Featured Product

    PBC, NDRC, and CSRC Release Green Bond Endorsed Projects Catalogue

    April 27, 2021

    PBC, the National Development and Reform Commission (NDRC), and the China Securities Regulatory Commission (CSRC) jointly released the "Green Bond Endorsed Projects Catalogue (2021 Edition)." The release of the Catalogue will orient domestic green bonds toward the strategy of green and low-carbon development, better empower domestic green finance development, and boost international cooperation on green finance. The Catalogue will come into effect on July 01, 2021. PBC has also published questions and answers (Q&As) related to the Catalogue 2021.

    The Catalogue 2021 has achieved three breakthroughs.

    • It adopts more scientific and precise definitions on green projects. Carbon-intensive projects such as cleaner use of coal and other fossil fuels are no longer supported and the universally adopted principle of “Do No Significant Harm (DNSH)” is respected so that the constraint of carbon emission reduction is tightened further.
    • It improves the mode of bond issuance and management. The Catalogue unified the criteria for defining green projects among regulatory authorities of green bonds for the first time; effectively reduced the costs of green bond issuance, trading, and management; and elevated the pricing efficiency of the green bond market.
    • The Catalogue provides a stable framework and room for flexibility for domestic green bond development.

    Regarding the rationale of taxonomy in this Catalogue, the Level-II and Level-III Categories are aligned with those of the world’s mainstream taxonomy of green assets, which will help domestic and overseas entities better identify, inquire, and invest in green assets. The Level-IV Categories remain consistent with the Level-III Category of the 2019 Directive Catalogue for Green Industries, so that national key projects on the transition to green and low-carbon development are supported to access list-based financial services. With economic and social development and advancement of national strategy and international cooperation, the sub-levels for green agriculture, sustainable architecture, water conservation, and unconventional water resources may be included in the Level-II and Level-III Categories, to expand the coverage of green bonds. Looking forward, PBC, NDRC, and CSRC will guide and support eligible financial institutions and enterprises to issue green bonds in a bid to underpin eligible green projects. Meanwhile, regulatory authorities of green bonds will continuously step up communication and collaboration, improve relevant financial standards in fighting climate changes, continuously promote uniform fundamental institutions of the green bond market and the convergence of domestic and foreign green bond standards, and better contribute to the achievement of carbon-emission and carbon-neutrality goals.

     

    Effective Date: July 01, 2021

    Keywords: Asia Pacific, China, Banking, Securities, Green Bonds, Climate Change Risk, ESG, Sustainable Finance, CSRC, PBC

    Related Articles
    News

    BoE Seeks Information Before Migrating Statistical Reporting to BEEDS

    The Bank of England (BoE) published the Statistical Notice 2021/09 requiring additional information from firms and software vendors to assist in the onboarding and testing phases for migrating statistical reporting to the BEEDS portal.

    October 25, 2021 WebPage Regulatory News
    News

    CFRF Publishes Guides to Manage Financial Risks from Climate Change

    The working groups of the Climate Financial Risk Forum (CFRF) published a second round of guides (or Session 2 guides), written by the industry for the industry, to help financial firms manage climate-related financial risks.

    October 21, 2021 WebPage Regulatory News
    News

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    EC Sets Out Work Program for 2022

    The European Commission (EC) adopted the work program for 2022.

    October 19, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance for New Prudential Standard on Remuneration

    The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.

    October 18, 2021 WebPage Regulatory News
    News

    ESAs Report on Supervisory Independence of Competent Authorities

    The European Supervisory Authorities (ESAs) published individual reports on the supervisory independence of competent authorities in their respective sectors.

    October 18, 2021 WebPage Regulatory News
    News

    FED Updates FR Y-9C Form and Instructions, Proposes to Extend FR 2510

    The Board of Governors of the Federal Reserve System (FED) updated reporting form and instructions, along with the associated supplemental instructions, for the information collection on consolidated financial statements for holding companies (FR Y-9C).

    October 18, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7588