Climate Bonds Standard

The Climate Bonds Standard Version 3.0 provides a science-based framework for certifying green debt instruments. It mandates pre- and post-issuance requirements, including the use of a Green Bond Framework, independent verification by Approved Verifiers, and annual reporting on allocation and eligibility. The standard is designed to be compatible with the proposed EU Green Bond Standard and uses a specific Taxonomy and Sector Eligibility Criteria to prevent 'greenwash' and facilitate large-scale climate-aligned investment.

• Certification under the Climate Bonds Standard requires that a debt instrument is fully aligned with the Green Bond Principles and/or Green Loan Principles, employs best practice for internal controls and reporting, and finances assets consistent with the Paris Climate Agreement.
• The certification process is divided into three phases: Pre-Issuance Certification (assessing internal processes and frameworks), Post-Issuance Certification (assessing the instrument after closing, required within 24 months of issuance), and Ongoing Certification (maintenance through annual reporting).
• Issuers must provide annual Update Reports to maintain certification, which must include Allocation Reporting (confirming proceeds went to eligible projects) and Eligibility Reporting (confirming project performance). Impact Reporting is encouraged but not mandatory.
• Eligibility of projects and assets is determined by the Climate Bonds Taxonomy and detailed Sector Eligibility Criteria. As of December 2019, criteria were available for wind, solar, geothermal, marine renewable energy, bioenergy, low carbon buildings, low carbon transport, water infrastructure, forests, land conservation, and waste management.
• Independent verification by an Approved Verifier is a mandatory requirement for the certification process, both before and after issuance.

APA

Climate Bonds Initiative (2019). Climate Bonds Standard. https://www.climatebonds.net/files/documents/Climate-Bonds_Climate-Bonds-Standard_V3_Dec-2019.pdf

Chicago

Climate Bonds Initiative. Climate Bonds Standard. 2019. https://www.climatebonds.net/files/documents/Climate-Bonds_Climate-Bonds-Standard_V3_Dec-2019.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Climate Bonds Standard |date=December 2019 |url=https://www.climatebonds.net/files/documents/Climate-Bonds_Climate-Bonds-Standard_V3_Dec-2019.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019climate, author = {{Climate Bonds Initiative}}, title = {{Climate Bonds Standard}}, institution = {Climate Bonds Initiative}, year = {2019}, month = dec, url = {https://www.climatebonds.net/files/documents/Climate-Bonds_Climate-Bonds-Standard_V3_Dec-2019.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }