使绿色金融分类标准与“双碳目标”保持一致（英文版）

Author

LIUXueyeProjectLeadforGreenEconomics,SeniorAnalyst

InstituteforGlobalDecarbonizationProgressEmail:liuxueye@

Acknowledgments

SpecialthankstomycolleagueWangYanhuiandXuJiaxuan,seniormanagerofKPMGChina,fortheirvaluablesuggestionsandfeedback.AppreciationtoBaoLinjieforthereport'sdesignandlayout.

Disclaimer

Thecontentofthisreportrepresentstheauthors’personalunderstandingandviewsandisintendedtoenhancediscussionandcommunicationinrelevantfields.Itdoesnotrepresentthepositionorviewsofthereport’ssupporters,theauthors’affiliatedorganizations,ortheresearchexpertsandscholarsconsultedduringthereport’spreparation.Thedataandinformationusedinthisreportareallpubliclyavailable.Theauthorsaresolelyresponsibleforanyerrorsoromissions.

CitationRecommendation

LiuXueye.2024.Aligninggreenfinanceclassificationstandardswiththe“DualCarbonGoals”.WorkingPaper.iGDP.

ToimplementthemajordecisionsofthePartyCentralCommitteeandtheStateCouncilonpeakingcarbondioxideemissionsandachievingcarbonneutrality,andtomakesignificantstridesingreenfinance,thePeople’sBankofChina,incollaborationwiththeNationalDevelopmentandReformCommission,theMinistryofIndustryandInformationTechnology,theMinistryofFinance,theMinistryofEcologyandEnvironment,theChinaBankingandInsuranceRegulatoryCommission,andtheChinaSecuritiesRegulatoryCommission,recentlyissuedthe“GuidingOpinionsonFurtherStrengtheningFinancialSupportforGreenandLow-CarbonDevelopment”.

1

TheOpinionscallforestablishingauniformgreenfinancestandardframework,aswellasexpandingresearchanddevelopmentoftransformativefinancialstandards.

Howfaroffarethepresentdomesticgreenfinancecategorizationcriteriafrombuildingacohesivesystemthatcaneffectivelysupportgreenandlow-carbongrowth,specificallyinassistingChinainachievingitscarbonneutralitygoal?Thisarticlecomparesandevaluatesexistingdomesticgreenclassificationstandardstoidentifyprospectiveareasofattentionforbuildingnewclassificationstandardswithcarbonneutralitygoals,andthenmakespolicyrecommendations.

1.CurrentGreenFinanceClassificationStandardsinChina:

IntroductionandComparison

Chinacurrentlyhasfournationalgreenfinanceclassificationstandards:GreenLow-CarbonTransformationIndustryGuidanceCatalog(2024Edition),GreenBondEndorsedProjectsCatalogue(2021Edition),SustainableFinanceJointClassificationCatalog(UpdatedEdition,ClimateMitigationSection),andReferenceStandardsforLocalClimateFinancingPilotClimateFinancingProjects.

Thefourgreenfinanceclassificationstandardsestablishquantitativetargetsforendorsedeconomicactionsorprojects,frequentlymakingreferencetothegradecriteriaofindustry-specificorequipmentenergyefficiencystandards.Theyrarelyprovidedetailsregardingtherequiredcarbonemissionintensity,totalcarbonemissions,orenergyefficiencystandardsthatcertaineconomicactivities,technologicallyupgradedequipment,orproductionproductsneedtoachieve.

1CentralPeople'sGovernmentofthePeople'sRepublicofChina.

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Therefore,itremainsuncertainwhetherthespecificenergyefficiencystandardsandcarbonemissionrequirementsoutlinedintheseclassificationstandardscanmeetChina’s“dualcarbon”goals.

1.1.GreenLow-CarbonTransformationIndustryGuidanceCatalog

(2024Edition)

InFebruary2024,theNationalDevelopmentandReformCommission(NDRC)releasedtheGuidanceCatalogforGreenandLow-CarbonTransformationIndustries(2024Edition)(referredtoasthe“GreenIndustryCatalog”below).The2024editionclassifiesgreenindustriesintosevenprimarysectors:energy-savingandcarbon-reduction,environmentalprotection,resourcerecycling,infrastructuregreenupgrading,greenservices,energygreenlow-carbonutilization,andecologicalprotection,restoration,andutilization.Thiscatalogisorganizedintothreetiers,eachcontaininguniquesectorsandprojectsaccompaniedbydetailedexplanationsandquantifiedenergyefficiencyorotherindicatorthresholds.Forinstance,itdelineatestheenergyefficiencygradesornational/industrybenchmarksthatproductsmustconformto.

The2024editioncontinuestofollowtheframeworkandmajorcoverageareasofthe2019and2023editions.Intermsofspecificquantitativestandards,the2024editionisessentiallyconsistentwiththe2023edition.Forexample,boththe2023and2024editionsspecifythatindustrialboilerefficiencyshouldnotbelowerthantheLevel1efficiencyoutlinedintheEnergyEfficiencyLimitValuesandEnergyEfficiencyGradesforIndustrialBoilers(GB24500).

Insummary,the2024Editionhasimplementedtwonotableupdatescomparedtoitspredecessors:

1.Regardingemissionreductioneffortsinhigh-carbonindustries,the2024editionnotonlymaintainssupportforenvironmentalpollutioncontrolandwasterecoveryactivitiesinindustrieslikesteelandcement,asseeninthe

2023edition,butalsoenhancessupportforinitiativesthataimtodecreasegreenhousegasemissionsandpromoteenergyefficiencyandcarbonreductionintheproductionprocessesoftheseindustries.

2.Inexpandingthecontrolofallgreenhousegases,the2024editionnotonlyupholdsthe2023edition’smeasuresforcontrollingnon-CO2greenhousegases(suchasHFCs)andozone-depletingsubstancesinindustrial

processesbutalsoaddsrequirementsformanagingnon-CO2greenhousegases(suchasHFCs)andozone-depletingsubstancesinthemanufacturingofgreenbuildingmaterials,efficientenergy-savingcommercialequipment,andefficientenergy-savinghouseholdappliances.

1.2.GreenBondEndorsedProjectsCatalogue(2021Edition)

OnApril21,2021,thePeople’sBankofChina,theNationalDevelopmentandReformCommission,andtheChinaSecuritiesRegulatoryCommissioncollaboratedtoissueanupdatededitionoftheGreenBondEndorsedProjectCatalog(2021Edition)(henceforthreferredtoastheGreenBondCatalog

)2,

withthegoalofstandardizingthedefinitionof“green”amongfinancialregulatoryauthorities.AlistofenvironmentallyfriendlyprojectsandindustriesthatqualifyfordifferentformsofgreenbondaidandusageisdefinedandchosenusingtheGreenBondCatalog.

Thecatalogcategorizesgreenprojectsintosixprimarydomains:cleanproduction,cleanenergy,ecologicalenvironment,infrastructuregreenupgrading,greenservices,andenergyconservationandenvironmentalprotection.Itprovidesspecificexplanationsandrequirementsforeachofthefourclassificationlevels,includingmandatedenergyefficiencyratingsforproductsandrelevantindustryornationalstandards.

Thefour-levelclassificationsystemintheGreenBondCatalogcloselyalignswiththethree-levelclassificationsystemintheGuidanceCatalogforGreenIndustry(2019Edition),ensuringharmonizationinnationalgreenfinancestandards.However,theGreenBondCatalognolongerencompasseshigh-carbonemissioninitiatives,suchasthecleanutilizationoffossilenergylikecoal.

2GreenBondEndorsedProjectsCatalogue(2021Edition)

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1.3.JointClassificationCatalogforSustainableFinance(Updated

Version)(ClimateMitigationSection)

OnJune3,2022,theEuropeanUnionandChinajointlypublishedtheJointClassificationCatalogforSustainableFinance(UpdatedVersion)(ClimateMitigationSection)undertheInternationalPlatformonSustainableFinance(IPSF).Thiscatalogincorporates72economicactivitiesrecognizedbyboththeGreenBondEndorsedProjectCatalog(2021Edition)andtheSustainableFinanceClassificationScheme-ClimateAuthorisationAct,fortheirsubstantialeffortsinclimatechangemitigation

.3

TheJointClassificationCatalogisderivedfromtheEU’sSustainableFinanceClassificationScheme-ClimateAuthorisationAct.Assuch,itestablishesprojectemissionreductioncontributionsbyassessingtheiralignmentwiththeEU'sclimateobjectiveofattaininga55%decreaseinemissionsby2030,relativetothelevelsrecordedin1990.

ThelatestiterationoftheJointClassificationCatalogcategorizesactivitiesintothreecategoriesfromtheperspectiveofemissionreductioncontributions:zero-carbonactivities,transitionalactivities,andsupportingactivities.Thedocumentencompassestheprimaryeconomicendeavorsacrosssixprominentsectors:energy,manufacturing,construction,transportation,solidwaste,andforestry.Thereareatotalofsevenmaincategories,16secondarycategories,and72tertiarycategories.TheJointClassificationCatalogestablishesprecisecriteriafordetermining“substantialcontribution”inrelationtoeacheconomicactivityandfurnishescorrespondingtechnicalsupportdocumentreferences.

1.4.ReferenceStandardsforIncorporatingLocalClimateInvestment

andFinancingProjectsintoClimateInvestmentandFinancingPilots

InOctober2022,theMinistryofEcologyandEnvironmentreleasedtheReferenceStandardsforIncorporatingLocalClimateInvestmentandFinancingProjectsintoClimateInvestmentandFinancingPilots(referredtoastheClimateInvestmentandFinancingInclusionStandards).Thesestandardsare

3TheIPSFSustainableFinanceTaxonomyWorkingGroup,co-chairedbyChinaandtheEU,releasedthereporttitledJointClassificationCatalogforSustainableFinance–UserGuideforClimateChangeMitigation.20220603.[R].

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designedtoguideprovincesandcitiesinbuildingclimateinvestmentandfinancingprojectdatabases.

Thestandardsclearlydelineatetheextentofsupportforclimateinvestmentandfinancingintotwocategories:“mitigatingclimatechange”and“adaptingtoclimatechange.”ThecorrelationbetweenmitigationinitiativesandotherpertinentrequirementscanbereferencedintheClassificationGuideforClimateInvestmentandFinancingProjects(TCSTE0061-2021).

TheClassificationGuideforClimateInvestmentandFinancingProjects

(TCSTE0061-2021)offersanextensiveinventoryofprojectsaimedatmitigatingclimatechange.Itencompassesfivemaincategories:Low-CarbonIndustrialSystems;Low-CarbonEnergy;CarbonCapture,Utilization,andStorage(CCUS)PilotsandDemonstrations;ControlofGreenhouseGasEmissionsfromNon-EnergyActivities;andIncreasingCarbonSinks.Theseprimarycategoriesaresubdividedintosecondary,tertiary,andquaternarycategories.Forprojectsunderthequaternarycategories,theClassificationGuideforClimateInvestmentandFinancingProjectsreferencesdetailedstandardsforspecificindustrycategoriesfromtheGuidanceCatalogforGreenIndustry(2019Edition).

AspertheClimateInvestmentandFinancingInclusionStandards,climatechangemitigationinitiativesmustsatisfythreeconstraintindicators:projectcategorycompliance,projectcompliance,andsignificantclimatebenefits.However,theassessmentrequirementsforemissionreductionmeasurementsunderthemajorclimatebenefitsindicatorarenotyetcompletelydefined.

2.ComparisonofCoverageAreasAcrossFourGreen

ClassificationStandards

Thefourgreenfinanceclassificationstandardshaveconnections.BoththeClimateInvestmentandFinancingInclusionStandardsandtheGreenBondCatalogmakespecificreferencetospecificindustryclassificationsandindicatorsoutlinedintheGuidanceCatalogforGreenIndustry(2019Edition)atthefourthlevelofclassification.Althoughthesefourgreenfinanceclassificationstandardsshareconsistencyinframeworkconstructionandprimarysupportareas,they

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exhibitsignificantdifferencesintheirintendedaudiences,supportedclimategoals,andspecificsub-sectors.

TargetaudiencesperceivetheGreenIndustryGuidanceCatalogasbeingcenteredaroundindustry,whiletheJointClassificationCatalog,ClimateInvestmentandFinancingInclusionStandards,andGreenBondCatalogareperceivedasbeingcenteredaroundspecificprojects.

TheJointClassificationCatalogestablishesprecisethresholdsfordifferenteconomicactivitiesthatcancontributetotheEU’sclimategoals,intermsoftheconnectionbetweenapprovedclimatepledgesandquantitativetargets.ThethresholdtargetssetintheGreenIndustryGuidanceCatalog(2023Edition)(DraftforComments),ClimateInvestmentandFinancingInclusionStandards,andtheGreenBondCatalogrequireclearquantitativeanalysistoassesstheirefficacyinsupportingChina’s“dualcarbon”goalsandtheBeautifulChinainitiative.

Presently,thereexistnotabledisparitiesamongtheprimarygreenfinancestandardsregardingthesectorstheyendorse.TheGreenIndustryGuidanceCatalogistheonlygreenfinancestandardthatendorseseconomicendeavorsinthefossilenergysector,encompassingcleanproductionandstorage/transportofnaturalgas,cleanproductionandefficientuseofcoal,andcoal-firedpowerunitretrofitting.OnlytheGreenIndustryGuidanceCatalogandtheGreenBondCatalogexclusivelyendorsenuclearpowerprojects.Allstandardsendorsethemanufacturinganduseofrenewableenergyequipment.However,intheCommonClassificationCatalog,indexesD2.4-D2.7specifythattheenergysourcesforcombinedheatandpower(CHP)mustcomefromcleansourcessuchassolarenergy,geothermalenergy,renewablenon-fossilgasesandliquidfuels,andbiomassenergy.Suchtightclassificationsexcludetraditionalcoal-firedpowerplantsfromcombinedheatandpowerprojects,overlookingChina’spowersector’songoingincurrentlow-carbontransformationandemissionsreductioninitiatives.

Allindustrystandardsfacilitatetheproductionofhigh-efficiencyenergy-savingequipment.However,whenitcomestoregulatinggreenhousegasemissionsgeneratedduringindustrialprocesses,onlytheClimateFinanceProjectRepositoryStandardsandtheGreenIndustryDirectoryexplicitlyaddressthe

controlofemissionsofcarbonandhydrofluorocarbons(HFCs)inproductionprocesses.TheGreenBondDirectoryandtheJointClassificationCatalog,ontheotherhand,donotincorporateprovisionsforcontrollingindustrialprocessemissions.

Allstandardsintheconstructionsectoradvocatetheuseofgreenlow-carbonmaterials,greenconstructionprocesses,andenergyefficiencystandards.OnlytheClimateFinanceProjectRepositoryStandardsendorsetheconstructionofroadsforurbanandruralpublictransitinthetransportationsector.TheGreenIndustryDirectory(2023Edition)(DraftforComments)offersthemostextensiveassistancewithinthelow-carbonservicesindustry.TheClimateFinanceProjectRepositoryStandardsaretheexclusivesourceofsupportforclimateadaptionefforts.

Table1:ComparisonofMajorGreenClassificationStandardsSupportingIndustries/ProjectsinChina

TheReferenceStandardsforLocal

ClimateFinancingPilotClimate

FinancingProjects(2022)

GreenLow-Carbon

TransformationIndustry

GuidanceCatalog(2024

Edition)

SustainableFinanceJoint

ClassificationCatalog

(UpdatedEdition)(2022)

GreenBondEndorsed

ProjectsCatalogue

(2021Edition)

NaturalGasPowerGeneration

√

√

CleanProductionandEfficient

UtilizationofCoal

√

Coal-FiredPowerUnitRetrofits

√

CleanFuelProduction

√

UnconventionalOilandGasResourceDevelopment

√

NuclearPower

√

√

WasteIncineration

√

√

SolidWaste

RecyclingandUtilization

√

√

√

WastewaterTreatment,

Recycling,and

SludgeTreatmentandDisposal

Facility

ConstructionandOperation

√

√

√

√

CarbonCapture

√

√

√

√

GroundwaterProtection

√

√

SpongeCities

√

√

RenewableEnergyGreenCertificatesandGreenPowerTrading

√

√

ManufacturingofHigh-Efficiency

GeneratorsandGeneratorSets

√

√

√

WindPowerFacility

ConstructionandOperation

√

√

√

√

SolarPowerEquipment

√

√

√

√

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ManufacturingandOperation

BiomassEnergyUtilizationFacilityConstructionandOperation

√

√

√

√

HydropowerFacility

ConstructionandOperation

√

√

√

√

GeothermalEnergyUtilizationFacilityConstructionand

Operation

√

√

√

√

OceanEnergy

UtilizationFacilityConstructionandOperation

√

√

√

√

HydrogenEnergyUtilizationFacilityConstructionandOperation

√

√

√

√

EnergyStorageFacilities

√

√

√

√

ManufacturingofHigh-Efficiency

Energy-SavingEquipment

√

√

√

√

ManufacturingofEnergy-Saving

Pumpsand

VacuumEquipment

√

√

√

√

ManufacturingofEnergy-Saving

FansandBlowers

√

√

√

√

ManufacturingofEnergy-Saving

Motors

√

√

√

√

ManufacturingofHigh-Efficiency

LightingProductsandSystems

√

√

√

√

ManufacturingofGreenBuilding

Materials

√

√

√

√

ConstructionofUltra-LowEnergyBuildings

√

√

√

√

GreenBuildings

√

√

√

√

EnergyEfficiency

andGreenRetrofitsofExisting

Buildings

√

√

√

√

PrefabricatedBuildings

√

√

√

RenewableEnergyApplicationsin

Buildings

√

√

√

√

ManufacturingofNewEnergy

VehiclesandGreenShips

√

√

√

√

UrbanandRuralPublic

Transportation

RoadConstruction

√

√

GreenRetrofittingofUrbanandRuralPublic

TransportationRoads

√

√

√

√

Constructionand

OperationofUrbanandRuralPublic

TransportationInfrastructure

√

√

√

√

GreenLogistics

√

√

√

√

GreenServices

√

√

√

√

Demand-Side

ManagementofElectricity

√

√

GreenTechnologyTransactions

√

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CarbonEmissionTrading

√

√

EnergyUseRightsTrading

√

√

WaterUseRightsTrading

√

√

Pollution

DischargeRightsTrading

√

√

ForestRightsTrading

√

EcosystemCarbonSequestration

Projects

√

√

√

√

ForestCarbonSequestrationProjects

√

√

√

√

GreenAgriculture

√

√

√

√

ClimateAdaptationProjects

√

Source:Tablecreatedbytheauthor

3.ProposalsforFurtherDevelopmentofDomesticGreen

FinanceClassificationStandards

3.1.AligningMajorChineseGreenFinanceClassificationStandards

withChina'sCarbonNeutralityGoalsbyEstablishingClearQuantitativeTargets

Currently,thefourgreenfinanceclassificationstandardslackclearandspecificrequirementsforcarbonemissionintensity,totalcarbonemissions,andenergyefficiencystandardsfordifferenteconomicactivities,technologicallyupgradedequipment,andproductionproducts.Instead,thequantitativetargetsforsupportedeconomicactivitiesorprojectsaretypicallyreferencedfromindustry-specificorequipment-specificenergyefficiencystandards.Consequently,itisuncertainwhetherChina’s“dualcarbon”targetscanbeachievedwiththepreciseenergyefficiencycriteriaandcarbonemissionconstraintsspecifiedinthesecategorizationstandards.

StakeholdersareadvisedtocarryoutquantitativeresearchtoestablishaconnectionbetweengreenfinanceandtransformationfinancestandardsandChina’s“dualcarbon”goals,specificallywithregardtocarbonneutralityobjectives.Effortsshouldbedirectedtowardscreatingtime-boundquantitativetargetsfordiverseeconomicactivitiesbasedonplausibleapproachesforChinatoachieveits“dualcarbon”goals.

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3.2.GradualReductionofTransitionalProjectsinDomesticGreen

FinanceClassificationStandardsinAccordancewithChina’sCarbonNeutralityGoals

Presently,Chinahasfourmaingreenfinancecategorizationcriteriathatcontaintheessentialaspectsofgreenandlow-carbontransformation,aligningwithChina's“dualcarbon”objectives.AsChina’s“dualcarbon”initiativesarebeingimplemented,itisimperativetoexercisegreatercautionandforesightinthedevelopmentandenhancementofChina'sgreenfinanceregulations.

ToalignwithChina’scarbonneutralitygoalsandcomplywithcurrentandfutureemissionreductionpathways,itisimperativethatweconductdynamicassessmentsoftheeconomicactivitiessupportedbydomesticgreenfinancestandards.Acoveragescopethatpreventspromoting“greenwashing”orpseudo-transitionalprojectsshouldbecarefullydefined.Usingroadinfrastructureconstructionasanexample,theinclusionofsuchprojectsingreenclassificationstandardscouldsignificantlyinfluencetheconstructionoflarge-scaletransportationinfrastructure.Policymakersshouldalsounambiguouslyestablishtheparametersandrestrictionsofsupportforthetransitionofindustrieswithsubstantialemissions.Thismethodlimitssupporttotheirattemptstoundergotransformationinacomparativelyshortamountoftime,therebyavoidingaidingnon-transformativegrowththatencouragesproliferation.Additionalanalysisisnecessarytoascertainifthecurrentsupportforcleancoalproduction,efficientcoalutilization,cleanfuelproduction,unconventionaloilandgasdevelopment,andassociatedindustrieswillbeterminatedinthenextiterationofgreenfinanceclassificationstandards.

3.3.AligningDomesticGreenFinanceClassificationStandardswith

China’sCarbonNeutralityGoalsbyGraduallyReducingCoverageofTransitionalProjects

China'scarbonneutralitytargetstatesthatthescopeofmitigatinggreenhousegasesotherthancarbondioxideshouldbeactivelyexpandedviagreenfinanceclassificationcriteria.Guidedbyachievingcarbonneutrality,priorityem