To access the Principles, Guidelines and Handbooks click here.

Social Bonds Working Group

The Social Bonds Working Group conducted a targeted investor survey between 2 March 2020 and 15 April 2020 with the aim of collecting information on (1) investor knowledge of social bonds (2) the current investor base of social bonds (3) investor expectations of social bond issuances, including reporting.

Based on the participation of 36 organisations, the survey highlights as well as aggregated results can be accessed here.
Research Working Group

The Green and Social Bond Principles Research Working Group launched an Investor Survey in Q2 2018, targeting the buy-side to extract patterns of investor behaviour in the green, social and sustainability bonds market. Highlights of the results are available here.

During summer 2019, the Research Working Group undertook 3 surveys among the GBP SBP Members to evaluate the benefits of the Green, Social or Sustainability (GSS) Bond Market and to get a better understanding of the related organisation and strategies pursued by the issuers, the investors and the underwriters.
Highlights of the results: investor survey | issuer survey | underwriter survey



Public research resources

We are now maintaining a list of green, social and sustainability bond market public research resources with links.

View public research resources

See also: FinTech and Sustainable Finance Library


Learning Resources

Guidance for financing the Blue Economy, building on the Green Bond Principles and the Green Loan Principles
Blue Bonds and Blue Loans are innovative financing instruments that earmark funds exclusively for ocean-friendly projects and critical clean water resources protection. In January 2022, the International Finance Corporation (IFC) has built on the Green Bond Principles and the Green Loan Principles and related resources, including the ICMA Handbook for Impact Reporting, to provide guidance on IFC’s implementation of Blue Finance in the context of green bonds and green loans (Guidelines for Blue Finance). This document identifies eligible blue project categories to guide IFC’s investments to support the blue economy, in line with the Green Bond Principles and Green Loan Principles. IFC aims to follow this Guidance document to finance the blue economy and encourage best practices that can enable the growth of Blue Finance globally.

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.

The Sovereign ESG Data Portal
The World Bank launched on 29 October 2019 the Sovereign ESG Data Portal: a free, open and easy to use online platform that provides users with sovereign-level environmental, social and governance (ESG) data. The portal is designed to help investors better align ESG analysis with key sustainable development policy indicators and analysis, as well as to increase data transparency and support private sector investments in emerging markets and developing countries.

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.


Sustainable Finance Initiatives

This page details some of the initiatives led internationally, regionally and nationally to further green and sustainable finance.

Main publications on this page include:
Green Loan Principles (GLP) (The Loan Market Association)
Sustainability Linked Loan Principles (SLLP) (The Loan Market Association)
ASEAN Green Bond Standards (ASEAN Capital Markets Forum (ACMF))
ASEAN Social Bond Standards (ASEAN Capital Markets Forum (ACMF))
ASEAN Sustainability Bond Standards (ASEAN Capital Markets Forum (ACMF))
Equator Principles
UN Sustainable Development Goals


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.
Ceres’ Statement of Investor Expectations for the Green Bond Market

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.


ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Brussels

T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
 
Copyright © 2022 International Capital Market Association.