July 2022

Climate Bonds Initiative
Green Bond Database
Methodology

Climate Bonds Initiative Green Bond Database Methodology

1Table of Contents
1. Introduction

3

2. Overview of the Climate Bonds Initiative
Green Bond Database screening process

4

3. Climate Bonds Initiative Green Bond Databaseand other labelled bonds

5

4. Climate Bonds Taxonomy and the Green Bond
Database methodology

6

5. Certification under the Climate Bonds Standard
and the Green Bond Database7

6. Disclosure and instrument requirements for inclusionin the Climate Bonds Green Bond Database8

7. Climate Bonds Initiative Green Bond Database
screening process in detail

9i. Identification of green bonds

9ii. Screening sectors and green credentials

9iii. Evaluating the use of proceeds

10

8. Pending deals and resolution process

13

9. Re-classification of a bond

13

Change in screening methodology

13

Change in the definition of alignment

13

Annex A: The Climate Bonds Taxonomy

14

Annex B: Green definitions for the
Climate Bonds Initiative Green Bond Database15

Annex C: The Climate Bonds Standard
and Certification Scheme

22

Annex D: Eligible projects and assets
under the Climate Bonds Standard

23

Eligible assets and projects under Climate Bonds Standard
version 3.0 (New, be phased in)23

Annex E: Eligible Building Certifications

23

Annex F: Eligible Shipping Metrics for ships greater than
5000GT (Deadweight)

24

Climate Bonds Initiative Green Bond Database Methodology

2

1. Introduction
The Climate Bonds Initiative (Climate Bonds) screens self-labelled debt
instruments to identify bonds and other debt instruments as eligible forinclusion in the Climate Bonds Initiative Green Bond Database (Climate
Bonds GBDB). The screening references the Climate Bonds Taxonomy (The
Taxonomy), albeit using a modified sector list rather than the Taxonomy
criteria. This document provides information on the approach andmaintenance process.

There are three overarching prerequisites:
1. Debt instrument includes but not limited to bonds, asset-backed
securities, and loans. Short-term debt, such as deposits and commercial
paper, is not included.
2. Self-labelled, defined as a conscious decision by the issuer to label the
instrument. Deals, which finance the right types of assets, projects, andactivities, but are not self-labelled by the issuer, are excluded.
3. Public disclosure that is sufficient to (1) determine if the financed
assets / projects / activities are green and (2) allow inclusion of the debt
instrument, most notably an amount outstanding and settlement date.
Notably, the label is used primarily to identify self-labelled debt. Several
labels are considered (see page 8). Once past the initial screening, theprocess looks beyond the actual label and evaluates the assets, projects
and activities being financed to determine if the debt warrants inclusion in
the Climate Bonds Initiative Green Bond Database.
The screening is based on two key aspects: eligible sectors andeligible Use of Proceeds (UoP)
For the purposes of the Green Bond Methodology, UoP categories are
divided into sectors of broad economic activity, such as energy andtransport, and referred to as sectors in this document.

Eligible sectors for assets, projects and/or
activities
The screening seeks to determine general alignment to the Climate Bonds
Taxonomy (see Annex A), which specifies which activities are Paris aligned,i.e., 2 degrees or lower of global warming. The Taxonomy provides twolevels of information:a. broad guidance on eligible sectors and subsectors, andb. Sector-specific metrics and indicators that identify assets, projects andactivities consistent with the Paris Agreement, which are used in the Climate
Bonds Certification scheme.
The Methodology’s sector screening is primarily based on the first level(a). The Climate Bonds GBDB Methodology uses an adapted list of eligible
sectors and types of assets, projects, and activities (see Annex B).
The indicators (b) are also used to inform the analysis. These indicators
are sector- and subsector- specific. They link to Sector-Specific Criteria,
developed or being developed together with scientific and other technicaland industry experts, under the Climate Bonds Standard and Certification,a labelling scheme for financial instruments that are Paris compliant (seeAnnex C).
Green bonds included in the Climate GBDB are not expected to meet therequirements for Certification (although some might, if assessed). Rather,
the Sector Criteria are used to determine the level of ambition and allow
the screening out of less ambitious deals. Climate Bonds is an advocate forhigh levels of ambition, i.e., deals that deliver decarbonisation sooner andwould help keep global warming to 1.5oC. So, over time the requirements
are expected to tighten and converge.

Climate Bonds Initiative Green Bond Database Methodology

Climate Bonds has also started using the EU Sustainable Finance Taxonomy
as a point of reference. Climate Bonds has been working to upgrade its
Taxonomy in such a way that it is consistent with the EU Taxonomy. As aguide, Climate Bonds aims to be at least as stringent as the EU Taxonomy,such that should a bond be eligible for our database it will also conformwith the EU Taxonomy. In some cases where Climate Bonds has not yet
developed its own guidance and/or Sector Criteria, reference is made to the
EU Taxonomy. For Climate Bonds GBDB Methodology the Climate Bonds
Taxonomy and Sector Criteria are the first port of call.
More information: section Climate Bonds Taxonomy and the EU Sustainable
Finance Taxonomy; Annex A.

Eligible Use of Proceeds
Historically, the focus has been on direct financing of physical assets andprojects and indirect financing thereof (e.g., loans to suitable assets /projects). Annex D provides the expanded eligibility list from the Climate
Bonds Standard version 3.0, which now includes physical assets andprojects, financing thereof, and certain expenses.
More information: sections Climate Bonds Standard and Certification
Scheme and Climate Bonds Initiative Green Bond Database screening
process, Annex C and Annex D.

Climate change mitigation, adaptation, and resilience
Most green bond financing to date has been allocated to climate change
mitigation. However, climate change adaptation and resilience (A&R)
measures are also eligible.
Climate Bonds’ Climate Resilience Principles provide a framework for
issuers to demonstrate that for the assets and activities (re)financed via thebond they understand the related climate risks, have identified measuresthat address them and can deliver resilience benefits, and the financing isprovided to implement them. As risks are idiosyncratic given geography,
climate profile and operations, suitable measures would be context specific.
Over time, A&R have and will continue to be integrated in Climate Bonds’
Sector Criteria. Specific assessment tools and/or indicators are expected
to be developed to help determine that A&R measures do not involve
unacceptable mitigation trade-offs, e.g., fossil fuel power generation lockin. Until such guidance is developed, A&R-related bonds and measures
will be considered on an ad hoc basis, engaging the issuer for dedicated
A&R bonds, while the need for consultation will be determined based onmateriality for other bonds. Climate Bonds may also draw on experts fromits network.

Glossary:
Green bond framework: An issuance framework which defines
eligibility categories for UoP and reporting.
UoP: Use of Proceeds, a.k.a. proceeds allocations
External reviews confirm compliance with the Green Bond Principles(GBP) or Green Loan Principles (GLP). Reviews include second party
opinions, green bond ratings, assurance, etc.
Certified Climate Bonds (bonds, loans, debt programmes, deposits
and other instruments) are Certified under the Climate Bonds
Standard. The green credentials profiles of the assets / projects areverified by an Approved Verifier against Sector Criteria to determine
if the assets/projects being financed are within a trajectory to fulldecarbonisation by 2050.

3

2. Overview of the Climate Bonds Initiative Green
Bond Database screening process
As noted, the overarching prerequisites include self-labelling of the debt
instrument, defined as a conscious decision by the issuer to label the
instrument in a public document, and public disclosure that is sufficient todetermine if the financed assets / projects / activities are green and to allow
inclusion of the debt instrument in the Climate Bonds GBDB.
Assuming these are met, the three-step screening process to classify a green
bond as eligible covers the following:

1. Identification of climate-themed, self-labelled debt.
2. Screening sectors and green credentials to determine if the proceeds
will finance eligible expenses, assets, projects or activities are in line with
the Green Definitions in Annex B (which is adapted from the Climate Bonds
Taxonomy and Sector Criteria). More information is provided in the section
on Certification and the details of screening below.
3. Evaluating the Use of Proceeds threshold. Only bonds which are
expected to allocate 100% of net proceeds to aligned green assets, projects
or activities are included in the Climate Bonds GBD.
Climate Bonds’ decision tree is summarised below:

Climate Bonds Initiative Green Bond Database screening processDebtlabelled by
the issuer

Certified
ClimateBond*

Deal meets Climate Bonds
GBDB Instrument & disclosure
requirements

Deal does not meet Climate
Bonds GBDB Instrument &disclosure requirements

Green label

Other labels

Aligned Green Bond List

Short-term debt
instruments

Separate non-debt
instrument database

Confidential deals

Confidential
deals list**

Debt meets Climate Bonds UoP
and other Climate Bonds GBDB
requirements

Aligned Green Bond List

Debt does not meet Climate
Bonds GBDB requirements

Non-aligned Green Bond List

Debt meets Climate Bonds UoP
and other Climate Bonds GBDB
requirements

Aligned Green Bond List
Bonds referred for analysis for inclusionin other Climate Bonds databases,
e.g., Social and sustainability bond list

Debt does not meet Climate
Bonds GBDB requirements

Bonds referred for analysis for inclusionin other Climate Bonds databases,
e.g., Social and sustainability bond list

* Certified Climate Bonds/LoansBond/Loan are fully aligned with the Green Bond Principles/Green Loan
Principles. They can be considered as a subset of the green bond/loan market.
** Confidential Certified Climate Bond list is not available to the public or data partners.

Certified Climate Bonds were previously identified as automatically
included. However, Certification can also be applied to short-term debt andto private/confidential deals for which there is no public information.
By contrast, the GBDB captures labelled debt instruments, which havesettled with a defined amount outstanding and for which there is at least
a minimum level of public information (amount issued, issue date, type of
instrument). Consequently, there may be Certified deals which do not meetthe instrument and disclosure requirements for inclusion in the Climate
Bonds GBDB.

Climate Bonds Initiative Green Bond Database Methodology

43. Climate Bonds Initiative Green Bond Databaseand other labelled bonds
The screening methodology allows the classification of labelled debt.
Climate Bonds curates and maintains the Climate Bonds GBDB, whichcontains the bonds that have passed the screening. It also curates andmaintains further lists of labelled debt as detailed below.
Database

Sub-datasets & Definition

Green Bond
Database

Aligned list

Availability

A list of labelled bonds and other debt instruments, which allocate all net
proceeds to eligible sectors and comply with the criteria described in thismethodology.

Basic information is available to all
Climate Bonds Partners through the
Climate Bonds Partners Portal

Sustainability and SDG labelled bonds often have climate-related and social
allocations. If the social assets / projects are also climate-related, i.e., 100% of
UoP is also green, the deal is included in this GBDB.

Comprehensive information is available
to Premium and Advanced Climate Bonds
Partners only, under a data licensing
arrangement

Non-aligned List
A list of labelled green bonds and similar debt instruments that fail to meetthe criteria for inclusion in the Climate Bonds GBDB. Such bonds may meet
local green bond rules: e.g., China’s green bond catalogue (2015 version)used to allow the so-called clean coal projects, but Climate Bonds does not..

Available to Premium and Advanced
Climate Bonds Partners only, under adata licensing arrangement

Pending list
A list of labelled bonds and similar instruments for which there is insufficient
information to determine eligibility initially, and where they are kept
temporarily. Upon further investigation, the bond may be categorised asaligned or non-aligned, i.e., excluded

Available to Premium and Advanced
Climate Bonds Partners only, under adata licensing arrangement

Repacks list
A list of labelled debt instruments, primarily ABS but also bonds, which invest
in green bonds that meet the screening criteria. Repacks are not included to
avoid double counting.

Available to Premium and Advanced
Climate Bonds Partners only, under adata licensing arrangement

Note: The label is used primarily to identify bonds for screening, but the assessment of the green credentials is based on the assets, projects or activities financed.

Labelled loans

Labelled versus unlabelled climate-related debt

Historically, Climate Bonds has included labelled loans in the Climate
Bonds GBDB, or in the various related lists. We are now considering
separating loans into a stand-alone labelled loan database, structured in
the same manner as the Climate Bonds GBDB., i.e., including a green loanlist, pending loans and non-aligned loans. If this split occurs, Climate Bonds
will provide a before-and-after reconciliation. All the above commentaryand distinctions will apply in the same way to loans as they do to the bonduniverse. This includes the self-labelling and disclosure pre-requisites forinclusion in the Climate Bonds GBDB.

Unlabelled climate-related debt is not included in the Climate Bonds GBDB.
While it is acknowledged that any debt which finances climate-friendly assets,
projects and activities supports climate goals, the fact that the debt is notlabelled is seen as an indication that the issuer is not committed to the greenlabel. This could be because the issuer does not wish to provide disclosure,e.g., allocations reporting, and/or is not prepared to limit financing only to
pre-defined eligible categories of assets, projects, and activities.
Climate Bonds also curates and maintains a database of climate-aligned
issuers and outstanding unlabelled climate-aligned bonds. Upon screening
the issuers’ business in a similar manner to green bonds against the Climate
Bonds Taxonomy, issuers are included if at least 75% of their revenues
derive from aligned business lines, and they have outstanding debt.
The climate-aligned database is not covered by this methodology
document and is only available under special arrangements with Premium
Climate Bonds Partners.

Climate Bonds Initiative Green Bond Database Methodology

54. Climate Bonds Taxonomy and the Green Bond
Database Methodology
The Climate Bonds Taxonomy and Sector Criteria are used to define climate
ambition towards the Paris goals and form the basis of the informed
screening out of less ambitious deals in the context of the Climate Bonds
GBDB Methodology.
The Criteria can change over time as science, technologies, regulations,policy, and climate thinking evolve. For instance, Climate Bonds has
integrated adaptation and resilience considerations in more recently
developed criteria (e.g., Waste, Hydropower). Climate Bonds is also
now developing taxonomy and methodology for hard-to abate sectors,
such as Cement and Chemicals, and intends to revise older criteria (e.g.,
Buildings) to incorporate such aspects and/or update metrics and tighten
requirements and/or add subsectors. The most recent list will be available
at: https://www.climatebonds.net/standard/sector-criteria
Annex B provides the assessment guidelines for the Climate Bonds GBDB
Methodology. While based on the Climate Bonds Taxonomy and informed
to a degree by Sector Criteria, the guidelines have historically been
adapted to:
1. allow assessment in the absence of metrics disclosure and/or third-party
verification of metrics; and2. encourage investment in nascent and harder-to-abate sectors.
However, the Climate Bonds GBDB screening criteria are now being
tightened in more established sectors such as buildings and transport as
the Green Bond market matures and the need to decarbonise becomes
more pressing.
For some sectors where measurement is less of an issue (e.g., solar, wind) or
metrics are typically met by certain types of assets (e.g., rail excluding fossil
fuel freight), The Methodology follows The Taxonomy quite closely.
For sectors where metrics are not readily available and/or, if reported,
metrics need further assessment against a benchmark or proxy and/or
available information needs to be further analysed and mapped against
criteria, The Methodology uses adapted approaches.
For Buildings, for instance, Sector Criteria seek to establish decarbonisation
trajectories appropriate for different cities and regions. The sector has
not been forthcoming with operational data to benchmark emissions
performance and set appropriate trajectories, and the building standards
that are being used by the industry do not have a sufficiently robust
mitigation focus, i.e., do not provide good evidence of mitigation impact. A
series of proxies for buildings, including a proxy of LEED Gold or Platinumplus 30% improvements on the level of ASHRAE 90.1, are thus used for
Certification under the Climate Bonds Standard.

Climate Bonds Initiative Green Bond Database Methodology

The buildings industry and property sector, however, are using the wider
range of available building certification schemes as evidence of green
impact. This methodology thus takes a pragmatic approach based on
the information that is more readily available for property financing, i.e.,building certification schemes and energy efficiency ratings.
The approach taken in this methodology seeks high levels of ambition
from green bond issuers. In previous approaches the methodology
accepted lower levels of building certification than the LEED Gold proxyused for Certification. That approach is now being tightened as compared
to previous methodologies, with only higher rated, well-establishedinternational and local certification schemes and energy performance rating
schemes now being eligible (see Annex E). In addition, The Methodology
now specifies improvements of 30% or more as compared to significant
improvements in the previous methodology.
However, unspecified efficiency improvements in the buildings with eligible
certifications are considered acceptable on the basis that they extend thelife of a desirable asset.
Criteria in advanced stages of development or in public consultation may
be used for screening under the Climate Bonds GBDB Methodology even
before adoption for Certification subject to consultation with the Climate
Bonds Standards Team, which manages criteria consultation with technicaland industry expert groups.
Over time, the requirements for inclusion will be further tightened.
Changes in assessment criteria will be notified, but the aim is toencourage high levels of ambition in the green bond market andpromote a rapid transition to a low carbon economy.

Climate Bonds Taxonomy and the EU Taxonomy
In March 2020 the EU released a proposed EU
Taxonomy of Sustainable Activities. The EU Taxonomy
may be used as a point of reference or proxy for
sector-specific criteria for which there are currently no
Climate Bonds Sector Criteria. This will be re-assessedas Climate Bonds develops and releases new Sector
Criteria, or formally decides to adopt EU Taxonomy
metrics.

65. Certification under the Climate Bonds Standard
and the Green Bond Database
The Climate Bonds Standard and Certification Scheme is summarised in
Annex C.
Debt instruments or other financing arrangements Certified under the
Climate Bonds Standard are expected to satisfy the sector eligibility
requirements for inclusion in the Climate Bonds GBDB (see introduction).
Confidential Certified Climate Bonds are not available to the public ordata partners, as the Climate Bonds GBDB requires public disclosure ofat least the label and basic information (e.g., amount issued, currency
denomination and date issued).

Currently, Certified deals such as bilateral loans and private placements canbe handled confidentially. This is changing: CBS v3.0 now requires public
disclosure of the periodic post-issuance compliance statement, which
confirms that the Certified Climate Bond continues to meet the Certification
requirements.
Providing sufficient information on the greenness of assets, projects andactivities – e.g., the issuer’s green bond framework and assessment metrics– allows market participants to assess for themselves if the deal merits
inclusion for their purposes.

Similarly, if issuers want to claim compliance with the Climate Bonds
Standard, the GBP/GLP or the proposed EU Green Bond Standard, theymust make at-issuance disclosure and post-issuance reporting publicly
available. The proposed EU Green Bond Standard envisages publicly
available reporting on the benchmark metrics set out in the EU Taxonomy.
ICMA and the Global Reporting Initiative have published guidance andtemplates for impact reporting by sector. Under the CBI Certification
Scheme, following post issuance reporting Issuers are required to reportannually throughout the life of the instrument to confirm ongoingcompliance with the Climate Bonds Standard.

Comparison of the requirements for Certification vs Green Bond Database Inclusion
Requirement

Certification Scheme

Green Bond Database Inclusion

Governing document

Climate Bonds Standard v3

CBI Green Bond Database Methodology

Included in

Certified Bond Database, available on CBI website(except for confidential deals)

Green Bond Database, available to CBI Partners

Taxonomy alignment

CBI Taxonomy

CBI Taxonomy or EU Taxonomy where CBI has not yet
developed relevant Sector Criteria

Sector criteria alignment

CBI Sector Criteria

CBI Screening criteria for inclusion in Green Bond Database

Criteria development
methodology

New Sector Criteria are developed through expert
TWG and IWG and a publick consultation process. The
Climate Bonds Standards Board oversees the Standard
and Criteria development process

Criteria is developed internally by CBI by reference to CBISector criteria and/or EU taxonomy TSC

Bond selection process

Issuer submits an application under the Climate Bonds
Standard v3, usually before the instrument is issued

CBI screens all self-labelled environmentally beneficial
instruments after they are issued, based on publicly
available information

Eligible instrument types

All debt instruments including short term instruments
such as bank deposits

All debt instruments excluding short term instruments

Requirement for a green
bond framework by theissuerMandatory

Not required

Requirement for external
review/verification

Pre and post Issuance Verification by a CBI approved
Verifier is mandatory under the Climate Bonds
Standard v3

Not required but recommended. Certification/SPO details
are available in the GBD

Annual Reporting by issuer

Mandatory for the term of the instrument

Not required

Impact reporting by issuer

Recommended, often combined with Annual Reporting

Recommended

Public disclosure

Recommended but not required for confidential deals

Required

Climate Bonds Initiative Green Bond Database Methodology

76. Disclosure requirement for inclusion in the
Climate Bonds Green Bond Database
Certain basic transparency requirements with respect to thedebt instruments must be disclosed, namely:

21
1. Disclosure of the amount issued, issue date and maturity date of the
instrument. Notably, no pricing, tranching, covenant or similarly sensitive
information needs to be disclosed for private deals, but it is expected that
all material information is disclosed in bond documentation for publicly
listed instruments.

2. Type of debt instrument, e.g., bond, medium-term note, asset-backed
securities, etc.
Impact reporting (e.g., GHG emissions metrics) is recommended but
voluntary for Certification. Assessment of the indicators which determine
compliance with Sector Criteria is required, but disclosure of these metrics
is voluntary. Under the GBP and GLP as well as this methodology, impact
reporting is also voluntary.

Climate Bonds Initiative Green Bond Database Methodology

Eligible Use of Proceeds types
Climate Bonds GBDB Methodology references eligible UoP to the Climate
Bonds Standard. As described in the Introduction, this pertains to thetypes of funding allowed. Historically, the focus has been on direct
financing of physical assets and projects and indirect financing thereof(e.g., bank lending).
Annex D provides the eligibility list from the new Climate Bonds Standard
version 3.0 (CBS v.3.0). The green bond market has – so far – focused on
climate change mitigation and primarily invested in physical assets andprojects. However, in some sectors, mitigation can be achieved not somuch through the asset (e.g., land) as through improved methods (e.g.,sustainable agriculture practices) and effective monitoring. Also, adaptation
and resilience measures do not always attach to investment in physicalassets / projects. Finally, there is the need to implement and adopt
technological innovation.
More information on how different types of allocations are assessed in
the screening process is provided in subsection 3. Evaluating the Use ofProceed’. Broadly speaking, issuers will need to provide sufficient detailfor Climate Bonds to be able to determine if any proposed expenditure
financing under a green bond is in line with the approach of CBS v.3.0,
although assessment for inclusion in the Climate Bonds GBDB will notnecessarily seek to apply Sector Criteria but rather applies the screening
indicators developed under the Green Bond Methodology (see Annex B),
which are derived from those criteria.

87. Climate Bonds Initiative Green Bond Database
screening process in detail
1. Identification of green bonds
The issuer of a green-themed bond must declare that thebond is intended to be environmentally beneficial throughlabelling the bond, ideally as green.
The Climate Bonds GBDB aims to capture all green bonds.
Those bearing the climate label are a sub-set thereof.
The process of searching for and identifying eligible bonds and loans
includes a wide search on various financial and other platforms for the mostused labels, such as green bond. A full list of search criteria is not includedin this document.
With regards to eligible labels, the most used label is green, but other labels
are considered. Examples include, but are not limited to:• Climate-awareness• Solar, wind, renewable energy and similar• Energy efficiency, PACE and similar• GreenStar (BAM)• Environmental

Our best -practice recommendations include:• external review at issuance• clearly set out commitment to post-issuance reporting on
allocations and impacts.
Post-issuance use-of-proceeds reporting is a requirement under the
GBP and the Climate Bonds Standard, and such disclosure is used forongoing monitoring of bonds as follows:• confirm basis for continued inclusion• exclude if actual allocations are not to assets or projects alignedwith the Climate Bonds Database screening criteria.
• consider inclusion for previously excluded bonds if the assets/
projects are aligned with the Climate Bonds GBDB screening criteria.
• impact reporting is required under the proposed EU Green
Bond Standard, increasingly demanded by investors, and highly
encouraged by Climate Bonds. In the case of impact reporting,guidance on what constitutes impact reporting best practice isincluded in Climate Bonds’ latest Post-Issuance Reports: and the
ICMA-led Harmonized Framework for Impact Reporting.

• Water bond and similar• Blue, marine conservation and similar• Energy transition / Sustainable transition• ESG, SDG, sustainability, social and similar• Climate action• Transition

Glossary of abbreviations:
PACE: Property assessed clean energy (US DOE scheme)
BAM: Build America Mutual
ESG: Environmental, Social and Governance
SDG: Sustainable Development Goals (UN scheme)
The label should appear in a public document such as:• press release,• bond prospectus or other bond issuance document, whereby the labelneeds to be clearly visible on the bond description to make identification
possible and confirm that it is labelled• green/sustainability/SDG bond/Sukuk framework,• external review of an issuer framework or other due diligence to confirm
the green credentials,• green bond assessment, green evaluation or other(e.g., green bond rating)
Unlabelled bonds will not be included in the Climate Bonds GBDB, even if
they finance assets which are aligned to the Climate Bonds Taxonomy. In
addition to asset alignment, we are looking for transparency, and labellingis key to green bond visibility. Furthermore, commitment to manage
proceeds and to post-issuance reporting under GBP / GLP is integral tomarket credibility.

2. Screening sectors and green credentials
Each bond or other debt instrument is reviewed based on
the green credentials of the UoP. This may be earmarked
proceeds for asset-linked, senior unsecured or secured
bonds, projects funded by a project bond, or assetsbacking an ABS or other secured debt. The key is that theasset/project to be (re)financed is green.
At issuance, the issuer must declare the eligible asset and project
categories. Most issuers specifically link their deal and framework to the
GBP or GLP and obtain an external review to confirm compliance or choose
to certify their instruments under the Climate Bonds Standard. This is now
the prevalent practice and is helping to improve market integrity.

External reviews
We consider all types of external assessments (see summary table below).
An external review is recommended but not required as long as equivalent
information is clearly disclosed by the issuer in a bond framework,
prospectus or other document. Equivalent information covers the four
principles of GBP/GLP, namely:
1. Pre-determined eligibility criteria
2. Information on the selection process
3. Management of proceeds to ensure allocation
4. Post-issuance reporting (at least on allocations)Obtaining an external review does not lead to automatic inclusion in the
Climate Bonds GBDB, as compliance with GBP/GLP does not mean that thecategories meet all the inclusion criteria. Rather, the review as well as otherinformation disclosed by the issuer is independently assessed for alignment
with the Climate Bonds Taxonomy.
We will consider bonds for which there is no external review, if adequate
disclosure on the assets financed is provided by the issuer. For instance, US
Munis, Solar ABS, PACE ABS and domestic market Chinese issuers typicallyprovide this information in the bond prospectus.

Climate Bonds Initiative Green Bond Database Methodology

9Overview of external review types and providers
Pre-issuance review

Scope

Providers (examples)

Assurance

Positive or negative assurance on compliance with the Green Bond Principles(GBP) / Green Loan Principles (GLP)

EY, Deloitte, KPMG

Second Party Opinion (SPO)

Confirm compliance with GBP / GLP. Provide assessment of issuer’s green
bond framework. Some analyse the green credentials of eligible assets.

CICERO, DNV-GL, Sustainalytics,
Vigeo Eiris, ISS-Oekom

Green bond rating

Assess the bond’s alignment with GBP and integrity of its green credentials.
(NB: Credit ratings, increasingly incorporating ESG factors, are assessed
separately.)

S&P, RAM (Malaysia),
R&I and JCRA (Japan)

Pre-issuance verification of the
Climate Bonds Certification

Third party verification confirms that the process followed by the issuer and
UoP adhere to the Climate Bonds Standard and sector specific criteria.

Approved Verifiers under the
Climate Bonds Standard

Assurance, audit or postissuance SPO

Assurance of actual allocation of proceeds to eligible green projects.

Audit firms, ESG service
providers

Post-issuance verificationof the Climate Bonds
Certification

Third party verification confirms the allocation of proceeds is to eligible green
projects and the types of green projects conforms to requirements of the
Climate Bonds Standard.

Approved Verifiers under the
Climate Bonds Standard

Impact report

Assessment that seeks to quantify the environmental impact of financed
projects/assets (often not considered an external review per se as theassessment is done by the provider itself, and does not cover UoP information).

ESG service providers, scientificexperts, other specialised
consultants

Post-issuance review

Disclosure
The assessment is typically based on publicly available information.
Occasionally, Climate Bonds may obtain private information to determinealignment.
For post-issuance reporting, Climate Bonds relies solely on publicly
available information. Information made available on the Climate Bonds
website about Certified instruments is considered publicly available even if
the issuer has not made it publicly available on their website.

Assessment
As noted, the methodology for inclusion in the Climate Bonds GBDB isaligned to the GBP/GLP, the Climate Bonds Taxonomy and the spirit of thescientific Sector Criteria but with less stringency.
(See summary in Annex B.)
A&R allocations are assessed on a case-by-case basis as noted in the
introduction.

3. Evaluating the Use of Proceeds
Climate Bonds’ focus is on climate change mitigation andadaptation/resilience. Only bonds which are expected toallocate all net proceeds to aligned green assets, projects
and activities are included in the Climate Bonds GBDB.

Exclusions
The bond will not be eligible for inclusion if proceeds are (expected tobe) used for social projects, general corporate purposes, working capital/
operating and training expenses that are not part of an acceptable
programme/project delivery, early-stage R&D without sufficient disclosure(as outlined below), and other expenses or assets that are not aligned.

As new low-carbon technologies make alternatives mainstream (e.g., zeroand low-emission vehicles versus ICE vehicles), the list of assets that are notsupportive of rapid decarbonisation will likely grow.
We also exclude assets / projects that do not meet the thresholds set out
in Annex B, e.g., building upgrades that achieve some but not sufficient
improvements in energy performance, or bioenergy production not meeting
CO2 emission requirements.
Notably, broad categories – such as energy efficiency without reference
to a specific sector / asset / project – may lead to exclusion if the detail is
insufficient to determine alignment under this methodology, even if it canbe broadly determined that the investment may have a positive climate
impact.

Disclosure
Disclosure remains a key factor in establishing whether a bond is deemed tobe eligible for the GB database.
Moreover, issuers and investors should be aware that several factors areleading to the need for increasing levels of disclosure.
These include:• The tightening of The Taxonomy standards in line with more stringent
requirements needed to align with the Paris Agreement. Taxonomies
now apply a number of technical thresholds in areas from hydropower toshipping.
• The need to apply The Taxonomy to more complex sectors, such asindustrial sectors (cement, chemicals).
• Geographical differences: for example, activities such as waste pyrolysis
are deemed more acceptable in geographies with less effective waste
collection and recycling infrastructure.

The most significant exclusions are fossil fuel power and any process,product, asset or improvement, which locks in the use or extends the life of
fossil fuels.

Climate Bonds Initiative Green Bond Database Methodology

10In order for Climate Bonds and investors to create an informed opinion as
to the nature of investments, the granularity of disclosure (e.g., within aframework) should map back to the relevant sections of The Green Bond
Methodology. Importantly, lack of sufficient information on a bond’s
green credentials to determine this also results in exclusion. Sufficient
information covers:• specificity of category definitions, e.g., energy efficiency financing should
be linked to a sector such as buildings, transport, grids, etc.;• technical detail, such as CO2 emission metrics, as required under more
recent taxonomies;• a detailed description of processes where this is required in order toassess the climate impact of a project/investment (e.g., industrial sectors
such as cement);• clarification on specific green objectives or benefits of social programmes,
e.g., energy efficiency upgrades to social housing, and• confirmation that no financing is allocated to improving fossil fuel power
generation or related technologies.
Whilst disclosure has improved in many areas, certain sectors still lag. The
banking sector, in particular, would benefit from improved disclosure, withmany frameworks being framed too broadly or lacking enough detail toallow an informed opinion.

Excluded Bonds
A bond is added to the excluded bonds list if:• proceeds are used or expected to be used for social projects, assets orworking capital that do not align to the Climate Bonds Taxonomy; and/or• there is insufficient information to determine alignment or lack thereof.
Excluded bonds are announced in the regular market updates, together
with the reason for exclusion.
Post-issuance reporting on the actual allocation of proceeds can also leadto exclusion from the Climate Bonds’ GBDB if the funding proves to beallocated to assets that are not aligned. Climate Bonds has undertaken
three studies into post-issuance reporting (in 2017, 2019 and 2021) andcontinues to monitor the market, with a further study to come in 2023.
Notably, excluded sustainability, SDG, ESG and similar bonds may,
nonetheless, be funding primarily green assets and projects. Consequently,
these may well be aligned to investment policies and thresholds for someinvestors, indices, and investment products. Bonds with other labels that
do not meet the Climate Bonds GBDB inclusion criteria are recorded in a
separate database.
Tracking the wider labelled market: social vs. green
An asset or project can have both social and green credentials but will be
eligible for the Climate Bonds GBDB only if 100% of UoP are aligned withThe Green Bond Methodology. For example, TLFF I (Indonesia) issued asustainability bond to fund a sustainable rubber plantation and smallholder
plots on degraded land. Employment, food security and equality are social
goals, but the rehabilitation of degraded land to productive, sustainable use
is in line with the Climate Bonds Taxonomy, so the bond is included in the
Climate Bonds GBDB.
Issuers are advised to state if their projects meet both social and green
criteria. An issuer financing social housing may also require that properties
are energy efficient to a specific (ideally high) standard. However, without thegreen clarification, the bond will not be included in the Climate Bonds GBDB.

Financing capital assets versus eligible expenses
The transition to a low-carbon economy needs to be swift to keep global
warming under 2oC. Consequently, the focus of Climate Bonds’ advocacy
is on mobilising bond markets at scale to fund sustainable and climateresilient infrastructure, low-carbon buildings, sustainable use of natural
resources and improving industrial processes to reduce emissions. Scale isachieved with the financing/refinancing of capital assets that can generate
immediate or near-term impact and would continue generating a positive
climate benefit over the medium- to long-term.
In this context, capital expenditure to improve assets and make themmore energy efficient and/or more climate resilient is an acceptable UoP.
In fact, it forms the basis of the Buildings (Upgrade) Sector Criteria used
for Certification. As with any allocation, though, the level of ambitionneeds to be sufficient, which translates to meeting benchmark metrics
where these are specified. For property Capex, for example, the threshold
is 30% improvement in energy efficiency. On a case-by-case basis, thethreshold may be re-assessed – e.g., if the work is being done on new andrefurbished buildings that are already energy efficient and/or there is acombination of targets such as improving energy efficiency and reducing
water consumption (as is the case with, say, Fannie Mae’s Green Rewards
programme).
Funding general operating expenses typically covers an immediate cost thatis not necessarily linked to green assets, projects or activities. However, thefunding of enabling expenses to deploy climate-friendly assets or projects
will be considered as eligible. For instance, training farmers on sustainableagriculture practices is crucial to achieving a long-term benefit frominvestment in adaptation and resilience projects, assets and equipment.
Another example is financing the measurement and tracking of climate
impacts, pollution control, natural resource conservation measures, andthe effect of adaptation and resilience measures in the context of ensuringlong-lasting climate benefits. We categorise such funding as adaptationand expect to see such allocations in the context of wider investment
programmes. For instance, the Seychelles blue bond funds sustainablefisheries and marine reserve conservation as well as enabling measures
such as scientific monitoring. The French Government is using part of theproceeds of its green sovereign bond for satellite observation of weather
patterns and climate change, and partly to maintain wetlands and natural
green spaces under biodiversity conservation programmes.
This approach acknowledges that developing effective measures andmonitoring of implementation is vital to achieving the overall goal of
limiting global warming and decarbonising the economy, including thepreservation and growth of carbon sinks (e.g., forests).
Eligible R&D expenses
Climate Bonds recognises the importance of scientific study and R&D,
especially emerging technologies, to meet the challenge of enabling a net
zero transition.
Hence, Climate Bonds is supportive of and encourage R&D. Nevertheless,we accept that the assessment of R&D impact can be difficult, since thenature of R&D is speculative, and its results are uncertain.
The details of later stage R&D, together with its potential impact, are easier
to assess. Such R&D investment is more likely to provide an immediate
to near-term positive climate benefit and hence be considered to be aneligible green UoP. An example would be pilot projects for new technology
or climate-resilience projects / products that – if successful – can continue
to deliver benefits long-term. Spatial observation to identify, verify and/or
implement mitigation and adaptation measures could also qualify.
Late-stage R&D is thus better defined. The existence of specific (existingor prototype) products, assets or processes for which there is a defined
approach for improvement allows the quantification of climate benefits andthe attainment of sector-relevant thresholds in the near- to medium-term.

Climate Bonds Initiative Green Bond Database Methodology

11For earlier stage R&D to be eligible more detail would be required. For
example, the R&D should be accompanied by a clear plan or strategy.
The aims of the R&D should have clear climate-related goals, such as
the reduction in emissions or the reduction in the use of raw materials.
Targeted processes and products should be clearly specified. Moreover, thedetermination of projects, allocation of proceeds, monitoring and reporting
should fall within the framework of Green Bond Principles, meaning thatR&D expenditure should be continually assessed with climate-related goals
in mind.
An example of eligible earlier stage R&D is that of bonds issued by NXP,
the global semiconductor company. NXP clearly set out a strategy for its
R&D in its Green Bond Framework with an overall climate-related goal of
improving energy efficiency. Detailed descriptions of the opportunities
were outlined with reference to given products and processes. These details
were embedded in a broader process which explained how NXP planned to
manage, monitor and report on the proceeds raised.
Overall, acceptable R&D counts towards eligible UoP. Note that if the type of
R&D is not specified, Climate Bonds will tend to err on the side of caution.
This may result in exclusion if the poorly specified R&D (e.g., not sufficient
information on what R&D relates to or its objectives, stage of R&D project,etc.) represents.
At the sovereign level, it is acknowledged that national governments
provide enabling funding for various early-stage research programmes.
Such programmes may have limited immediate practical application or
may only lead to climate benefits in the medium to long-term future. Suchinvestment is eligible.

Pure play investments• can deliver resilience benefits over and above addressing identified risks(for system-focused investments); and• are undertaking regular (re)evaluation of the asset and/or system’s
climate resilience performance, adjusting to risk reduction measures overtime as needed.
These types of measures and programmes could involve both physicalassets (e.g., coastal flood defences such as bollards (Louisiana) or dykes(Netherlands)), nature conservancy (e.g. land banks) and reforestation (e.g.
Indonesia’s TLFF I), as well as asset / project management that improves
resilience and ongoing assessment of impact. So far, investments havebeen primarily in physical assets and projects, often in combination with
mitigation measures in water management and sustainable land use.
Financing of A&R will be included in the Climate Bonds GBDB if the issuer
can demonstrate that the A&R UoP does not finance assets or activities
that undermine emissions reductions goals. For example, adaptation andresilience projects that lock in fossil fuel technology will not be eligible andmay lead to the bond not being included.
Other Enabling Activities
Climate Bonds is keen to promote activities which enable the journey
to net zero emissions. As a result, activities such as the manufacture ofenabling products and related components are considered eligible. For
example, this would include the manufacture and supply chains of products
such as electric vehicles, eligible energy components and technology in
general. In addition, activities such as advisory or consultancy and retraining of workers, either in the context of a company or within a broader
economy context e.g., as allowed in the EU green bond framework aredeemed eligible.

We have defined pure play companies as those which derive over 90% of
their revenues from climate-aligned activities, as defined by the screening
indicators set out in Annex B. In addition, pure play companies must notparticipate in any ineligible activities, for example the production of fossil
fuels, etc. Lending by banks to pure play companies within their green loan
portfolios (linked to green bond issuance) is deemed to be eligible under
the Green Bond Methodology.
Climate Bonds also allows debt financing of M&A where the acquiredcompany is a pure play company. Additionally, equity investments in pureplay companies or assets within bank portfolios are allowed if the investor
retains a controlling stake.
Adaptation and resilience measures
Climate Bonds set up an Adaptation & Resilience Expert Group to
develop high-level guidance for determining when projects and assets
are compatible with a climate-resilient economy. Climate resilience
covers assessment of risks, which tend to be idiosyncratic depending on
geographic location and local climate, as well as developing measures toaddress and adapt to acute events (e.g., storms) and long-term changes(e.g., temperature and sea level rises).
As a first step, Climate Bonds has published the Climate Resilience
Principles (see https://www.climatebonds.net/climate-resilienceprinciples). These provide a framework for issuers to demonstrate that, forthe assets and activities (re)financed via the bond, they:• understand the climate risks faced by the asset, activity or system
in question;• have addressed those risks by undertaking risk-reduction measuresand adopting flexible management plans that take account of inherent
uncertainties around climate change, and ensuring that the asset,
activity or system is robust, flexible and fit-for-purpose in the faceof that uncertainty;

Climate Bonds Initiative Green Bond Database Methodology

128. Pending deals and resolution process
In some cases, the information available on the deal’s UoP is insufficient
for an immediate decision as to whether the bond should be included
or excluded. This is often the case for private deals, but may also occur if,
say, documentation is not available in English or is only made available tobondholders or lenders.
Such bonds are marked as Pending and further work is undertaken to
obtain or clarify information. This investigation process is carried out
by contacting the issuer, underwriter, credit rating agency or external
review provider (if applicable) within 30 days after the bond is identified.
Also, Climate Bonds keeps monitoring further information disclosed tothe market. If no further information is made available or the obtained
information does not confirm sector alignment within 30 days after thebond is identified, and/or other database requirements are still not met,
the bond is added to the excluded list or forwarded for consideration forinclusion in other bond databases within Climate Bonds, such as the Socialand Sustainability database, as appropriate.

9. Re-classification of a bondIf a green bond is included but the issuer cannot fulfil the criteria later or theproceeds are eventually applied to non-green assets, it may be removed
from the Climate Bonds GBDB. Conversely, excluded bonds may be reclassified if satisfactory information is provided or obtained later which
confirms sector alignment.

Change in screening methodology
A change of status from excluded to included may also occur if we change
the methodology to expand the list of acceptable approaches to labelling.
For instance, in 2018 we started treating green bond ratings as equivalent
to labelling and retroactively included bonds that had been excluded forlack of labelling. Likewise, in 2018 we formally started accepting ABS deals
identified as solar, PACE or similar as acceptably labelled.

Change in the definition of alignment
Excluded deals may be included retroactively to reflect the evolution ofscientific thinking and internal guidance on asset categories. For instance,
historical guidance was to exclude large-scale hydro. However, the updated
Climate Bonds Taxonomy focuses on the power density and GHG footprintof reservoirs. Consequently, some previously excluded deals may be
included.
Changes of this type are likely to occur after an update to the Taxonomy
and/or the publication of new sector-specific Certification Criteria.
On the other hand, included deals will not be retrospectively excluded
as Climate Bonds tightens the screening criteria levels used in thismethodology.

Updates of this nature are most likely to occur in connection with ourannual and semi-annual Green Bond Market Highlights report.

Climate Bonds Initiative Green Bond Database Methodology

13Annex A: The Climate Bonds Taxonomy
The Climate Bonds Taxonomy provides guidance for prospective green
bond issuers and investors. The current diagram summarising eligible
sectors in The Taxonomy is reproduced below. The underlying taxonomy
document provides two levels of information:
1. broad guidance on eligible sectors and subsectors, and
2. metrics and other indicators to identify assets and projects which areon a trajectory to zero carbon by 2050, i.e., aligned to the Paris Agreementtarget of limiting global warming to 2oC or better.
Guided by the Climate Science Advisory Panel and overseen by the Climate
Science Standards Board, the aim of The Taxonomy is to encouragecommon definitions across global markets, in a way that supports thegrowth of a cohesive green bond market.

The chart below summarises the sectors and subsector Climate Bonds
considers green. Notably, what is recognised as eligible under eachsector and sub-sector evolves over time as science, technologies and theeconomics of implementation progress. For the most up-to date version,please check the Climate Bonds website: https://www.climatebonds.net/
standard/taxonomy.
The diagram also shows for which sectors there are Sector-SpecificCertification Criteria, and which are under development. Sector Criteria
are developed together with scientific and other technical and industry
experts for the purpose of Certification under the Climate Bonds Standard, alabelling scheme for instruments that are 2oC-compliant or better.

Climate Bonds Taxonomy
The Climate Bonds Taxonomy identifies the assets and projects needed to deliver a low carbon
economy and gives GHG emissions screening criteria consistent with the 1.5°C global warming limit
set by the COP 21 Paris Agreement. More information is available at https://www.climatebonds.net/
standard/taxonomy.

ENERGY

WATER

Solar

Private transport

Water monitoring

Residential

AgricultureWind

Public passenger
transport

Water storage

Commercial

Geothermal

Freight rail

Water treatment

Bioenergy

Aviation

Water distribution

Hydropower

Water-borne

Flood defence

MarineRenewables

BUILDINGSLAND USE &MARINERESOURCES

TRANSPORTINDUSTRY

WASTE

ICT

Cementproduction

Preparation

Broadband
networks

Commercial
Forestry

Steel production

Reuse

Telecommuting
software andservice

Products &systems for
efficiency

Ecosystem
conservation& restoration

Glass
production

Recycling

Data hubs

Urban
development

Fisheries &aquaculture

Basic Chemical
production

BiologicaltreatmentPowermanagement

Supply chain
management

Fuel production

Waste to energy

Nature-based
solutionsElectrical Grids& Storage
NuclearLandfill

Certification Criteria approved

Radioactive waste
management

Criteria under development
Due to commence

08/2021For criteria under development see https://www.climatebonds.net/standard/available-soon
For criteria in public consultation see https://www.climatebonds.net/standard/public-consultation/new

Climate Bonds Initiative Green Bond Database Methodology

14Annex B: Green definitions for the Climate Bonds
Initiative Green Bond Database
EnergySolar and Wind

• Offshore solar and wind power generation• Onshore photovoltaic and concentrated solar heat & power generation.
• Onshore solar heat/cool cogeneration and solar thermal for heat/cool production provided there is not substantial
backup generation from fossil fuel sources• Onshore wind power generation.
• Dedicated infrastructure, manufacturing (supply chain), storage and transmission

Nuclear• Power plants and dedicated supporting infrastructure (excluding uranium mining) but safety, waste management andsocial and environmental impacts should be disclosed and will be considered.

Geothermal
Energy• Geothermal electricity with direct emissions less than 100g CO2/kWh (further considerations apply for some countries –see assets needing further review below)• Dedicated infrastructure, manufacturing (supply chain), storage and transmission related to geothermal energy

Heat Pumps• Electric and heat/cool technologies using heat pump technology (heat gradients). Refrigerant GWP must not exceed 675.

Bioenergy• Facilities producing biofuel, biomass, biogas from wood industry by-products, waste or sustainable feed stocks(preferably certified under schemes such as RSB, RTRS, FSC and ISCC Plus or national schemes such as EU RED, UK
Renewable Obligation). Applies only to fuels to be used for electricity generation, heating and cogeneration, andtransport.
• Facilities producing fuels for heating and cogeneration must have emissions either < 80% of fossil fuel equivalents or <58g CO2e/kWh• Facilities producing fuels for transport must have emissions either < 80% fossil fuel equivalents or <68g CO2e/kWh• Power generation facilities, provided biofuel is sourced from sustainable feedstock (see above), for example, biomass
power station, heating/cooling facilities, combined heat and power (CHP) and electricity generation facilities (including
those with CCS). Emissions must either be < 80% fossil fuel equivalents or be < 58gCO2e/kWh and achieve 80% efficiency• Dedicated infrastructure, manufacturing (supply chain), storage and transmission

Hydro• Power generation facilities including run-of-river, those with reservoirs and impoundment or built before 2020 with power
density >5W/sqm or which achieve emissions of less than 100gCO2/kWh. Facilities built in operation from 2020 onwards
must achieve power density of >10W/sqm or emissions of less than 50gCO2/kWh.
• Pumped storage facilities (attached to or separate from a reservoir) operational before 2020 with power density >5w/sqm
or emissions <100g CO2/kWh. Facilities operational after 2020 with power density >10W/sqm or emissions <50gCO2/kWh.
All facilities must have performed an environmental and social impact assessment.
• Dedicated infrastructure, manufacturing (supply chain), storage and transmission

Hydrogen• Hydrogen generation where life cycle GHG emissions are less than 100gCO2/kWh. Facilities that mix gas with hydrogenare eligible if lifecycle emissions are less than 100g CO2• Hydrogen production using energy sources with emissions levels of 50gCO2/kWh or less or where emissions are less than
3T CO2/T H2. This would include Green Hydrogen produced using renewable energy and Blue Hydrogen where lifecycle
emissions are less than 3T C02/T H2• Hydrogen Storage facilities and operation thereof whereby the hydrogen utilised complies with eligible production criteria• Buildings, conversion and upgrade of infrastructure, such a pipes and valves, to enable the use of hydrogen within
generation, heating and transportation systems.

Marinerenewables• Tidal, wave and other energy generation using ocean thermals, salinity, gradients, etc. Fossil Fuels back up only allowable
for restart, monitoring, operating or resilience if there is no power in the system.
• Dedicated infrastructure, manufacturing (supply chain), storage and transmission• Marine heating and cooling facilities using ocean thermals

Climate Bonds Initiative Green Bond Database Methodology

15Energy continued

Transmission,
distribution andstorage• Transmission infrastructure needed to integrate renewable energy or energy efficiency systems and their load-balancing(e.g., overhead transmission lines, conductors, insulators, towers) and infrastructure (e.g., buildings, fences, earth mats, busbars)• District heating network fed primarily by renewable energy• Products such as smart systems/meters, smart grid, off-grid power units, home storage batteries, supercapacitors, hydroand thermal heat storage, voltage regulation equipment, reactors, fuses, transformers and switchgear• Monitoring, control and information infrastructure which enables the integration of renewable energy or increases theefficiency within the energy system• Large scale energy storage facilities, batteries, capacitors, compressed air and flywheel plants, supercapacitors*• Interconnectors between transmission systems whereby one of the systems fulfil either criteria c or d below• Manufacturing facilities dedicated to the manufacture of eligible transmission, distribution and storage equipment• * Assets must fulfil one of the following criteria:a. Is a dedicated connection to a power production plant eligible under one of the Climate Bonds sector criteria (e.g., Solar)b. Is a dedicated connection to a power production plant operating under the low carbon power threshold (100g CO2/kWh)c. The infrastructure is located on a system with a grid factor at or below 100g CO2/kWh
d. The infrastructure is located on a system for which at least 67% of its added generation capacity in the last 5 years falls
below the low carbon power threshold
Assets need further review

Geothermal Energy• Geothermal electricity in Turkey, New Zealand, US and Canada, where gas emission levels from extraction typicallyrequire further assessment

Bioenergy• Biofuel Blending facilities• Supply chain facilities related to blending facilities

Existing Pipelines
and retired
production facilities• Leak detections and repair to avoid methane leakage where bonds have a maturity of 5 years or lessNuclear• Uranium mining and supporting infrastructure.
Ineligible assets

Fossil fuels• Coal/oil generation with or without carbon capture and storage (CCS)• Coal/oil/gas powered combined heat and power (CHP)• Coal/oil/gas mining/extraction, refining, processing, and associated supply chain infrastructure

Energy efficiency• Efficiency upgrades to GHG-intensive power sources, e.g., so-called clean coal
• Energy savings in fossil fuel extraction activities and anything that helps to extend the life of fossil fuel usage

Transmission• District heating fed primarily by non-renewable energy sources

Bioenergy• Power generation facilities using timber (except for waste wood) and other non-sustainably sourced fuels.
• Traditional biomass use, such as a three-stone fire for heating and cooking in the residential sector

Onshore solar& wind• Onshore thermal solar generation facilities if more than 15% of the power generation is backed up by fossil fuel sources

Climate Bonds Initiative Green Bond Database Methodology

16Buildings

Buildings
and built
environment• Buildings which are EDGE Certified, Passivhaus or Living Building Challenge Certified, Nearly Zero Energy Buildings.
• Buildings meeting well-established, widely used building industry certification schemes such as LEED, Miljöbyggnad,
BREEAM, DGNB, China Green Building Label, CASBEE, NABERS), with eligible certification levels as detailed in Annex E• Upgrades and retrofits of commercial, residential and special-purpose public properties (e.g., hospitals, schools) aiming
for a minimum of 30% energy performance improvement and/or improving emissions performance or which achieve an
improvement resulting in the building meeting the eligible certification requirements as detailed in Annex E• Specific property upgrades being LED lighting, insulation retrofitting, highly efficient window glazing, HVAC upgradeswith high efficiency standards, thermostats, motion detectors, smart meters, energy management systems and heat andenergy storage systems. Such upgrades are allowed if the underlying properties already meet required certification levels
detailed herein or will meet such certifications as a result of the upgrades.
• Properties with EPC ratings of A and above in the EU (where A is the highest and G the lowest rating) and an equivalentlevel in other locations• Assets and urban policies/regulations directed at climate change mitigation such as street-lighting upgrades, passive
heating/cooling, car-free areas which substantially improve emissions performance as measured in CO2/sqm

Data Centres• See ICT

Other Building
Types• Stations, buildings for transport which support eligible transport activities

Technology,
products,
systems andmanufacturing
for building
efficiency• Products meeting industry certification schemes such as ENERGY STAR

• Manufacturing facilities dedicated to low carbon activities (e.g., manufacture of EV’s, batteries)• Manufacture of energy efficient components (e.g., LED lighting)• Systems which increase overall energy efficiency (e.g., district heating) as long as the energy source is primarily fromrenewable sources.)• Low-carbon and alternative building materials (e.g., alternatives to cement or concrete)• Building, maintaining, or upgrading utility tunnels for cables and pipes which improve resource and energy efficiency
Assets need further review

Buildings
and built
environment• Commercial, residential and special-purpose public properties (e.g., hospitals, schools) upgrades/retrofits aiming for lessthan 30% energy performance improvements, provided there are other targets (e.g., water consumption reduction) and/or properties, previously subject to significant energy and water performance improvements• Buildings meeting less well-known or local/regional certification schemes• Buildings funded by long dated debt which are not demonstrably on a path to Paris aligned targets
Ineligible assets

Buildings
and built
environment• Buildings not meeting the required certification standards (e.g., LEED Bronze or Silver)• Properties with EPC ratings of B and below in the EU (where A is the highest and G the lowest) and an equivalent level inother locations• Airport Terminal Buildings

Climate Bonds Initiative Green Bond Database Methodology

17Transport

Private, public
and freight landtransport• Electric vehicles (EVs), hybrids and hydrogen fuel cell vehicles. Low carbon vehicles should adhere to a maximum of
50gCO2/p-km to the end of 2025 and zero thereafter• Bicycle and public walking infrastructure and schemes• Passenger trains; urban rail systems such as metro, light rail, cable cars, trams with zero CO2 emissions• Freight railways and rolling stock with zero emissions, provided <25% fossil fuel freight transport• Public transport buses and coaches, bus rapid transit (BRT). Vehicles must meet threshold of less than 50gCO2/p-km to
the end of 2025 and zero emissions thereafter.
• Miscellaneous vehicles such a waste collection and construction vehicles with zero emissions• Dedicated manufacturing and infrastructure, energy efficient products (e.g., batteries, charging stations)

Passenger andcargo watertransport• Zero emission vessels less than 5,000GT (DWT) powered by electricity or otherwise low carbon fuels (sustainable biofuel,ammonia, hydrogen)• Vessels greater than 5000GT (DWT) which comply with Paris aligned thresholds as detailed in Annex F• Supporting infrastructure

Passenger andcargo aircraft andaviation• Electric powered or otherwise low carbon (sustainable biofuel, hydrogen, solar, etc.)• Supporting infrastructure and manufacturing
Assets need further review

Freight Trains• Bimodal trains which rely on supporting infrastructure for zero emission operation

Transport
logistics• Sorting centres, smart freight logistics, intermodal rail freight facilities, port infrastructure directly related to the supply ofzero emission fuel and associated facilities such as power from shore, multi-modal logistics hubs.
Ineligible assets

Private, public
and freight landtransport• ICE and CNG passenger vehicles and supply chain (components)• Hybrid and Biofuel trucks and supply chains• Biofuel vehicles, buses and trains and manufacturing supply chain• Rail lines/operators where fossil fuels account for more than 25% of freight• New roads, bridges and upgrades, parking facilities, fossil fuel filling stations and other assets which prolong the life and/or increase the ease-of-use of ICE transport

Passenger andcargo watertransport• Oil tankers, LNG carriers and other vessels transporting solely fossil fuels• Dry bulk carriers where coal (or other fossil fuels) takes up greater than 25% of cargo• Support vessels such as jack up rigs, and supply vessels dedicated to the oil and gas industry• Assets dedicated to the manufacture of non-zero emission ships• Port infrastructure not directly related to supply of zero emissions fuelPassenger andcargo aircraft andaviation• Aircraft using fossil fuel and investments related to supporting infrastructure

Climate Bonds Initiative Green Bond Database Methodology

18Water

Water monitoring• Smart networks, early warning systems for storms, droughts, floods or dam failure, water quality or quantity
monitoring processes

Water storage andmanagement• Rainwater harvesting systems, aquatic ecosystems (lakes, wetlands), aquifer storage, groundwater recharge systems, infiltration
ponds, pumps and sand dams. Construction and operation of water distribution, collection, treatment and supply systems.
• Gravity-fed canal systems, storm water management systems, hydrological restoration, water distribution systems,
terracing systems, drip, flood and pivot irrigation systems• Water-efficient agricultural irrigation systems and water saving technology

Defences andstorm water
management• Flood, sea and drought defences including surge barriers, pumping stations, levees, gates, ecological retention systems,
snowpack management, wetland storage

Water treatment• Water treatment including desalination plants where the average carbon intensity for power is 100g CO2/kWh or less.

• Rainwater harvesting, constructed ecological retention ponds, erosion control systems, groundwater recharge, erosion
control systems• Water recycling, wastewater treatment, sewage, manure and slurry treatment

Nature Based
Solutions• Erosion control, hydrological restoration• Natural filtration systems such as wetlands, watersheds, forests and settling systems ecosystems, aquifer storage,
snowpack runoff, groundwater recharge systems, riparian wetlands• Flood defences by ecological retention, restoration of riparian wetlands, relocation of assets• Drought defences by aquifer storage, recharge zone management, wetland management• Water treatment by natural filtration systems, forest and fire management• Stormwater management by permeable surfaces, erosion control systems, evapotranspiration system

Products• Water Saving Technologies
Assets need further review

General• Either no net GHG emissions are expected and the issuer discloses the justification for the decision OR negative GHG
emissions are expected for the operational lifetime of the project or asset.

Waste

Circular economy
activities• The process of recycling of metals, plastics, glass (except aggregate), paper whereby the secondary raw materials (suchas steel, aluminium, glass, plastics) cease to be waste and are in a condition sold to be used as secondary raw materials.Facilities for collection, sorting and recovering materials.
• Facilities for the re-use of materials (recycled products, refurbishing, repairing etc.). For WEEE, the product is covered byeco-labelling scheme and only those products meeting the three lowest energy use categories are eligible• Anaerobic digestion facilities to produce biogas from green waste (bioenergy source should be eligible as per Bioenergy
Sector). Total methane emissions <= 1285g CH4/ tonne of waste input. Woody waste must be segregated before or after
processing and sent to an eligible EfW or composting plant. Monitoring, sampling and control of the following is carriedout in accordance with PAS110 or equivalent guidance. The solid and liquid products are not landfilled and replace nonwaste materials in the market.
• Composting facilities with zero measurable methane emissions. Monitoring, sampling and control is carried out in accordancewith PAS100 or equivalent guidance. The resulting product is not landfilled and replaces non-waste material in the market• Waste-to-energy plants for solid waste incineration with energy capture, pyrolysis / gasification, plasma converter,
anaerobic digestion outside the EU and the UK. Plant efficiency >= 25%; AND Bottom ash recovery; AND >= 90% recovery
of metal from ash; AND Average carbon intensity of electricity and/ or heat over the life of the plant <= waste management
allowance; AND capacity of the plant does not exceed the calculated residual waste at any time in the plant’s life
• Collection of waste where it is specified that the waste is to be recycled

Climate Bonds Initiative Green Bond Database Methodology

19Waste continued

Waste Storage• Storage and bulking facilities dedicated to eligible waste for processing downstream.

Waste disposal• Adding gas capture to existing, closed landfill facilities. Eligible if gas capture is >=75% and biogas used for eligible
activities (see bioenergy).

Collection Vehicles• Must meet transport criteria

Pollution control• Carbon capture and storage (excluded for fossil fuel energy)
Assets need further review

Bioplastics andsimilar• Bioplastics and similar products that use biomaterials as a substitute for fossil fuels. Bioplastics should be derived fromwaste and other sustainable sources. Sources should be consistent with sources defined in bioenergy (e.g., sources
should not include any inputs what divert arable land away from food),• Bioplastic assets /supply chain are only included where these are single polymer (e.g., PLA or bio PET) products which
are not mixed with other petrochemical derivatives. Bioplastics should be easily reused, recycled or compostable without
significant heat/energy input

Waste to Energy
Incineration• Waste to incineration outside the EU. Consideration will be given to existing waste collection, re-use andrecycling infrastructure.

Nuclear waste• Radioactive waste disposal and nuclear power plant decommissioning
Ineligible assets

Waste management• Collection of waste that is going to landfill and where it is not specified if the waste is to be recycled or sent to landfill• Landfill without gas capture or if gas capture is used to extend landfill’s life
• Waste-to-energy plants for solid waste incineration with energy capture, pyrolysis / gasification, plasma converter,
anaerobic digestion in the EU and the UK• Waste incineration without energy captureLand Use and Marine Resources

Agriculture• Sustainable agriculture within the categories of growing non-perennial and perennial crops, animal production, mixed
farming, and controlled environment agriculture, that demonstrates significant carbon sequestration, reduction in and
GHG emissions, increases soil-based carbon sequestration and/or improves climate adaptation resilience• Reduced water and energy use, verifiable reduced fertilizer use• Supply systems for seed production, distribution and access• Storage for agricultural produce• Equipment, intelligent management systems and technology to manage sustainable agriculture

Commercial
forestry• Natural forests and forest plantations certified under internationally accepted sustainability standards such as FSC or PEFC forlarge-scale forestry and otherwise sustainably managed forests for small-scale forestry. No conversion from natural landscape.
• Production facilities using energy- and water-efficient pulping processes, bio-refineries, use of recyclates• Processing and storage facilities for sustainable forestry produce• Primary processing for FSC, PEFC and other certified forestry produce• Machinery and equipment, intelligent management systems and technology to manage sustainable forestry

Natural ecosystems• Natural ecosystem land (managed and unmanaged)• Land remediation, afforestation, re-vegetation that creates habitat appropriate for the location

Green spaces• Reduced emissions from deforestation and degradation (REDD)• Marine reserves and marine conservation• Machinery and equipment, intelligent management systems and technology to manage ecosystems

Climate Bonds Initiative Green Bond Database Methodology

20Land Use and Marine Resources continued

Assets need further review

Green spaces• Landscaping of recreational parks/gardens, golf courses and similar green spaces are unlikely to be included unlesscarbon sequestration impact is significant and/or their preservation/creation protects biodiversity• Fish farms and sustainable fishingIneligible assets

Agriculture &forestry• All agricultural production and commercial forestry on peatland• Timber harvesting except for certified and otherwise sustainably managed forests

Industry

Energy-efficient
products andprocesses• Facilities and equipment dedicated to manufacturing energy-efficient components, such as motors and automation
systems• Facilities, storage and equipment dedicated to manufacturing energy-efficient products and related components, such as
household appliances (falling within highest two eco-labels or equivalent) and equipment (particularly white goods) and
improvements in efficiency thereof• Supply chain manufacturing facilities related to the production of eligible products(such as solar, wind turbines, electric rail, EV’s etc.).

Hydrogen
Production• See energy

Biofuel Production• See energy

Carbon Removals• Carbon scrubbers• Carbon capture, utilisation and storage assets, projects and end products (except for fossil fuel power generation)
Assets need further review

Cement• Production facilities, incorporating dry processes, reduced clinker content

Steel and Iron

• Production facilities and equipment, incorporating electric arc furnace, smelting reduction, efficient casting processes

Chemicals• Production facilities incorporating lower carbon feedstocks and more efficient processes

Other• Other primary and secondary production

Non-heavy industry• Manufacturing and processing of other commodities and goods

Mining• Relating to essential minerals such as copper, nickel, lithium
Ineligible assets

Energy-efficient
products andprocesses• Facilities and equipment dedicated to manufacturing polystyrene and other non-recyclable plastics

Fossil Fuels• Products related to the clean up or increase in efficiency of fossil fuel production

Climate Bonds Initiative Green Bond Database Methodology

21

Information and Communications Technology (ICT)Broadband
networks, IT
solutions• Teleconferencing, telecommuting software and services• Fibre optic and cable networks and exchanges• Data centres or with source power emissions less than 50gCO2/kWh or Power Usage Effectiveness (PUE) of 1.5 or lower.
• Development or use of ICT solutions that are aimed at collecting, transmitting, storing data and at its modelling and use
where those activities are predominantly aimed at the provision of data and analytics enabling GHG emission reductions.
Such ICT solutions may include, inter alia, the use of decentralized technologies (i.e., distributed ledger technologies),
Internet of Things (IoT), 5G and Artificial Intelligence.

Power management• Dedicated infrastructure, software, and hardware for remote and in situ power management, such as load balancing,energy monitoring and automatic switching off power systems
Assets need further review

Broadband
networks, IT
solutions• Data centres with energy source emissions of greater than 50gCO2/kWh or not cooled naturally and related hardware andsupply chain manufacturing facilities
Ineligible assets

ODS refrigerant
based coolingsystems• ICT facilities that use ODS (Ozone depleting substances)

Annex C: The Climate Bonds Standard andCertification Scheme
The Climate Bonds Standard and Certification Scheme is a labelling
scheme. The scheme is used globally by bond issuers, governments,
investors and the financial markets to prioritise investments which
genuinely contribute to addressing climate change.
Rigorous scientific criteria ensure that it is consistent with the 2oC warming
limit set in the Paris Agreement. Sector Criteria are developed by dedicatedworking groups of technical and industry experts, coordinated by the
Climate Bonds Standards team. The certification scheme and criteria
development is overseen by a Climate Bonds Standard Board representing
institutional investors and environmental NGOs. The Standard Board
reports to the Governors of the Climate Bonds.

1. Issuer
begins by
preparing thebond• Identify assets thatmeet the relevant
sector criteria
and compile
supporting
information• Create Green Bond
Framework settingout how proceedsof the bond will be
used the Issuer’s
internal controls

Up-to-date information on the criteria available for Certification and indevelopment is provided at: https://www.climatebonds.net/standard/
sector-criteria
Certification requires that issuers identify eligible assets and projects,
collate relevant metrics to determine that these are on a trajectory to
decarbonisation by 2050, and obtain a verification by a third party to thiseffect. On an annual basis, they are required to reconfirm compliancethrough post-issuance verification.
The infographic below summarises the Certification process
and disclosure requirements.

2. Engage averifier• Engage an Approved
Verifier for Pre- andPost-Issuance
Certification• Provide themwith relevant
information• Receivea Verifier’s
Report giving
assurance that
Climate Bonds
Standard requirements
are met4. Confirm theCertification
Post-Issuance
3. Get Certified & issue
a Certified Climate Bond
• Submit the Verifier’s Report andInformation Form to the Climate
Bonds Initiative• Receive a decision on Pre-Issuance
Certification• Issue the bond, using theCertified Climate Bond mark

Climate Bonds Initiative Green Bond Database Methodology• Within 24 monthsof issuance, submit
the Verifiers PostIssuance report• Receivenotification of
Post-Issuance
Certification

5. Report
annually• Prepare a simple
report each year
for term of thebond• Provide it tobond holders andClimate Bonds
Initiative• Provide updates
through public
disclosure

22Annex D: Eligible projects and assets under the
Climate Bonds Standard
Eligible assets and projects under Climate Bonds
Standard version 3.0 (New, being phased in)• Leasing structures resulting in Right of Use assets and liabilities and longleaseholds on land, buildings and infrastructure

Eligible Projects and Assets: Parts or collections of the following (givenalignment with definitions above):• Loans and mortgages

1. Physical assets or projects owned by the Issuer, and/or
2. Debt or other financing arrangements provided by the Issuer to financeprojects or physical assets, and/or
3. Related and supporting expenditures for projects or physical assets,
where the projects or physical assets meet the relevant Sector Eligibility
Criteria provided in the Climate Bonds Standard.
Physical assets or projects include:• Physical assets: existing and operational equipment, machinery,
infrastructure, buildings, or land
• Projects: equipment, machinery, infrastructure and/or buildings inconstruction, redevelopment, (upgrades, expansion) and similar asset
value creation or enhancement activities.
Debt or other financing arrangements provided to finance projects orphysical assets, including:• Subsidies, tax and other incentives, credit schemes and grants, and othersimilar arrangements provided by public entities or agencies, including
local and national governments.
Related and supporting expenditures include:• Relevant installation and routine maintenance expenditure and upgrades
undertaken to maintain the value and/or lifetime of the asset• Relevant performance monitoring costs with respect to tracking climate
credentials (e.g., GHG emissions) and climate information services (e.g.,satellite monitoring and emissions testing)• Relevant research and development, training and programme
implementation costs and expenditures, where there is a definable future
asset, product and/or process that can be linked to climate benefits under
the relevant Sector Criteria.
Nominated Projects & Assets: Eligible Projects & Assets that areassociated with the bond, loan or other debt instrument. These projects orphysical assets may be existing, under construction, or yet to be deployed.

• Capital expenditure undertaken to increase the value and/or lifetime ofthe physical assets or projects• Acquisition costs/purchase price for an entity (company, division orsimilar) which holds physical assets or projects or share thereof whichapproximately corresponds to the Market Value of the physical asset or
projects holdings

Annex E: Eligible Building Certifications
LEED: Gold, Platinum

NABERS: Rating 5 and 6

BREEAM: Excellent or Outstanding

Minergie: All certifications

Miljöbyggnad: Silver and above

Casbee: A and S

DGNB: Gold or above

Green Star: 5 and 6 star

China Green Building Label: 3 star

TR20 (France): All certifications

Climate Bonds Initiative Green Bond Database Methodology

Living Building Challenge: Living Building
Challenge Certified
EDGE Certified: In developing countries only
CalGreen: All certifications

23

Annex F: Eligible Shipping Metrics for ships greaterthan 5000GT (Deadweight)
Reporting Metrics
Metric Application Annual Efficiency Ratio: The Annual Efficiency Ratio(AER) measures carbon emissions associated with transport work, but it
uses a ship’s size (deadweight) as a proxy for cargo carried and assumes
that the ship is fully loaded on all journeys. Any vessel 5,000 GT and above
must report using IMO DCS data that enables AER measurement, unless it
operates 100% of the time on voyages that include the EU (in which case it
must the EEOI).

Energy Efficiency Operational Index: If the vessel operates 100% of thetime on voyages that include the EU9, then it must report using EEOI. Vessels
which are not operating 100% of the time on voyages that include the EU can
opt to report EEOI but are required to verify this data independently. EEOI
represents the CO2 emitted per tonne-nautical mile for a voyage or specifictime period. It can either be calculated from fuel consumption measurements
and information on cargo carried and distance travelled or estimated using
satellite tracking data and fleet technical specifications. EEOI therefore
accounts for the real operating conditions of the vessel and their impact onfuel consumption (e.g., speed, weather, draught).

EEOI/AER Decarbonisation Trajectories
The fleet type and size category median values in EEOI and AER for each decade starting from 2020 to 2050 are included in Table 1 below.
Type

Size

Bulk carrier
Bulk carrier
Bulk carrier
Bulk carrier
Bulk carrier
Bulk carrier
Chemical tanker
Chemical tanker
Chemical tanker
Chemical tanker
Container
Container
Container
Container
Container
Container
Container
Container
General cargo
General cargo
General cargo
Other liquid tanker
Ferry-pax only*
Ferry-pax only*
Cruise*Cruise*Cruise*Cruise*Cruise*Ferry-RoPax*
Ferry-RoPax*
Refrigerated bulk
Ro-Ro
Ro-Ro
VehicleVehicle2020 EEOI/AER
0-9999 DWT
10000-34999 DWT35000-59999 DWT60000-99999 DWT
100000-199999 DWT200000-+ DWT
0-4999 DWT
5000-9999 DWT
10000-19999 DWT20000-+ DWT
0-999 TEU
1000-1999 TEU
2000-2999 TEU
3000-4999 TEU
5000-7999 TEU
8000-11999 TEU
12000-14500 TEU
14500-+ TEU
0-4999 DWT
5000-9999 DWT
10000-+ DWT
0-+ DWT
0-1999 GT
2000-+ GT
0-1999 GT
2000-9999 GT
10000-59999 GT
60000-99999 GT
100000-+ GT
0-1999 GT
2000-+ GT
0-1999 DWT
0-4999 GT
5000-+ GT
0-3999 Vehicles
4000-+ Vehicles

35.1 / 24.6
12.2 / 6.6
9.2 / 4.6
8.4 / 3.6
4.6 / 2.4
4.1 / 2.3
40.3 / 35.4
26.6 / 19
18.7 / 11.9
12.3 / 6.5
27.3 / 16.9
24.9 / 14.8
19.5 / 10
16.8 / 8.3
16.2 / 7.8
14.1 / 6.7
10.4 / 4.6
10.4 / 4.6
30.2 / 24.2
27.2 / 16.7
24.2 / 13.1
106.6/ 97.6
1272135.8
1740606.6
2044403.4
1286641.3
1495064.7
1738613.6
1337274.9
822123.91137003.8
72.8 / 48.7
258.2 / 212.4
63.9 / 45.9
124.7 / 46
58.1 / 13.82030 EEOI/AER
23.4 / 16.4
8.1 / 4.4
6.2 / 3.1
5.6 / 2.4
3.1 / 1.6
2.7 / 1.5
26.8 / 23.6
17.7 / 12.7
12.5 / 7.9
8.2 / 4.3
18.2 / 11.3
16.6 / 9.9
13 / 6.7
11.2 / 5.5
10.8 / 5.2
9.4 / 4.5
6.9 / 3.1
6.9 / 3.1
20.1 / 16.1
18.2 / 11.1
16.2 / 8.8
71.1 / 65.1
848090.51160404.4
1362935.6
857760.8996709.81159075.7
891516.6
548082.6758002.5
48.5 / 32.5
172.1 / 141.6
42.6 / 30.6
83.2 / 30.7
38.7 / 9.2

2040 EEOI/AER
11.7 / 8.2
4.1 / 2.2
3.1 / 1.5
2.8 / 1.2
1.5 / 0.8
1.4 / 0.8
13.4 / 11.8
8.9 / 6.3
6.2 / 44.1 / 2.2
9.1 / 5.6
8.3 / 4.9
6.5 / 3.3
5.6 / 2.8
5.4 / 2.6
4.7 / 2.2
3.5 / 1.5
3.5 / 1.5
10.1 / 8.1
9.1 / 5.6
8.1 / 4.4
35.5 / 32.5
424045.3
580202.2
681467.8428880.4498354.9579537.9445758.3
274041.3
379001.3
24.3 / 16.2
86.1 / 70.8
21.3 / 15.3
41.6 / 15.3
19.4 / 4.6

2050
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

*For Ferry-pax only, Cruise, and Ferry RoPax, the denominator is GT*nm instead of tnm.
DWT – Dead Weight Tonnes (the weight of the cargo)
TEU – Twenty-foot Equivalent Unit
GT – Gross tonnage

Climate Bonds Initiative Green Bond Database Methodology

24Climate Bonds Initiative Market Intelligence TeamFor data partnership enquiry please contact:
partnerships@climatebonds.net
Design: Godfrey Design© Published by Climate Bonds Initiative, October 2020www.climatebonds.net

Prepared by Climate Bonds Initiative.

Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Any reference
to a financial organisation or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative
accepts no responsibility for content on external websites. The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument
or investment product and no information within this communication should be taken as such, nor should any information in this communication be relied upon in making any investment
decision. Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect the credit worthiness of thedesignated debt instrument, nor its compliance with national or international laws. A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any kind, for
any investment an individual or organisation makes, nor for any investment made by third parties on behalf of an individual or organisation, based in whole or in part on any information contained
within this, or any other Climate Bonds Initiative public communication.

Climate Bonds Initiative Green Bond Database Methodology

25

Climate Bonds Initiative Green Bond Database Methodology

26