Criteria for Certification against the Climate Bonds Resilience Taxonomy

The document outlines a certification framework for climate resilience investments under the Climate Bonds Resilience Taxonomy (CBRT). It introduces interim criteria that bypass draft technical screening criteria until they are validated by Technical Working Groups. To be certifiable, investments must demonstrate a substantial contribution to climate resilience, manage maladaptation risks, and do no significant harm to climate mitigation objectives. The framework distinguishes between different investment types—Adapted Activities, Adapting Measures, Enabling Activities, and Enabling Measures—with specific evidence requirements for each, particularly regarding investment-level assessments and the use of science-based climate projections.

• Investments listed in the Climate Bonds Resilience Taxonomy (CBRT) are eligible for certification if they meet three core requirements: they must make a "Substantial Contribution to climate resilience", ensure "associated maladaptation risks have been identified and managed", and not "cause significant harm to climate mitigation objectives".
• The document provides interim criteria for CBRT investments to "bypass the draft technical screening criteria (TSC) in the CBRT" while they await validation by Technical Working Groups (TWGs). These interim rules will be replaced by validated criteria and "investment-specific proxies" to streamline the certification process.
• For investments to be certified, they must undergo an investment-level assessment. For adapting measures, the focus is on the specific activity; for all other investment types, boundaries must cover the "wider system (i.e. value-chain, sector, market, ecosystem, region or country)". These assessments must use science-based projections, including "SSP5-8.5 at a minimum and SSP2- 4.5 if available".
• The framework distinguishes between different investment types regarding eligible costs: for "Enabling Activities, the entire cost of the activity is eligible for resilience financing", whereas for Adapting/Enabling Measures and Adapted Activities, only "costs directly associated with specific resilience measures are eligible".
• To satisfy the 'Do No Significant Harm' (DNSH) requirement to mitigation, investments must either meet existing sector-specific criteria from sources like the "EU Taxonomy" or prove they are not involved in fossil fuel power generation or supply and avoid "fossil fuel lock-in".
• Maladaptation risk management requires the identification of uncertainties in climate projections and the description of "remedial actions to be taken" if those projections misrepresent actual climate conditions over the asset's lifespan.
• Investments not listed verbatim in the CBRT can still be certified if they "closely match" a listed investment by belonging to the same Theme/Sector/Subsector, addressing the same Climate Hazard Consequence, sharing the same Investment Type, and having an equivalent Output Level Substantial Contribution to Resilience.

APA

Climate Bonds Initiative (2025). Criteria for Certification against the Climate Bonds Resilience Taxonomy. https://www.climatebonds.net/files/documents/Sector-Crtiera/Climate-Bonds_Resilience-Criteria_Aug-2025.pdf

Chicago

Climate Bonds Initiative. Criteria for Certification against the Climate Bonds Resilience Taxonomy. 2025. https://www.climatebonds.net/files/documents/Sector-Crtiera/Climate-Bonds_Resilience-Criteria_Aug-2025.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Criteria for Certification against the Climate Bonds Resilience Taxonomy |date=August 2025 |url=https://www.climatebonds.net/files/documents/Sector-Crtiera/Climate-Bonds_Resilience-Criteria_Aug-2025.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2025criteria, author = {{Climate Bonds Initiative}}, title = {{Criteria for Certification against the Climate Bonds Resilience Taxonomy}}, institution = {Climate Bonds Initiative}, year = {2025}, month = aug, url = {https://www.climatebonds.net/files/documents/Sector-Crtiera/Climate-Bonds_Resilience-Criteria_Aug-2025.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }