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The Climate Bonds Initiative evaluates the JPY10bn green bond issued by Nippon Yusen Kaisha (NYK) on 24 May 2018. While the bond is included in the Climate Bonds database because LNG-fuelled ships are currently the lowest-emission option for long-haul shipping, the briefing argues that switching to LNG is insufficient for long-term climate goals. LNG-fuelled ships reduce total GHG emissions by only 15-21% and CO2 by 30% compared to heavy fuel oil ships, failing to meet the IMO's 2030 target of a 40% cut in GHG emission intensity. The document highlights the risk of 'lock in' to fossil fuels, as these vessels will operate into the 2030s, potentially delaying the transition to commercially viable renewable fuels like ammonia and hydrogen. It also emphasizes the necessity of controlling methane leakage to prevent LNG from having a worse GHG profile than traditional fuels.

Multiconsult Norge AS conducted a post-issuance verification of SpareBank 1 Boligkreditt's (SpaBol) EUR 1 billion green bond, concluding that the issuance conforms to the Climate Bonds Standard Version 2.1. The bond finances and refinances a mortgage pool of energy-efficient residential buildings in Norway. Eligibility is based on compliance with Norwegian building codes TEK07 (for houses) and TEK10 (for apartments) or later, which represent the top 15% most energy-efficient buildings in the country. The verifier found that the value of eligible mortgages in the portfolio is approximately twice the size of the EUR 1 billion bond issuance.

oekom research conducted a desk-based assessment of Volkswagen Immobilien's (VWI) Green Bond Programme against the Climate Bond Standard Version 2.1. The verification focused on the selection of nominated projects, internal processes and controls, and reporting requirements. The verifier concluded that the 2018 Green Bond is in material conformance with the Pre-Issuance Requirements, with one exception noted regarding Requirement 3.1.3. Eligible assets are defined as residential buildings with a rating of "B" or higher in the German energy efficiency class ranking, while office and logistic buildings were excluded from the certification portfolio.

The report highlights a pipeline of 38 green infrastructure projects in Indonesia for 2018-2019, ranging from a USD15m solar project to a USD6bn high-speed rail development. It emphasizes the role of green finance, specifically green bonds and the world's first sovereign green sukuk, in bridging a USD150bn infrastructure investment gap. Key sectors identified include low-carbon transport (rail and BRT), renewable energy (geothermal and hydropower), sustainable water and waste management, and the built environment (certified green buildings).

The report analyzes 23 green bonds totaling USD 15.1bn issued in Q4 2017. It finds that USD green bonds generally achieve higher oversubscription and tighter pricing relative to initial price thoughts than vanilla bonds, while EUR green bonds perform similarly. Approximately 44% of allocations went to green investors. The 'greenium' (pricing inside the yield curve) was observed in only half of a limited sample of six bonds, indicating that a new issue premium is not always avoided. In the secondary market, over half of EUR green bonds outperformed their indices after 28 days, whereas USD green bonds lagged.

The report concludes that Auckland Council's Green Bond issuance process meets the required international standards in all material respects. The bond's proceeds are designated for financing and refinancing electrified public transport trains and equipment that comply with low carbon land transport criteria. The assurance process included reviewing policies, confirming asset eligibility, and interviewing personnel to verify that the council's framework for project selection, management of proceeds, and annual reporting is aligned with the Climate Bonds Standard and Green Bond Principles.

oekom research has verified that ABN AMRO's 2018 Green Bond is in conformance with the Climate Bonds Standard's Pre-Issuance Requirements. The verification covered the selection of nominated projects and assets, internal processes and controls, and reporting requirements. The bond's asset pool includes renewable energy projects, specifically offshore wind in the Netherlands and Germany, and residential properties that meet Dutch energy efficiency standards. ABN AMRO's framework aligns with the Green Bond Principles and targets energy efficiency, renewable energy, and the circular economy.

The guidance note outlines the processes for evaluating the climate impact of water infrastructure bonds. It details a Mitigation Assessment to quantify greenhouse gas (GHG) emissions reductions against baselines and an Adaptation & Resilience Assessment based on a binary scorecard. The latter evaluates an issuer's Vulnerability Assessment and Adaptation Plan across four key areas: water allocation, governance, diagnostic technical assessments (including hydrologic modeling), and the robustness of adaptation strategies. The document emphasizes the use of science-based methodologies, such as the WRI/WBCSD GHG Protocol and IPCC climate projections, and provides extensive examples from the San Francisco Public Utilities Commission to illustrate compliance.

The document details a CNY 1 billion (USD 159 million) green bond issued on March 30, 2018, by Zhuhai Huafa Comprehensive Development Co., Ltd. with a five-year tenor. The proceeds are allocated to a 2-Star certified green commercial building (94%) and an urban wetland park (6%) designed for flood reduction. The Climate Bonds Initiative links the wetland project to China's Sponge Cities Initiative, which targets 80% of cities having sufficient wetlands to absorb 70% of storm water runoff by 2030.

The report finds that while Korea has a massive overall bond market and strong climate policies, its climate bond market remains small with only six bonds issued by four entities. It identifies a potential USD 18bn in unlabelled climate-aligned bonds and suggests that Korea could lead the Asian region by adopting national guidelines, sovereign issuance, and tax incentives, drawing on successful models from China, India, and other ASEAN nations.

The document details various green asset-backed securities (ABS) and aggregation mechanisms used to fund low-carbon transitions. It highlights specific instruments such as synthetic ABS, PACE ABS, solar ABS, and green covered bonds, providing examples of issuers and the types of underlying assets—ranging from energy-efficient mortgages to electric vehicle leases—that enable institutional investors to finance smaller-scale green assets.

The report introduces Sustainable Land Bonds (SLBs), which are sovereign bonds used to finance low-carbon land management. Unlike standard bonds, SLBs are paired with Results-Based Payment (RBP) agreements where third parties offset interest costs if the issuing country meets specific emission reduction targets. This model aims to help tropical forest countries achieve their Paris Agreement Nationally Determined Contributions (NDCs) while stimulating rural economic growth and attracting institutional investment.

The research paper advocates for a systems approach to climate finance to move beyond linear data tracking and address the complexities of developing country financial markets. It introduces a framework that categorizes actors into public finance, private finance, systemic enablers, and service providers, mapping their interrelationships through financial flows, mandates, and information. The paper identifies systemic trends in developing countries—such as bank dominance, short-termism, and capital volatility—and demonstrates how specific systemic actions (like ESG disclosure mandates) can catalyze private finance. Finally, it uses social network analysis of 2013-2014 data to identify key influencers and connectors within the international public finance sub-system to improve coordination.

India requires approximately USD 450 billion in additional capital by 2040 to reach a renewable energy capacity of 480 GW. The report argues that the sector has matured from a high-risk, high-growth stage to a low-medium risk profile with predictable yields, making it highly attractive for institutional investors such as pension funds and insurance companies. While India offers higher excess returns (3.5%) than the US (2.4%) and China (1%), significant barriers persist, most notably off-taker risk from DISCOMs, currency devaluation, and a lack of liquid financial securities. The authors propose solutions including transparent payment security mechanisms, FX hedging facilities, and the securitization of loan portfolios to attract large-scale institutional capital.

First Environment, Inc. conducted a pre-issuance verification of NYSERDA's Residential Solar Financing Revenue Bonds, Series 2018A from January 26 to February 15, 2018. The verification assessed whether the bonds, intended to fund solar electric system installations, met the Climate Bonds Standard v2.1 and Solar Sector Criteria v2.1. Using a limited level of assurance and ISAE 3000 standards, the verifier concluded that the bonds were prepared in all material respects according to the required standards.

The 2017 Chinese green bond market reached 248.6 billion RMB (37.1 billion USD), with 38% of issuances not meeting international green definitions. While commercial banks remain the largest issuers, there is a growing trend of issuances from local government financing platforms and policy banks. The report highlights the introduction of the 'Bond Connect' mechanism and the 'Green Belt and Road' initiative as key drivers for future growth and international capital flow.

The report analyzes 19 green bonds issued in Q3 2017, finding that they generally achieve higher oversubscription and tighter pricing relative to initial price thoughts than vanilla bonds. While a 'greenium' (pricing without a new issue premium) was observed in a minority of cases, half the sample did not exhibit a new issue premium. EUR green bonds showed strong secondary market performance, consistently tightening more than their corresponding indices after 7 and 28 days.

The report argues that India's 40 GW rooftop solar target by 2022 requires an estimated USD 39 billion in investment, but growth is hindered by high upfront costs and limited access to debt capital. It proposes a Solar Municipal Bond (SMB) model where municipal entities act as finance aggregators, issuing bonds to provide low-cost, long-term debt to private developers via capital lease arrangements. This model could reduce the levelized cost of electricity (LCOE) for rooftop solar by up to 12%. Case studies in Surat and New Delhi suggest that while the model is promising, significant barriers exist, including a lack of statutory mandates for municipalities to promote power generation and the need for high credit ratings to attract institutional investors.

The report argues that India's 40 GW rooftop solar target by 2022 requires an estimated USD 39 billion in investment, but growth is hindered by high upfront costs and limited access to debt capital. It proposes a Solar Municipal Bond (SMB) model where municipal entities act as finance aggregators, issuing bonds to provide low-cost, long-term debt to private developers via capital lease arrangements. This model could reduce rooftop solar costs by up to 12%. Case studies in Surat and New Delhi indicate that SMBs could make rooftop solar more competitive against grid tariffs, particularly for commercial and industrial sectors. However, significant barriers exist, including the lack of a statutory mandate for municipalities to promote power generation and SEBI regulations requiring a 20% equity contribution.

oekom research verified that Landesbank Baden-Württemberg's (LBBW) Green Bond Programme conforms to the Climate Bond Standard Version 2.1. The programme focuses on financing green commercial buildings and renewable energy projects, specifically on- and offshore wind and solar energy. LBBW employs a methodology developed by Drees & Sommer Advanced Building Technologies GmbH to identify commercial buildings in the top 15% of the German market for low carbon performance, using building age and energy performance certificates as primary criteria. The verification confirmed LBBW's processes for project selection, tracking of proceeds, and reporting commitments.