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 February 2025 against the CGT.
7 green bonds supporting projects on climate mitigation have been newly identified as CGT-aligned, with a total scale of RMB 7.2 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
|
Number
|
Bond
|
Issuing Amount (RMB/100 Million)
|
|
1
|
HAIER SMART HOME MTN 25(001)(GREEN TWO NEW)
|
15.00
|
|
2
|
CHINA NUCLEAR LEASING GN 25(001)(CNB)
|
4.00
|
|
3
|
TIANCHENG LEASING GN 2025(001)(CN BOND)
|
15.00
|
|
4
|
SENE NEW ENERGY GN 25(001)
|
10.00
|
|
5
|
CHONGQING METRO GN 25(001)(CNB)
|
15.00
|
|
6
|
HECIC NEW-ENERGY SCP 25(001)(GREEN)
|
3.00
|
|
7
|
RONGHE FINANCING GN 25(001)(CARBON NEUTRAL BOND)
|
10.00
|
In February 2025, 9 CGT-aligned Chinese outstanding green bonds were due. The specific details are as follows:
Table 2: Matured Relabelled Green Bonds
|
Number
|
Bond
|
Issuing Amount (RMB/100 Million)
|
|
1
|
20 CD RAIL TRANSIT GN001
|
10.00
|
|
2
|
CHONGQING METRO GN 20(001)
|
15.00
|
|
3
|
22 CTGR MTN001
|
20.00
|
|
4
|
22 CTG GN002
|
40.00
|
|
5
|
THREE GORGES GN 22(003)(CARBON NEUTRAL BOND)
|
40.00
|
|
6
|
22 CHALCO GN001
|
4.00
|
|
7
|
SENE NEW ENERGY GN 22(001)
|
10.00
|
|
8
|
22 CPI LEASING GN001
|
7.00
|
|
9
|
RONGHE FINANCING GN 23(001)(CNB)
|
10.00
|
As of February 28, 2025, expert group has evaluated a total of 388 CGT-aligned Chinese green bonds traded in the interbank market, 243 of which remain in duration.
The 243 outstanding bonds account for 22.95% of the total number of outstanding green bonds in the interbank market, with an issuance scale of RMB 343.446 billion, accounting for 19.37% 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 93.7%, 4.4%, 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 (28.2%), D1.3 Electricity generation from wind power (25.7%), and D1.1 Electricity generation using solar photovoltaic technology (18.1%).
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.
Click here for the list of CGT aligned Chinese green bonds (March 2025 version)
