Group 1: Green Finance Directory Overview - The latest "Green Finance Directory" clarifies the types of projects included in green finance and relevant national economic sectors, marking a significant step towards a classification system that aligns with China's real economy characteristics[11] - Compared to the 2024 version, the new directory adds two secondary sectors: "Green Trade" and "Green Consumption," resulting in 41 new tertiary projects, while removing 16 projects primarily from the fossil energy sector[23] - The directory retains the framework of the 2024 "Green Low-Carbon Transition Industry Directory," while expanding its focus on green initiatives[3] Group 2: Carbon Emission Reduction and Project Classification - The directory introduces a "carbon reduction benefit" label, categorizing projects into those with direct carbon reduction benefits, those contributing to low-carbon empowerment, and unlabeled projects, providing essential guidance for financial institutions[4] - By matching green finance support projects with real economic activities, the directory enhances the practical utility and effectiveness of the classification system, aiding financial institutions and enterprises in tracking green finance[19] - The directory's implementation is set for October 1, 2025, and will apply to various green financial products, significantly broadening the supply of green financial tools[26] Group 3: Risks and Challenges - Potential risks include slower-than-expected economic recovery, which could impact corporate ESG investments and consumer focus on ESG values[29] - Delays in the implementation of ESG-related policies may hinder the growth of green financial products and reduce investor confidence[29] - Market sentiment and preference volatility pose risks, as shifts in investor focus could lead to funding withdrawals from ESG investments[29]