The People's Bank of China (PBOC), the National Financial Regulatory Administration, and the China Securities Regulatory Commission jointly released the "Green Finance Support Project Catalogue," which will take effect on October 1, 2025. It aims to unify standards for all types of green financial products, excluding stocks, to enhance market liquidity, improve asset management efficiency, and reduce project identification costs. This move strictly limits existing fragmented standards and integrates green bond and loan specifications in phases.

The new catalogue expands the coverage of existing standards to include projects such as energy conservation and carbon reduction, environmental protection, resource recycling, green and low-carbon energy transition, ecological conservation and restoration, green infrastructure upgrades, and green services, trade, and consumption. The most significant changes are the addition of "green trade" and "green consumption" categories, and the introduction of a secondary category, "Green and Low-Carbon Transition in Key Industries," providing financing pathways for hard-to-abate sectors. Partially aligned with international standards like ICMA's (International Capital Market Association) Green Enabling Project Guidelines, the catalogue diverges in eligibility requirements for "green enabling" activities, with China adopting less stringent standards.

Sustainable Fitch analysis indicates the updated catalogue may channel capital toward industrial decarbonization activities and localized green technology production, aiding China in consolidating its position in global supply chains. Against this backdrop, countries including Australia, the EU, Singapore, Hong Kong, Canada, and India are developing their own sustainable finance taxonomy catalogues, while the UK has decided not to advance such plans. The catalogue's implementation mechanism specifies an effective date of October 1, 2025, providing a unified framework for a just transition.
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