Comparing China’s Green Bond Endorsed Project Catalogue and the Green Industry Guiding Catalogue with the EU Sustainable Finance Taxonomy (Part 1)

This report by the Climate Bonds Initiative compares the EU Sustainable Finance Taxonomy with two Chinese frameworks: the NDRC Green Industry Guiding Catalogue and the PBC Green Bond Endorsed Project Catalogue. It details the EU Taxonomy's structure, its six environmental objectives, and its rigorous screening principles, while highlighting key differences in scope, carbon thresholds, and the treatment of fossil fuels compared to the Chinese catalogues.

• The EU Sustainable Finance Taxonomy is designed to reorient private capital toward sustainable activities to help the EU reach net-zero GHG emissions by 2050 and meet 2030 targets, including a minimum 40% cut in greenhouse gas emissions from 1990 levels, a 32% share for renewable energy, and a 32.5% improvement in energy efficiency.
• To be eligible under the EU Taxonomy, an economic activity must satisfy three conditions: it must make a "Substantial Contribution" to at least one of six environmental objectives, it must "Do No Significant Harm" (DNSH) to the other five objectives, and it must meet minimum Social Safeguards.
• The EU Taxonomy identifies six environmental objectives: climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, waste prevention and recycling, pollution prevention and control, and protection of healthy ecosystems.
• A major distinction between the EU Taxonomy and the Chinese catalogues (NDRC and PBC) is the use of specific carbon emission thresholds. The EU Taxonomy sets quantitative metrics for 67 activities—such as a life cycle emissions threshold of 100gCO2e/kWh for electricity generation—whereas the Chinese catalogues do not use carbon emission thresholds.
• The EU Taxonomy explicitly excludes fossil fuel activities without carbon capture, including coal-fired and natural gas-fired power, as they are deemed incompatible with long-term climate goals. In contrast, the PBC Project Catalogue includes "clean coal" and the NDRC Industry Catalogue includes co-fired power and natural gas-fired power without carbon capture.
• The three frameworks serve different primary users: the EU Taxonomy targets financial market participants (such as asset managers and insurance undertakings) and EU Member States; the NDRC Industry Catalogue guides policymakers; and the PBC Project Catalogue is designed for green bond issuers.

APA

Climate Bonds Initiative (2019). Comparing China’s Green Bond Endorsed Project Catalogue and the Green Industry Guiding Catalogue with the EU Sustainable Finance Taxonomy (Part 1). https://www.climatebonds.net/files/documents/publications/comparing_chinas_green_definitions_with_the_eu_sustainable_finance_taxonomy_part_1_en_final.pdf

Chicago

Climate Bonds Initiative. Comparing China’s Green Bond Endorsed Project Catalogue and the Green Industry Guiding Catalogue with the EU Sustainable Finance Taxonomy (Part 1). 2019. https://www.climatebonds.net/files/documents/publications/comparing_chinas_green_definitions_with_the_eu_sustainable_finance_taxonomy_part_1_en_final.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Comparing China’s Green Bond Endorsed Project Catalogue and the Green Industry Guiding Catalogue with the EU Sustainable Finance Taxonomy (Part 1) |date=September 2019 |url=https://www.climatebonds.net/files/documents/publications/comparing_chinas_green_definitions_with_the_eu_sustainable_finance_taxonomy_part_1_en_final.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019comparing, author = {{Climate Bonds Initiative}}, title = {{Comparing China’s Green Bond Endorsed Project Catalogue and the Green Industry Guiding Catalogue with the EU Sustainable Finance Taxonomy (Part 1)}}, institution = {Climate Bonds Initiative}, year = {2019}, month = sep, url = {https://www.climatebonds.net/files/documents/publications/comparing_chinas_green_definitions_with_the_eu_sustainable_finance_taxonomy_part_1_en_final.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }