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To
further promote the opening of China’s green bond market, and enhance
the role of the Common Ground Taxonomy (CGT) in facilitating
cross-border flows of green capital, the expert group convened by the
Green Finance Committee (GFC) of China Society for Finance and Banking
has undertaken the relabelling work for green bonds newly issued in
China’s interbank market in March 2025 against the CGT.
9
green bonds supporting projects on climate mitigation have been newly
identified as CGT-aligned, with a total scale of RMB 7.81 billion. Among
these, 5 green bonds have already been aligned with the CGT during
issuance. Each bond meets the specified technical requirements outlined
in the Substantial Contribution Criteria of the CGT. The specific
details are as follows:
Table 1: New Relabelled Green Bonds
In March 2025, 6 CGT-aligned Chinese outstanding green bonds were due. The specific details are as follows:
Table 2: Matured Relabelled Green Bonds
As of March 31, 2025, expert group has evaluated a total of 397 CGT-aligned Chinese green bonds traded in the interbank market, 246 of which remain in duration.
The 246 outstanding bonds account for 23.32% of the total number of outstanding green bonds in the interbank market, with an issuance scale of RMB 346.236 billion, accounting for 19.72% of the total scale of outstanding green bonds in the interbank market. Among them, the proportion of issuance scale with issuer rating of AAA, AA+, AA, and unrated is 93.6%, 4.5%, 0.3% and 1.6% respectively. The top three allocations of use of proceeds are H1.1 Construction and operation of public transportation system in urban and rural areas (27.7%), D1.3 Electricity generation from wind power (25.7%), and D1.1 Electricity generation using solar photovoltaic technology (18.2%).
The Common Ground Taxonomy (CGT) aligned bond data published on this and other websites as part of China’s bond labeling work by the Expert Group convened by the Green Finance Committee of China Society for Finance and Banking is public information. The Expert Group welcomes all individuals and institutions to disseminate and use these data, and to develop indices, products and related services on the basis of these data.