A major milestone in mobilizing finance for nature-positive urban development has been achieved in China. On October 15, 2026, the Bank of Chengdu issued a RMB 3 billion (approximately US$448 million) green bond, with proceeds prioritized for projects aligned with China's Biodiversity Finance Guidelines.

The issuance represents an important achievement under the World Bank-led GEF-7 China Green and Carbon Neutral Cities Project, part of the Global Environment Facility's (GEF) Sustainable Cities Integrated Program. Through a One World Bank Group approach, the project has benefited from the technical expertise of the International Finance Corporation (IFC) to advance innovative financing solutions for urban biodiversity.

Under the project, IFC supported the development of a comprehensive biodiversity bond issuance framework, including methodologies for project screening and selection, biodiversity risk assessment, environmental benefits measurement and disclosure, and recommendations for post-issuance management. This technical assistance also helped strengthen the capacity of local financial institutions to integrate biodiversity considerations into lending and investment decisions.

The achievement builds on several years of collaboration and capacity building. In 2023–2024, IFC convened more than 50 public and private sector stakeholders through Chengdu's first Green Finance Capacity Building Program. This work contributed to broader market developments, including the People's Bank of China's Biodiversity Finance Taxonomy released in 2025, which drew on IFC's Biodiversity Finance Reference Guide.

Building on these foundations, the Bank of Chengdu received further technical assistance under the GEF-7 project to pilot one of the first bank-issued biodiversity-focused green bonds, prioritizing financing for nature-based solutions that support sustainable urban development.

This milestone demonstrates how the World Bank Group, through the GEF Sustainable Cities Program, can help translate technical assistance and institutional capacity building into tangible financial solutions, catalyzing market innovation and mobilizing investment for biodiversity and nature-positive cities.