List of CGT-Aligned Chinese Outstanding Green Bonds (October 2025 Version)
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 September 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 6.09 billion. Among these, 11 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:
14 green bonds supporting projects on climate mitigation have been newly identified as CGT-aligned, with a total scale of RMB 6.09 billion. Among these, 11 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 | CND10009PPS8 | CHINA NUCLEAR LEASING GN 25(003)(CNB) | 6.00 |
| 2 | CND10009PPK5 | WUHAN SEWAGE GN 25(002) | 3.00 |
| 3 | CND10009PR59 | FUZHOU METRO GN 25(003)(CARBON NEUTRAL BOND) | 5.00 |
| 4 | CND10009PZW9 | STATE GRID XINYUAN GN 25(003) | 0.80 |
| 5 | CND10009PZV1 | STATE GRID XINYUAN GN 25(002) | 1.50 |
| 6 | CND10009QKZ2 | YANGTZE INV MTN 25(001)(CARBON NEUTRAL BOND) | 6.00 |
| 7 | CND10009QKB3 | YUNNAN POWER GN MTN 25(003)(GREEN) | 5.00 |
| 8 | CND10009R238 | NANCHANG RAIL TRANSIT MTN 25(001)(GREEN) | 4.60 |
| 9 | CND10009R1X8 | TONGWEI GN 25(002)(TECH INNO BOND) | 5.00 |
| 10 | CND10009R667 | STATE GRID XINYUAN GN 25(004) | 1.00 |
| 11 | CND10009R5H2 | STATE GRID XINYUAN GN 25(005) | 1.00 |
| 12 | CND10009R477 | STATE GRID XINYUAN GN 25(006) | 1.00 |
| 13 | CND10009RG43 | STATE GRID XINYUAN GN 25(007)(RURAL REVI) | 1.00 |
| 14 | CND10009RFL0 | CHINA POWER GN 25(004)(BLUE BOND) | 20.00 |
In September 2025, 12 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 | CND10003Q7J1 | SHENYANG METRO GN 20(002) | 10.00 |
| 2 | CND10005N292 | 22 FUZHOU METRO GN002 | 5.00 |
| 3 | CND10005N3X2 | CN NUCLEAR LEASING GN 22(001)(CNB) | 12.00 |
| 4 | CND10005P7B7 | CGN WIND ENERGY GN 22(001) | 10.00 |
| 5 | CND10005P3X0 | SENE NEW ENERGY GN 22(002) | 10.00 |
| 6 | CND10005PW64 | CGN WIND ENERGY GN 22(002) | 10.00 |
| 7 | CND10005QL09 | YANGZHOU TRANS GN 22(001)(CNB) | 5.00 |
| 8 | CND100070NZ0 | QINGDAO METRO MTN 23(002)(CARBON NEUTRAL BOND) | 13.00 |
| 9 | CND100070W09 | CCCC FIRST HIGHWAY MTN 23(001)(GREEN) | 2.00 |
| 10 | CND100072B02 | XINJIANG POWER GENERATION MTN 23(001)(GREEN) | 5.00 |
| 11 | CND1000722W4 | HECIC NEW-ENERGY MTN 23(002)(CARBON NEUTRAL BOND) | 1.40 |
| 12 | CND10008RCS4 | TONGWEI GN 24(009)(TIN) | 5.00 |
As of September 30, 2025, expert group has evaluated a total of 477 CGT-aligned Chinese green bonds traded in the interbank market, 281 of which remain in duration.
The 281 outstanding bonds account for 25.1% of the total number of outstanding green bonds in the interbank market, with an issuance scale of RMB 349.814 billion, accounting for 17.7% 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 93.5%, 4.3%, 0.1% and 2.1% respectively. The top three allocations of use of proceeds are D1.3 Electricity generation from wind power (25.6%), 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 (18.5%).
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 (October 2025 version)
*Source: China Foreign Exchange Trade System (CFETS), Green Finance Committee (GFC) of China Society for Finance and Banking
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Disclaimer: The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any securities or to provide any investment advice or service of any kind. This document is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject any of Bond Connect Company Limited ("BCCL") and/or its affiliates to any registration requirement within such jurisdiction or country.
No section or clause in this document may be regarded as creating any obligation on BCCL and/or its affiliates. Rights and obligations with regard to the trading and settlement of any securities effected on the CFETS, including through the Bond Connect, shall be set out solely in the applicable rules of the Entities, as well as the applicable laws, rules and regulations of Mainland of China and Hong Kong in effect from time to time.
Although the information contained in this document is obtained or compiled from sources believed to be reliable, BCCL and/or its affiliates assume no responsibility or liability for any errors, omissions or other inaccuracies in the information or for the consequences thereof. **It should not be used as a substitute for investment, accounting, tax, legal or other professional advice. If you are in any doubt about the contents of this document, you should seek independent professional advice.**BCCL and/or its affiliates assume no responsibility or liability for any cost, expense, loss or damage, directly or indirectly, howsoever caused, of any kind, arising from the use of or reliance upon any information provided in this document, or in the presentation given.
**Forward-looking statements: This document may contain forward-looking statements, including but not limited to projections, estimates, forecasts, and opinions. These statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. BCCL and/or its affiliates do not undertake any obligation to update these statements in light of new information or future events. **