The Principles announce key publications and resources in support of market transparency and development

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The Green Bond Principles (GBP), Social Bond Principles (SBP), Sustainability Bond Guidelines (SBG) and Sustainability-Linked Bond Principles (SLBP) (the “Principles”) – the global standard for a $2.4 trillion market, representing the largest source of market finance dedicated to sustainability and climate transition available internationally to corporates, banks and sovereigns – announce new and updated publications including new definitions for green securitisation, updated key performance indicators for Sustainability-Linked Bonds and new resources for climate transition finance.

Specific publications and resources released are:

  • New definitions for green securitisation (Secured Green Collateral Bond, Secured Green Standard Bond) clarifying terminology and market practice, notably for collateral. A related Q&A is also being released (including sustainability criteria relating to collateral, no double counting principles, reporting requirements, etc.). Similar guidance is also available for social bond securitisation.
  • An updated registry of approximately 300 key performance indicators (KPIs) for Sustainability-Linked Bonds, the fastest-growing segment of the sustainable bond market. The KPIs are classified by sector and between core and secondary indicators following the input of over 90 leading market participants and stakeholders. An accompanying Q&A also addresses, among other issues, the materiality assessment of KPIs, which has been a topic of debate among market participants and stakeholders.
  • A new Climate Transition Finance (CTF) Methodologies registry has been created with a list of tools to specifically help issuers, investors, or financial intermediaries validate their emission reduction trajectories/pathways as “science-based”. Similarly, the Guidelines for External Reviews have been updated to facilitate the assessment of alignment with the existing Climate Transition Finance Handbook (CTFH).

The Principles have also released additional guidance, updates and templates, specifically:

  • New metrics for impact reporting (1) for Green Projects relating to environmentally sustainable management of living natural resources and land use, and (2) for Social Projects (including an enriched list of social indicators and impact confirmation on target population).
  • Updated high-level mapping to the United Nations’ Sustainable Development Goals (SDGs).
  • recommendations paper and proposed information template for providers of Green, Social and Sustainability Bond index services.
  • Pre-issuance Checklist for Green Bonds/Green Bond Programmes and an updated Sustainable Bond/Bond Programme Information Template (including disclosure of the issuer’s sustainability strategy).

The standards and guidance from the Principles are developed with the input of over 400 market participants and stakeholders, as well as the participation of many other organisations through technical working groups. In 2021, the Principles were referenced by an estimated 98% of sustainable bonds issued globally and have been translated into 25 languages.

The new and updated publications and resources in support of market transparency and development are being announced at the 2022 Annual Conference of the Principles on the 28 June in London. The conference will also feature discussions on workstreams concerning the application of the Principles in a wider context, including commercial paper and repo, as well as high yield and emerging markets.

 

New/updated documents released:

Green Bond Principles – June 2021 (with June 2022 Appendix 1)
Pre-issuance Checklist for Green Bonds / Green Bond Programmes – June 2022
Social Bond Principles – June 2021 (with June 2022 Appendix 1)
Sustainable Securitisation Related questions – June 2022
Sustainability-Linked Bond Principles Related Questions – June 2022
Sustainability-Linked Bonds Illustrative KPIs Registry – June 2022
Climate Transition Finance Methodologies Registry – June 2022
Green, Social and Sustainability Bonds: A High-Level Mapping to the Sustainable Development Goals – June 2022
Handbook – Harmonised Framework for Impact Reporting (Green Bonds) – June 2022
Harmonised Framework for Impact Reporting for Social Bonds – June 2022
Guidelines for Green, Social, Sustainability and Sustainability-Linked Bonds External Reviews June 2022 – June 2022
Green, Social and Sustainability Bond Index Service Mapping Supporting Paper – June 2022
Index Providers Mapping Template – June 2022

 

Source: The International Capital Market Association

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