Guidelines for Green, Social and Sustainability Bonds External Reviews
External Review Service Mapping
These Guidelines for External Reviewers provide voluntary guidance relating to professional and ethical standards for external reviewers, as well as to the organisation, content and disclosure for their reports. They have been developed as a common undertaking between the Executive Committee of the Principles in consultation with a group of leading external reviewers, with the support of the ICMA Secretariat with the common objective to promote best practice in the provision of external review services for green, social and sustainability bonds.

The guidelines complement the Green and Social Bond Principles, the Sustainability Bond Guidelines and reference other existing relevant guidance such as the Assurance Framework for the Climate Bond Standard, Guidelines for the Conduct Assessment and Certification of Green Bonds (Interim) jointly issued by the People's Bank of China and the China Securities Regulatory Commission, the draft EU Green Bond Standards published by the High-Level Expert Group (HLEG) on Sustainable Finance, and the ASEAN Green Bond Standards.

The 2020 version provides additional guidance especially for second party opinions. It benefits from the input of the GBP SBP’s Advisory Council, as well as from the external reviewers listed below.

The Guidelines complement the Green Bond Principles, the Social Bond Principles and the Sustainability Bond Guidelines. The 2020 version of the Guidelines has not been updated to date for guidance related to the new Sustainability-Linked Bond Principles.


The external reviewers listed below have confirmed that they will voluntarily align with the Guidelines consistent with any regulatory obligations:

Other external reviewers that have contributed to these Guidelines are:



Translations of the Guidelines for External Reviewers


Please note that the following translations are related to the 2018 editions. They will be updated with the 2020 changes progressively, therefore the edition that each translation currently refers to is indicated below.


Bahasa Malay
Bahasa Melayu Baku
2018 edition
Chinese | 中文
Chinese
中文
2018 edition

Danish
dansk
2018 edition
Chinese | 中文
Dutch (Netherlands)
Nederlands
2018 edition

Finnish
suomi
2018 edition

Georgian
ქართული ენა
2018 edition

German
Deutsch
2018 edition

Hindi (India)
हिन्दी
2018 edition

Italian
italiano
2018 edition

Japanese
日本語
2018 edition
Chinese | 中文
Norwegian
norsk
2018 edition

Polish
polski
2018 edition

Spanish
español
2018 edition

Swedish
svenska
2018 edition

Turkish
Türkçe
2018 edition

           

Overview of the External Review Service Mapping

The purpose of the mapping of external reviews is to provide market participants with clear information on the range of services offered as well as the context and content of the final external review report. The Overview is supplied by the templates that external reviewers have provided (see below).

This Excel spreadsheet is divided into 3 tabs: (1) External review services – (2) Timing and coverage – (3) Geographic scope and languages.

To have access to an individual template, you can click on the name of the related provider (on the 1st tab of the Overview).

Download Overview of the External Review Service Mapping

The Overview currently provides information on the following reviewers:

Template for External Reviews

The External Review Service Mapping Template is an excel form where external reviewers are invited to voluntarily provide information about the different external review services they provide.

The Executive Committee of the GBP/SBP encourages external reviewers to voluntarily fill in this template in order to promote transparency and disclosure and support market efficiency.

The accompanying User Guide clarifies how each element of the template should be filled out by external reviewers and interpreted by market participants.

Questions related to the template may be addressed to the Secretariat for the GBP/SBP at greenbonds@icmagroup.org.




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