Finanzas de Transición para Empresas en Transformación

The Climate Bonds Initiative proposes a certification framework to ensure corporate transitions are aligned with the Paris Agreement. The framework focuses on five hallmarks: Paris-aligned goals, robust plans, implementation action, internal monitoring, and external reporting. It distinguishes between 'Green Transition' (already aligned) and 'Interim Transition' (catching up) to provide clarity for investors and prevent greenwashing in the growing market of Sustainability-Linked Bonds (SLBs) and transition bonds.

• The sustainable finance market is growing rapidly, with green, social, and sustainable (VSS) bonds and sustainability-linked bonds (SLBs) collectively reaching $496.1 billion in the first half of 2021.
• There is significant market concern regarding the credibility of transition finance, specifically that KPIs are often entity-specific, making them difficult to compare with peers or Paris Agreement goals, leading to fears of 'business as usual' rebranded as sustainable.
• Climate Bonds Initiative proposes five 'hallmarks' to identify a credible corporate transition: 1) Paris Agreement-aligned goals, 2) Robust plans, 3) Implementation action, 4) Internal monitoring, and 5) External reporting.
• To be credible, company goals must be based on a common sector-specific transition pathway rather than relative measures like 'best-in-class' or historical baselines, and must address Scope 1, 2, and 3 emissions.
• The proposal introduces three categories for transition labels: 'Green' (net zero), '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 ensure that necessary substantial changes are not indefinitely postponed.
• A credible transition requires a detailed financing plan that addresses capital expenditure (Capex), operating expenditure (Opex), M&A, and R&D to ensure the company remains profitable while decarbonizing.
• For 'away transitions' involving fundamental business transformations, the framework requires specific governance measures, including Board oversight of climate change and climate-related competencies on the Board.
• The framework suggests a binary evaluation where a company must meet all elements of all five hallmarks to be considered as having a credible transition; no weighting or scoring system is proposed to offset poor performance in one area.

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} }