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 November 2025 against the CGT.
13 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, 8 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
|
CND10009ZS64
|
YUNNAN POWER GENERATION MTN 25(005)(TIB)
|
2.00
|
|
2
|
CND10009ZH00
|
HN HYDROPOWER GN 25(011)(TECH INNO BOND)
|
10.00
|
|
3
|
CND10009Y3T3
|
CHINA INNOVAIR MTN 25(003)(TECH INNO BOND)
|
7.00
|
|
4
|
CND10009XVJ9
|
SUZHOU BUS MTN 25(002)(CARBON NEUTRAL BOND)
|
1.75
|
|
5
|
CND10009XSK3
|
HN HYDROPOWER GN 25(010)(RURAL REV)
|
10.00
|
|
6
|
CND10009XRT6
|
LU HONGQIAO GN 25(005)(TECH INNO BOND)
|
5.00
|
|
7
|
CND10009XQ50
|
TONGWEI GN 25(003)(TECH INNO BOND)
|
5.00
|
|
8
|
CND10009XK64
|
YUNNAN POWER MTN 25(004)(TECH INNO BOND)
|
3.00
|
|
9
|
CND10009XCC4
|
GUOXUAN GN 25(001)(TECH INNO BOND)
|
6.00
|
|
10
|
CND10009X6P5
|
TIANCHENG LEASING GN 25(004)(CARBON NEUTRAL BOND)
|
5.00
|
|
11
|
CND10009X392
|
SHAOXING RAIL TRANSIT GN 25(002)
|
7.00
|
|
12
|
CND10009X384
|
INNER MONGOLIA POWER INV GN 25(001)(RURAL REV)
|
3.00
|
|
13
|
CND10009X236
|
GANFENG LITHIUM CP 25(001)(GREEN)
|
7.1
|
In November 2025, 9 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
|
CND100075RK2
|
RONGHE FINANCING MTN 23(007)(CARBON NEUTRAL BOND)
|
5.00
|
|
2
|
CND100077262
|
HUADIAN LEASING MTN 23(003)(CNB)
|
9.00
|
|
3
|
CND10009KJG7
|
HUANENG HYDROPOWER GN 25(008)(RURAL REVI)
|
15.00
|
|
4
|
CND10008YYL9
|
HECIC NEW-ENERGY SCP 25(001)(GREEN)
|
3.00
|
|
5
|
CND10005WR13
|
CGN WIND ENERGY GN 22(004)
|
10.00
|
|
6
|
CND1000952G0
|
RONGHE FINANCING SCP 25(002)
|
5.00
|
|
7
|
CND10009N4N7
|
HN HYDROPOWER GN 25(009)(RURAL REVI)
|
8.00
|
|
8
|
CND10005WTW6
|
HD ENGINEERING MTN 22(001)(SPECIAL RURAL REVI)
|
6.00
|
|
9
|
CND10005X440
|
THREE GORGES GN 22(010)(CARBON NEUTRAL BOND)
|
40.00
|
As of November 31, 2025, expert group has evaluated a total of 503 CGT-aligned Chinese green bonds traded in the interbank market, 292 of which remain in duration.
The 292 outstanding bonds account for 25.1% of the total number of outstanding green bonds in the interbank market, with an issuance scale of RMB 334.199 billion, accounting for 16.2% 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 92.8%, 4.8%, 0.1% and 2.3% respectively. The top three allocations of use of proceeds are D1.3 Electricity generation from wind power (25.1%), H1.1 Construction and operation of public transportation system in urban and rural areas (23.1%), and Electricity generation from hydropower (19.2%).
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.
Click here for the list of CGT aligned Chinese green bonds (November 2025 version)
