Green Bond Dataset Methodology

The Green Bond Dataset (GBD) Methodology by the Climate Bonds Initiative outlines the criteria for including self-labelled green debt instruments in its dataset. Inclusion requires the instrument to be a debt product with a green label and sufficient public disclosure. The methodology mandates that 100% of net proceeds go to green assets, with at least 90% meeting specific eligibility criteria. It explicitly excludes fossil fuel-related activities and provides guidelines for including capex, opex, R&D, and enabling activities. The GBD process is a post-issuance screening based on public data, distinguishing it from the more rigorous, application-based Climate Bonds Standard Certification.

• To be included in the Green Bond Dataset (GBD), a financial instrument must meet three primary requirements: it must be a debt instrument (such as bonds, asset-backed securities, or loans), it must be self-labelled by the issuer as a green bond or similar, and it must have sufficient public disclosure regarding the amount issued, issue date, maturity date, and use of proceeds.
• The GBD employs a strict use of proceeds (UoP) threshold where 100% of net proceeds must be allocated to green assets, with at least 90% specifically directed to eligible green assets, projects, activities, or expenditures. A 'margin of flexibility' of up to 10% is allowed for cases of uncertainty or contextual infrastructure financing in low-intensity, less-developed economies.
• Certain activities are subject to absolute exclusions regardless of the percentage of proceeds allocated. These include fossil fuel exploration, production, and refining; solid fossil fuel-based heat, cool, and electricity generation; and the transportation of fossil fuels.
• The methodology allows for the inclusion of both capital expenditure (capex) and operating expenses (opex) if they are applied toward aligned UoP. For example, property capex is eligible if it achieves a 30% improvement in energy efficiency. Eligible opex includes 'enabling expenses' such as training farmers in sustainable agriculture or pollution control tracking.
• Climate Bonds supports the transition to net zero by including 'enabling activities' and research and development (R&D). Eligible enabling activities include the manufacture of electric vehicles (EVs) and the retraining of workers. R&D is eligible if it is 'advanced' (yielding near-term benefits) or 'early-stage' provided it is accompanied by a clear strategy and climate-related goals.
• The GBD screening process is distinct from the Climate Bonds Standard Certification. While Certification is a voluntary pre-issuance application requiring mandatory verification by an Approved Verifier and annual reporting, GBD inclusion is a post-issuance screening based primarily on public information and does not mandate a green bond framework or external review, though the latter is recommended.

APA

Climate Bonds Initiative (2024). Green Bond Dataset Methodology. https://www.climatebonds.net/files/content-images/Climate-Bonds_Green-Bond-Dataset-Methodology_April-2024.pdf

Chicago

Climate Bonds Initiative. Green Bond Dataset Methodology. 2024. https://www.climatebonds.net/files/content-images/Climate-Bonds_Green-Bond-Dataset-Methodology_April-2024.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Green Bond Dataset Methodology |date=April 2024 |url=https://www.climatebonds.net/files/content-images/Climate-Bonds_Green-Bond-Dataset-Methodology_April-2024.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2024green, author = {{Climate Bonds Initiative}}, title = {{Green Bond Dataset Methodology}}, institution = {Climate Bonds Initiative}, year = {2024}, month = apr, url = {https://www.climatebonds.net/files/content-images/Climate-Bonds_Green-Bond-Dataset-Methodology_April-2024.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }