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# Fudan-Griffith report tracks China's green finance progress in 2025, led by a unified taxonomy
- URL: https://www.theglobalbanker.com/fudan-griffith-report-tracks-china-s-green-finance-progress-in-2025-led-by-a-unified-taxon/
- Published: 2026-02-25T09:56:00.000Z
- Updated: 2026-09-29T10:19:29.000Z
- Description: An independent review by the Green Finance & Development Center and Griffith Asia Institute highlights a single green taxonomy, carbon-market expansion and a rebound in green bond issuance.
- Author: TGB Editorial Team
- Tags: ESG, Asia-Pacific, #archive

The Green Finance & Development Center (GFDC) at Fudan University and the Griffith Asia Institute published China Green Finance Status and Trends 2025–2026 on 24 February 2026, an independent review of the country's green finance developments during 2025\. The report, by Fang Yang, Jinze Li and Christoph Nedopil Wang, assesses progress against the five pillars set by the People's Bank of China (PBoC): green finance standards and taxonomy, regulation and disclosure, incentive mechanisms, product systems and international cooperation.

#### UNIFIED TAXONOMY

The authors identify the Green Finance Support Project Catalogue (2025 Version) as the main standardisation step of the year. Issued jointly by the PBoC, the banking and insurance regulator and the China Securities Regulatory Commission, and effective from 1 October 2025, it consolidates several parallel classification systems and widens coverage to nine domains from six sectors. A comprehensive statistical system for the Five Major Tasks, established in April 2025, set unified rules on statistical scope, indicators and definitions across regulators.

Other developments covered include the issue of Corporate Sustainability Disclosure Standard No. 1: Climate (Trial), stronger green insurance, and the expansion of the national emissions trading system to steel and other sectors, together with a commitment to move from intensity-based to absolute emission caps within the next five-year plan. Local transition finance rules were issued in Jiangsu, Guangzhou and Hebei.

#### LOANS UP, FUNDS DOWN

Outstanding green loans reached RMB 43.51 trillion (USD 6.2 trillion) at the end of the third quarter of 2025, equal to 16.09% of total lending. Green bond issuance rose 56.5% year on year to RMB 1.09 trillion in 2025, though it remained below its 2022 peak, while green equity fund issuance fell 72.76%.

Looking ahead, the report sets out seven trends for 2026 and beyond, including the rise of transition finance, tighter climate disclosure requirements, a shift by banks and insurers towards portfolio-level transition strategies, the growth of biodiversity and blue finance, wider use of digital tools and AI, and a larger role for China in setting international green finance standards and in South-South cooperation.