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Prepared by Climate Bonds Initiative and sponsored by UK PACT

Global green

taxonomy

development,

alignment, and

implementation

Global green taxonomy development, alignment, and implementation Climate Bonds Initiative 2

Taxonomy in place

Taxonomy in dra

Mexico

European Union

Chile

Colombia

Brazil

Australia

Russia

China

Mongolia

India

Singapore

Thailand

Kazakhstan

New Zealand

South Africa

South Korea

Dominican Republic

Philippines

Vietnam

Japan

Indonesia

ASEAN

Malaysia

Sri Lanka

Canada

Global Green Taxonomy

Background

The Climate Bonds Initiative (Climate Bonds) is an investor-

focused, non-profit organisation whose main work includes

green bond standards and certification, green bond data and

market analysis, policy analysis and development. Climate

Bonds has supported green bond market development in

many countries and regions, including Europe, the US, China,

India, Brazil, and Mexico, in partnership with governments

and regulators, such as the United Nations Environment

Programme, the United Nations Development Programme,

the European Commission, multilateral development finance

institutions, the OECD and others. Climate Bonds is an invited

member of the Green Finance Committee of the Chinese

Society of Finance.

Contents

Background 2

1. Introduction 3

2. Audit of international taxonomy

development 4

3. Case study: Aligning the China and EU

taxonomies 6

4. Implementation

of green taxonomies 9

5. Conclusion and discussion 12

Acknowledgements: The authors thank the

support from Bolu Wang and Wenqin Lu.

Authors: Xiaoyun Xu, Wenhong Xie,

Manshu Deng

Taxonomy in development

Taxonomy in discussion

Global green taxonomy development, alignment, and implementation Climate Bonds Initiative 3

1. Introduction

1.1 The purpose and utility

of a taxonomy

The global green and sustainable finance market has seen

exponential growth in the past several years. Sustainability

themed financial products including bonds, funds, and ETFs

have become an important part of the investment landscape.

This has motivated the growth of detailed guidance, in the

form of taxonomies, around what constitutes a qualifying

investment to achieve desired environmental objectives and

maintain market integrity.

A sustainability and/or green taxonomy is a classification

system identifying activities, assets and revenue segments

that deliver on key sustainability goals based on the eligibility

conditions set out by the taxonomy. For example, the EU

taxonomy classifies a list of environmentally sustainable

economic activities with thresholds and metrics. China’s

green classification system identifies a list of assets and

projects that are eligible to be financed using green bonds, as

these assets and projects make a substantial contribution to

improvements of environmental issues, climate change and

resource eiciency.1

The sustainability/green taxonomies add clarity and guidance

to market participants by helping investors and companies

identify green activities and make informed decisions on

sustainable economic activities. A green taxonomy helps

regulators and investors reduce the risks of greenwashing, and

thus improve the integrity and reduce transaction costs in the

sustainable finance market.

1.2 Alignment of leading global

green definitions

In 2012, the Climate Bonds Initiative (Climate Bonds)

introduced voluntary guidelines for the market in the form of a

taxonomy and related certification scheme. Subsequently, as

the sustainable finance market expanded, a growing number

of jurisdictions around the globe started to recognise the

importance of its approach and develop their classification

schemes of sustainable economic activities to scale up green

and sustainability-related financing.

As green taxonomies are designed by each jurisdiction, there

are concerns about market fragmentation. The inconsistency

in green definitions can confuse businesses and investors

when conducting cross-border activities. Thus, harmonising

eligible assets and metrics across jurisdictions has become an

important aspect of current taxonomy development.

National and international organisations have made eorts to

align various taxonomies to reduce market fragmentation and

facilitate the cross-border flow of green capital. The European

Commission launched a research project on green finance-

related standards in 2016 and approved the first Delegated Act

on the EU taxonomy in 2021. Countries including Mexico, the

United Kingdom, Georgia, South Africa, and Bangladesh view

the EU taxonomy as a benchmark and intend to adopt certain

criteria and metrics.2 Many taxonomies in dra also embrace

the EU taxonomy’s concepts of transition activities which focus

on low-carbon transitions of the high-impact industries.

Recently, China has made further eorts to advanceits green

finance agenda. In April 2021, the People’s Bank of China

(PBOC), together with the National Development and Reform

Commission (NDRC) and the China Securities Regulatory

Commission (CSRC) jointly released the Green Bond Endorsed

Projects Catalogue (2021 Edition) representing another major

development in unifying its domestic green definitions. Widely

considered the leading green taxonomy for China, the 2021

Edition Catalogue also adopts the do no significant harm

(DNSH) principle, aligning with international standards.

There are multiple taxonomies currently in place or under

development and this report summarises development

trends and the implications for the sustainable finance

market. This report also includes a comparison of the EU and

China taxonomies, briefly introducing their design features,

guiding principles, and technical screening criteria for market

participants to understand the steps in taxonomy development.

Finally, this report discusses the usability of green taxonomies

and implementation options for market participants.

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PreparedbyClimateBondsInitiativeandsponsoredbyUKPACTGlobalgreentaxonomydevelopment,alignment,andimplementationGlobalgreentaxonomydevelopment,alignment,andimplementationClimateBondsInitiative2TaxonomyinplaceTaxonomyindraftMexicoUKEuropeanUnionChileColombiaBrazilAustraliaRussiaChinaMongoliaIndiaSingaporeThailandKazakhstanNewZealandSouthAfricaSouthKoreaDominicanRepublicPhilippinesVietnamJapanIndonesiaASEANMalaysiaSriLankaCanadaGlobalGreenTaxonomy©ClimateBondsInitiative2022BackgroundTheClimateBondsInitiative(ClimateBonds)isaninvestor-focused,non-profitorganisationwhosemainworkincludesgreenbondstandardsandcertification,greenbonddataandmarketanalysis,policyanalysisanddevelopment.ClimateBondshassupportedgreenbondmarketdevelopmentinmanycountriesandregions,includingEurope,theUS,China,India,Brazil,andMexico,inpartnershipwithgovernmentsandregulators,suchastheUnitedNationsEnvironmentProgramme,theUnitedNationsDevelopmentProgramme,theEuropeanCommission,multilateraldevelopmentfinanceinstitutions,theOECDandothers.ClimateBondsisaninvitedmemberoftheGreenFinanceCommitteeoftheChineseSocietyofFinance.ContentsBackground21.Introduction32.Auditofinternationaltaxonomydevelopment43.Casestudy:AligningtheChinaandEUtaxonomies64.Implementationofgreentaxonomies95.Conclusionanddiscussion12Acknowledgements:TheauthorsthankthesupportfromBoluWangandWenqinLu.Authors:XiaoyunXu,WenhongXie,ManshuDengTaxonomyindevelopmentTaxonomyindiscussionGlobalgreentaxonomydevelopment,alignment,andimplementationClimateBondsInitiative31.Introduction1.1ThepurposeandutilityofataxonomyTheglobalgreenandsustainablefinancemarkethasseenexponentialgrowthinthepastseveralyears.Sustainabilitythemedfinancialproductsincludingbonds,funds,andETFshavebecomeanimportantpartoftheinvestmentlandscape.Thishasmotivatedthegrowthofdetailedguidance,intheformoftaxonomies,aroundwhatconstitutesaqualifyinginvestmenttoachievedesiredenvironmentalobjectivesandmaintainmarketintegrity.Asustainabilityand/orgreentaxonomyisaclassificationsystemidentifyingactivities,assetsandrevenuesegmentsthatdeliveronkeysustainabilitygoalsbasedontheeligibilityconditionssetoutbythetaxonomy.Forexample,theEUtaxonomyclassifiesalistofenvironmentallysustainableeconomicactivitieswiththresholdsandmetrics.China’sgreenclassificationsystemidentifiesalistofassetsandprojectsthatareeligibletobefinancedusinggreenbonds,astheseassetsandprojectsmakeasubstantialcontributiontoimprovementsofenvironmentalissues,climatechangeandresourceefficiency.1Thesustainability/greentaxonomiesaddclarityandguidancetomarketparticipantsbyhelpinginvestorsandcompaniesidentifygreenactivitiesandmakeinformeddecisionsonsustainableeconomicactivities.Agreentaxonomyhelpsregulatorsandinvestorsreducetherisksofgreenwashing,andthusimprovetheintegrityandreducetransactioncostsinthesustainablefinancemarket.1.2AlignmentofleadingglobalgreendefinitionsIn2012,theClimateBondsInitiative(ClimateBonds)introducedvoluntaryguidelinesforthemarketintheformofataxonomyandrelatedcertificationscheme.Subsequently,asthesustainablefinancemarketexpanded,agrowingnumberofjurisdictionsaroundtheglobestartedtorecognisetheimportanceofitsapproachanddeveloptheirclassificationschemesofsustainableeconomicactivitiestoscaleupgreenandsustainability-relatedfinancing.Asgreentaxonomiesaredesignedbyeachjurisdiction,thereareconcernsaboutmarketfragmentation.Theinconsistencyingreendefinitionscanconfusebusinessesandinvestorswhenconductingcross-borderactivities.Thus,harmonisingeligibleassetsandmetricsacrossjurisdictionshasbecomeanimportantaspectofcurrenttaxonomydevelopment.Nationalandinternationalorganisationshavemadeeffortstoalignvarioustaxonomiestoreducemarketfragmentationandfacilitatethecross-borderflowofgreencapital.TheEuropeanCommissionlaunchedaresearchprojectongreenfinance-relatedstandardsin2016andapprovedthefirstDelegatedActontheEUtaxonomyin2021.CountriesincludingMexico,theUnitedKingdom,Georgia,SouthAfrica,andBangladeshviewtheEUtaxonomyasabenchmarkandintendtoadoptcertaincriteriaandmetrics.2ManytaxonomiesindraftalsoembracetheEUtaxonomy’sconceptsoftransitionactivitieswhichfocusonlow-carbontransitionsofthehigh-impactindustries.Recently,Chinahasmadefurthereffortstoadvanceitsgreenfinanceagenda.InApril2021,thePeople’sBankofChina(PBOC),togetherwiththeNationalDevelopmentandReformCommission(NDRC)andtheChinaSecuritiesRegulatoryCommission(CSRC)jointlyreleasedtheGreenBondEndorsedProjectsCatalogue(2021Edition)representinganothermajordevelopmentinunifyingitsdomesticgreendefinitions.WidelyconsideredtheleadinggreentaxonomyforChina,the2021EditionCataloguealsoadoptsthedonosignificantharm(DNSH)principle,aligningwithinternationalstandards.Therearemultipletaxonomiescurrentlyinplaceorunderdevelopmentandthisreportsummarisesdevelopmenttrendsandtheimplicationsforthesustainablefinancemarket.ThisreportalsoincludesacomparisonoftheEUandChinataxonomies,brieflyintroducingtheirdesignfeatures,guidingprinciples,andtechnicalscreeningcriteriaformarketparticipantstounderstandthestepsintaxonomydevelopment.Finally,thisreportdiscussestheusabilityofgreentaxonomiesandimplementationoptionsformarketparticipants.Globalgreentaxonomydevelopment,alignment,andimplementationClimateBondsInitiative42.1TaxonomydevelopmentmilestonesScalingupsustainablefinancethroughataxonomy-basedapproachhasgainedwidespreadmomentum.InjurisdictionsincludingChina,theEU,Japan,Malaysia,Mongolia,Russia,greentaxonomyregulationsorguidancearealreadyinplace.Otherjurisdictionsarecurrentlydevelopingorconsideringgreentaxonomies,suchasSouthAfrica,SouthKorea,ASEAN,Bangladesh,Canada,Chile,Colombia,DominicanRepublic,India,Indonesia,Kazakhstan,NewZealand,Philippines,Singapore,Thailand,theUnitedKingdom,Vietnam,Mexico,andSriLanka.3InNovember2021,theInternationalPlatformonSustainableFinance(IPSF)publisheditsfirstEU-ChinaCommonGroundTaxonomy(CGT)InstructionReport,settingthestageforcloseralignmentofgreendefinitionsbetweentheworld’stwolargesteconomies,bothleadersinsustainablefinance.2.2TaxonomydevelopmentapproachesWhiletheprinciplesandmethodologiesofnationaltaxonomiesdiffer,accordingtoaUNDESAandIPSFinputpapersubmittedtotheG20SustainableFinanceWorkingGroupin2021,theleadingtaxonomiesgenerallyfollowthreeapproacheslistedbelow.4Therecouldbeoverlapintheseapproaches,andthethreemethodologiescanbeusedindependentlyorincombination.Forexample,ataxonomybasedonatechnicalscreencriteria-basedapproachcouldincludeawhite-listforsomeactivitiesorcouldcontainguidingprinciples.1.Whitelist-basedThisapproachfocusesonidentifyingeligibleprojectsoreconomicactivitiesundereachsectororsub-sector.Insteadoffollowingatechnology-neutralapproach,thistypeofclassificationliststechnologiesthatareconsideredgreenorsustainableandprovidesdetaileddescriptionsofeligibility.Thewhitelist-basedtaxonomiesdonotalwaysstartbyscreeningwholeeconomicactivitiesbutseektoidentifyactivitiesthatarealreadygreenorcontaingreencomponentswhichcouldbringmorepositiveimpactstotheenvironment.Whilethewhitelist-basedapproachexcelsinitssimplicity,itmayrequireadditionaljudgementcallsfromexternalreviewstoensurerigour.Thewhitelistapproachcouldcontaintechnicalscreeningstandardsforcertainactivitiesandprojectstodefineeligibility.ThisapproachwasappliedtothetaxonomiesdevelopedbyChina,Mongolia,andRussia.Table1.Milestonesforglobaltaxonomydevelopmentoverthepasttwoyears.MongoliaNationalGreenTaxonomyDecember2019EUTaxonomyFinalReportbyTechnicalExpertGroup(TEG)March2020Malaysia(BankNegara)ClimateChangeandPrinciple-basedTaxonomyApril2021ChinaGreenBondEndorsedProjectCatalogue(2021Edition).April2021JapanBasicGuidelinesonClimateTransitionFinance(thoughnotyetadetailedtaxonomy)May2021RussiaNationalgreentaxonomyadoptedNovember20212.Technicalscreeningcriteria(TSC)basedAcriticalcomponentofagreentaxonomy,theTSCinformsthresholdsandscreeningcriteriaforeconomicactivitiesandtheircompliancewiththespecificobjectives.TheTSCdeterminewhethereconomicactivitiesaremakingasubstantialcontributiontoenvironmentalandDNSHtootherenvironmentalobjectives.Withinsectors,theTSCapproachisintendedtobetechnology-neutralinscreeningtheeligibleprojectsandassetsforinclusionandthereforedoesnotpre-determineanyspecifictechnologyorsub-sectoractivities.However,theoperationalisationoftheTSCwouldnecessitatetheavailabilityoftherequireddata.TheEU,SouthAfrica,andKoreantaxonomiesusethetechnicalscreeningcriteriaapproach,whiletheChileanandColombiantaxonomies,currentlyunderdevelopment,willlikelyalsofollowthismethodology.3.Principle-basedThisapproachdefinesasetofcoreprinciplesformarketparticipants.ThisapproachisexemplifiedbytaxonomiesdevelopedbyMalaysiaandJapanandissimilartotheGreenBondPrinciplespublishedbyInternationalCapitalMarketAssociation(ICMA).BankNegaraMalaysiausesaprinciples-basedtaxonomyforclimatechangemitigationandadaptation.Itcontainscoreguidingprinciplestoassesswhicheconomicactivitiescanbefundedandincludesanon-exhaustivelistofexamples.2.AuditofinternationaltaxonomydevelopmentGlobalgreentaxonomydevelopment,alignment,andimplementationClimateBondsInitiative52.3ImplicationsforthesustainablefinancemarketThegrowingacceptanceoftaxonomy-basedregulationsinvariousjurisdictionswillcontributetolegitimatemarketdevelopment.Greentaxonomiesenableinvestorstoconfidentlysourceprojects,assets,orexpendituresthatcomplywithregulations,andmakebetter-informedinvestmentdecisionswhileminimisingtheriskofgreenwashing.Alongsidethetaxonomydevelopmentaroundtheworld,clearerdefinitionsforsustainablefinanceproducts,includinggreenbonds,greenloans,greenassetbackedsecurities(ABS),andgreenindices,couldhelpchanneltherequiredcapitaltofacilitatethelow-carbontransitionandresultantsustainabledevelopment.Differentapproaches,granularity,andtechnicalscreeningcriteriaintaxonomiesimpacttheirpracticalapplicationintermsofdatacollection,productdesign,andverificationprocesses.Iftaxonomiescontaindetailedscreeningcriteriaanddisclosurerequirements,investorscanmonitortheprogressofsustainableinvestmentandmeasureimpactswithintherespectivesectors.Forexample,theEUtaxonomyrequireslargecompaniestodisclosetheproportionofturnoverandrelevantCAPEXandOPEXalignedwiththetaxonomy.Itrequiresinvestorstodisclosetheproportionofunderlyinginvestmentsthataretaxonomyaligned.5Throughconsistentreporting,investorscouldmeasurethedegreeofsustainabilitywithinaninvestmentoracompany’sactivities.However,thecomplexityofscreeningcriteriaanddisclosurealsobringsmanychallengestothedatacollectionandverificationprocessesforsustainablemarketparticipants.ThePRI’sreportonEUtaxonomyimplementationdetailssomeofthechallengesandrecommendationsthatagroupofinvestorinstitutionshighlightedbasedontheirexperiences.Thedatarequiredtoapplythetaxonomymaynotbewidelydisclosedbycompanies.Forexample,relevantexpendituredataonclimatechangeadaptationisgenerallylackingandthequalitativenatureofDNSHcriteriamakesitparticularlychallengingtoassess.6Further,taxonomiesaredynamictoolsthatwillevolvewithscientificadvancement,regulationupdates,technologydevelopment,andmarketneeds.Therefore,marketparticipantsprovidingfeedbackontheirexperienceofusingtaxonomieswillenableimprovementsandencouragebroaderacceptance.2.4OutlookandfuturestepsWhilethereareconcernsaboutmarketfragmentation,mosttaxonomyeffortsgenerallyfollowacommonsetofprinciples:science-based,dynamic,andanacknowledgmentofalignmentwithothertaxonomies.TheIPSFwaslaunchedinOctober2019toidentifybarriersandopportunitiesandenhancecoordinationacrosspublicauthoritiesforsustainablefinance.ThroughtheIPSF,ChinaandtheEU,supportedbyotherjurisdictions,areleadingworkonaCGT.TheCGTisintendedasacommontaxonomythatcouldhelpimprovethecompatibilityandinteroperabilityofexistingtaxonomiesandprovideareferenceforotherjurisdictionstodeveloptheirowntaxonomies.IPSFpublisheditsfirstguidingreportontheCGTinNovember2021.MarketparticipantscanissueandtradegreenfinancialproductsintheinternationalmarketusingtheCGTvoluntarily.Thisisacrucialstepforwardandcould,forexample,facilitateChina-EUcrossbordergreeninvestment,simplifyingtheduediligenceprocessandreducingthecostofgreencertification.TheCGTworkwillexpandovertimeandotherjurisdictionswillbeincludedtoincreaseglobalcomparabilityandinteroperability.Globalgreentaxonomydevelopment,alignment,andimplementationClimateBondsInitiative6Asgreentaxonomypioneers,theEUandChinahaveigniteddiscussionsaroundtheworldongreenfinancedefinitionsandencouragedpolicymakersandregulatorsfromotherjurisdictionstoacceleratetheestablishmentoftheirownsustainablefinanceregulatoryregimes.ThissectionprovidesacomparisonoftheEUandChinataxonomies.3.1EvolutionoftheEUandChinagreentaxonomiesTheEUMarch2020TheEuropeanCommission(EC)establishedTechnicalExpertGroup(TEG)officiallyreleaseditsFinalReportontheEUtaxonomy,whichincludedtheTechnicalAnnex:Updatedmethodology&UpdatedTechnicalScreeningCriteria(alsoknownastheEUtaxonomy),andtheUsabilityGuide:EUGreenBondStandard.April2021TheECapprovedthefirstDelegatedActonsustainableactivitiesforclimatechangeadaptationandmitigationobjectives.July2021TheECadoptedtheDelegatedActsupplementingArticle8oftheTaxonmyRegulation.Thisdelegatedactspecifiedthecontent,methodology,andpresentationofinformationdisclosurerequirementsbyfinancialandnon-financialundertakings.TheEUtaxonomyisanimportantbenchmarktopromotethelow-carbontransitionoftheEUeconomy.Itincreasesentity,andissuerawarenessofthemagnitudeoftherequiredeconomictransitionandassistsinvestorstoidentifygreeninvestmentopportunities.ChinaThegreenreformofChina’sfinancialsystemisco-supervisedbymultiplegovernmentministries,includingthePeople’sBankofChina(PBOC),ChinaBankingandInsuranceRegulatoryCommission(CBIRC),andNationalDevelopmentandReformCommission(NDRC)fromdifferentperspectivesandcoordinatedatdifferentpaces.2012TheCBIRCintroducedagreencreditstatisticalform.Thisenabledittomonitortheenvironmentalandsocialrisksofbankloansbygatheringdataonloansrelatedtoenvironmentalprotectionandcirculareconomyactivities.2015Toscaleupandpopulategreenfinanceproducts,thePBOCpublishedthefirstversionoftheGreenBondEndorsedProjectsCatalogue(2015)alongwithitsgreenfinancialbondissuancemanagementregulation.2019TheNDRCpublishedtheGreenIndustryGuidingCatalogue(2019)(IndustryCatalogue),toclarifythemagnitudeofgreenindustrialactionsrequiredthroughouttheentireeconomy.TheIndustryCatalogueanditsassociatedtechnicalcriteriadocumentcanhelppolicymakerstoformulateinvestment,pricing,budget,andtaxationpoliciestodrivethedevelopmentofgreenandsustainableindustry.2020ThePBOCbuiltagreenstatisticssystembasedontheNDRCIndustryCataloguetocollectdataongreenloansfrom24majorChinesebanks.TheCBIRC’sgreencreditstatisticalformwasupdatedanddiffersfromtheindustrycatalogue.21April2021ThePBOC,togetherwithNDRCandCSRC,jointlyreleasedtheamendedversionoftheGreenBondEndorsedProjectsCatalogue(2021Edition)tocoordinategreendefinitionsamongthefinancialregulators.7ThisrepresentsanothermajordevelopmentinChina’sefforttounifyitsdomesticgreendefinitions.Theconsolidationofthemultiplepre-existinggreenbondcataloguesmeansthatinfuture,theidentificationofthegreenattributesofallbondswillbebasedonthecriteriaoftheupdatedanddomesticallyharmonisedcatalogue,regardlessoftheirtypeorthemarketinwhichtheyareissued.TheGreenBondEndorsedProjectCatalogue(2021Edition)representsthemostup-to-date,unified,andcleargreendefinitionsattheactivityandprojectlevelinChina.3.2ThedifferentapproachesTheEUtaxonomysetssixenvironmentalobjectives,whiletheChinataxonomycontainsthreeenvironmentalobjectives,andtheyoverlapinsomeareas.Thedifferencesarearesultofdivergentprioritiesandexpressionratherthaninintentorobjective.Chinaistacklingbroaderenvironmentalpollutionchallenges,whereastheEUdevelopeditstaxonomyinastagedmannerandinitiallyfocusedonclimatechangeadaptationandmitigation.ThetechnicalcriteriaoftheEUtaxonomyarepresentedasalistofeconomicactivitiestowhichasetofcriteriaareprovidedtodeterminewhethertheactivityisalignedwiththeEU’ssixenvironmentalobjectives.Thetechnicalscreeningcriteriafor67economicactivitiesintheTEGtaxonomyarebasedonthetwoguidingprinciplesofsubstantialcontributionandDNSH.Aspertheregulation,tobeeligible,economicactivitymustmakeasubstantialcontributiontoatleastoneormoreofthesixenvironmentalobjectives,whilstalsoensuringthatitwillDNSHtotheotherfive,complywiththerelevanttechnicalscreeningcriteriatodefinetheactivity,andmeettherequirementsoftheminimumSocialSafeguards8.3.Casestudy:AligningtheChinaandEUtaxonomiesTable2.TheoverlapbetweenthegreentaxonomyobjectivessummaryEUtaxonomyobjectives11Chinataxonomyobjectives12ClimatechangemitigationClimatechangeresponseClimatechangeadaptationThesustainableuseandprotectionofwaterandmarineresourcesEnvironmentalimprovement(pollutioncontrolandecologicalconservation)TheprotectionandrestorationofbiodiversityandecosystemsThetransitiontoacirculareconomyMoreefficientresourceutilization(circulareconomy,wasterecyclingandpollutionprevention)PollutionpreventionandcontrolSource:IPSFCommonGroundTaxonomyinstructionreportGlobalgreentaxonomydevelopment,alignment,andimplementationClimateBondsInitiative7ThebasicprincipleforprojectscreeninginChina’sgreentaxonomy(2021Edition)istoassesswhethertheprojectbringsenvironmentalbenefitsbya)makingsubstantivecontributionstoenvironmentalimprovement,b)respondingtochallengesofclimatechange,c)achievingresourceconservationandefficientutilisation.UndereachofChina’smainobjectivesareseveralsub-objectives.Thefirst-leveldirectoryechoesthethreeenvironmentalgoalswithenergyconservation,pollutionprevention,resourceconservationandrecycling,eco-transportation,cleanenergy,ecologicalprotection,andclimatechangeadaptation.Energyconservationandcleanenergyareclassifiedasclimatechangemitigation.Resourceconservationandrecycling,andcleantransportationareintendedtocontributetoclimatechangemitigationoradaptation.ChinagenerallytreatsDNSHandminimumsafeguardsbyreferencingrelevantdomesticenvironmentalandsocialpoliciesandstandards.Thefocusofthoserequirements,whichincludetheSanitaryStandardsfortheDesignofIndustrialEnterprises,andtheRegulationsonLabourSecurityInspection,ismoreonEnvironmental,HealthandSafety(EHS).DifferencesThespecificdevelopmentissues,ecologicalchallenges,andpolicypreferencesofthetwoeconomiesarenotidentical.Asaresulttheirprioritiesdiverge.China’sgreentaxonomywasdesignedbyindustryregulatorsthatsetecologicalcompliancerequirementsandgreentransitiontargetsforvariousindustrysectors,whiletheEUtaxonomyismoreinclusive.Table3.SomespecificdifferencesChinaEUClimatechangefocusUnderChina’s2030carbonpeakingand2060carbonneutralitypolicies,climatechangeisco-managedwithpollutioncontrolmeasures.ThisisreflectedinthetaxonomyTheEUtaxonomyhasinitiallyprovidedcriteriaforclimatechange(viamitigationandadaptation)andwillgraduallyreleasedetailsfortheremainingfourenvironmentalobjectives.DNSHLimiteddescriptionsorguidanceoftheimpactsofoneeconomicactivityonotherenvironmentalobjectives,thoughithasadoptedtheinternationalprincipleofDNSH.Thismaygiverisetoconcernsaboutwhetheraprojectcanberecognisedasagreenonewhenitinvolvesseveralconflictingenvironmentalobjectives.ClearlysetsoutDNSHcriteriawhichexcludeanyactivitycausingharmtoanyoftheotherfiveenvironmentalobjectives.Categorisa-tionofalleconomicactivitiesDoesnotelaborateonhoweacheconomicactivity/projectcontributestotheoutcomesofclimatechangemitigationandadaptation,northeevaluationandapprovalprocessesDescribequantitativelyorqualitativelyintheformofcriteriaandthresholds.3.3EligibleactivitiesTheTEGrecommendationsfortheEUtaxonomyidentifycategoriesofeconomicactivities.TheChinagreentaxonomy(2021Edition)includessixcategories.Furtherelaborationonthedefinitionofgreenattributesismadeavailableinthesecond,third,andfourthleveldirectory.China’sgreentaxonomyandtheEUtaxonomyoverlapinmanyeconomicactivities.Forexample,electricity,gas,steam,andair-conditioning,describedintheTEGTechnicalAnnexisaccompaniedbyalistofover20sub-categoriesinthesecondarydirectory,suchassolarphotovoltaic(photothermal)powergeneration,windpowergeneration,andmarineenergygenerationetc.Manyofthesesub-categories,suchassolarphotovoltaicpowergeneration,canalsobefoundunderthecleanenergyindustryintheChinagreentaxonomywhileotherssuchasregionalheating/coolingsupplydistributionareincludedunderthegreenupgradeofinfrastructureintheChinagreentaxonomy.Thetableonpagexprovidesanoverviewofthesectoroverlap.DifferencesincoverageDuetothedifferencesdescribedabove,ChinaandtheEUapproachthesupportofgreeneconomicactivitiesdifferently.Forexample,duetothedifferentstagesofagriculturaldevelopment,theEU’sTechnicalAnnexidentifiesareassuchascarbonemissionreduction,carbonfixation,andmethaneemissionreductionwhileChina’sgreentaxonomypinpointsagriculturalecologicalprotectionandagriculturalnon-pointsourcepollutioncontrol.ThismaybebecauseagriculturalenvironmentalproblemsarenotassevereintheEUandthereforenotascentraltotheEU’sgreeneconomicactivities.Themostnotabledifferencemayhaveresultedfromthedivergentindustrialpoliciesofthetwoeconomies.China’sgreentaxonomyhasprioritisedsupportforstrategicemergingindustries.Forexample,theEUtaxonomyrecommendseligiblegreenindustryprojectsrelatingtovehiclesusinganemissionintensitymetric(50gCO2tailpipeemissionsupto2026,0gthereafter).Thesevehiclesincludebiofuel-poweredvehicles,railwaytrains,lightrail,andmetrolines.Meanwhile,inChina’sgreentaxonomy,onlyprojectsrelatedtonewenergyvehiclessuchasZEVs,andbatteriesareincluded.Also,theEUtaxonomyincludesalllow-lossgridprojects,whiletheChinesegreentaxonomyonlyincludessmartgrid-relatedprojects.Inaddition,theChinataxonomyidentifiesawiderandmoredetailedscopesuchasgreenservices,greenequipmentmanufacturingprojects,andrelatedprojectsongreenupgradingofindustrialparks,etc.Relevantcontentisalsoaddedforajusttransitionmechanism,supportingregionsandindustriesaffectedbythetransitiontoalow-carboneconomy.AlloftheseprovidevaluablereferencesfortheformulationandimprovementoftheEUtaxonomy,especiallytheprojectsandactivitiesthathavemadesubstantialcontributionstopollutionprevention,biodiversityprotection,resourceconservationandefficientlanduse.Globalgreentaxonomydevelopment,alignment,andimplementationClimateBondsInitiative83.4ImpactonglobalgreenstandardsandfinancialmarketsThecurrentiterationoftheCGTcombinesthemeritsofbothEUandChinataxonomiesandcoversmitigationactivitiesacrosssixmajorindustrialsectionsincludingforestry,manufacturing,energy,construction,transportation,andwastemanagement,plustwoinnovativeactivitiesrequiringmultidisciplinarytechnicalpractices,suchasundergroundpermanentgeologicalstorageofcarbondioxide,andhydrogenstorage.TheCGTisamajorinitiativebytheIPSFtoaddressmarketfragmentation.ByhighlightingmajorareasofcommonalitybetweentheEUandChinataxonomies,theCGTenhancestheinteroperabilityandcompatibilityofthetaxonomiesusedintwolargegreenfinancemarkets.Itcouldalsoserveasavoluntaryreferenceformarketparticipantsandotherinterestedparties,andananalyticaltoolandreferenceforotherjurisdictionsthataredevelopingtheirtaxonomies.TheCGTcouldalsocontributetoreducedverificationcostsandfacilitatecross-bordergreencapitalflows.Thereisnow,anincreasingappetitearoundtheworldtogobeyondhigh-levelcategoriesinlinewiththeambitionexpressedthroughtheEUandChinataxonomies.SeveralcountriesareintheprocessofdevelopingtheirtaxonomiesincludingSouthAfrica,CanadaChile,Colombia,Singapore,andSriLanka.9,10EarlyconversationsindicatethatthesecouldbebasedontheCGTwithadditionsandamendmentstoaccountforlocalcontextandeconomicpriorities,describedbytheHongKongfinancialmarketastheCommonPlusapproach.Globalgreentaxonomydevelopment,alignment,andimplementationClimateBondsInitiative94.ImplementationofgreentaxonomiesTaxonomiescanworkasafoundationaltoolthatunderpinsbroadergreenfinancialareas.Taxonomiesarepartofthesolutiontoaddressinformationasymmetryatprojectandentitylevelsandcanencouragecleardisclosureandcommunication.Asaresult,investordemandcanbetranslatedintoasupplyofcrediblegreenandtransitionassetsandexpendituressuitableforthematicfinanceproducts.Whenaccompaniedbysupportivepoliciesandguidelines,taxonomiescancatalysegreenfinancialflowatamuchlargerscale.Thissectionexplorescurrentandprospectiveimplementationforregulators,corporations,andfinancialintermediaries,andtheroletaxonomiesplayinfurtherenhancingmarketintegrity.TaxonomyapplicationforfinancialmarketauthoritiesInbothEuropeanandChinesemodels,thetaxonomyisnotastand-alonetool.Itispartofanecosystemofstandardsandcleardisclosureguidelinesallofwhichenhancetransparencyandcomparabilitycontributingtobroaderadoptionandproductinnovation.TheestablishmentofaclearanddetailedEUtaxonomyisnumberoneonalistoftenactionslaidoutintheEuropeanCommission’sActionPlanonFinancingSustainableGrowth.Thetaxonomyisthefoundationforotherendeavoursinthepackage,mostnotablydevelopingtheEUGreenBondStandardandguidancetoimprovedisclosureofclimate-relatedinformationbycompaniesandfinancialmarketparticipants.Incombination,theseactionscreatebusinessopportunitiesforentities,investors,andfinancialintermediariestonavigatethetransition.Theseactionsfacilitatethecollectionofstandardiseddataandinformationtosupportbusinessandinvestmentdecisions.Forexample,theEuropeanCommissionhasmadeitmandatoryforlargecompaniesthatfallunderthescopeoftheNon-FinancialReportingDirective(NFRD)toreportsharesofrevenue,capital,andoperationalexpendituresfromtaxonomy-alignedactivities.Similarly,financialmarketparticipants(suchasinvestmentfirms,assetmanagers,insurers,andcreditinstitutions)mustdisclosewhatproportionoftheiractivitiesqualifyastaxonomyaligned.Itisalsolikelythatsmallandmediumenterprises(SMEs)willberequiredtoreportthesemeasurementsasinvestorsandend-producerspassthroughtheirreportingrequirements.Asthisinformationbecomespervasive,creatingmoreconsistencyandhighercomparabilityacrosssectorsandmarkets,financialmarketparticipantswillbeabletoscreenthemarketanddesignnewproducts,suchastaxonomy-relatedthematicfunds,thatfocusonfundingtaxonomy-alignedactivities,bridginginvestorswhowanttosupportpositiveenvironmentalimpactandentitiesthatdifferentiatethemselvesthroughacceptedstandards.Chinahasalsorecognisedtheimportanceofhavingatangibledefinitionofgreenactivitiesasafoundationofitsgreenfinancialsystem.FivepillarsareshapingChina’scurrentgreenfinancialsystem1.Greenfinancialstandardsanddisclosurerequirements2.Financialinstitutionsupervision3.Incentiveandrestraintmechanisms4.Greenfinancialproductandmarketsystems5.InternationalcooperationWithaseriesofaccompanyingpolicies,thegreentaxonomyislikelytobewidelyadoptedasareferencetoolasfinancialpartiesboosttheirgreenassetholdingsandexploregreenfinancing-relatedinnovations.ThedevelopmentoftheCGTisinstrumentalinsupportingmutualunderstandingoftaxonomiesbetweenChinaandtheEU,leadingtotheadoptionofataxonomyoncross-bordergreencapitalflow.ChinaConstructionBank(CCB)issuedthefirstgreenbondundertheCGTinJanuary2022.ThishassetaprecedentforincorporatingtheCGTtosupportrobustgreenlabellingaccordingtointernationallyrecognisedstandards.TaxonomyapplicationforfinancialintermediariesandinvestorsUndergreenfinancialregulationswheretaxonomydefinesacommonlanguage,financialinstitutionsandinvestorscanleveragetheclassificationsystemforproductandservicedevelopment,riskmanagement,andmarketingandbranding.ProductdevelopmentTheEUTaxonomyRegulationappliestoallequityanddebtinstrumentsintheregion.Thispushesmorefinancialinstitutionstodisclosetheextenttowhichfinancialproducts,includingequityfunds,ETFs,bondfunds,andindexfunds,alignwiththeEUtaxonomy.Thesameappliestolargecorporations.Asmoredatabecomesavailableattheentityandfundlevels,financialinstitutionsmaybeabletodesignEUtaxonomytheme-relatedproductssuchasbondorequityfunds,orfundoffunds.TaxonomieshavebeenwidelyusedinbondissuanceinChinaandapplyingtheCatalogueismandatoryforChinesedomesticgreenbondissuers.Theonshoregreenbondmarket,whichbeganin2016,hadreachedUSD36.3bnby2020.13Typesofissuersalsoproliferated,rangingfromgovernment-bankedentities,financialcorporates,non-financialcorporates,localgovernments,andpolicybanks.Overthepastseveralyears,thelocaldefinitionsofgreenhavebeenabsorbedintothevernacularofbondinvestorsandissuers.Greenbondindiceshavealsobeendeveloped,providinginvestorswithinformationontheshapeandsizeofthemarket,performancemeasurementtools,andtargets.Suchindiceshavelogicallyfacilitatedindex-basedfinancialproducts.Globalgreentaxonomydevelopment,alignment,andimplementationClimateBondsInitiative10Table4.TaxonomiesserveasakeypartofsustainablefinancingpoliciesinboththeEUandChina.EUtaxonomyChina’sgreentaxonomyOverarchingpolicyframework-EuropeanGreenDeal:transformingEUintoamodern,resource-efficient,andcompetitiveeconomy(nonetemissionsofGHGby2050,economicgrowthdecoupledfromresourceuse,andnopersonandnoplaceleftbehind,presentedinDecember2019)-ActionPlanonSustainableFinance,adoptedbytheEuropeanCommissioninMarch2018.Theplanlists10actionstofurtherconnectfinancewithsustainability-IntegratedReformPlanforPromotingEcologicalProgress:promoteanewpatternofmodernisationinwhichhumankinddevelopsinharmonywithnature(effective21September2015)-GuidingOpinionsofthePeople’sBankofChina,theMinistryofFinance,theNationalDevelopmentandReformCommission,andotherDepartmentsonBuildingaGreenFinancialSystem(effective31August2016)-Otherguidingopinions17Jurisdiction-MemberStatesandtheEUwhenadoptingmeasuresorsettinguprequirementsonmarketactorsconcerningfinancialproductsorcorporatebondsthataremarketedasenvironmentallysustainable-Financialmarketparticipantswhoofferfinancialproductsasenvironmentallysustainableinvestmentsorasinvestmentshavingsimilarcharacteristics-Anyissuers(foreignordomestic)issuinggreenbondsinChina,includingbutnotlimitedtogreenfinancialbonds,greencorporatebonds,greenenterprisebonds,greendebtfinancingtoolsandgreenasset-backedsecuritiesRegulationTheTaxonomyRegulation(publishedon22June2020).Provisionsonclimatechangemitigationandclimatechangeadaptationapplyfrom1January2022;provisionsonotherfourenvironmentalobjectiveswillapplyfrom1January2023-NDRCGreenIndustryGuidingCatalogue(effective20May2019)-PRCGreenBondEndorsedProjectCatalogue-2021version(effective1July2021)Coverage-Aclassificationsystemthatlistsoutgreen,orenvironmentallysustainableeconomicactivitiesthatmakeasubstantialcontributiontoatleastoneoftheEU’ssixclimateandenvironmentalobjectives,observesDNSHrules,anddemandsminimumsocialsafeguards-Atransparencytoolthatwillintroducemandatorydisclosurerules,togetherwithNon-FinancialreportingDirective(NFRD)andSustainableFinanceDisclosureRegulation(SFDR)18-Aclassificationsystemthatsupportsgreenindustries,greenprojects,orgreeneconomicactivitiesthatmeetspecifiedconditionsApplicationingreenbondissuance-TheEUtaxonomyunderpinstheEuropeangreenbondstandard,whichisvoluntary-MandatoryforonshoregreenbondissuancetobelabelledgreenOtheruses-Mandatoryuse:Largefinancialandnon-financialcompanies(underNFRD)willhavetodisclosetowhatextenttheirbusinessactivitiesmeettheEUtaxonomycriteria.Financialmarketparticipantswillhavetodisclosetowhatextenttheactivitiesthattheirfinancialproductsfundmeetthecriteria(onclimatemitigationandadaptationobjectivesfromJanuary2022,ontheotherfourobjectivesfromJanuary2023)-Voluntaryuses:manypossiblevoluntaryusesbycompanies,financialintermediaries,andinvestors(e.g.forcompaniestoplantheirclimateandenvironmentaltransitionandraisefinanceforthetransition,andforfinancialinstitutionstodesigncrediblegreenfinancialproducts)Globalgreentaxonomydevelopment,alignment,andimplementationClimateBondsInitiative11GreenABS,canbeusedtoprovidefundingtoSMEsandareexpectedtocontributetoongoingmarketgrowth.14Outstandinggreenloans(RMB12tnatendof2020)couldsupportthegrowthofthismarketpendingfurthertighteningofgreenloandefinitionsinlinewiththeCatalogue.15RiskManagementTaxonomiesofferanimportantreferenceforriskmanagersandinternalauditorsandcanbeembeddedintoduediligenceandassessmentonprospectivegreenprojects,toavoidambiguityandgreenwashing.Asfinancialinstitutionsarenavigatingthetransitiontoalow-carboneconomy,agreenindustryclassificationcanserveasanimportantreferencetool.BrandingTaxonomiesestablishgreendefinitions.Thispresentsopportunitiesforfinancialinstitutionstoexplainandcommunicatetheirgreenfinancialstrategiesusingacommonlanguage.ICBCisoneofthebiggestbanksinChinaandhasembracedthetaxonomyinallitsactivities.Itpositionsitselfasapioneerandleaderingreenfinanceasanactiveissuer,underwriter,andinvestorofgreenbondsandotherbusinessessuchasgreencreditandgreenleasing.16TaxonomyapplicationforentitiesEntitiescanusegreentaxonomiestoclassifyandcommunicatetheirclimate-relatedriskexposureandpromotetheirsustainableortransitionstrategies.Thosethatarewell-positionedandpreparedmayhavefirst-moveraccesstocheapergreenfinancing.Taxonomieshavebeenwidelyadoptedattheprojectlevelthroughtheuse-of-proceedsgreenbonds.Tofacilitatemoresectors,especiallythecarbon-intensiveones,anotherkindoftaxonomyorlabelingsystemisneededtohelpthemfundamentallyreshapeandtransformtheirstrategy.ClimateBondshasproposedaflexibleframeworkfortheuseofthetransitionlabel,facilitatingentitiestohaveaccesstofundingusingdifferentfinancialinstrumentssuchasequity,SLBs,orgeneral-purposebonds.Taxonomiescanbeappliedtopolicies,financialinstruments,entities,andprojectsaswellasallsectorsofindustriesinaneconomy.Taxonomiesarethelynchpinofanygreenfinancialsystemandinstrumentalinthetransitiontoalow-carbon,climate-resilient,andresource-efficienteconomy.Globalgreentaxonomydevelopment,alignment,andimplementationClimateBondsInitiative12Policymakersandmarketparticipantsarestartingtoembracetaxonomiesasapowerfultooltomobilisegreencapitalforthetransitiontoanenvironmentallysustainableeconomy.Manyjurisdictionsaroundtheworldalreadyhavetaxonomiesinplaceorareintheprocessofactivelydraftingthem.Whileapproachesintaxonomydevelopmenttendtodifferfromcountrytocountry,theexistingeffortsaregenerallyfollowingacommonsetofprinciples:science-based,dynamic,incorporatingmeasuresforDNSH,andanemphasisontheregionalcharacteristicsandutilisationofexistinglabelsandregulations.Meanwhile,topreventmarketfragmentationandavoidbarrierstocross-borderflowsofgreencapital,furtheralignmentsandinteroperabilityintaxonomiesareurgentlyneeded.Regulatorsnowrealisethatasuccessfulgreentaxonomyneedstostrikeacarefulbalancebetweencompatibilitywithinternationalpracticesandregionalcircumstances.Taxonomiesalsoneedtobedynamicandflexibletointegratefuturechangesinthemarketandtechnologydevelopment.ChinaandtheEUhavebeenleadingtheeffortsintaxonomyharmonisation,throughtheIPSFplatformwhichoffersastrongfoundationtoothers.5.ConclusionanddiscussionTaxonomiesmustbereasonablypracticabletoencouragemaximumintegration.Investorsandentitiescanusetaxonomiestoinformproductdevelopment,riskmanagement,branding,anddisclosure.However,implementationchallengesremainincludingadaptingtaxonomiestoaccommodatetheclimategoalsofvariousjurisdictionsandcombiningtaxonomieswithexistingESGorothertypesofsustainabilityscoring.Therearealsovariationsinthedataquality,transparency,comparability,andavailability.Therefore,toimproveusability,feedbackfrominvestorsandcompaniesontheirexperiencesofusingtaxonomiesmustbeacknowledgedinfurtherdevelopments.Taxonomiesmustcontinuetoevolvetocaptureemergingscientificconsensusandtechnologicaladvancements.Extendingexistinggreentaxonomiestoincludetransitionguidanceforhigh-emittingsectorswillbeessentialiftheobjectivesoftheParisAgreementaretobemet.Decarbonisinghardtoabatesectorsmusttakepriorityto2030whentheimpactcanbegreatest.TaxonomiesunderdevelopmenthavestartedtoembracetheconceptsoftransitionactivitiesdescribedintheEUtaxonomy.Furthermore,thereisgrowingsupportfortaxonomyexpansiontoadvanceothersocialandenvironmentalobjectives,includingbiodiversityonlandandinoceans,andclimateandsocietalresilience.Endnotes1.ISO/TR32220:Sustainablefinance—Basicconceptsandkeyinitiatives.2021.https://www.iso.org/standard/77786.html2.NATIXIS.2021.TheNewGeographyofTaxonomies,AGlobalStandard-settingRace.https://gsh.cib.natixis.com/api-website-feature/files/download/12087/the_new_geography_of_taxonomies_final_version_november__2021_natixis_gsh.pdf3.FoSDA.2021.Taxomania!AnInternationalOverview.https://futureofsustainabledata.com/taxomania-an-international-overview/4.UN-DESAandIPSF.2021.Improvingcompatibilityofapproachestoidentify,verifyandaligninvestmentstosustainabilitygoals.https://g20sfwg.org/wp-content/uploads/2021/09/G20-SFWG-DESA-and-IPSF-input-paper.pdf5.TechnicalExpertGrouponSustainableFinance.PresentationonEUtaxonomyusabilityhttps://ec.europa.eu/info/sites/default/files/business_economy_euro/events/documents/finance-events-200312-presentation-taxonomy-usability_en.pdf6.Testingthetaxonomy.2020.https://www.unpri.org/download?ac=116627.GreenBondEndorsedProjectsCatalogue(2021Edition).http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4342400/2021091617180089879.pdf8.OECDGuidelinesforMultinationalEnterprisesandtheUNGuidingPrinciplesonBusinessandHumanRights,includingtheprinciplesandrightssetoutintheeightfundamentalconventionsidentifiedintheDeclarationoftheInternationalLabourOrganisationonFundamentalPrinciplesandRightsatWorkandtheInternationalBillofHumanRights.9.SouthAfricaSustainableFinanceInitiative.http://sustainablefinanceinitiative.org.za/taxonomy-working-group-oct/10.SustainableFinance-DefiningGreenTaxonomyforCanada.https://www.scc.ca/en/standards/notices-of-intent/csa/sustainable-finance-defining-green-taxonomy-for-canada11.EUTechnicalExpertGrouponSustainableFinance.2020.Taxonomy:FinalreportoftheTechnicalExpertGrouponSustainableFinance.https://ec.europa.eu/info/sites/default/files/business_economy_euro/banking_and_finance/documents/200309-sustainable-finance-teg-final-report-taxonomy_en.pdf12.GuidelinesforEstablishingtheGreenFinancialSystem(2016),Article113.ClimateBondsInitiativedata.14.HKEXResearchpaper.TheBurgeoningMainlandGreenABSMarketandthePotentialSupportfromtheHongKongMarket.https://www.hkex.com.hk/-/media/HKEX-Market/News/Research-Reports/HKEx-Research-Papers/2021/CCEO_GreenABS_202105_e.pdf?la=en15.BaseassetofgreenloansasclassifiedbyPBOC’sSpecialStatisticalFrameworkforGreenLoans,notbytheCatalogue16.ICBC2020SpecialReportonGreenFinance.http://v.icbc.com.cn/userfiles/Resources/ICBCLTD/download/2021/2020lv202110.pdf17.EUCommission.FAQ:WhatistheEUTaxonomyandhowwillitworkinpractice?https://ec.europa.eu/info/sites/default/files/business_economy_euro/banking_and_finance/documents/sustainable-finance-taxonomy-faq_en.pdf18.Otherguidingopinionsinclude:GuidingOpinionsonBuildingaModernEnvironmentalGovernanceSystemIssuedbytheGeneralOfficeoftheCPCCentralCommitteeandtheGeneralOfficeoftheStateCouncil;GuidingOpinionsoftheStateCouncilonAcceleratingtheEstablishmentofaSoundEconomicSystemwithGreen,Low-carbonandCircularDevelopmentDisclaimer:TheinformationcontainedinthiscommunicationdoesnotconstituteinvestmentadviceinanyformandtheClimateBondsInitiativeisnotaninvestmentadviser.Anyreferencetoafinancialorganisationordebtinstrumentorinvestmentproductisforinformationpurposesonly.Linkstoexternalwebsitesareforinformationpurposesonly.TheClimateBondsInitiativeacceptsnoresponsibilityforcontentonexternalwebsites.TheClimateBondsInitiativeisnotendorsing,recommendingoradvisingonthefinancialmeritsorotherwiseofanydebtinstrumentorinvestmentproductandnoinformationwithinthiscommunicationshouldbetakenassuch,norshouldanyinformationinthiscommunicationberelieduponinmakinganyinvestmentdecision.CertificationundertheClimateBondStandardonlyreflectstheclimateattributesoftheuseofproceedsofadesignateddebtinstrument.Itdoesnotreflectthecreditworthinessofthedesignateddebtinstrument,noritscompliancewithnationalorinternationallaws.Adecisiontoinvestinanythingissolelyyours.TheClimateBondsInitiativeacceptsnoliabilityofanykind,foranyinvestmentanindividualororganisationmakes,norforanyinvestmentmadebythirdpartiesonbehalfofanindividualororganisation,basedinwholeorinpartonanyinformationcontainedwithinthis,oranyotherClimateBondsInitiativepubliccommunication.PreparedbyClimateBondsInitiativeandsponsoredbyUKPACTDesign:GodfreyDesign©PublishedbyClimateBondsInitiative,February2022www.climatebonds.net

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