ICMA statement with the Executive Committee of the Principles on the EU GBS
ICMA is a membership association, headquartered in Switzerland, committed to serving the needs of its wide range of members. These include private and public sector issuers, financial intermediaries, asset managers and other investors, capital market infrastructure providers, central banks, law firms and others worldwide. ICMA currently has over 620 members located in 66 jurisdictions. See: www.icmagroup.org.
ICMA hosts the Principles that underpin sustainable bond issuances globally. In 2021, over 98% of the global sustainable bond issuance volume aligned with the Green, Social, Sustainability, and Sustainability-linked Bond Principles (the Principles). Several EU Member States and public bodies (e.g., EIB), as well as the European Commission issued sustainable bonds aligned with the Principles (see EC’s SURE social bonds and NGEU Green Bonds). Europe has so far been the clear leader in sustainable bond market activity with around 40% of the outstanding total coming from European issuers.
As globally accepted market standards, the Principles are the fruit of extensive work and input from over 420 organisations including issuers, investors, and various other stakeholders. Members of the Principles also participate in the drafting and elaboration of standards mainly via working groups and to the election of the Executive Committee (consisting of 8 issuers, 8 investors, and 8 underwriters) each year with their votes. The Executive Committee is currently chaired by EBRD, and in the past, by EIB, IFC, and NIB.
This feedback is a result of a consensus that emerged from ICMA’s constituencies and especially the Executive Committee of the Principles.
Download statement here.