CLIMATE BONDS STANDARD & CERTIFICATION SCHEME – GUIDANCE FOR VERIFIERS

This guide provides the assessment methodology and verification procedures for Approved Verifiers conducting engagements under the Climate Bonds Standard & Certification Scheme. It details the requirements for pre-issuance, post-issuance, and periodic verification, outlining the different levels of assurance (Reasonable, Limited, and Agreed-Upon Procedures) and the specific reporting standards (ISAE 3000 and ISRS 4400) that must be followed to certify that bonds finance projects consistent with a low carbon and climate resilient economy.

• The Climate Bonds Standard & Certification Scheme is designed to provide trust and assurance in the green bond market by verifying that funds finance projects and assets contributing to low carbon industries and essential climate change adaptation. It moves beyond the broad integrity principles of the Green Bond Principles to create a robust certification system featuring mandatory requirements for use of proceeds, tracking, and reporting.
• Certification is divided into two primary phases: pre-issuance and post-issuance. Pre-issuance certification focuses on the selection of eligible projects and the issuer's internal tracking and reporting processes, and is valid for one year after issuance. Post-issuance certification, which must be confirmed within one year of issuance, focuses on the actual use of proceeds and ongoing eligibility, remaining valid for the term of the bond provided annual reporting requirements are met.
• The Climate Bonds Standard consists of three parts: Part A covers general requirements for all bonds (use of proceeds, tracking, reporting); Part B defines the Climate Bonds Taxonomy and Sector-Specific Criteria for eligible physical asset-types (e.g., wind farms, solar facilities); and Part C addresses specific requirements for different bond structures, such as project bonds or asset-backed securities.
• Verifiers can conduct three types of engagements: Reasonable Assurance (high scrutiny, positive conclusion), Limited Assurance (lower scrutiny, negative conclusion), and Agreed-Upon Procedures (factual findings without an opinion). Reasonable and Limited Assurance must follow ISAE 3000, while Agreed-Upon Procedures must follow ISRS 4400.
• To be engaged, a Verifier must be approved by the Climate Bonds Standard Board and maintain independence, meaning they cannot be an owner or subsidiary of the issuer, nor benefit from the issuance beyond their fee. They must have a professional indemnity insurance policy coveringS covering the jurisdiction of issuance and disclose any potential conflicts of interest to the Board.
• The verification methodology follows a six-stage process: Engagement, Planning, Risk Assessment, Testing and Fieldwork, Evidence Gathering and Documentation, and Reporting. Risk assessments must specifically map technical aspects of assets, the issuer's fund-monitoring systems, and the bond structure.
• Verifiers must produce two versions of their final report: a public version for the Climate Bonds Initiative website and a confidential 'long-hand' version for the Climate Bonds Standard Board. The long-hand version includes a detailed list of reviewed Nominated Projects & Assets and the specific testing procedures used to confirm conformance.

APA

Climate Bonds Initiative (n.d.). CLIMATE BONDS STANDARD & CERTIFICATION SCHEME – GUIDANCE FOR VERIFIERS. https://www.climatebonds.net/files/drupal-files/files/Guidance%20for%20Verifiers%20-%20Version_1_0.pdf

Chicago

Climate Bonds Initiative. CLIMATE BONDS STANDARD & CERTIFICATION SCHEME – GUIDANCE FOR VERIFIERS. n.d. https://www.climatebonds.net/files/drupal-files/files/Guidance%20for%20Verifiers%20-%20Version_1_0.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=CLIMATE BONDS STANDARD & CERTIFICATION SCHEME – GUIDANCE FOR VERIFIERS |url=https://www.climatebonds.net/files/drupal-files/files/Guidance%20for%20Verifiers%20-%20Version_1_0.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiativendclimate, author = {{Climate Bonds Initiative}}, title = {{CLIMATE BONDS STANDARD \& CERTIFICATION SCHEME – GUIDANCE FOR VERIFIERS}}, institution = {Climate Bonds Initiative}, url = {https://www.climatebonds.net/files/drupal-files/files/Guidance%20for%20Verifiers%20-%20Version_1_0.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }