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Database Guidance for Issuers

The purpose of the Green / Social / Sustainability Bond database is to provide a holistic list of issuers that have issued bonds aligned with the Principles. Investors and other market participants reference this database for access to market wide issuance of green, social and sustainability bonds that are GBP/SBP/SBG aligned.

Issuers wishing to be listed on the database must complete and forward to the secretariat, the relevant template and form (see below), and/or must have made publicly available their external review reports.

Access the Green-Social-Sustainability Bond Database





Note to Issuers:

The GBP and SBP 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. This contributes to market transparency and clarifies issuers’ alignment with the Principles.

Issuers are thus encouraged to complete the templates for all programs or transactions for which they wish to signal alignment with the GBP/SBP recommendations.

Completed templates and reviews for disclosure to the should be sent to the Secretariat at: greenbonds@icmagroup.org, socialbonds@icmagroup.org, sustainabilitybonds@icmagroup.org.

Please consult the Frequently Asked Questions for further information.




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.
Green Bond impact reporting:

Any comments on the below documents are welcomed and can be sent to greenbonds@icmagroup.org.

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.


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.


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.


IV. Clean Transportation


Suggested Impact Reporting Metrics for Clean Transportation Projects published in June 2018 by the Impact Reporting Working Group.


V. 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.




Social Bond impact reporting:

Working Towards a Harmonized Framework for Impact Reporting Social Bonds (2018)

This document summarizes the conclusions of the Social Bond Principles Sub-Working Group on impact reporting and aims to catalyse a broader discussion among issuers and investors. It outlines a framework for reporting on projects to which Social Bond proceeds have been allocated, including core principles and recommendations for issuers as they develop their own reporting. The document also provides a reporting template covering quantitative and qualitative information that issuers can adapt to their own circumstances.

Any comments on this document are welcomed and can be sent to socialbonds@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.
Market Databases and Indices

The Working Group on Databases and Indices has produced and maintains useful summaries of Green Bond Databases and Green Bond Indices available to the market.

Download the Green Bond Databases summary.
Download the Green Bond Indices summary.

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

The Green and Social Bond Principles Executive Committee launched a Research initiative in Q1 2018 with the aim to improve understanding of the market for bonds issued under the Principles. The approach aims to include proprietary research undertaken by the GBP/SBP Excom, supported by ICMA, as well as to reference relevant research from other sources.

Investor Survey 2018: An inaugural survey undertaken in Q2 2018 targeted the buy-side to extract patterns of investor behaviour in the green, social and sustainability bonds market. Highlights of the results are available here.


Other Relevant Research
  • 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.

Learning Resources

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.

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 will be able to issue their own green bonds.

Green Bond Proceeds Management and Reporting
A Guide for public sector Green Bond issuers has been published in September 2018. This Guide, produced jointly by the World Bank Treasury and Finance, Competitiveness & Innovation Global Practice, was written by Laura Tlaiye, sustainability advisor and independent consultant, under the overall guidance of Farah Imrana Hussain (Senior Financial Officer and lead green bond adviser, World Bank Treasury). The content benefited from the helpful contributions of green bond issuers in Fiji, Indonesia and Malaysia, who answered a questionnaire about existing systems and practices for financial management and results monitoring of their development investments, as well as the French Tresor. Investors and observers of the green bond market also provided informal feedback.

The IFC-supported Sustainable Banking Network (SBN) launched a new report on October 2018: “Creating Green Bond Markets – Insights, Innovations, and Tools from Emerging Markets”, prepared by IFC and the Climate Bonds Initiative (CBI) on behalf of the SBN. This report draws on a survey of over 22 emerging markets, 9 case studies, and a review of 13 country and regional green bond frameworks that have been launched or are in development. It was also guided by the SBN Green Bond Working Group members and observers from 21 countries and 30 organizations, including the International Capital Market Association (ICMA).

For reference, you can also refer to a summary of those MDBs practices and their alignment with the GBP addressing in particular examples and methodologies for the Use of Proceeds.


Other Resources

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)
Climate Bonds Taxonomy is not a Green Bond Issuer but has developed an independent, third party standard)
https://www.climatebonds.net/standard/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.