Finanzas de Transición para Empresas en Transformación

This discussion paper by the Climate Bonds Initiative proposes a framework to evaluate the credibility of corporate decarbonization transitions to prevent greenwashing in sustainable finance. It introduces five 'hallmarks' of a credible transition—Paris-aligned goals, robust plans, implementation action, internal monitoring, and external reporting—and suggests a certification system to categorize companies as 'Green Transition' or 'Interim Transition'.

• The Climate Bonds Initiative proposes five 'hallmarks' to identify a credible corporate climate mitigation transition: 1) Paris Agreement-aligned goals, 2) robust plans, 3) implementation action, 4) internal monitoring, and 5) external reporting.
• To be credible, corporate goals must align with a common sector-specific green transition pathway rather than relying on relative measures like 'best-in-class' or historical baselines. These goals must address all material emissions, including Scope 1, 2, and 3, across short (to 2025), medium (2025-2030), and long-term (2030-2050) horizons.
• A credible transition requires a robust plan that includes a qualitative step-by-step strategy, a detailed financing plan for capital expenditure (Capex) and operating expenditure (Opex), and necessary governance mechanisms. For 'away transitions' involving fundamental business transformations, board oversight and climate-related competencies are required.
• The proposal suggests dividing the 'green' transition label into three categories: 'Green' (net zero emissions), 'Green Transition' (aligned with a common sector pathway to net zero), and 'Interim Transition' (working toward that pathway). The 'Interim Transition' category is intended to be time-limited, potentially until 2025, to prevent delaying substantial change.
• Sustainability-Linked Bonds (SLBs) have seen substantial growth, constituting 6% of total labeled debt issuance in the first half of 2021. High-emission sectors, including industrial and fossil fuel-dependent sectors, are more prominent in the SLB market than in the Use of Proceeds (UdF) green bond market.
• Market concerns regarding transition bonds and SLBs center on the relevance, reliability, and ambition of the transition opportunities. Specifically, KPIs are often set by the entity itself, making them difficult to compare with peers or the Paris Agreement goals, leading to fears of 'business as usual' rebranded as sustainable.
• Climate Bonds Initiative aims to expand its certification beyond Use of Proceeds (UdF) bonds to include corporate SLBs, sustainability-linked loans (SLL), and the transition agendas of companies themselves, regardless of a specific financial instrument.
• The document notes that global investment needs to meet Paris Agreement goals are immense, with estimates suggesting an annual requirement of 6.9 trillion dollars for infrastructure and between 1.6 trillion and 3.8 trillion dollars for the energy transition.

APA

Creed, A., & Horsfield, M. (2021). Finanzas de Transición para Empresas en Transformación. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Transition-Finance-for-Transforming-Companies_ES_Sep-2022.pdf

Chicago

Creed, Anna, and Michelle Horsfield. Finanzas de Transición para Empresas en Transformación. Climate Bonds Initiative, 2021. https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Transition-Finance-for-Transforming-Companies_ES_Sep-2022.pdf.

Wikipedia

{{cite report |last1=Creed |first1=Anna |last2=Horsfield |first2=Michelle |title=Finanzas de Transición para Empresas en Transformación |publisher=Climate Bonds Initiative |date=10 September 2021 |url=https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Transition-Finance-for-Transforming-Companies_ES_Sep-2022.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{creed2021finanzas, author = {Creed, Anna and Horsfield, Michelle}, title = {{Finanzas de Transición para Empresas en Transformación}}, institution = {Climate Bonds Initiative}, year = {2021}, month = sep, url = {https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Transition-Finance-for-Transforming-Companies_ES_Sep-2022.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }