In 2023, ICMA continued to support the sustainable bond market with additional guidance and data. The deliverables during the virtual AGM of the Principles on 22 June included: a first update to the Climate Transition Finance Handbook (CTFH) as well as integration of sovereign issuance considerations in the Sustainability-Linked Bond Principles (SLBP). The 9th Annual Conference of the Principles was held in Singapore the same month and featured high-level official and private sector representatives. ICMA also published jointly with ELFA practical recommendations for High Yield SLBs. Furthermore, in September, ICMA together with the ADB, IFC, UNEP FI and UNGC launched a practitioner’s guide on “Bonds to finance the sustainable blue economy”.
In May, ICMA, in partnership with the Luxembourg Stock Exchange, launched ICMA’s new GSSS bond issuer database that also makes available to users high-level market analytics on sustainable bond issuance.
ICMA has also remained engaged on regulatory issues:
The EU Green Bond Standard, on which ICMA has published five position papers and analysis since 2021, was finally published in the EU Official Journal on 30 November as a voluntary standard. In January, ICMA responded to the EU Supervisory Agencies’ (ESAs) Call for Evidence on greenwashing and followed up with a comprehensive paper reflecting on greenwashing from an international perspective. On the asset management side, ICMA responded to several consultations on fund naming and ESG ratings from the EU and the UK, and most recently, on the European Commission’s targeted consultation on the Sustainable Finance Disclosure Regulation (SFDR).
Other noteworthy initiatives in 2023:
ICMA which had jointly provided the Secretariat to the industry-led Code of Conduct for ESG Ratings and data products providers, took on ownership after publication of the final Code on 14 December. It also leads a similar project sponsored by the Hong Kong SFC and is hosting the Singapore Code of Conduct on the ICMA website. Our education offering both at introduction and advanced Certificate levels, as well as in-house courses has continued to support market practitioners throughout 2023. Our Webinars & Podcasts, including many on sustainable finance, can be found here.
Finally, ICMA attended COP28 in Dubai where we participated on various panels and events. Moreover, ICMA together with the Islamic Development Bank (IsDB) and the London Stock Exchange Group (LSEG) signed an agreement to create guidance for green Sukuk.
Contact: sustainabilitybonds@icmagroup.org
