央行、证监会重磅发布！

Core Viewpoint - The issuance of the "Green Finance Support Project Directory (2025 Edition)" aims to enhance the liquidity of the green finance market, improve asset management efficiency, and reduce identification costs for various green financial products [1][2]. Group 1: Objectives and Framework - The directory is established to fully implement the spirit of the 20th National Congress of the Communist Party of China and subsequent meetings, emphasizing the importance of green finance in supporting economic and social development towards a sustainable and low-carbon transition [2][3]. - It serves as a unified standard applicable to all types of green financial products, although it does not apply to stock issuance and trading on the Shanghai, Shenzhen, and Beijing exchanges, as well as the New Third Board [1][2]. Group 2: Implementation and Policy Support - Relevant units are required to develop and implement supporting policies based on the directory, aligning with their specific green development goals and the construction of the green finance system [3][4]. - The directory will ensure continuity with historical standards for green loans and bonds, allowing for flexibility in applying either the historical standards or the new directory for projects that are in the approval process [3][4]. Group 3: Future Adjustments and Effective Date - The People's Bank of China, along with regulatory bodies, will adjust the directory as needed based on ecological civilization tasks, carbon neutrality goals, and the development of the domestic green finance market [4]. - The "Green Finance Support Project Directory (2025 Edition)" will take effect on October 1, 2025 [5].