under the historical standards or the new Catalogue.
Source & verification
PBOC · AI-assisted summary · generated Nov 4, 2026 · pending human review
Executive Summary
The People's Bank of China, the financial regulator (NFRA) and the securities regulator (CSRC) have issued a single, unified Green Finance Endorsed Project Catalogue (2025 Edition) that replaces the separate green bond catalogue used since 2021. From 1 October 2025, banks, bond issuers and other financial institutions will use one common list of qualifying 'green' projects across green loans, green bonds and other green financial products, which should make green assets easier to compare, trade and manage. The notice also sets grandfathering rules so existing loans and bonds are not disrupted, and it deliberately excludes stock exchange listings and New Third Board issuances for now.
Key Points
The 2025 Catalogue becomes the single common standard for identifying green projects across all types of green financial products, replacing the fragmented standards that previously applied to green loans versus green bonds (built on the 2021 Green Bond Endorsed Project Catalogue and the 2024 Green and Low-Carbon Transition Industry Guidance Catalogue).
The Catalogue expressly does not apply, for the time being, to stock listings or issuances on the Shanghai, Shenzhen and Beijing Stock Exchanges or on the National Equities Exchange and Quotations (NEEQ / New Third Board), so exchange-level green disclosure rules remain separate.
Grandfathering is provided: loans approved before release but not yet disbursed, and bonds still outstanding or already approved/registered, continue to be judged and funded under the historical standards; issuers with applications filed but not yet approved may choose either the old standards or the new Catalogue.
Issuers of legacy bonds are nonetheless 'encouraged' to adopt the new Catalogue for information disclosure and related practices, signalling a gradual convergence toward the new standard.
The Catalogue takes effect on 1 October 2025 and was issued on 27 June 2025 by the PBOC, NFRA and CSRC, which will jointly revise and update it periodically in light of carbon peaking/neutrality priorities, pollution-control priorities, technical standard updates and international green finance cooperation.
Financial institutions and other parties are instructed to use the Catalogue as the basis for drafting their own supporting policies and to scale up green financial instruments supporting environmental improvement, climate mitigation and efficient resource use.