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 April 2025 against the CGT.
14 green bonds supporting projects on climate mitigation have been newly identified as CGT-aligned, with a total scale of RMB 15.745 billion. Among these, 6 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
|
ISIN
|
Bond
|
Issuing Amount (RMB/100 Million)
|
|
1
|
CND1000951L2
|
LU HONGQIAO GN 25(002) (RURAL REVITALIZATION)
|
3.00
|
|
2
|
CND1000952G0
|
RONGHE FINANCING SCP 25(002)
|
5.00
|
|
3
|
CND100095NK9
|
KANGFU LEASING MTN 25(001) (CARBON NEUTRAL BOND)
|
3.00
|
|
4
|
CND100095PX7
|
GD GN 25(001) (RURAL REVITALIZATION)
|
18.64
|
|
5
|
CND100095PP3
|
THREE GORGES NEW ENERGY GN 25(001)(CNB)
|
20.00
|
|
6
|
CND100096BG0
|
YANTAI SALVAGE GN 25(001)
|
3.00
|
|
7
|
CND1000969C3
|
HUANENG HYDROPOWER GN 25(002)(RURAL REVI)
|
14.00
|
|
8
|
CND100096BK2
|
CGN LEASING SCP 25(002) (RURAL REVITALIZATION)
|
5.00
|
|
9
|
CND100096DQ5
|
JINKAI NEW ENERGY GN 25(002)(CARBON NEUTRAL BOND)
|
4.50
|
|
10
|
CND100096PG0
|
THREE GORGES GN 25(001)(CARBON NEUTRAL BOND)
|
25.00
|
|
11
|
CND100096TP3
|
THREE GORGES GN 25(002)(CARBON NEUTRAL BOND)
|
25.00
|
|
12
|
CND100097591
|
YUE ENVIRONMENTAL PROTECTION MTN 25(001)(GREEN)
|
6.31
|
|
13
|
CND100097567
|
YUNNAN POWER GENERATION MTN 25(001)(GREEN)
|
5.00
|
|
14
|
CND100097849
|
THREE GORGES NEW ENERGY GN 25(002)(CNB)
|
20.00
|
In April 2025, 7 CGT-aligned Chinese outstanding green bonds were due. The specific details are as follows:
Table 2: Matured Relabelled Green Bonds
|
Number
|
ISIN
|
Bond
|
Issuing Amount (RMB/100 Million)
|
|
1
|
CND10005BQ84
|
22 YALONG RIVER GN001
|
10.00
|
|
2
|
CND10004XLG7
|
22 GDPD GN001A
|
10.00
|
|
3
|
CND10004XWF6
|
22 HUANENG JIANGSU MTN001
|
5.00
|
|
4
|
CND100053N50
|
PETRO CHINA GN 22(001)
|
5.00
|
|
5
|
CND100053N68
|
YANTAI SALVAGE GN 22(001)
|
3.00
|
|
6
|
CND10004TBH4/CND10004TBR3
|
CDB GREEN BOND 22(02) CLEARING OFFERING/CDB GREEN BOND 2022 02
|
120.00
|
|
7
|
CND10008C5M0
|
CHINA NUCLEAR LEASING SCP 24(002)(GREEN)
|
4.00
|
As of April 30, 2025, expert group has evaluated a total of 411 CGT-aligned Chinese green bonds traded in the interbank market, 253 of which remain in duration.
The 253 outstanding bonds account for 23.96% of the total number of outstanding green bonds in the interbank market, with an issuance scale of RMB 346.281 billion, accounting for 19.07% 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 93.3%, 4.9%, 0.3% and 1.6% respectively. The top three allocations of use of proceeds are D1.3 Electricity generation from wind power (26.3%), H1.1 Construction and operation of public transportation system in urban and rural areas (24.9%), and D1.1 Electricity generation using solar photovoltaic technology (19.3%).
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 (May 2025 version)
