Electrical Utilities Criteria
Climate Bonds Standard andCertification Scheme

NOTE: These Criteria can be used to certify use-of-proceeds instruments, sustainability-linked
debt instruments, assets and entities per the Climate Bonds Standard

Revision

Date

Summary of Changes

Rev. 1.0

March 2024

Issue for CertificationRev. 0.1

December 2023

Issue for Public Consultation

Climate Bonds Initiative - Electrical Utilities Criteria Document
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Table of Contents
1

2

3

Introduction
1.1

The Climate Bonds Standard

4

1.2

Environmental scope of the Electricity Utilities Criteria

4

1.3

What can be Certified under the Electricity Utilities Criteria

4

1.4

Documents supporting the Criteria5

1.5

Revisions to the Criteria

5

1.6

Acknowledgements

5Electrical Utilities activities in scopeElectricity supply chain in scope

6

2.2

Alignment with other sector Criteria

8Electrical Utilities entity and sustainability-linked debt Certification

10

3.1.1

Transition pathway for sector-specific Criteria

13

3.1.2

Criteria for facilities operating at the time of Certification (existing capacity)

17

3.1.3

Criteria for new facilities after Certification (new capacity)

20

Electrical Utilities Criteria for sustainability-linked debt Certification

23

Use of proceeds bonds for mitigation measures
4.1

Mitigation measures Criteria

4.1.1

6

10

Electrical Utilities Criteria for entity Certification

3.2

5

6

2.1

3.1

4

4

Demonstration of compliance

Cross-cutting Criteria

24
24
25
26

5.1

Additional Criteria for carbon capture and storage and carbon capture utilisation and storage

26

5.2

Additional Criteria when using hydrogen or hydrogen-derived fuels for cofiring

27

5.3

Additional Criteria when using biomass or biofuels as a fuel

27

5.4

Cross-cutting for methane leakages in fossil gas plants

27

Adaptation and Resilience Criteria

29

Definitions

30

Acronyms

34

Bibliography

35

Appendix A: Life Cycle Assessment for hydrogen

36

Appendix B: Requirements for biomass when used as a fuel37

Appendix C: Proposed method for estimating GHG emissions in geothermal power plants

41

Appendix D: TWG and IWG members

42

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List of Figures
Figure 1: Simplified representation of the power system value chain covering generation, distribution, and supply.
Figure 2: Sector-specific Criteria for entity Certification.
Figure 3: Electrical Utilities Criteria for an entity’s existing capacity.
Figure 4: Electrical Utilities Criteria for entity’s new capacity.
Figure 5: Criteria for specific mitigation measures within fossil fuel power plants.
Figure 6: Methodologies required for GHG assessment of geothermal assets.

6
12
17
20
24
41

List of Tables
Table 1: Entity-level climate mitigation performance indicators and assessment versus Climate Bonds Standard sector-specific
Criteria.
7
Table 2: Commitment for exit the fossil hedging or retail business.
7
Table 3: Business segments of the electricity supply chain in scope for the Criteria.
8
Table 4: Electrical Utilities Criteria mitigation measures
8
Table 5: Assets or projects partially or wholly covered by other sector Criteria.
9
Table 6: Tiered Entity Certification.
11
Table 7: The emission intensity transition pathway for the Electrical Utilities Criteria
13
Table 8: Electrical Utilities Criteria thresholds and benchmarks for fossil fuel existing capacity.
18
Table 9: The sector-specific Criteria thresholds for low-carbon existing capacity.
19
Table 10: Electrical Utilities Criteria thresholds for low-carbon new capacity.
21
Table 11: Emissions addressed in bioenergy.
22
Table 12: SLD Tiered Certification.
23
Table 13: Criteria for CO2 transportation, storage, and utilisation.
26
Table 14: Hydrogen carbon intensity thresholds.
27
Table 15: Endorsed GHG Calculation Tools.
38
Table 16: Checklist for evaluating the issuer’s adaptation and resilience performance in respect of a bioenergy facility.
38

List of Boxes
Box 1: Two levels of Entity Certification
Box 2: Example for how to meet the Electrical Utilities Criteria transition pathway.
Box 3: Example of accounting and reporting CO2 direct emissions for combustion, following GHG Protocol methodology.
Box 4: Example of how to allocate emissions to electricity from CHP power plants following GHG Protocol methodology.
Box 5: Coal can be switched to gas under the following conditions:

10
14
15
16
18

List of Appendices
Appendix A: Life Cycle Assessment for hydrogen
Appendix B: Requirements for biomass when used as a fuelAppendix C: Proposed method for estimating GHG emissions in geothermal power plants
Appendix D: TWG and IWG members

Electrical Utilities Criteria- Climate Bonds Initiative

36
37
41
42

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1 Introduction
1.1 The Climate Bonds Standard
Investor demand for climate bonds is strong and is expected to increase in line with the delivery of quality products into the market.
Sustainable debt issuance as of end of year 2023 was on the order of USD5.5 tn (with 4.4 tn aligned) and continues on an upward
trajectory with ongoing diversification in the types of debt issued. To support this growth, standards, assurance, and certification
are essential to demonstrate credibility, which improves confidence and transparency.
The Climate Bonds Standard and Certification Scheme is an easy-to-use screening tool that provides a clear signal to investors andintermediaries on the climate integrity of Certified Climate Bonds.
At the core of the Standard is a suite of sector-specific eligibility Criteria, each of which sets climate change benchmarks for that
sector. These are used to screen debt instruments, assets and/or entities, so that only those with climate integrity, either throughtheir contribution to climate mitigation, and/or to adaptation and resilience to climate change, will be Certified.
These sector-specific Criteria are determined through a multi-stakeholder engagement process, including a technical working group(TWG) and an industrial working group (IWG), convened and managed by Climate Bonds, and are subject to public consultation.
Finally, they are reviewed and approved by the Climate Bonds Standard Board (CBSB).
The Climate Bonds Standard and Certification Scheme is supported by the overarching Climate Bonds Standard which sets out thecross-sectoral as well as sector-specific Criteria all Certified instruments, assets, and entities must meet.

1.2 Environmental scope of the Electricity Utilities Criteria
Currently, Certification requirements address:••

Climate change mitigation; andClimate adaptation and resilience.

1.3 What can be Certified under the Electricity Utilities Criteria
The following can be Certified under these Criteria following the update of the overarching Climate Bonds Standard:••

Entities (electrical utilities) and sustainability-linked debt (SLD) issued by those entities under Section 3;
Use-of-proceeds (UoP) bonds financing mitigation measures (e.g., carbon capture and storage (CCS), carbon capture
utilisation and storage (CCUS), and co-firing) under Section 4.

The Climate Bonds Standard provides any cross-sectoral requirements for UoP, SLD, asset or entity Certification which must be met
in addition to the electrical utilities-specific requirements described in this document.
Applicants to the CBS must provide information to demonstrate compliance with the Criteria, which is validated by third-party
verifiers in the assurance process.

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1.4 Documents supporting the Criteria
Electrical utilities-specific information to support applicants and verifiers is available at Electrical Utilities Climate Bonds Initiative as
follows:•••

Electrical Utilities Background Paper detailing how the criteria were chosen,
Electrical Utilities Frequently Asked Questions (FAQs),
Electrical Utilities Criteria Public Consultation Feedback and Responses Summary.

In addition, the following cross-cutting information to support applicants and verifiers is available as follows:••

The Climate Bonds Standard contains the requirements of the overarching CBS,The Climate Bonds Standard v4.1 Entity and Sustainability-Linked Debt Checklist documents provide further informationon the cross-sectoral requirements for entity and SLD Certification respectively.

For more information on Climate Bonds and the Climate Bonds Standard and Certification Scheme, see www.climatebonds.net.

1.5 Revisions to the Criteria
These Criteria will be reviewed by the TWG on a regular basis, taking into account the deals that are printed in the early stages, andany developments in improved methodologies and data that can increase the climate integrity of future deals. As a result, theCriteria are likely to be refined over time, as more information becomes available. Certification will not be withdrawn retroactively
from bonds Certified under earlier versions of the Criteria.

1.6

Acknowledgements

Climate Bonds gratefully acknowledges the Technical Working Group (TWG) and Industry Working Group (IWG) members who
provided their time and expertise during the development of these Criteria. The full list of members is provided in Appendix D.
Special thanks are given to Dr Ana Díaz Vazquez, the global energy transition Head at Climate Bonds, and Francisco Moreno
Castro, the energy analyst, for coordinating the development of the Criteria through the Technical Working Group.

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2 Electrical Utilities activities in scopeElectricity generation systems are now the largest source of global greenhouse gas (GHG) emissions, accounting for over 40% ofenergy-related CO2 emissions.1 Their transformation over the coming decades plays a crucial role in the decarbonisation of the
global economy as low-carbon electricity is essential for decarbonising transport, industrial and buildings sectors via end-use
electrification.

2.1 Electricity supply chain in scope
These Criteria apply to eligible electrical utility entities with transition plans. The criteria cover the electricity generation segmentof the overall electricity supply chain (framed in red in Figure 1) and the entity’s electricity purchased from the grid for distribution
or trading in the market. The rest of the power sector supply chain is partially or wholly covered by other sector Criteria (under
Section 2.2).

Source:Climate Bonds Initiative

Figure 1: Simplified representation of the power system value chain covering generation, distribution, and supply.
Applicants for Certification must meet the compatible emission intensity transition pathway of the sector-specific Criteria, referred
to in Section 3.1.1.
In the power sector, the specific measure of emission intensity is the GHG emissions emitted per unit of electricity produced. Thisis referred to as the average entity’s emission intensity and must include the direct combustion emissions of the electricity
generation portfolio, and the emissions resulting from activities such as the electricity purchased for distribution or trading in themarket, see Table 1. The Electrical Utilities Criteria also include compatible emission intensity thresholds for non-combustion
emissions associated with renewable electricity generation.

1

International Energy Agency, 2023, www.iea.org/energy-system/electricity

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Table 1: Entity-level climate mitigation performance indicators and assessment versus Climate Bonds Standard sector-specific
Criteria.
EntityClimate Mitigation Performance Indicator

Climate Bonds Standard sector-specific
Criteria

Emissions assessment

Average entity’s Emissions intensity

Direct CO2 combustion emissions andemissions related to purchased
electricity

CO2 emission intensity transition
pathway, Section 3.1.1

Life-cycle assessment (LCA) of low-carbon
electricity generation emission

Non-combustion emissions

CO2e emission intensity thresholds forrenewable electricity generation supply
chain, Section 3.1.2 and Section 3.1.3

Cofiring and CCS/CCUS

CO2 leakage control and monitoring

Cross-cutting Criteria, Section 5

Cross-cutting Criteria for low-carbon
fuels and biomass, Section 5
Date to phase out fossil electricity generationand trading

Capture and cofiring rate thresholds
Section 3.1.2
Benchmarks for fossil electricity
generation and trading phase-out,
Section 3.1.2

Source:Climate Bonds

To cover important emissions not related to electricity, the Electrical Utilities Criteria stipulates the incorporation of a commitmentby the parent company on behalf of the parent group to zero future expansion of fossil fuel activities, covering the exploration,
extraction, transport, and refining of fossil fuels after 1 January 2023 as well as a commitment by the parent company of behalf ofthe parent group to phase-out the trading in fossil fuels by 2040 at the latest. (See Table 2)Specifically, if any legal entity within the parent group is in the business of the exploration or extraction of fossil fuels or is a utility
company generating or supplying power or heat generated from fossil fuels, the parent company has, within the last year, publicly(re)committed to no expansion of any of the following activities across the parent group after 1 January 2023:(i) The exploration and extraction of proven conventional and unconventional fossil fuel reserves;(ii) The exploration of new conventional and unconventional fossil fuel resources;(iii) Natural gas production;(iv) Refining crude oil to produce derivate products;(v) The supply and/or use of fossil fuels for power generation and heat;
The commitment includes that trading for speculative activities is not allowed by the company or the parent group and acommitment to cease other fossil fuel trading activities is required for certification. The thresholds for the termination of fossil fueltrading are summarised in Table 2:
Table 2: Commitment for exit the fossil hedging or retail business.
Thresholds for exit the fossil fuel business

Advanced
economies2

Emerging
economies3

COAL

Phasing-out trading business

2030

2040

FOSSIL GAS

Phasing-out trading business

2040

2040

OIL

Phasing-out trading business

2030

2040
Source:2

Advanced and emerging economies follows the definition of the IEA

3Advanced and emerging economies follows the definition of the IEAElectrical Utilities Criteria- Climate Bonds Initiative

Climate Bonds

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The electricity supply chain in scope is summarised in Table 3. Heat production is excluded from the criteria. Emissions generated
from combined heat and power (CHP) plants are allocated according to the GHG Protocol methodology efficiency method (see Box3).4
Table 3: Business segments of the electricity supply chain in scope for the Criteria.
Business segment of theelectricity supply chain
Electricity generation

Eligible entities or section of theentityEmissions scope considered

The electricity generation portfolio

Scope 1 direct combustion fossil fuel emissions
Scope 1 non-combustion emissions forhydropower and geothermal electricity
generation
Scope 3 for biomass electricity generation

Electricity purchased

The electricity purchased from thegrid for distribution or trading in themarketScope 3 for electricity purchased from the gridfor distribution or trading in the market

Fossil fuel activities otherthan electricity
production

Commitment to no expansion of
exploration, extraction, transport, or
refining of fossil fuels.

Scopes 1, 2, and 3

Commitment of phasing-out tradingof fossil fuels.
Source:Climate Bonds

In addition, the Criteria incorporate eligible mitigation measures for fossil fuel electricity generation aimed at decarbonising fossil
fuel generation, listed in Table 4 below.
Table 4: Electrical Utilities Criteria mitigation measures
Power plants

Eligible Mitigation measures

Thresholds

CCS for CO2 capture, transport, and storage

Capture rate 90%

CCUS for CO2 capture, transport, andutilisation

Cross-cutting Criteria for CO2 leakages andstorageUtilisation Criteria

Coal and Gas

Cofiring with low-carbon synthetic fuels
comprising liquid and gaseous biofuels,hydrogen, and hydrogen-derived fuels

Cofiring rate 100%

Cofiring with solid biomass

Cross-cutting Criteria for cofiring withbiomass

Cross-cutting criteria for cofiring low-carbon
fuels

Source:2.2

Climate Bonds

Alignment with other sector Criteria

Climate Bonds has developed Sector Criteria which cut across the electricity supply chain, the most relevant of which aresummarised in Table 5.

4

Allocation of GHG emissions from a combined heat and power (CHP) plant. WRI/WBCSD. September 2006. (Protocol, 2006)

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Table 5: Assets or projects partially or wholly covered by other sector Criteria.
Section of the Electrical
Utility supply chain
Low carbon fueltransportation

Covered by other Sector Criteria
Low-carbon gas transport by ship

Climate Bonds Criteria
Hydrogen Criteria

Low-carbon gas pipeline transportation
Low-carbon gas transport by truck

Electricity transmission
and distribution network

Electricity grids

Electrical Grid and Storage Criteria

Storage facilities

Electricity storage

Electrical Grids and Storage Criteria

End-users

Use of electricity in other sectors

Steel, Cement, Basic Chemicals,
Transport, Agriculture Criteria

Low-carbon fuels

Hydrogen, ammonia, biomass for electricity
production

Hydrogen, Waste management, andBioenergy Criteria

Renewable electricity
generation facilities

Solar, wind, marine, hydropower,
geothermal and bioenergy

Solar, Wind, Geothermal, Hydropower,
Bioenergy and Marine Criteria.
Source:Electrical Utilities Criteria- Climate Bonds Initiative

Climate Bonds

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3 Electrical Utilities entity and sustainability-linked debt
Certification
The electricity generation-specific Criteria detailed in this section can be used to certify:••

A whole entity (in this case, a business segment or part of the company producing, purchasing and trading electricity (under
Section 3.1);
SLD issued by an entity dedicated to producing, purchasing, and trading electricity (under Section 3.2).

Sections 3.1.1, 3.1.2 and 3.1.3 contain methodological notes applicable to these Criteria.
See also the Climate Bonds Standard for the cross-sectoral requirements for entity and SLD Certification relating to transition plans,
disclosure for the Certified entity, and requirements relating to the parent group (if any). These cross-sectoral requirements must
be met in addition to the electrical utility-specific requirements described here.
NOTE:

3.1

Current proposals allow for the Certification of part of a company or group of companies, or SLD,that relate to part of a company or group of companies (see the Climate Bonds Standard for fulldetails). This flexibility enables Certification of the part of a company or group of companies
relating to electricity generation, separate from the Certification of other group or company
activities of which it forms a part.

Electrical Utilities Criteria for entity Certification

Certification requires compliance with the Climate Bonds Standard Sector Criteria. Two levels of entity Certification are available,
and depend on when the climate mitigation performance targets align with the Climate Bonds Standard Sector Criteria (see Box 1
and Climate Bonds Standards).
Box 1: Two levels of Entity Certification
Two levels of Entity Certification are available, depending on when the Climate Mitigation Performance Targets align with 1.5
degree.
1.

2.

Level 1 – “Aligned”: The Climate Mitigation
Performance Targets align with the Sector
Criteria at the time of Certification andthereafter until the date the Climate Mitigation
Performance Targets represent net zero
emissions or 2050, whichever is sooner,
Level 2 – “Transition”: The Climate Mitigation
Performance Targets do not align with thesector Criteria at the time of Certification butalign by 31st December 2030 and thereafter until
the date the Climate Mitigation Performance
Targets represent net zero emissions or 2050,
whichever is sooner.
Source:Electrical Utilities Criteria- Climate Bonds Initiative

Climate Bonds

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Table 6: Tiered Entity Certification.
Entity Tier
Tier 1: Aligned

Entity Certification Requirements
Climate Mitigation Criteria
1.

At the time of Certification, the entity’s average emission intensity meets the sector-specific Criteriatransition pathway, and its future climate mitigation performance targets continue to align with thetransition pathway through to 2050, see Section 3.1.1;

2.

At the time of Certification, all the entity’s existing capacity meets the sector-specific Criteria forexisting capacity, including any plant operating at the time of certification, see Section 3.1.2;

3.

At any time after the Certification date, all the entity’s new capacity meets the sector-specific
Criteria for new capacity, from the first day of commencing operation, including any plant becoming
operational post Certification date, see Section 3.1.3;

4.

At the time of Certification, and at any time thereafter, all the entity’s facilities using CCS/CCUS
meet the cross-cutting Criteria for CO2 transport, storage, and utilisation, see Section 5.1;

5.

At the time of Certification, and at any time thereafter, all the entity’s facilities using hydrogen andbiomass meet the cross-cutting Criteria in Sections 5.2 and 5.3;

6.

At the time of Certification, and at any time thereafter, all the entity’s facilities using fossil gas meetthe cross-cutting Criteria for methane leakages in Section 5.4.

Adaptation and Resilience Criteria
1.
Level 2: Transitioning

The Certified entity meets the Adaptation and Resilience Criteria described in Section 6, which isreassessed and reconfirmed every five years.

The Criteria are the same as for Level 1, except:
The Certified entity’s average emission intensity does NOT meet the sector-specific Criteria transition
pathway at the time of Certification, but the future performance targets align by 30 December 2030 andcontinue to align thereafter through to 2050. See Section 3.1.1.
Source:Climate Bonds

Figure 2 shows how Certification requires an entity not only to meet the transition emission intensity pathway of the sector-specific
Criteria (Section 3.1.1) but also the different generation technologies must comply with the sector-specific Criteria thresholds forexisting (Section 3.1.2) and new capacity (Section 3.1.3), thereby aligning the entity’s global emissions with the goals of the Paris
Agreement.

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At the time of Certification, does the entity’s generated and purchased electricity
emissions intensity, to which the future entity and SLD performance targets arelinked, align with the transition pathway of the sector-specific Criteria?
Section 3.1.1

from 30 December 2030 to 2050?

from now through to 2050?

NO

YES
Does the entity’s portfolio meet the sector-specific Criteria for any plant
operating at the time of Certification (existing capacity)?

NO

Section 3.1.2

YES
Does the entity’s portfolio meet the sector-specific Criteria for any plant
operating after the time of certification (new capacity)?

NO

Section 3.1.3

YES
NO

NO

When applicable, does the entity’s portfolio meet the cross-cutting criteria for:CCS/CCUS?
Section 5.1

Hydrogen-based
fuels for cofiring?

Bioenergy forcofiring?

Section 5.2

Section 5.3

Methaneleakages in fossil
gas plants?
Section 5.4

YES

NO

Does the entity meet the adaptation and resilience criteria is Section 6?

YES
Not eligible for Certification

Eligible for Certification

Source: Climate Bonds

Figure 2: Sector-specific Criteria for entity Certification.

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3.1.1

Transition pathway for sector-specific Criteria

Certification at entity-level requires a comprehensive assessment of GHG emissions which must comply with the sector-specific
Criteria. This includes a compatible CO2 emission intensity transition pathway for the power sector (see Table 7) allowing thetransition to net-zero emissions by 2040, aligned to the goal of limiting global warming to 1.5-degrees Celsius (IEA, update 2023).5(Discussions and assumptions to set this pathway can be found in the Electrical Utilities Background Document referred to in 1.4).
Table 7: The emission intensity transition pathway for the Electrical Utilities Criteria
Transition pathway of the sector-specific Criteria
Year

2025

2030

2035

2040

2045

2050

Emissions Intensity(gCO2/kWh)

460

186

48

3

0

0

Source:Climate Bonds, based on IEA data (IEA,
update 2023)

To be Certified, the entity’s average emission intensity needs to align with this sector-specific Criteria transition pathway by 2030
at the latest (for a worked example of how to meet the target see Box 2). This must be calculated following the GHG Protocol,(Gillenwater, 2005), detailed below:•••

Scope 1 direct emissions: GHG Protocol for direct emissions from stationary combustion.6 See Box 3;
Scope 3 emissions related to the electricity purchased by the entity, which is calculated following the location-based
method of the GHG Protocol to reflect the average emission intensity of grids on which energy consumption occurs. 7 This
involves multiplying the country-specific emission factors, reflecting the average emissions intensity of the grid, by theamount of energy purchased;
If CHP plants are included in the entity’s generation portfolio, total emissions should be allocated both to heat and power.
The GHG Protocol describes several methods for this, but the Energy Utilities Criteria suggest the efficient method, shown
in Box 3.8

Direct CO2 emissions from the combustion of biomass are not included in scope 1. Negative emissions can be included in the entity’s
net average emission intensity only when electricity generation from biomass power plant includes CCS/CCUS technologies (BECCS).

5

Carbon dioxide accounts for the majority of greenhouse gas emissions from most stationary combustion units. When weighted by their Global Warming Potentials(GWPs), CO2 typically represents over 99 percent of the greenhouse gas emissions from the stationary combustion of fossil fuels. (Potential exceptions include CH4
from open burning processes and N2O from some engines with catalytic NOx emissions controls)
6

Calculation Tool for Direct Emissions from Stationary Combustion. WRI/WBCSD. July 2005. (Gillenwater, 2005)

7

GHG Protocol Scope 2 Guidance. WRI (Sotos, 2015)8

Allocation of GHG emissions from a combined heat and power (CHP) plant. WRI/WBCSD. September 2006. (Protocol, 2006)

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Box 2: Example for how to meet the Electrical Utilities Criteria transition pathway.
Applicants for entity Certification should meet the Climate Bonds Standards:•

Time horizon targets: the climate mitigation performance targets cover the time from the date of Certification to
the date the activity is intended to reach net-zero emissions, or 2050, whichever is sooner;•

Interim climate mitigation performance targets: the climate mitigation performance targets include interim
targets on a three-yearly basis for the nine years following the date of Certification and a five-yearly basis
thereafter over the full-time horizon;•

Alignment with the Electrical Utilities Criteria transition pathway described in Section 3.1.1, where the climate
mitigation performance targets are benchmarked against the transition pathway and align with it by 31 December
2030 at the latest.

A linear trajectory should be assumed for time periods between the dates and thresholds provided:
Example: Compliant
An entity applying for Certification in 2024 with the following climate mitigation performance targets.
Climate Mitigation Performance Targets
Year
Average emission intensity(gCO2/kWh)

2024

2027

2030

2033

2038

2043

564

350

170

50

10

0

2025

2030

2035

2040

2045

2050

460

186

48

3

0

0

Compared against the sector transition pathway.
Sector Specific Criteria
Year
Average emission intensity(gCO2/kWh)

The entity’s Certification tier is classified as Transition because:•

At the time of Certification, the entity’s average emission intensity is higher than the sector-specific Criteria values;but;•

In 2030 the entity is aligned with the transition pathway; and•Remains aligned until the end of the Certification time horizon.

An annual verification report from an approved verifier is required to maintain the Certification.

To be certified, an entity must also address non-combustion or indirect emission Criteria, which include thresholds for different
generation technologies (detailed in Sections 3.1.2 and 3.1.3).because they are not included in the entity’s average emission
intensity. Hence, non-combustion or indirect emissions must be integrated in the entity’s climate mitigation performance targets,
depending greatly on regional and technology variants.9 Furthermore, as the electricity mix is decarbonised, indirect emissions will
become an increasingly important part of power sector emissions. Therefore, non-combustion or indirect emissions need to beaddressed in order to achieve near-zero power sector emissions targets.

9

Nature Energy, Articles. Understanding future emissions from low carbon power systems. (Michaja Pehl, 2017)

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Box 3: Example of accounting and reporting CO2 direct emissions for combustion, following GHG Protocol
methodology.
GHG Protocol suggest two methodologies to measure direct combustion emissions:•

Direct measures of the mass of CO2 in the exhaust gas, usually as continuing emissions monitoring (CEM);•

Calculation of CO2 emissions based on proxy data.

GHG Protocol recommends the calculation-based method for estimating CO2 emissions due to cost and practicality
reasons.
Calculation-based methods require data from:•

Fuel consumption;•

Emissions factors.

An example of an equation based on fuel consumption data:

Source:GHG Protocol (Gillenwater,
2005)

Other emissions factors can lead to different equations. GHG Protocol also provides direct CO2 emissions factors tofuel consumption by type of fuel.
Average emission intensity for the entity climate performance targets
To calculate the average emission intensity, the total CO2 emissions (from generation and related to electricity
purchased) are divided by the total electricity of the entity (generated and purchased). In the example, CO2 emissions
from generated electricity are calculated through emissions factors. Low-carbon electricity generation, including
nuclear, solar, wind, hydropower, bioenergy and marine, account for 0 gCO2/kWh in direct combustion emissions.

Source:Electrical Utilities Criteria- Climate Bonds Initiative

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Box 4: Example of how to allocate emissions to electricity from CHP power plants following GHG Protocol
methodology.
GHG Protocol details several methods to assign emissions to the electricity generated in a CHP plant, the most commonof which are:•

Efficiency method;•

Energy content method;•Work potential method.

The efficiency method is preferred for the Allocation of GHG emissions from a combined heat and power (CHO) plant
document. Steps detailed in this document are:•

1. Determine the total direct emissions and the total steam and electricity outputs for the CHP systems (as detailed
in Box 3);•

2. Estimate the efficiencies of steam and electricity production;•

3. Determine the fraction of total emissions to allocate to steam and electricity production.

Source:•GHG Protocol (Allocation of GHG emissions
from a CHP Plant. 2006)

4. Calculate emission rates for steam and electricity production dividing the total emissions from electricity
production by the total amount of electricity produced to get an emission rate.

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3.1.2

Criteria for facilities operating at the time of Certification (existing capacity)

Existing capacity includes any plant operated by the entity at the time of Certification which must meet the sector-specific Criteria
for existing capacity, the thresholds of which are shown in Table 8. Additionally, cross-cutting criteria for CCS/CCUS, cofiring andmethane leakages in fossil gas plants are detailed in Section 5.
NO

Do the entity’s average intensity emissions align with the Electrical Utilities
Criteria transition pathway?

YES

NO

Do the entity’s climate mitigation performance targets relating to low-carbon existing capacity meet thecriteria? GHG from Geothermal, Hydropower and Bioenergy ≤100 gCO2e/kWh.
Table 9YES
Is there a plan to phase-out unabated coal and fossil gas plants and all
oil power plants before 2030 or 2040?

NO

Table 8YES

NO

Is there a plan to decarbonise remaining fossil fuel plants before 2035 or 2040 with 90% CCS/CCUS or
100% cofiring?
Table 8YES

NO

When implementing CCS/CCUS and/or cofiring with biomass or hydrogenbased fuels, and for all fossil gas plants, does the entity meet the crosscutting criteria?

CCS/CCUS?
Section 5.1

Hydrogen-based
fuels for cofiring?

Bioenergy
for cofiring?

Section 5.2

Section 5.3

Methaneleakages in fossil
gas plants?
Section 5.4

YES
Not eligible for Certification

Eligible for Certification
Source:Climate Bonds

Figure 3: Electrical Utilities Criteria for an entity’s existing capacity.

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Table 8: Electrical Utilities Criteria thresholds and benchmarks for fossil fuel existing capacity.
Mitigation Criteria for fossil fuel existing capacity

OIL

FOSSIL GAS

COALPhasing-out unabated plants

Advanced
economies10

Emerging
economies11

2030

2040

2035

2040

2040

2040

2040

2040

2030

2040

If NOT••

Cofiring with 100% low-carbon fuels;
CCS retrofit with a carbon-capture rate of 90% and storage.

Phasing-out unabated plants
If NOT••

Cofiring with 100% low-carbon fuels;
Retrofit with a carbon-capture rate 90% and storage.

Phasing-out all plants

Source:Climate Bonds based on IEA(IEA, update 2023)

These criteria do not allow for any new fossil fuel capacity, although for transitional purposes, the replacement of coal-fired capacity
to accelerate the shift from more polluting activities to gas may be considered under certain circumstances (see Box 5).
Box 5: Coal can be switched to gas under the following conditions:•

When security of electricity supply is at risk;•

The fossil gas capacity replaces an existing coal generation plant;•

The fossil gas plant does not exceed the replaced facility’s capacity;•

The entity’s direct average emission intensity remains below the Sector Criteria emission intensity pathway;•

The entity has a coal and gas phase-out plan in place.

Safeguards:•

Critical grid security needs to be demonstrated, and agreed to, on an ad hoc basis;•

System-wide proof that renewable energy systems are not suitable.

Criteria for existing low-carbon technology plants are shown in Table 9.

10

Advanced and emerging economies follows the definition of the IEA

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Table 9: The sector-specific Criteria thresholds for low-carbon existing capacity.
Power generation for
Low carbon technologies

Scope 1 emissions threshold

Scope 3 emissions thresholdSolar

No direct emissions

Automatically eligible

Wind

No direct emissions

Automatically eligible

Threshold: 100 gCO2e/kWh12

Negligible

Hydropower(Methane emissions from the reservoir)

Threshold: 100 gCO2e/kWh13

Geothermal
Bioenergy and BECCS

Negligible
Threshold: 100 gCO2e/kWh14

No direct emissions(combustion emissions compensate for the carbon
captured during the growth of the biomass)(emissions from processing andtransporting the biomass)
Meet Cross-Cutting Criteria. Section 5.3
Source:Climate Bonds Initiative based science andacademic literature 15

Life-cycle analysis (LCA) is required to account for the non-combustion emissions: scope 1 for hydropower and geothermal, as well
as scope 3 for processing and transporting biomass for electricity production. These emissions are calculated by considering theamount of carbon dioxide equivalent (CO2e) emissions released during the LCA per unit of electricity generated.

12

Accounting for GHG emissions must follow The G-RES Tool methodology as required in section 3.2 of the Climate Bonds Hydropower Criteria

13

Accounting the GHG emissions must follow the methodology detailed in Appendix C of the Climate Bonds Geothermal Criteria. Appendix C: Proposed method for
estimating GHG emissions in geothermal power plants
14

Accounting for GHG emissions must follow the BioGrace II methodology as required in section 3.2 of the Climate Bonds Bioenergy Criteria

15

See the Electrical Utilities Background Paper for information sources and rationale behind these thresholds.

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3.1.3

Criteria for new facilities after Certification (new capacity)

Post-Certification date, any plant becoming operational must continue to meet the Electrical Utilities Criteria and thresholds for theentity’s new capacity shown in Figure 4 and Table 10. Cross-cutting Criteria for bioenergy are detailed in Section 5.3.
NO

Does the entity’s average emission intensity align with the Electrical Utilities Criteriatransition pathway?
YES

NO

Do the entity’s climate mitigation performance targets meet the sector specific criteria for
new capacity related to:

Fossil fuel?
Not eligible

Low-carbon capacity

Non-combustion emissions thresholds for:
Table 10

NO

Hydropower, geothermaland bioenergy?
GHG emissions ≤50 gCO2e/kWhSolar and wind?
Automatically eligible

YES
NO

Does the hydropower and geothermal meet the Adaptation andResilience Criteria?
Section 3.1.3.1 and 3.1.3.2

YES
Does the Bioenergy meet the cross-cutting Criteria?
Section 5.3

YESNO
Not eligible for Certification

Eligible for Certification
Source:Climate Bonds own elaboration.

Figure 4: Electrical Utilities Criteria for entity’s new capacity.

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Table 10: Electrical Utilities Criteria thresholds for low-carbon new capacity.
Power generation
for low carbon
technologies

Scope 1 emissions do not exceed thethreshold:Scope 3 emissions do not exceed thethreshold:Solar

No direct emissions

Automatically eligible

Wind

No direct emissions

Automatically eligible

Threshold: 50 gCO2e/kWh
Hydropower(Methane emissions from the reservoir)
Demonstration of compliance:
See section 3.1.3.1

Negligible(The direct and indirect emissions associated with theconstruction of the plants are not material due to thelong-life span of the plant)

Threshold: 50 gCO2e/kWh(non-condensable gases from the geothermal fluid)

Geothermal

Negligible

Demonstration of compliance: See: Climate Bonds
Geothermal Criteria

See Appendix C

Bioenergy

No direct emissions

Threshold: 50 gCO2e/kWh(combustion emissions compensate for the carbon
captured during the biocycle of the biomass)(Emissions from processing and transporting thebiomass)
Meet Cross-Cutting Criteria. Section 5.3
Demonstration of compliance: See Section 3.1.3.3

Bioenergy with
BECCS

Negative emissions form CO2 captured.

Note:
Source:3.1.3.1

these are emission thresholds
Climate Bonds Initiative based on science andacademic literature16

Hydropower safeguards for the Criteria

According to literature17, although hydropower is generally considered to be a good alternative to fossil fuel power generation,
studies have shown that reservoir emissions in tropical climates could be very high, up to 2200.18 Therefore, the Criteria establish
the threshold of 50 gCO2e/kWh for any new hydropower capacity built by the entity after Certification, using the G-RES Tool toestimate and report net greenhouse gas emissions from a reservoir.
Additionally, new hydropower facilities must undergo a specific site assessment following IEA Hydro Framework guidelines: The
Hydropower Sustainability ESG Gap Analysis Tool (HESG). This analysis must be carried out by an accredited assessor, which will
identify any significant gaps the facility demonstrates against international good practice. Such gaps, if identified, require theestablishment of an environmental and social action plan (ESAP) to take remedial action. Further details can be found in Climate
Bonds Hydropower Criteria.

3.1.3.2

Geothermal safeguards for the Criteria

Based on Climate Bonds Geothermal Criteria, geothermal power plants are required to cover possible environmental, health andsafety (EHS) impacts:•

Projects are required to comply with best practice international guidelines / standards on environmental, health and safety(EHS) for geothermal power generation (e.g. International Finance Corporation (IFC)/World Bank). As these detailed EHS
guidelines contain guidance on air emissions, note that compliance with them is a necessary but not sufficient requirement
for certification, as the emissions performance required for Climate Bonds certification is more stringent. In addition, the16

See the Electrical Utilities Background Paper for information sources and rationale behind these thresholds.
Hydropower: In IPCC Special Report on Renewable Energy Sources and Climate Change (Kumar, 2011)18
Nature Energy, Articles. Understanding future emissions from low carbon power systems. (Michaja Pehl, 2017)17

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3.1.3.3

IFC have advised us that the applicability of EHS Guidelines should be tailored to the hazards and risks established for eachproject on the basis of the results of an environmental assessment in which site-specific variables are taken into account;
Meeting IFC Performance Standards on Environmental and Social Sustainability are strongly recommended (e.g. IFC PS5
Land Acquisition and Involuntary Resettlement, or IFC PS6 Biodiversity Conservation and Sustainable Management of Living
Natural Resources);
Any Enhanced Geothermal Systems project must comply with US Department of Energy Protocol for Addressing Induced
Seismicity Associated with Enhanced Geothermal Systems19.

Methodological notes for bioenergy

Bioenergy has direct emissions assumed to be 0 gCO2/kWh but could be responsible for higher indirect emission than fossil coal
power plants.20 Emissions from electricity production with biomass are mostly dependent on the type of feedstock, the biomass
processing and transportation, and land use change.
The Electrical Utilities Criteria establish an emission intensity threshold of 50 gCO2e/kWh when using biomass for electricity
production (aligned to 5 gCO2e/MJ biomass consumed in a power plant with 40% of electricity efficiency), which embeds theemissions produced during the processing and transportation of the biomass.
Biomass power plants equipped with CCS/CCUS systems can contribute negative emissions to the entity’s net balance, which arereported in the entity’s average emission intensity, as detailed in Table 10. The biomass used for fuel in the power plant must meetthe cross-cutting Criteria for biomass development in Section 5.3.
The Climate Bonds Bioenergy Criteria propose the BioGrace II methodology to account for the emissions embedded in the
production and transportation of biomass to be used as a fuel for electricity generation (Table 11 below).
Table 11: Emissions addressed in bioenergy.
GHG emissions accounting methodology for bioenergy
Methodology
BioGrace II

Emissions included•

Feedstock production;•

Feedstock processing;•

Biofuel/bioenergy production;•

Biofuel storage and blending;•Intermediate and final transportation steps.
Source:19
20

Climate Bonds Bioenergy Criteria

Protocol for addressing induced seismicity associated with enhanced geothermal systems (energy.gov)
Nature Energy, Articles. Understanding future emissions from low carbon power systems. (Michaja Pehl, 2017)

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3.2

Electrical Utilities Criteria for sustainability-linked debt Certification

Two levels of SLD Certification are available, depending on when the climate mitigation performance targets align with the Climate
Bonds Standard Sector Criteria, ( see the Climate Bonds Standards and Box 1)
Table 12: SLD Tiered Certification.
SLB Tier
Tier 1: Aligned

SLD Certification Requirements
Climate mitigation criteria
1.

2.
3.

4.

At the time of certification, the certified Entity’s electrical utility average emissions intensity meets
sector specific criteria transition pathway to which the Climate Mitigation Performance Targets ofthe debt are linked and its future Performance Targets to which the debt is linked continue to alignwith the sector specific criteria transition pathway through to 2050 (see Section 3.1.1); andAt the time of certification, all the Certified Entity’s existing capacity meet the sector specific criteria
for existing capacity, including any plant operating at the time of certification, section 3.1.2)
At any time after the certification date, all the Certified Entity’s new capacity meet the sector
specific criteria for new capacity, from day 1 of commencing operation, including any plant
becoming operational post certification date, section 3.1.3.
At the time of certification, and at any time after the certification date all the Certified Entity’s
facilities using CCS/CCUS, meet the cross-cutting criteria for CO2 transport, storage, and utilization
section 5.1.

5.

At the time of certification, and at any time after the certification date all the Certified Entity’s
facilities using hydrogen and biomass, meet the cross-cutting criteria in section 5.2 and section 5.3

6.

At the time of certification, and at any time after the certification date all the Certified Entity’s
facilities using fossil gas, meet the cross-cutting criteria for methane leakages in section 5.4.

Adaptation and Resilience Criteria
7.
Tier 2:
Transition

The Certified Entity meet the adaptation and resilience criteria described in Section 6, and that isreassessed and reconfirmed every five years.

The criteria are the same as for Level 1, except:
At the time of certification, the average emissions intensity of the electrical utility to which the Climate
Mitigation Performance Targets of the debt are linked do not meet the sector specific criteria transition
pathway, but its future Climate mitigation Performance Targets align by 30 December 2030 andcontinue to align thereafter through to 2050 (see Section 3.1.1).
Source:Electrical Utilities Criteria- Climate Bonds Initiative

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4 Use of proceeds bonds for mitigation measures
4.1 Mitigation measures Criteria
These Criteria can also cover UoP bonds for mitigation measures applied to fossil fuel power plants, where capital investment should
be focussed on achieving significant emissions savings at the facility level. Given their CO2 emissions mitigation potential, two main
decarbonisation measures can be certified: CCS/CCUS technologies for power plants; and preparing the turbine burner/combustion
chamber for cofiring with low-carbon fuels, comprising liquid and gaseous biofuels, hydrogen, and hydrogen-derived fuels(ammonia and synthetic hydrocarbon fuels produced from hydrogen and CO2), see Figure 5.

Are the proceeds financing decarbonisation measures within a fossil fuelpower plant by implementing CCS/CCS or cofiring?

NO

YES
If implementing CCS/CCUS technologies, does thecapture rate reach 90% from day one ofoperation for the term of the bond?

NO

YES
If implementing cofiring technologies, does the cofiring
rate of blending with low-carbon fuels reach 100% fromday one of operation for the term of the bond?

NO

YES
NO

When applicable, do CCS/CCUS and cofiring fuels meet the cross-cutting
Criteria?
Section 5
YES
NO

NO

CCS/CCUS?
Section 5.1

Hydrogen-based
fuels for cofiring?

Bioenergy
for cofiring?

Section 5.2

Section 5.3

YES
Methaneleakages in fossil
gas plants?

Section 5.4

YES
Not eligible for Certification

Eligible for Certification.
Source:Climate Bonds

Figure 5: Criteria for specific mitigation measures within fossil fuel power plants.

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4.1.1 Demonstration of compliance
The applicant shall provide evidence of the decarbonisation measures that will be implemented and have a contract or agreementwith a Certified energy auditor demonstrating in an annual report that the asset performance is equivalent to the performancerequirements shown un Figure 5, from day one of operation for the term of the bond.

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5 Cross-cutting Criteria
5.1 Additional Criteria for carbon capture and storage and carbon capture
utilisation and storage
CCS and CCUS, both on an individual basis and as part of a whole facility being evaluated, are eligible provided there is evidence todemonstrate the CO2 will be appropriately transported, stored and/or used in accordance with the Criteria in Table 13 below.21
Table 13: Criteria for CO2 transportation, storage, and utilisation.
Component

Requirements
1.

Transport22

2.

The CO2 transported from the installation where it is captured to the injection point does not lead to CO2leakages above 0.5 % of the mass of CO2 transported.
Appropriate leakage detection systems are applied, and a monitoring plan is in place, with the reportverified by an independent third party.

Storage23

Characterisation and assessment of the potential storage complex and surrounding area, or exploration24
is carried out in order to establish whether the geological formation is suitable for use as a CO2 storagesite.
2. For operation of underground geological CO2 storage sites, including closure and post-closure
obligations:a. appropriate leakage detection systems are implemented to prevent release during operation.
b. a monitoring plan of the injection facilities, the storage complex, and, where appropriate, thesurrounding environment is in place, with the regular reports checked by the competent national
authority.
3. For the exploration and operation of storage sites, the activity complies with ISO 27914:201722525 forgeological storage of CO2.

Utilisation

Utilisation of direct CO2 emissions from electricity generation is only eligible when the CO2 is used for the
manufacture of durable products (e.g., construction materials stored in buildings, or recyclable products suchas PET). CO2 should not be used for products that release the CO2 immediately when these are used (such as
in urea, carbonated beverages, or fuels), nor for enhanced oil recovery, and the production of other forms offossil energy sources.

1.

Source:Criteria based on EU taxonomy26

Furthermore, the use of any certification scheme would be encouraged. Examples of certification schemes include the U.S. EPA
Class VI well certification, which includes reservoir characterisation.27 A further example would be the DNV GL certification
framework to verify compliance with the ISO 27914:2017 carbon dioxide capture, transportation, and geological storage - geologicalstorage.28

21

Either directly from the applicants or through contracts or agreements with a third party.

22

From the technical screening criteria for qualifying as contributing substantially to climate change mitigation for “Transport of CO2” in Annex 1 of theCommission Delegated Regulation (EU) 2021/2139 (EU taxonomy)
23

From the technical screening criteria for qualifying as contributing substantially to climate change mitigation for “Underground permanent geological storage of
CO2” in Annex 1 of the Commission Delegated Regulation (EU) 2021/2139
24“Exploration’ means the assessment of potential storage complexes for the purposes of geologically storing CO 2 by means of activities intruding into thesubsurface such as drilling to obtain geological information about strata in the potential storage complex and, as appropriate, carrying out injection tests in orderto characterise the storage site
25

ISO Standard 27914:2017, Carbon dioxide capture, transportation and geological storage - Geological storage: www.iso.org/standard/64148.html)

26

https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/eu-taxonomy-sustainable-activities_en27

www.epa.gov/uic/class-vi-wells-used-geologic-sequestration-co2

28

www.dnv.com/news/dnv-gl-launches-certification-framework-and-recommended-practice-for-carbon-capture-and-storage-ccs--108096

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5.2 Additional Criteria when using hydrogen or hydrogen-derived fuels forcofiring
Utilisation of cofiring with low-carbon hydrogen-based gaseous fuels is only eligible when the hydrogen used meets the Climate
Bonds Hydrogen Production and Delivery Criteria, which establish a limit on the emission intensity for hydrogen production anddelivery, see Table 14.
Table 14: Hydrogen carbon intensity thresholds.29
Criteria

Asset Type
Production and delivery
of hydrogen

2023

28

3.0 kgCO2e/kgH2

2030

2040

2050

1.5 kgCO2e/kgH2

0.7 kgCO2e/kgH2

0 kgCO2e/kgH2

Source:Climate Bonds Hydrogen Production and
Delivery Criteria

To demonstrate compliance with any of the emission intensity thresholds, the applicant is required to carry out an LCA for hydrogenproduction and calculate GHG delivery emissions as described in Appendix A. The total GHG emissions to be benchmarked against
the threshold shall include both production and transportation emissions.

5.3 Additional Criteria when using biomass or biofuels as a fuelThe use of biomass for electricity production can have a negative impact on climate change mitigation and/or the resilience of
ecosystems to climate risks. High emissions can be generated where land with pre-existing high carbon stocks is converted forfeedstock cultivation, and/or where feedstocks are transported long distances from cultivation sites to bioenergy facilities.
Utilisation of cofiring with low-carbon gaseous fuels based on biomass is only eligible when the biomass used meet the following
Mitigation Criteria and Adaptation & Resilience Criteria. (For further information, see Appendix B)
Mitigation:•••

Biomass sources allowed. (See Appendix B);
A reduction to the risk of indirect Land Use Change (iLUC). (See Appendix B);
GHG Emissions: GHG emissions of biomass must not exceed 5.5 gCO2e/MJ (that implies 50 gCO2e/kWh in an electrical plantwith a 40% efficiency) for embedded emissions in biomass production and transporting.

Adaptation and Resilience:•••

A climate risk assessment is required with an adaptation plan where high risks are identified, which is assessed via the
Adaptation and Resilience Checklist (Section 3.3.1 of the Climate Bonds Bioenergy Criteria); andSource feedstock compliance with established and approved best practice standards for the industry to ensure feedstock
production is environmentally sustainable and climate resilient (Section 3.3.2 of the Climate Bonds Bioenergy Criteria); andIdentification of food risks, if any, with a plan to address significant risks (Section 3.3.3 of the Climate Bonds Bioenergy
Criteria).

A no-deforestation plan is required. Details can be found in DSF criteria (published in 2024).

5.4

Cross-cutting for methane leakages in fossil gas plants

Although fossil gas has been considered a transition fuel due to its low-combustion emissions, recent studies demonstrate thatmethane leakages in transportation of fossil gas can make it as highly emitting as coal. 30 For this reason, when investments involve
fossil gas plants, the Criteria require action to limit methane leakages. These include the detection and reparation of methane29

Hydrogen Production and Delivery Criteria under the Climate Bonds Standards. Climate Bonds Initiative. December 2023.

30

https://gas-vs-coal-calculator.rmi.org/

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leakages at operational level, physical measurement of emissions to be reported, leaks to be eliminated, or a leak detection andrepair programme to be introduced, following EU Taxonomy regulation.31

31

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6 Adaptation and Resilience Criteria
This section describes the Adaptation and Resilience (A&R) component of the eligibility Criteria for certifying entities. The aim ofthese Criteria is to ensure that the entity is wholly resilient and adapted to climate and can continue to provide electricity.
Climate Bonds proposes the following definition for Resilience: ‘the capacity of economic, social or ecological assets or systems toresist, absorb, accommodate, adapt to, transform, and recover from the current and projected impacts of climate change, both
direct and indirect, maintaining their basic structure and function’.
To demonstrate compliance, the Certified entity must hold a risk assessment they have undergone or will undergo including theidentified, planned, and implemented measures to manage and mitigate climate risks.
The Certified entity must follow best-practice standards or similar schemes to carry on the risk assessments, where the issuer candemonstrate the standard has sufficient requirements and thus is robust.
Based on Climate Bonds Resilience Principles, the risk assessments presented by the entity must demonstrate the following arecovered:
1.
2.
3.
4.

Understanding and identifying the context: Boundaries and interdependencies.
Addressing climate risks: Identify the climate risks and address them by undertaking risk-measures and adopting
management plans ensuring that the entity is robust and fit-for-purpose in the face of uncertainty.
Addressing resilience benefits: Deliver resilience benefits over and above identified risks.
Undertaking of regular (re)evaluation of the climate resilience performance, adjusting to risk reduction measures over time
as needed.

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Definitions
Adaptation and Resilience Criteria: Rules or principles for evaluating and preventing physical climate risk and assessing thevulnerability of an asset or entities to the effects of climate changes, which aim to reduce of this vulnerability. These rules
generally guarantee that the activities don’t do any significant harm to other assets within their system boundaries which
covers the area affected by the activity.
Advanced economies: OECD regional grouping and Bulgaria, Croatia, Cyprus, Malta and Romania.
Applicant: The term or name for any potential bond issuer, or non-financial corporate entity, that might seek certification under theElectrical Utilities Criteria.
Base load: It is the minimum level of electricity demand required over a period of 24 hours, which must be guaranteed by theelectricity system.
Carbon capture and storage (CCS): describes a suite of technologies that capture waste CO2, usually from large point sources,
transport it to a storage site, and deposit it where it will not enter the atmosphere. Stored CO2 is injected into an undergroundgeological formation, which could be a depleted oil and gas reservoir or other suitable geological formation.
Carbon capture, utilisation, and storage (CCUS): describes a suite of technologies that capture waste CO2, usually from large point
sources, to then use it in other processes, or to make products.
Certified entity: The entity or part thereof which is being certified under the Climate Bonds Standard. Currently, entity Certification
is limited to non-financial entities or segregated segments thereof, for which the Climate Bonds Initiative has Climate Bonds
Standard Sector Criteria for entity Certification.
Climate Bond Certification: allows the applicant to use the Climate Bond Certification mark in relation to that bond. Climate Bond
Certification is provided once the independent CBSB is satisfied the bond complies with the CBS.
Climate Bonds Initiative (Climate Bonds): An investor-focused not-for-profit organisation, promoting large-scale investments thatwill deliver a global low-carbon and climate resilient economy. Climate Bonds seeks to develop mechanisms to better align theinterests of investors, industry and government to catalyse investments at a speed and scale sufficient to avoid dangerous
climate change.
Climate Bonds Standard (CBS): A screening tool for investors and governments that allows them to identify green bonds, theproceeds of which are being used to deliver climate change solutions. This may be through climate mitigation impact and/or
climate adaptation or resilience. The CBS is made up of two parts: the parent standard (CBS v4.0) and a suite of sector specificeligibility Criteria. The parent standard covers the Certification process and pre-and post-issuance requirements for all Certified
bonds, regardless of the nature of the capital projects. The Sector Criteria detail specific requirements for assets identified as
falling under that specific sector. The latest version of the CBS is published on the Climate Bonds website.
Climate Bonds Standard Board (CBSB): A board of independent members that collectively represents $34 trillion of assets undermanagement. The CBSB is responsible for approving (i) Revisions to the CBS, including the adoption of additional sector
Criteria, (ii) Approved verifiers, and (iii) Applications for Certification of a bond under the CBS. The CBSB is constituted,
appointed, and supported in line with the governance arrangements and processes as published on the Climate Bonds website.
Climate change: A change in global or regional climate patterns attributed to the increased levels of CO2 in the atmosphere,
produced mainly by the combustion of fossil fuels.
Climate goals: Objectives that aim to reduce GHG emissions to limit the global temperature increase to 2.0-degree or even 1.5degrees above pre-industrial levels.
Climate mitigation performance targets: The performance targets that define the measurable climate mitigation performance tobe achieved.

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Climate resilience and adaptation: Measures or assessments related to protecting communities or ecosystems from the effects ofclimate change. Adaptation refers to protection, while resilience is the ability to adapt and recover from the impacts of climatechange.
Climate targets: Limits established by scientists and policymakers in plans to combat climate change.
CO2 equivalent: A unit to measure the effect of all greenhouse gases according to their global warming potential that expresses thewarming effect of each greenhouse gas over a set period of time (usually 100 years) in comparison to CO2. Thus, an amountof a GHG can be expressed by the amount of CO2 that will have the equivalent warming effect over 100 years.
CO2 geological storage: The process of keeping CO2 in underground geologic formations, usually pressurising the carbon dioxide
until it becomes a liquid.
CO2 transport leakages: Undesired CO2 losses to the atmosphere during the transportation from where it was sequestered to wherestored.
Critical interdependencies: The asset or activity’s boundaries and interdependencies with surrounding infrastructure systems.
Interdependencies are specific to local context but are often connected to wider systems through complex relationships that
depend on factors ‘outside the asset fence’ that could cause cascading failures or contribute to collateral system benefits.
Decarbonisation pathways: Transformation processes, strategies, or indications to be implemented in the energy sector aiming to
reduce emissions and the use of fossil fuels. They involve measures such as shifting the energy mix, increasing energy
efficiency, utilising the circular economy, or managing demand for energy.
Decarbonise: Move away from energy systems that produce carbon dioxide and other greenhouse gas emissions and remove theamount of carbon gaseous compounds in the atmosphere.
Distribution: The final stage of the electricity value chain, where electricity is carried from the transmission system to individual
consumers.
Electricity generation portfolio: The strategic collection of investments and assets in electricity generation technologies and projects
by energy source.
Electrification: The process of using electricity to provide services that were previously met by other energy sources, usually fossil
fuels. If the electricity originates from renewable sources, it can help to decarbonise the economic system.
Emerging economies: All other countries not included in the advanced economies regional grouping.
Emission intensity: Volume of emissions per unit of a representative factor in the assessed sector, which in the electricity utilities
sector is kWh generated, so the emissions intensity is the grams of CO2 eq per kWh generated: gCO2/kWh.
Emissions target: Limits that scientists set for the quantity of emissions to be aligned with the Paris Climate Agreement.
Energy utility: A company that provides energy, mainly electricity and fossil gas, but also heat.
Fossil gas: It is a hydrocarbon fuel mostly composed by methane produced from the decay of organic material over millions of years.
Green bond: A bond where the proceeds are allocated to environmental projects or expenditures. The term generally refers tobonds that have been marketed as green. In theory, green bonds proceeds could be used for a wide variety of environmental
projects or expenditures, but in practice they have generally been earmarked for climate change projects.
Industry Working Group (IWG): A group of key organisations that are potential applicants, verifiers and investors convened by
Climate Bonds. The IWG provides feedback on the draft sector Criteria developed by the Technical Working Group (TWG)
before they are released for public consultation.
Investment period: The interval between the bond’s issuance and its maturity date; otherwise known as the bond tenor.
Life-cycle emissions analysis: A methodology for assessing or accounting for environmental emissions associated with all the stagesof the life cycle of a product or process, from the initial design phase to disposal or recycling.

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Low-carbon fuels: Materials, that when burned provide thermal energy with fewer emissions than fossil fuels, which can be used togenerate electricity.
Low-carbon technologies: Technologies referred to as innovative technical solutions that are characterised by a low-emission
intensity, compared to state-of-the-art alternatives. Considered best-in-class technologies with a focus on environmental
impact, examples of electricity utility low-carbon technologies would be solar, wind, marine, bioenergy, hydropower,
geothermal, and nuclear.
Mitigation Criteria: Rules and principles containing thresholds, benchmarks, and milestones for sector activities whose objective isthe reduction of the harmful effects of greenhouse gases emissions.
Mitigation technologies: Actions within technological processes implemented to reduce and curb greenhouse gas emissions.
Natural gas: A naturally occurring mix of gaseous hydrocarbon consisting primarily of methane in addition to other alkanes.
Negative emissions: Processes in which more CO2 is removed and stored from the atmosphere than added to it, so the final GHG
emissions balance is negative. It can be achieved by natural processes or a variety of technological solutions. Negativeemissions are necessary to meet the Paris Agreement.
Net-zero emissions scenario (NZE): A science-based scenario designed to show what is needed across the main sectors by various
actors, and by when, for the world to achieve net-zero energy-related and industrial process CO2 emissions by 2050. It also
aims to minimise methane emissions for the energy sector.
Net-zero emissions: A situation where global greenhouse gas emissions from human activity are in balance with emissions
reductions. To achieve this situation, human-caused emissions should be reduced as close to zero as possible.
Net-zero targets: Global policy instruments for international GHG reductions to achieve net zero emissions.
Non-fossil renewable gaseous and liquid fuels: Fuels produced using energy from other renewable energy sources.
Offsetting: A climate action that enables organizations to compensate for the emissions they put into the atmosphere, by supporting
worthy projects that reduce emissions in other regions of the world.
Parent company/group: A company is considered a parent company of another entity (a subsidiary) if it exercises control over thesubsidiary. The terms control and subsidiary have the meaning assigned to them under International Financial ReportingStandard 10 (IFRS 10). A parent group consists of the parent company and all the companies that the parent company exercises
control over. Where the applicant does not belong to a group of companies, the term parent company applies to the applicant.
Paris Agreement: A legally binding international treaty on climate change adopted by 196 parties. Its overarching goal is to hold theincrease in the global average temperature to well below 2-degrees above pre-industrial levels and pursue efforts to limit thetemperature increase to 1.5-degrees above pre-industrial levels.
Pathways: Science-based trajectories for different sectors indicating the way to achieve targets related to relevant indicators. In theelectricity sector, these trajectories generally refer to the emission intensity.
Scenarios: Science-based plausible descriptions of how the future may unfold based on several assumptions (economic, social,
behavioural, technological), which generally form part of a set of alternative pathways. Examples are the IEA net zero emissions
scenario and the NDC Scenario.
Scope of emissions: Scope 1, 2 and 3 are terms devised by the GHG Protocol to categorise the different sources of carbon emissions
an organisation creates in its own operations, and in its wider value chain.
Standards Criteria: Established principles to evaluate processes, assets, or entities aiming to achieve benchmarks, targets, or goals.
Sustainability-linked debt (SLD): Any debt instrument for which the financial and structural characteristics can vary depending onwhether the issuer achieves predefined sustainability/ESG objectives. Such objectives are measured through predefined key
performance indicators (KPIs) and assessed against predefined performance targets. Proceeds of SLD are intended to be used
for general purposes.
Synthetic Fuels: Liquid or gaseous fuels produced artificially that originate from renewable raw materials or electricity generatedusing renewable energy sources. They tend to have the same properties as fossil fuels and can replace them.
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Technical Working Group (TWG): A group of recognised experts from academia, international agencies, industry, and NGOs
convened by Climate Bonds. The TWG develops the Sector Criteria, which are detailed technical criteria for the eligibility of
projects and assets as well as guidance on the tracking of eligibility status during the term of the bond. Their draft
recommendations are refined through engagement with finance industry experts in convened Industry Working Groups (seebelow) and through public consultation. Final approval of Sector Criteria is given by the CBSB.
Transition targets: Thresholds, benchmarks, and milestones based on key assumptions and dependencies used by scientists andpolicymakers to develop a plan to achieve climate targets.
Unabated fossil fuel: Fossil fuels, the use of which continues without any intervention to substantially reduce the amount ofgreenhouse gas emitted throughout their life cycle.

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Acronyms
BECCS

Bioenergy equipped with CCUS

SLD

Sustainability-linked debt

CAPEX Capital expenditures

T&D

Transmission and distribution

CBS

Climate Bonds Standard

TPI

Transition Pathway Initiative

CBSB

Climate Bonds Standard Board

TWG

Technical working group

CCGT

Combined circle gas turbine

UoP

Use of process

CCS

Carbon capture and storage

WRI

World Resource Institute

CCU

Carbon capture and utilisation

CCUS

Carbon capture, utilisation, and storage

WBCSD World Business Council for Sustainable
Development

CEM

Continuing emissions monitoring

CHP

Combined Heat and Power

CO2

Carbon dioxide

CSP

Concentrating solar power

EU

European Union

FSC

Forest Stewardship Council

GHG

Greenhouse gases

IAMC

Integrated alarm, monitoring and control systems

IEA

International Energy Agency

IGCC

Integrated gasification combined cycle

IFC

International Finance Corporation

IPPCIntergovernmental Panel on Climate Change

ISCC

International Sustainability & Carbon Certification

IWG

Industrial working group

KPI

Key performance indicator

LCA

Life Cycle Assessment

NGCC

Natural gas combined cycle

NZE

Net zero emissions by 2050 scenario

O&M

Operation and maintenancePV

Photovoltaic

RSB

Roundtable on Sustainable Biomaterials Association

RTRS

Round Table of Responsible Soy Association

SBTi

Science Based Targets initiative

SLB

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Bibliography
Gillenwater, M. (2005). Calculation Tool for direct emissions from stationary combustion. Environmental Resources Trust.
IEA. (update 2023). Net Zero Roadmap A global pathway to keep the 1.5C goal in reach.
Kumar, A. T.-M. (2011). : Hydropower. In IPCC Special Report on Renewable Energy Sources and Climate Change. United Kingdom
and
New
York,
NY,
USA:
,Cambridge
University
Press,
Cambridge,.
Retrievedfromhttps://www.ipcc.ch/site/assets/uploads/2018/03/Chapter-5-Hydropower-1.pdf
Michaja Pehl, A. A. (2017). Understanding future emissions from low-carbon power systems by integration of life-cycle assessment
and integrated energy modelling. Nature Energy , 939-945.
Protocol, W. G. (2006). Allocation of GHG Emissions from a Combined Heat and Power (CHP) Plant.
Sotos, M. (2015). GHG Protocol Scope 2 Guidance. WRI.

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Appendix A: Life Cycle Assessment for hydrogen32
The Life Cycle Assessment (LCA) should follow the latest releases of ISO Standard (ISO 14040, ISO 14044 for life-cycle assessment,
and ISO 14067 for product carbon footprint).33 The Recommendation 2013/179/EU will be acceptable for assets located in the
EU. Results should be verified by an independent third party.
GHG emissions must be estimated for a purity of 99.9% vol, and a gauge pressure of at least 3 MPa using correction factors. For
pressures higher than 3 MPa, additional energy compression emissions must also be included.
The methodology factor in a Global Warming Potential for a period of 100 years (GWP100) for methane should be 30.34
GHG emissions accounting:
𝐸𝑡𝑜𝑡𝑎𝑙 = 𝐸1 + 𝐸2 + 𝐸3 + 𝐸4 + 𝐸5 − 𝐸6 + 𝐸7 + 𝐸8
E total: Total emissions
E1:

Upstream feedstock related emissions (including sourcing, processing, transport, and storage).35

E2:

Upstream energy related emissions (including sourcing, processing, transport, and storage).

E3:

Fugitive emissions (including hydrogen emissions).

E4:

Process emissions.

E5:

CCS/CCUS emissions related to energy consumption and leakages.

E6:

Carbon emissions captured.

E7:

Compression and purification emission (energy required to compress and purify hydrogen).

E8:

Transportation emissions to the site where hydrogen will be used (energy and electricity related emissions, andfugitive emissions during transportation).36

Additional guidance for different production pathways up to the point of production:37
The International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE) methodology working paper contains guidelinesfor GHG accounting calculation method for the following production pathways up to the point of production:38
•
•
•
•
•
•

Steam Methane Reforming combined with CCS/CCUS: Appendix P1 of IPHE working document;
Biomass as a feedstock combined with CCS/CCUS: Appendix P5 of IPHE working document;
Manure-based production: P5.4 Biodigestion;
Land fill gas-based production: P5.4 Biodigestion;
Biomass from secondary sources: P.5.5 Biomass gasification;
The IPHE working document also has guidelines for emission sources and allocation for biomass-based production:o Emissions sources in Biomass-Based Hydrogen Routes/CCS/CCUS: Appendix P.5.6;
o Allocation for the Biomass/CCS/CCUS pathway: Appendix P.5.7.

32

Climate Bonds Standards Version 4.0. Globally Recognised, Paris-aligned certification of debt Instruments, Entities and Assets using robust, science-based
methodologies. Updated version 2023. Please assure that this is the latest version on Climate Bonds Standards.
33

ISO standards available at: www.iso.org/standard/38498.html; www.iso.org/standard/37456.html

34

Sixth Assessment Report - IPCC

35

Depending on the feedstock, it can be extraction, cultivation, or collection

36

Transportation infrastructure emissions are not included

37

The IPHE methodology will develop guidelines for transport emissions accounting in the coming months.

38

www.iphe.net/_files/ugd/45185a_6159cefcd88f4d9283ab0e60f4802cb4.pdf

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Appendix B: Requirements for biomass when used as a fuelBiomass sources allowed in the criteria.
The Criteria identify the sources allowed to be used as a fuel. Biomass can be used for generating power, cofiring with fossil fuel or
BECCS when generated from:••

Woody energy crops: Crops cultivated specifically to provide feedstock for energy industries;
Agricultural residues (e.g. olive waste): Straw, husks, stover, branches, leaves, barks, and other portions of wood left on
the field after harvests.

Woody biomass from licensed forest cleaning is not eligible.
To be eligible under these Criteria all these sources must meet all the requirements established in this appendix for indirect land
use change, GHG emissions threshold, adaptation and resilience and food security.
Criteria for indirect Land Use Change (iLUC).39
Bioenergy facilities must either:••

Be certified under the Roundtable on Sustainable Biomaterials Association (RSB) low indirect land use change (iLUC)
optional module to demonstrate that they have low indirect land use impact; orProvide evidence and documentation to demonstrate that they meet low iLUC risk biomass criteria and complianceindicators under the RSB optional module, i.e.:o Yield increase: issuers demonstrate that source feedstock for the facility is produced through an increase in yieldcompared to a reference date, without any additional land conversion. The biomass that is produced above thebaseline scenario is eligible;o Unused/degraded land: issuers demonstrate that source feedstock for the facility is produced from land that was
not previously cultivated or was not considered arable land;o Use of waste/residues: issuers demonstrate that the raw material used is derived from existing supply chains anddoes not require dedicated production from arable land.

GHG Emissions threshold for bioenergy.
GHG emissions of biomass must not exceed 5.5 gCO2e/MJ (that implies 50 gCO2e/kWh in an electrical plant with a 40% efficiency)
for embedded emissions in biomass production.
To demonstrate compliance with these values, issuers are required to use one of the tools in Table 15 below for GHG emissions
calculation.

39

Bioenergy Criteria under the Climate Bonds Standards. Section 3.2.2. Climate Bonds Initiative. August 2022

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Table 15: Endorsed GHG Calculation Tools.
NameTechnical Scope

OriginBIOGRACE II

Biomass for electricity

EU

UK Solid and Gaseous
Biomass Carbon
Calculator

Solid biomass and biogas used for heat andelectricity generation

UK

Source:Climate Bonds Bioenergy

Checklist for adaptation and resilience:40
The checklist is a tool to verify that the issuer has implemented sufficient processes and plans in the design, planning anddecommissioning phases of the asset or project to ensure that the operation and construction is appropriately adaptive and resilient
to climate change and supports the adaptation and resilience of other stakeholders in the surrounding ecosystem.
All elements of this checklist must be addressed with appropriate evidence that these requirements are being met or are notapplicable in respect of the specific assets and projects linked to the bond. It is expected that this evidence will encompass a rangeof assessment and impact reports and associated data, including but not limited to those reports required to meet national andlocal licensing and approval processes. This might include development consent orders, environmental impact assessments,
vulnerability assessments, and associated adaptation plans.
Table 16: Checklist for evaluating the issuer’s adaptation and resilience performance in respect of a bioenergy facility.
No.

Adaptation and Resilience checklist for bioenergy facility

Proof Given

Overall
Assessment

For verifier to complete

Section 1: The issuer identifies the climate-related risks and vulnerabilities to the asset/site.
1.2

Processes are in place (as part of both the asset design and ongoing
management) to assess key risks to the assets from a changing climate.
The risks should be identified and interpreted in terms of the impact on theasset and the related effects for the business e.g., impact on operating
feasibility and schedules and potential system outages, impact on maintenancerequirements, etc. These key risks should include the following, plus any others
felt to be of concern for the operation of these assets.
This list taken from World Bank Climate and Disaster Risk Screening Tools:•

Temperature changes, and extremes of temperature;•

Extreme precipitation and flooding;•Drought;•

Sea level rise and storm surge;•

Strong winds.

How these affect the asset or site in question will be highly variable and will be
for the issuer to identify and relate to their operations. These assessments
should use climate information, modelling, and scenarios from a peer reviewed
source.
This assessment should be done regularly. The frequency of the assessment
will depend on the nature of the climate-related risks and vulnerabilities, andshould be specified by the issuer and reported against in subsequent annual
reporting.
Section 2: The issuer identifies the impacts in larger context (spatially and temporally) beyond the asset/site (i.e., theimpacts of the linked assets and projects on the broader ecosystem and stakeholders in that ecosystem).

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No.

Proof Given

Adaptation and Resilience checklist for bioenergy facility

Overall
Assessment

For verifier to complete

2.1

Processes are in place (as part of both the asset design and ongoing
management) to assess the impact of the bioenergy asset on the climate
resilience of other stakeholders in the social, economic, and environmental
system in which it operates and mitigate or reduce any negative impacts.
These assessments address:•

Any ways in which bioenergy facilities might affect the climate resilienceof other users/stakeholders;•

Any ways in which bioenergy facilities improve the adaptation capacity ofother users/stakeholders.

For example, they may include:•

Impact on water quality and quantity for other users in the basin;•

Waste and pollution emitted;•

Fire hazards.

Section 3: The issuer has designed and implemented strategies to mitigate and adapt to these climate risks andvulnerabilities to the underlying assets and projects and the broader ecosystem and its stakeholders.
3.1

An adaptation plan has been designed and is being implemented to address
the risks identified in the assessments above.
The issuer has designed or amended investment and maintenance plans forthe assets or projects and the broader ecosystem and its stakeholders. This is
to ensure that the asset and its scheduled maintenance is sufficient to copewith the ongoing impacts of climate change and a plan has been established togovern how emergency maintenance needs arising from sudden climatechange impacts (e.g., extreme storms) are approached.
The issuer has training, capacity, and governance arrangements in place for
how the organisation will deal with the impacts of exceptional events (e.g.,droughts, floods, severe pollution events, extreme storms, and strong winds).
The issuer has monitoring and reporting systems and processes to identify highrisk scenarios.
The issuer has contingency plans to address disruption to operations or loss of
the asset and any resulting broader environmental or social damage.
The issuer has processes for feeding risk assessment back into decision
making.
The issuer has a budget allocated to implementing the adaptation plan and has
a named member of staff responsible for its implementation.
The issuer complies with any existing broader or higher-level adaption plans,such as NAPAs.
Source:Climate Bonds Bioenergy

Criteria for source feedstocks adaptation and resilience41
Issuers are required to demonstrate that they are sourcing feedstocks produced in an environmentally sustainable manner andthereby support climate resilience. Climate Bonds recognise two options to achieve this successfully.
•

41

Option A: Feedstock used are certified under one of the following, pre-approved best practice standards.
• RSB;• Round Table of Responsible Soy (RTRS);

Bioenergy Criteria under the Climate Bonds Standards. Section 3.3.2. Climate Bonds Initiative. August 2022

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Option B: Feedstocks are certified under a standard or a similar scheme where the issuer can prove the standard has
sufficient requirements and thus is robust.

Where approved, certification of all source feedstock must be maintained for the full duration of the entity’s certification.
Criteria for food security42
Issuers are required to identify food security risk, if any; and have a plan to address it when the risk is significant.
The requirement for addressing food security risk is based on RSB Food Security Assessment Guidelines.43 Issuers are required to
first evaluate food security at national level by checking the latest International Food Policy and Research Institute’s Global Hunger
Index (GHI)44 to see whether their sourcing feedstock are produced in food-insecure nations. If the feedstock production is locatedin a country with low or moderate ranking on the GHI, there is no further requirement.

42

Bioenergy Criteria under the Climate Bonds Standards. Section 3.3.3. Climate Bonds Initiative. August 2022

43

RSB Food Security Guidelines. Version 3.0. January 2018.

44 www.globalhungerindex.org/
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Appendix C: Proposed method for estimating GHG emissions in
geothermal power plants

Source:Climate Bonds Geothermal Criteria

Figure 6: Methodologies required for GHG assessment of geothermal assets.

This process acknowledges the following practical considerations in determining direct emissions:••

Appendix

Wellhead non-condensable gas estimates may not be available, and a proxy measure based on potential emissions
determined from geological setting may be the only viable option;
The release of direct CO2 emissions due to the operation of the power station may result in lower natural release. Thisshould be taken into account when these can be estimated. This canon l be achieved once the power station is in operation.
It is proposed that this could be used in the case of retrofit of existing stations, or for re-applications for certification offacilities thar were initially rejected.

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Appendix D: TWG and IWG members
Climate Bonds Coordinator:
Francisco Moreno
CastroEnergy Analyst
Climate Bonds Initiative

Technical Lead Advisor:
Ana Díaz Vázquez

Global Energy Transition Head
Climate Bonds Initiative

TWG Members
Andy Ross

Head of Content Excellence & Quality
Assurance

Shuling Rao

Senior Researcher,
The Institute of Finance and Sustainability

CDP
Catalin Dragostin

Director Energy Serv,
Vice-President Excorom

Steve Pye

Associate Professor of Energy Systems,
UCL

Cristobal BudnevichPortalesPolicy Officer and Data Analyst,
TPI

Tetsuo Saito

Senior Research Fellow,
Renewable Energy Institute

Kae Takase

Renewable Energy Institute

Tom Luff

Energy Strategy and Policy Expert,
Energy System Catapult

Ruhn Zhang

Agora Energiewende

Wu Di

Senior Power Sector Analyst,
Institute of Energy, Peking University

Ryan Foelske

Manager on Utility Transition FinanceTeam, RMI

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Participation in IWG meetings does not necessarily reflect endorsement of the Criteria and serves to provide critical feedback on
the usability-focused consultation process.

IWG Members
Adrian Ghita

Executive Director

Lazeena Rahman

Romanian Energy Efficiency Fund

Senior Energy Finance Specialist – Energy
Transition Mechanism
ADB (Asia Development Bank)

Alison Chan

Investment Director – Sustainable
FinanceMargaret Onije

General Manage
BGI Resources Limited

Metrics Credit Partners
April Strid

Head of Research and Development
and Lead Verifier

María Dolores
Domenech

Sustainability Manager

Mitra Apurba

Lead – Climate Change

Acciona

KestrelAtsuko Kajiwara

Managing Executive Officer
Head of Sustainable FinanceEvaluation Group

KPMG

Japan Credit Rating Agency, Ltd
Attravanam Gautam

CFO TATA Renewable

Monica Reid

Tata Power
Bia BuAnalystKestrelNiero Giovanni

Igreen Bank
Christian Carraretto

Head of Energy Transition –Sustainable Business andInfrastructure

CEO and FounderHead of Capital Markets
ENEL Group

Pradeep Tharakan

Director, Energy Transition
ADB (Asia Development Bank)

EBRD (European Bank for
Reconstruction and Development)
Dan QinESG Associate

Rahel Harass

Huaxia Wealth Management

Associate Director-Global Financial
Institutions Group
Baker Mackenzie

Elena González

Energy Efficiency Manager

Randolph Brazier

Acciona
Haruna Goto

Sustainable Finance Analyst

HSBC Holdings PLC
Tarum Rohra

Japan Credit Rating Agency, Ltd.
Ikechukwu Iheagwam

Associate Director
Partner Advisory

Tianhua Luo

Head of Consulting

Tim Buchholz

Senior Analys

Vikesh Rajpaul

Director of Climate Change
Department

General Manager
ESKOM Holdings SLC Ltd

William Battye

LSEG China
Jungfeng Zhao

Corporate ESG Origination
DZ Bank AG

Agusto Consulting
Jin Boyang

Senior Energy Specialist and Project Officer
ADB (Asian Development Bank)

KPMG
Jimi Ogbonbine

Senior Associate
Sustainalytics

Agusto & Co.
James Roberts

Global Head, Clean Power Systems

Principal Climate Strategy and Delivery
EBRD (European Bank for Reconstruction
and Development)

Zonta Jung

Senior Business Development Executive
SGS Knowledge Solutions

GSG (Governance Solutions Group)

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