Resource Centre





 
I. Templates

The GBP and SBP 2017 provide a recommended template for issuers to inform the market on GBP and SBP alignment. They also recommend the public disclosure of external reviews either in summary format through a recommended template and/or in its entirety.

It is expected that this will add significantly to market transparency and clarify further the process of Green/Social Bond issuers alignment with the Principles.

Issuers could therefore contribute to the implementation of the Resource Centre by submitting completed templates and/or External Review reports for all transactions for which they wish to signal alignment with the GBP/SBP recommendations.
  • The Information Template enables GB SB Issuers to publicly confirm their alignment with the GBP or SBP.
  • The Programme External Review Form provides a summary format for External Reviewers to disclose online their reports. Alternatively, External Reviewers can also send their full reports to be posted online on the Resource Centre.
Download Green Bond Information Template | Download Social Bond Information Template | Download Sustainability Bond Information Template

Download Green Bond External Review Form | Download Social Bond External Review Form | Download Sustainability Bond External Review Form

The completed templates and reviews should be forwarded to the Secretariat at greenbonds@icmagroup.org, socialbonds@icmagroup.org, sustainabilitybonds@icmagroup.org.

Please consult the Frequently Asked Questions for further information.



II. Database

The purpose of the Green / Social / Sustainability Bond database is to list the issuers that have filled in the relevant template and form, and/or that have made publicly available their external review reports.

Download the green-Social-Sustainability Bond Database



III. Other sources of information

The Working Group on Databases and Indices has produced in May 2017 useful summaries of Green Bond Databases and Green Bond Indices that are nowadays available to the market.

Download the Green Bond Databases summary.

Download the Green Bond Indices summary.

Providers are encouraged to contribute to the update of those summaries by sending relevant information to ICMA at greenbonds@icmagroup.org.


The information on this Web page has been provided by third-party sources and is intended for general information only (the “Information”), and is not intended to be and should not be relied upon as being legal, financial, investment, tax, regulatory, business or other professional advice. ICMA is not responsible for the accuracy, reliability, currency or completeness of the Information. ICMA does not represent or warrant that the Information is accurate, suitable or complete and neither ICMA nor its employees or representatives shall have any liability arising from, or relating to its use.
For reference, please find below publicly available resources addressing in particular examples and methodologies for the Use of Proceeds from existing Green Bond issuers, non-profit and non-government organizations, and other relevant stakeholders.

I Multilateral Development Banks (Green Bond issuers)

You can also refer to a summary of those MDBs practices and their alignment with the GBP.

A. African Development Bank (AfDB)
http://www.afdb.org/en/topics-and-sectors/initiatives-partnerships/green-bond-program/climate-change/
http://www.afdb.org/en/topics-and-sectors/initiatives-partnerships/green-bond-program/portfolio-selection/

The African Development Bank’s website also hosts the Joint multilateral development bank methodology for tracking adaptation and mitigation finance:
http://www.afdb.org/en/topics-and-sectors/sectors/climate-change/climate-finance-tracking-at-afdb/

B. BNG bank
https://www.bngbank.com/funding/sustainability-bond

C. European Bank for Reconstruction and Development (EBRD)
http://www.ebrd.com/cs/Satellite?c=Content&cid=1395239037269&pagename=EBRD%2FContent%2FContentLayout

D. European Investment Bank (EIB)
Environmental and Social Practices Handbook and EIB’s Screening and Assessment Criteria for Energy Projects
http://www.eib.org/attachments/strategies/environmental_and_social_practices_handbook_en.pdf
http://www.eib.org/attachments/strategies/eib_energy_lending_criteria_en.pdf

E. FMO
https://www.fmo.nl/sustainability-bonds

F. International Finance Corporation (IFC)

Overview over IFC Green Bonds
http://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/about+ifc_new/ifc+governance/investor+relations/grnbond-overvw

For more information on IFC’s Environmental and Social Performance Standards and Corporate Governance Policy, please see
:

Environmental and Social Performance Standards and Guidance Notes:
http://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/ifc+sustainability/our+approach/risk+management/performance+standards/environmental+and+social+performance+standards+and+guidance+notes

Corporate Governance:
http://www.ifc.org/wps/wcm/connect/Topics_Ext_Content/IFC_External_Corporate_Site/IFC+CG

G. KfW
https://www.kfw.de/KfW-Group/Investor-Relations/KfW-Green-Bonds/KfW-Green-Bonds-Reporting/index.html

H. Kommunalbanken Norway (KBN)
http://www.kommunalbanken.no/en/funding/green-bonds

I. Nederlandse Waterschapsbank N.V. (NWB Bank)
https://www.nwbbank.com/green-bond

J. Nordic investment Bank (NIB)
For more information on NIBs sustainability policy, please see
http://www.nib.int/filebank/56-Sustainability_Policy_Guidelines-2012.pdf
and for more information on NIB Environmental Bonds, please see:
http://www.nib.int/capital_markets/environmental_bonds

K. World Bank (IBRD), World Bank Green Bond Criteria
http://treasury.worldbank.org/cmd/htm/WorldBankGreenBonds.html
http://treasury.worldbank.org/cmd/htm/MoreGreenProjects.html
http://treasury.worldbank.org/cmd/pdf/ImplementationGuidelines.pdf


II Other sources

A. Ceres
Ceres is a non-profit organization advocating for sustainability leadership. Ceres mobilizes a powerful network of investors, companies and public interest groups to accelerate and expand the adoption of sustainable business practices and solutions to build a healthy global economy.
http://www.ceres.org/files/investor-files/statement-of-investor-expectations-for-green-bonds/view

B. Climate Bonds Initiative (CBI)
Green Bonds Taxonomy (CBI is not a Green Bond Issuer but has developed an independent, third party standard)
http://www.climatebonds.net/standards/taxonomy
www.climatebonds.net

C. Organization of Economic Development and Cooperation (OECD)
The Organisation for Economic Co-operation and Development (OECD) is an international economic organisation of 34 countries founded in 1961 to stimulate economic progress and world trade
http://www.oecd.org/greengrowth/

D. The Global Real Estate Sustainability Benchmark (GRESB)
GRESB is an industry-driven organization committed to creating transparency in the sustainability performance of the global real estate sector. GRESB has issued Green Bond Guidelines for the Real Estate Sector.


The information on this Web page has been provided by third-party sources and is intended for general information only (the “Information”), and is not intended to be and should not be relied upon as being legal, financial, investment, tax, regulatory, business or other professional advice.  ICMA is not responsible for the accuracy, reliability, currency or completeness of the Information. ICMA does not represent or warrant that the Information is accurate, suitable or complete and neither ICMA nor its employees or representatives shall have any liability arising from, or relating to its use.


I. Renewable energy and energy efficiency

An informal working group of Multilateral Development Banks (MDBs) active in the green bond market have put together a Proposal for a harmonized framework for impact reporting on Renewable Energy/Energy Efficiency projects consistent with the 2015 GBP. Any comments on this document are welcomed and can be sent to greenbonds@icmagroup.org.


II. Water and wastewater management

Suggested Impact Reporting Metrics for Sustainable Water and Wastewater Management Projects published in June 2017 by the GBP Impact Reporting Working Group.

Any comments on this document are welcomed and can be sent to greenbonds@icmagroup.org.


III Waste management and Resource-Efficiency projects

Suggested Impact Reporting Metrics for Waste Management and Resource-Efficiency Projects published in February 2018 by the GBP Impact Reporting Working Group.

Any comments on this document are welcomed and can be sent to greenbonds@icmagroup.org.


IV. Position Paper – Nordic public sector green bond issuers

A group of ten Nordic public sector issuers have released a joint position paper on green bonds impact reporting. The paper proposes an outline for reporting environmental benefits of green bond investments.  It provides guidance on general matters such as to report on actual impact when feasible, to distinguish between reduced and avoided emissions, and to report impact in relation to the share financed by green bonds.


The information on this Web page has been provided by third-party sources and is intended for general information only (the “Information”), and is not intended to be and should not be relied upon as being legal, financial, investment, tax, regulatory, business or other professional advice.  ICMA is not responsible for the accuracy, reliability, currency or completeness of the Information. ICMA does not represent or warrant that the Information is accurate, suitable or complete and neither ICMA nor its employees or representatives shall have any liability arising from, or relating to its use.
I. Green Bond Tutorial
II. International framework
III. European Market
IV. Chinese Market
V. ASEAN Market
VI. Japanese Market
VII. New Market Task Force
VIII. Guidance
IX. Global Green Finance Council (GGFC)
X. Research reports



 I. Green Bond Tutorial

For those interested in better understanding the nature of green bonds, you can usefully refer to the presentation available on the World Bank website.


 II. International framework

Network of Central Banks and Supervisors for Greening the Financial System (NGFS)
At the Paris “One Planet Summit” in December 2017, eight central banks and supervisors established a Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The Network’s purpose is to help strengthening the global response required to meet the goals of the Paris agreement and to enhance the role of the financial system to manage risks and to mobilize capital for green and low-carbon investments in the broader context of environmentally sustainable development.

Equator Principles:
The Equator Principles (dated June 2013) is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in projects. It is primarily intended to provide a minimum standard for due diligence to support responsible risk decision-making.
Currently 89 Equator Principles Financial Institutions (EPFIs) in 37 countries have officially adopted the EP, covering over 70 percent of international Project Finance debt in emerging markets.

Financial Stability Board - Task Force on Climate-related Financial Disclosures (Task Force):
In December 2016, the Task Force published its report setting out some recommendations for helping businesses disclose climate-related financial risks and opportunities within the context of their existing disclosure requirements.

UN Sustainable Development Goals:
In September 2015, countries adopted a set of goals to end poverty, protect the planet and ensure prosperity for all as part of a new sustainable development agenda. Each goal has specific targets to be achieved over the next 15 years.

G20 Sustainable Finance Study Group:
The objective of the G20 Green Finance Study Group (GFSG) is to “identify institutional and market barriers to green finance, and based on country experiences, develop options on how to enhance the ability of the financial system to mobilize private capital for green investment”.
The latest green finance synthesise report was published in July 2017.


 III. European Market

High-Level Expert Group on Sustainable Finance (HLEG):

In January 2018, the High-Level Expert Group on Sustainable Finance (HLEG), issued its final report which sets out strategic recommendations for a financial system that supports sustainable investments.

On 8 March 2018, the EU Commission published its Action Plan on sustainable finance: 'Financing Sustainable Growth', as adopted by the College of Commissioners.


 IV. Chinese Market

Official Rules: ICMA is pleased to make available to the market English versions of the Green financial bond rules of the People’s Bank of China (PBOC). The documents include the PBOC Announcement and the Preparation Instructions on Green Bond Endorsed Project Catalogue (2015 Edition). These translations have been coordinated and made available by ICMA for information only. In case of any discrepancy between these translations and the original Chinese version, please refer to the Chinese version as the official document.

NAFMII (National Association of Financial Market Institutional Investors) and ICMA Report  A comprehensive report on how the Green Bond market in China has developed over the past few years has been published in March 2017, detailing the critical factors which have allowed Green Bond issuance in China to expand so rapidly, with reference to developments in the international green bond market.  It aims to provide issuers, investors and other market participants with information about the development of the Chinese and international green bond markets, including operational practices, standards and reporting, to encourage more participation in this market and expand financing channels for sustainable development.
Access ‘The practice and prospects for green bond market development at home and abroad’ (Chinese)
Access ‘The practice and prospects for green bond market development at home and abroad’ (English)


 V. ASEAN Market

On November 2017, the ACMF (Asian Capital Markets Forum) issued Green Bond Standards.
The Standards were developed based on the Green Bond Principles (GBP) tailored to meet the needs and commitment of ASEAN. The Standards label is to be used only for issuers and projects in the region and specifically excludes fossil fuel related projects.


 VI. Japanese Market

The Ministry of the Environment, Japan has established the "Green Bond Guidelines, 2017" on 28 March 2017 with the purpose of spurring issuances of Green Bonds and investments in them in Japan.


 VII. New Market Task Force

The New Markets Taskforce of the Green Bond Principles Executive Committee is delighted to offer its assistance with providing feedback on regional Green Bond guidelines or standards as they are developed by their respective institutions / countries. A recent example where the Taskforce provided such feedback was to the ACMF – see above.

In order to ensure time for adequate review and effective comments, the Taskforce kindly asks that all requests be submitted to ICMA (see contact below) at a minimum of two weeks prior to due date of feedback. This will ensure the Taskforce members have adequate time for substantive discussions and ensure thoughtful suggestions are made.

Please reach out to greenbonds@icmagroup.org with all enquiries.


 VIII. Guidance

Guidance for Sovereign Green Bond Issuers
Drawing on lessons learned from Fiji’s recent experience, the IFC published on 20 March 2018 a document that outlines practical considerations sovereigns can take at each step of the process from preparation to issuance and post-issuance reporting. It is hoped that with this guide, more sovereigns willbe able to issue their own green bonds.


 IX. Global Green Finance Council (GGFC)


On December 2017, the Global Green Finance Council (GGFC) published the first version of its reference guide to global and regional policy initiatives on green finance. For more information, click here.


 X. Research reports
  • WWF calls for industry standards in the Green Bond market to bolster a sustainable economy - Green bonds must keep the green promise (June 2016)
  • I4CE published a study supported by Mirova, EDF and Crédit Agricole exploring challenges and opportunities for the green bond market to make a tangible contribution to the low-carbon transition: Beyond transparency: unlocking the full potential of green bonds (June 2016)
  • IFC report published in November 2017, Creating Markets for Climate Business, highlights opportunities for attracting private investment in 7 key sectors: grid-connected renewable energy, off-grid solar and storage, climate-smart agriculture, green buildings, climate-smart urban transport and logistics, climate-smart urban water infrastructure, and climate-smart waste management. The report also includes new developments and next steps for key cross-cutting solutions such as green finance, green bonds, blended finance, carbon pricing, public-private partnerships and city creditworthiness.

The information on this Web page has been provided by third-party sources and is intended for general information only (the “Information”), and is not intended to be and should not be relied upon as being legal, financial, investment, tax, regulatory, business or other professional advice.  ICMA is not responsible for the accuracy, reliability, currency or completeness of the Information. ICMA does not represent or warrant that the Information is accurate, suitable or complete and neither ICMA nor its employees or representatives shall have any liability arising from, or relating to its use.