China’s central bank is co-operating with the European Union to converge green investment taxonomies across the two markets, aiming to implement a jointly recognised classification system for businesses’ environmental credentials by the end of 2021. The People’s Bank of China has made it a primary goal to implement and standardise a green finance system in the country over the next five years, in co-ordination with global partners, in order to fulfil the national goals of having domestic carbon emissions peak before 2030 and turning carbon neutral by 2060. China is working with the EU to push for greater convergence of green finance taxonomies. It will also co-chair a study group at the G20 summit, to establish coordination on building a roadmap for advancing sustainable finance.

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Financial Times