全球绿色金融指数16

Zurich October 2025 Sustainable Futures Beginning in March2018, as part of its Long Finance initiative, Z/Yen published the first five editions ofthe Global Green Finance Index with the generous support of the MAVA Foundation, and more recentlywith support from Abu Dhabi Global Market. Z/Yen continues this workand is pleased to present the Z/Yenhelps organisations make better choices-ourclientsconsider us a commercial think-tank thatspots, solves, and acts. Our name combines Zen and Yen-‘a philosophical desire to succeed’-in a ratio,recognising that all decisions are trade-offs. One of Z/Yen’s specialisms is the development and Long Financeis a Z/Yen initiative designed to address the question“When would we know our financialsystem is working?”This question underlies Long Finance’s goal to improve society’s understanding anduse of finance over the long-term. In contrast to the short-termism that defines today’s economic views The authors of this report, Mike Wardle, Simon Mills, and Professor Michael Mainelli, would like to thankBikash Kharel, Sasha Davis,Lucas Djordjevicand the rest of the Z/Yen team for their contributions with CoverPhoto byDivyangiKonUnsplash Foreword Despite a complex and challenging global climate governance outlook, China remains steadfast inadvancing and delivering its dual-climate goals. Recently China announced a new Nationally DeterminedContribution (NDC) target under the Paris Agreement, whichcovers all types of greenhouse gas emissionsby 2035. This is a renewed commitment that will unlock massive green and low-carbon investment in Over the last few years, China has established a national policy framework guiding the rapid developmentof green and transition finance, featured by thepublication of national and local standards andtaxonomies, incentive mechanisms, regionally tailored pilot projects, as well as financial productinnovation. China has systematically promoted the effective alignment of green finance and transition The Global Green Finance Index (GGFI) is an important benchmark for assessing the progress of greenfinance development across global financialcentres. At the Green Finance Forum of 60, we appreciatethe thought-leadership provided by Z/Yen Group in this criticalfield andarehonouredto contribute to the 16thedition of GGFI with a timely analysis on the development of transition finance in China to a globalaudience. Welook forward to deepening our cooperation with GGFI to jointly explore further At the Green Finance Forum of 60 (GF60), we are committed to fostering an international non-profitplatform for sharing thought-leadership and industrial good practices and promoting internationalcooperation in the field of climate finance, ESG investment and carbon markets. As an international think-tank for green finance headquartered in Shanghai, GF60 will continue in leading green finance research, Shuanghui Liao Chairman, Shanghai Jinsinan Institute of FinanceSecretary-General, Green Finance Forum of 60 (GF60) Summary Overview This is thesixteenth edition of the Global Green Finance Index (GGFI 16). The GGFI is a factor assessmentindex, based on a range of instrumental factors-quantitative measures-and a worldwide survey offinance professionals’ assessments on the quality and depth of green finance offerings in financial centres. There has been a continuing dropin confidence in the development of green finance in financial centres.In the lastedition of the index, the average rating was down5.91%. In this edition the average rating isdown3.08%compared with GGFI 15, with allbut threecentres dropping in the ratings.This reflects a net This is marked by the difference in the change in the quality ratingsas opposed to the depth ratings, withquality ratings falling 6.64% over the year, while depth ratings fell11.05%. This suggests major concerns We continue to seestrong performance from Western European centres, which reflects their history ofdeveloping green finance products and expertise. US centres perform less well in GGFI 16, with a notableexception in San Francisco.Thegeneral commitment of a city or jurisdiction to sustainability is a strong Among those responding to the GGFI survey, GreenBonds, Sustainable Infrastructure Finance, and GreenLoansarerated as the areas of green finance with most impact, while Renewable Energy Investment, Policy and Regulatory Frameworks,Climate Change, and Public Awarenessare listed by respondents asthe major drivers of green finance.These underline the importance of regulatory frameworks and In the supplement to this edition of the GGFI,the Green Finance Forum of 60, basedin Shanghai,providean update on the development oftransition financeglobally butwith a particular focus on China. Index Results •Zurich overtookLondonto takefirstplacein the index, while Singapore and Geneva retained third andfourth positions.Zurich’s quality rating fell by less than Londonin GGFI 16.•Amsterdam, Paris, and Brusselsentered the to