The Guangdong–Hong Kong–Macao Greater Bay Area (GBA) has implemented its first unified disclosure standard for green bonds, aiming to improve comparability of environmental information across borders and strengthen the region's role in green finance.

The new framework, titled the Guidelines on Environmental Benefit Information Disclosure for Green Bonds, was officially included in the “GBA Common Standards” list on May 22. The list, jointly promoted by China's State Administration for Market Regulation and the Guangdong provincial government, provides technical standards to be adopted across Guangdong, Hong Kong and Macao.

The disclosure guidelines were developed under the guidance of the GBA Green Finance Alliance, with contributions from the Shenzhen branch of China Central Depository & Clearing, the Shenzhen Green Finance Association, and more than 20 institutions from the three jurisdictions. Macao's exchange platform, MOX, also played a coordinating role.

✦Based on national and international frameworks: The guidelines draw on the People's Bank of China's official disclosure system, China's green industry catalogues, and international practices such as those of the International Capital Market Association (ICMA).

✦Applicable to 270+ green industries: They provide a unified framework covering both domestic and international classifications.

✦Two-tier indicator system: Includes mandatory and optional indicators, with a focus on quantifiable measures to balance rigor and usability, reducing the reporting burden for issuers.

The initiative addresses one of the most pressing issues for cross-border green bond markets: the lack of consistent and comparable environmental data. By creating a common standard, the GBA aims to facilitate mutual recognition of green financial products and improve transparency for investors.

Several associations, including the Macao Securities Investment Funds Association and the Hong Kong Green Finance Association, have already begun recommending the use of the standard to their members. Institutions across the three regions — ranging from issuers to verification agencies and investors — have pledged adoption.

While the GBA's green bond market is still developing, the introduction of a unified disclosure framework could help attract more international participants by lowering due diligence costs and aligning with global ESG expectations.

For issuers, the standard may streamline pre-issuance and ongoing reporting requirements. For investors and regulators, it offers a clearer basis for assessing environmental impact, thus improving market integrity and comparability.