The Marine Renewable Energy Sector Eligibility Criteriaof the Climate Bonds Standard
What can be certified and under what eligibility conditions?

Document revision number

Date

Summary of changes

1.2. Minor changes (ad hoc)

July 2020

Addition to scope of eligible dedicated installation
vessels (i.e. Wind Turbine Installation Vessels(WTIVs) and Jack-up rigs). Alignment with othersector criteria.

1. First publication of original
Criteria

Oct 2017

Date July 2020

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Table of Contents
1.

Definitions ......................................................................................................................................................................... 32.

Introduction ...................................................................................................................................................................... 4

2.1. The Climate Bonds Standard ........................................................................................................................................................................... 4
2.2. Key elements to the Criteria ............................................................................................................................................................................ 4
2.3. This document and supplementary information available ............................................................................................................... 4
2.4. Revisions to these Criteria................................................................................................................................................................................. 5
3.

Assets and Projects in Scope ........................................................................................................................................ 5

4.

Eligibility Criteria for Marine Renewable Energy Assets ........................................................................................ 7

4.1. Disclosure Component ....................................................................................................................................................................................... 7
4.2. Mitigation Component ........................................................................................................................................................................................ 8
4.3. Adaptation & Resilience Requirements ..................................................................................................................................................... 8
Appendix 1: TWG and IWG members .............................................................................................................................. 11

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1. Definitions
Climate Bonds Initiative: An investor-focused not-for-profit organisation, promoting large-scale investments that will delivera global low carbon and climate resilient economy. The Initiative seeks to develop mechanisms to better align the interestsof investors, industry and government so as to catalyse investments at a speed and scale sufficient to avoid dangerous
climate change.
Climate Bond: A climate bond is a bond used to finance – or re-finance - projects needed to address climate change. They
range from wind farms and solar and hydropower plants, to rail transport and building sea walls in cities threatened by rising
sea levels. Only a small portion of these bonds have been labelled as green or climate bonds by their issuers.
Certified Climate Bond: A Climate Bond that is certified by the Climate Bonds Standard Board as meeting the requirementsof the Climate Bonds Standard, as attested through independent verification.
Climate Bonds Standard: A screening tool for investors and governments that allows them to identify green bonds where
they can be confident that the funds 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 (Climate
Bonds Standard v2.1) and a suite of sector specific eligibility 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 Initiative website
Climate Bonds Standard Board: A board of independent members that collectively represents $34 trillion of assets undermanagement. The CBSB is responsible for approving i) Revisions to the Climate Bonds Standard, including the adoption of
additional sector Criteria, ii) Approved verifiers, and iii) Applications for Certification of a bond under the Climate Bonds
Standard. The CBSB is constituted, appointed and supported in line with the governance arrangements and processes as
published on the Climate Bonds Initiative website.
Climate Bond Certification: allows the issuer to use the Climate Bond Certification Mark in relation to that bond. Climate
Bond Certification is provided once the independent Climate Bonds Standard Board is satisfied the bond conforms with the
Climate Bonds Standard.
Green Bond: A Green Bond is where proceeds are allocated to environmental projects. The term generally refers to bondsthat have been marketed as “Green”. In theory, Green Bonds proceeds could be used for a wide variety of environmental
projects, but in practice they have mostly been the same as Climate Bonds, with proceeds going to climate change projects.
Marine renewable energy assets and projects: Assets and projects relating to the acquisition and / or management ofmarine renewable energy facilities, and or the production of associated infrastructure. These facilities might include: marine
wind, tidal and wave, and other technologies such based on ocean salinity and thermal gradients.
Technical Working Group (TWG): A group of key experts from academia, international agencies, industry and NGOs
convened by the Climate Bonds Initiative. The TWG develops the Sector Criteria - detailed technical criteria for theeligibility 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 andthrough public consultation. Final approval of Sector Criteria is given by the CBSB.
Industry Working Group (IWG): A group of key organisations that are potential issuers, verifiers and investors convenedby the Climate Bonds Initiative. The IWG provides feedback on the draft sector Criteria developed by the TWG before
they are released for public consultation.

The Climate Bonds Initiative gratefully acknowledges the Technical and Industry Working Group members who
supported the development of these Criteria. Members are listed in Appendix 1. Special thanks are given to Dr.
Christine Negra of Versant Vision and Tanja Havemann of Clarmondial, the lead specialists coordinating thedevelopment of the Criteria through the Technical Working Group.

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2. Introduction
2.1. The Climate Bonds Standard
Investor demand for Green Bonds & Climate Bonds is strong, and will increase in line with the delivery of quality products
into the market. However, investor concerns about the credibility of green labelling are also growing. standards, assurance &certification will be essential to improve confidence and transparency, which in turn will enable further strong growth in themarket.
The Climate Bonds Standard and Certification Scheme is an easy-to-use screening tool that provides a clear signal toinvestors and intermediaries on the climate integrity of Certified Climate Bonds.
A key part of the Standard is a suite of sector-specific eligibility Criteria. Each set of sector-specific Criteria set climatechange benchmarks for that sector that are used to screen assets and capital projects so that only those that have climate
integrity, either through their contribution to climate mitigation, and/ or to adaptation and resilience to climate change, will
be certified. Where a bond encompasses a mixed portfolio of assets across several sectors, each sub-category of assets will
be subject to the relevant sector Criteria for those assets.
These sector-specific Criteria are determined through a multi-stakeholder engagement process, including Technical andIndustry Working Groups, convened and managed by the Climate Bonds Initiative, and are subject to public consultation.
Finally, they are reviewed and approved by the Climate Bonds Standard Board.
The second key part of the Climate Bonds Standard is the overarching Climate Bonds Standard available athttps://www.climatebonds.net/standards/standard_download. This documents the common fund management and reporting
requirements that all Certified Climate Bonds must meet, in addition to meeting the sector specific Criteria.

2.2. Key elements to the Criteria
As a general principle, bonds will meet the climate requirements of the Climate Bonds Standard if the associated assets anduse of proceeds meet all the following requirements:•••

Promote GHG mitigation through reduced emissions or increased carbon sequestration; andPromote adaptation to climate change and facilitate increased climate resilience in the systems in which they arelocated; andMeet minimum disclosure requirements to raise the levels of transparency and disclosure around green bonds.

Complete details of these requirements for the Marine Renewable Energy Criteria are in Chapter 4 of this document.

2.3. This document and supplementary information available
This document details:• The current scope of marine renewable energy assets and projects eligible for certification under the Climate
Bonds Standard – Chapter 3;• The specific eligibility Criteria under which these assets and projects can be certified – Chapter 4.
Supporting information is available at [https://www.climatebonds.net/standard/marine] as follows:• Summary document introducing the Marine Renewable Energy Criteria• The Marine Criteria Background Document: for the full background to the process of determining Criteria relating
to marine renewable energy assets and use of proceeds, including the rationale for the approaches and decisions
taken.
• The Climate Bonds Standard V2.1: contains the requirements of the overarching Climate Bonds Standard• The Climate Bonds Standard & Certification Scheme Brochure: provides an overview of the Climate Bonds
Standard & Certification Scheme, of which these Criteria are a partFor more information on the Climate Bonds Initiative and the Climate Bonds Standard and Certification Scheme, seewww.climatebonds.net.

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2.4. Revisions to these Criteria
These Criteria will be reviewed two years after launch, or potentially earlier if the need arises, at which point the TWG willtake stock of issuances that arise in the early stages and any developments in improved methodologies and data that canincrease the climate integrity of future bond issuances. As a result, the Criteria are likely to be refined over time, as more
information becomes available. However, certification will not be withdrawn retroactively from bonds certified under earlier
versions of the Criteria. These criteria were last updated on July 16, 2020.

3. Assets and Projects in Scope
Table 1 presents marine renewable energy related assets that might be included in a Certified Climate Bond, subject tomeeting the specific Criteria described in Chapter 4. Table 1 is provided for illustrative purposes and is not an exhaustive listof every possible asset that would be eligible.
In general terms, marine renewable energy assets relate to:• The establishment, acquisition, expansion, and/ or ongoing management of a specified renewable energy facility.
• The establishment, acquisition, expansion and/ or ongoing management of related inputs and infrastructure to
support these facilities.
These renewable energy facilities might include:• Offshore wind facilities• Offshore solar facilities• Tidal power facilities, both tidal range and tidal stream• Wave facilities• Ocean current• OTEC (ocean thermal energy conversion)• Salinity driven energy facilities• Hybrids of the above• Dedicated supporting infrastructure
These Criteria apply to projects or assets located in marine environments or estuaries (see also Table 2 concerning riverbased Hydropower).
These assets are eligible for inclusion in a Certified Climate Bond if they meet:• The Disclosure requirements (see section 4.1 for details); AND• The Mitigation requirements (see section 4.2 for details); AND• The Adaptation & Resilience requirements (see section 4.3 for details).
Bonds financing multiple projects may also have to prove compliance with other Sector Criteria to be eligible for Climate
Bonds Certification. For example, if a bond included both marine renewable energy and shipping activities on the same site
it would be necessary for the issuer to prove compliance with both the Marine Renewable Energy Criteria and the Shipping
Criteria. Or if a bond included onshore and offshore wind projects the issuer would need to prove compliance with both
the Marine Renewable Energy Criteria and the Wind Criteria.
To guide the interpretation of the requirements, Table 1 provides signposting as follows:• A green circle indicates these assets, when fully described and documented, automatically meet the Criteria
requirements, with no further disclosure or documentation required.
• An orange circle indicates that the eligibility of these assets is conditional on meeting specific requirements.
• A red circle indicates that these assets are not eligible for certification under any circumstances.

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Table 1: Illustrative use of bond proceeds eligible under the Marine Renewable Energy Criteria
AssetsExample eligible assets

Mitigation

A&R

Offshore wind
Assets that operate or are underconstruction to operate:• Offshore wind energy generation facilities
Dedicated transmission infrastructure and support facilities (e.g. transformers,
backbone, transmission terminus, grid connections, facilities dedicated for RE
support vessels and vehicles, equipment storage, onshore assembly)
Assets dedicated* to installing and operating offshore wind energy infrastructure,
namely, Wind Turbine Installation Vessels (WTIVs) and Jack-up rigs.

Offshore solar
Assets that operate or are underconstruction to operate:• Offshore solar energy generation facilities
Dedicated transmission infrastructure and support facilities (e.g. transformers,
backbone, transmission terminus, grid connections, dedicated facilities for support
vessels and vehicles, equipment storage, onshore assembly)

Tidal power; range and stream
Assets that operate or are underconstruction to operate:• Tidal energy generation facilities (e.g. turbine housing, turbines, causeway)
Dedicated transmission infrastructure and support facilities (e.g. transformers,
backbone, transmission terminus, grid connections, dedicated facilities for support
vessels and vehicles, equipment storage, onshore assembly)
Dedicated operational production, manufacturing or distribution facilities for key
components

Wave
Assets that operate or are underconstruction to operate:• Wave energy generation facilities (e.g. floating attenuators, point absorbers,
overtopping / reservoir technologies, oscillating water columns)• Dedicated transmission infrastructure and support facilities (e.g. transformers,
backbone, transmission terminus, grid connections, dedicated facilities for support
vessels and vehicles, equipment storage, onshore assembly)
Dedicated operational production, manufacturing or distribution facilities for key
components

Other – using ocean current, ocean thermals, salinity gradients etc
Assets that operate or are underconstruction to operate:

Energy generation facilities
Dedicated transmission infrastructure and support facilities (e.g. transformers,
backbone, transmission terminus, grid connections, dedicated facilities for support
vessels and vehicles, equipment storage, onshore assembly)
Dedicated operational production, manufacturing or distribution facilities for key
components*In this particular case, “dedicated” means the asset is to be used only for the purposes of installation and operation of offshore windenergy facilities and nothing else. Assets used in sectors other than marine renewable energy or for purposes other than installation andoperation are not eligible. Please refer to Note 3 on page 8 for verification guidance.

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MARINE RENEWABLE ENERGY CRITERIA OF THE CLIMATE BONDS STANDARD
Table 2: Assets and projects not eligible for Certification under the Marine Renewable Energy Criteria
AssetsExplanation for exclusion

Dedicated operational production,
manufacturing or distribution
facilities for key wind energy
components, such as windturbines, platforms etc.

Being onshore assets and activities, such dedicated facilities are eligible forcertification under the Climate Bonds Standard Wind Criteria.

Dedicated operational production,
manufacturing or distribution
facilities for key solar energy
components, such as solar panels
etc.

Being onshore assets and activities, such dedicated facilities are eligible forcertification under the Climate Bonds Standard Solar Criteria.

Land-based installation vehicles

If an issuer wishes to include installation vehicles in the bond issuance, the vehicles
must comply with the Climate Bonds Standard Low Carbon Transport Criteria.
They are not automatically eligible under dedicated support facilities.
*Note: this does not apply to waterborne installation assets.

River based hydropower, such as
run-of-river hydropower,
impoundment hydropower andpumped storage

River based hydropower assets included in the bond issuance are not eligible for
Climate Bonds Certification under the Marine Renewable Energy Criteria but should
instead be considered under the Climate Bonds Standard Hydropower Criteria.

4. Eligibility Criteria for Marine Renewable Energy Assets
To demonstrate compliance with the following Criteria, in accordance with the Climate Bonds Standard, it is the issuers
responsibility to provide the information to prove compliance with each component of these Criteria. Verifiers must include
this information in the scope of verification.
In accordance with the overarching reporting timetable as laid out in the Climate Bond Standard, issuers are required toprovide this information as follows:• Pre-issuance reporting (supported by independent verifiers report): Full disclosure information.
• Post-issuance reporting (supported by independent verifiers report): Any amendments to the information provided
pre-issuance to be disclosed.
• Annual reporting thereafter: Any amendments to the previously provided information should be reported by
exception as changes arise.

4.1. Disclosure Component
In the interests of transparency and disclosure, issuers of Certified Climate Bonds are required to publically disclose thefollowing in respect of the assets and use of proceeds incorporated in that issuance:
•
•
•
•
•
•
•
•

Project location and size, including description of marine and coastal ecosystem in proximity to planned
installations, noting for example whether located in marine protected areas or vulnerable marine ecosystems;
Projected lifespan of the asset/project;
Key stakeholders involved, including other users of the area and surrounding area (sea, land or air depending on
what is applicable) of the facility(ies);
Description of project activities including details on installation, operation and decommissioning activities;
Expected/current facility capacity and generation during and after the life of the bond;
Details of where the energy generated is being fed into, and estimated impact on grid mix;
Projected avoided GHG emissions compared to fossil fuel counterfactual (in kgCO2e) using recognised conversion
factors;
The planning standards, environmental regulations and other regulations that the project has been required tocomply with.

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Note 1:• Where the bond portfolio includes several separately identifiable projects or groups of assets, these conditions
must be met for each separately identified project or asset grouping. Bond issuers should determine these projectboundaries, which may be based on geographical and/ or supply chain linkages.
Note 2:• Verifiers are required to check that the issuer has disclosed the above information, but are not required to verify
the accuracy of the information provided. It is the issuer’s responsibility to provide correct information to theverifier, potential investors and the market in general.
Note 3:• For Certification of WTIVs or Jack-up Rigs dedicated to the installation and operation of offshore wind energy
assets, during pre-Certification, verifiers should ascertain that the vessel will be used solely for the installation,
operation, maintenance or decommissioning of renewable energy assets only. Those assets that also work in othersectors (e.g. Oil and Gas industry) are not eligible. If this is not available before issuance, then verifiers must ensure
on an annual, post-issuance reporting basis, that the asset(s) have only been leased or operated for offshore windenergy installation/operation. This can be done through verification of receipts or accounts payable, against theoverall revenue earned attributed to the asset.

4.2. Mitigation Component
Assets listed in Table 1 with an associated green circle in the mitigation column automatically meet the Mitigation
requirement of the Climate Bonds Standard, provided that:••

The asset is100% dedicated to renewable energy
Any fossil fuel back up in place is limited to:o Powering monitoring, operating and maintenance equipment in the event of no renewable power in thesystemo Powering resilience or protection measures in the event of no renewable power in the systemo Restart capability

4.3. Adaptation & Resilience Requirements
To demonstrate compliance, all assets and projects with an orange circle in the Adaptation & Resilience column of Table 1
above must satisfy the requirements of the checklist detailed below1 (Table 3).
The checklist (Table 3) is a tool to verify that the issuer has implemented sufficient processes and plans in the design,planning and decommissioning phases of a project to ensure that the operation and construction of the asset minimises
environmental harm and the asset is appropriately adaptive and resilient to climate change and supports the adaptation andresilience of other stakeholders in the marine environment.
All elements of this checklist must be addressed, and appropriate evidence provided that these requirements are being met,or are not applicable in respect of the specific assets and projects linked to the bond. It is expected that their evidence willencompass a range of assessment and impact reports and associated data, including but not limited to those reports
required to meet national and local licensing and approval processes. This might include Development Consent Orders,planning regulations adhered to, Environmental Impact Assessments, Marine Spatial Plans, Vulnerability Assessments andassociated Adaptation Plans.

1 Adaptation and resilience is a consideration for marine renewable energy facilities in a variety of respects. For example, offshore renewable projects willneed to be robust in structure to cope with changing wave heights whilst effective in capturing the energy from more severe stormy conditions. In addition,
as uses of the sea intensify (some of these driven by climate induced changes, for example increased renewable energy from the seas), there may begreater competing demands for the limited space available. However, there are no set of globally adopted best practice standards for addressing andassessing the adaptation and resilience risks and opportunities associated with marine renewable energy. Therefore, we have established here a checklist
that aims to provide a basic check that the issuer has appropriately considered these issues and opportunities in both the design and the ongoing
management of the assets and projects. Note – wave devices may not be designed to capture severe stormy conditions, but rather to disengage to savethe hardware.

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Table 3: Checklist for evaluating the Issuer’s Adaptation & Resilience performance in respect of a marine renewable energy facility

Item

Overallassessment
For verifier to complete

Proof given

Section 1: The issuer understands the climate related risks and vulnerabilities to the asset/ site
1.1

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 and its impact on marine conditions
These key risks should include the following, plus any others felt to be of concern for theoperation of these assets. The risks should be identified and interpreted in terms of the impact
on the asset and the related effects for the business – e.g. impact on operating feasibility andschedules and potential system outages, impact on maintenance requirements etc.
For all facilities• Sea level rise and storm surge• Extreme precipitation and flooding• Increase in geophysical hazards such as earthquakes, tsunamis, volcanic eruptions andlandslides• Changes in wind and storm patterns and intensity• Changes in ocean temperature, currents and salinity levels
The issuer understands what level of climate change would mean the asset/site is no longer
viable, and understands under which climate change scenarios this would happen.
These processes and assessments use climate information, modelling and scenarios based on
peer reviewed methodologies and literature and considering the variability in modelledscenarios.
If a project does not have any climate related risks or vulnerabilities evidence must be given toshow how this was determined.

Section 2: The issuer understands the improvements and impacts in the larger context (spatially and temporally) beyond the asset/
site. (i.e. the impacts of their own assets and activities on the broader ecosystem and stakeholders in that ecosystem)
2.1 Processes are in place (as part of both the asset design, ongoing operation anddecommissioning) to assess the improvements and impacts the asset has on the resilience ofother stakeholders in the system in which it operates
These assessments address:• Any ways in which renewable energy facilities might affect, both positively andnegatively, the climate resilience of other marine users or relevant/local
stakeholders/communities• Any ways in which renewable energy facilities improve the adaptation capacity ofother marine users or relevant/local stakeholders/communities.
e.g. Any potential impacts on other marine stakeholders of a highly dense concentration ofrenewable energy facilities or associated transmission lines?
e.g. Any potential impacts that renewable energy facilities may have on coastal resilience bytaking strength out of the wind, waves, tidal flows, tidal range or by altering sedimentation
processes?
If a project does not have any impacts beyond the asset/site evidence must be given to show
how this was determined.
Section 3: The issuer has designed and implemented strategies to mitigate and adapt to these climate risks and vulnerabilities
3.1

An adaptation plan has been designed and is being implemented to address the risks
identified in assessments outlined above.

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All risks identified are being addressed in the design and management of the asset.
The issuer has designed or amended asset maintenance plans to ensure that scheduled
maintenance is sufficient to cope with the ongoing impacts of climate change and a plan has
been established to govern how they approach emergency maintenance needs arising fromsudden climate change impacts (e.g. extreme storms)
The issuer has remotely controlled or automated shutdown procedures, training, capacity andgovernance arrangements in place to manage the impacts of exceptional events (such as
extreme storms, winds etc.)
The issuer has monitoring and reporting systems and processes to identify high risk scenarios
The issuer has contingency plans to address disruptions to operations or loss of the asset andany resulting environmental or social damage.
The issuer has processes for feeding risk assessments 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.
3.2

The issuer complies with any existing broader or higher-level adaption plans, such as NAPAs.
Inspections are carried out regularly and there is a maintenance regime in place for future
inspections with evidence that this is adhered to.

Section 4: Issuer is pursuing strategies that promote resilience and adaptation across the area in which it operates and beyond
4.1

Issuer is involved in stakeholder engagement and collaboration (e.g. policy development,
consultation, collaboration and active engagement with other marine users)
e.g. Engaging in hazard response planning for the area, or recovery planning and operations
after severe eventse.g. Pursuing potential climate resilience benefits for the local area that could be delivered by
the marine renewable energy facility, such as a tidal lagoon providing additional storm surge
protection for local towns
e.g. Alterations made to day-to-day operating procedures in response to stakeholder
engagement

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Section 5: Issuer is delivering positive impacts (or no harm) in terms of key sustainability indicators
5.1

The asset or project does not put in jeopardy endangered or at-risk species or habitats orunduly impact ecosystem services. Where there are possible negative impacts to habitats,species, biodiversity, or ecosystem services, mitigation measures are implemented to offset thenegative impacts.
E.g. Noise and vibration generated by marine renewable energy arrays may disrupt animals,
such as marine mammals, fish, birds, turtles, and invertebrates that rely on sound for navigationand other essential functions. The potential for collision-related injury or mortality of marine
animals is a key parameter for impact assessment, particularly for tidal energy projects.
Alteration of water circulation, sediment transport, and other physical flows by marine
renewable energy devices as well as introduction of new electromagnetic fields (e.g. via
suspended or seafloor cables) may negatively impact habitat quality. This might be especiallyrelevant for tidal barrage, but should be considered for all marine renewable arrays.
N.B. In many jurisdictions this will be well covered by existing regulatory or licensing
requirements, and those can be referenced here if they provide sufficient evidence to cover thisrequirement.

5.2

Waste is responsibly dealt with, including appropriate disposal of construction waste and oilbased lubricants, including recycling options where possible. Also, reuse or recycling where
possible of equipment after decommissioning.
N.B. In many jurisdictions this will be well covered by existing regulatory or licensing
requirements, and those can be referenced here if they provide sufficient evidence to cover thisrequirement.

5.3

5.4

The issuer has recognised and listed the potential risks for accidental site contamination either
from leakage of hydraulic fluid (or any other potential pollutant) or from wreckage/debris on
the sea bed. Demonstrable steps have been taken to minimise these risks and plans have been
made for clean-up should a site contamination event occur.
Decommissioning of the plant is planned in a way that considers the environmental impacts
N.B. In many jurisdictions this will be well covered by existing regulatory or licensing
requirements, and those can be referenced here if they provide sufficient evidence to cover thisrequirement.

5.5

Issuer has plans and processes in place to effectively manage and minimise conflict with otherusers of the marine and coastal space
N.B. In some jurisdictions this will be well covered by existing regulatory or licensing
requirements, national or regional marine plans and/ or marine spatial plans, and the applicationof or conformity with these regulations or plans can be referenced here if they provide
sufficient evidence to cover this requirement.

Disclaimer: The Climate Bonds Standard Board operates legally as an advisory committee of the Climate Bonds Initiative Board andoversees the development of the Climate Bonds Standard. Neither the Climate Bonds Standard Board nor any organisation, individual orother person forming part of, or representing, the Climate Bonds Standard Board (together, "CBSB") accepts or owes any duty, liabilityor responsibility of any kind whatsoever to any issuer which wishes to apply for any of its bonds to be certified under the Climate Bonds
Certification Scheme ("Scheme"), or to any issuer whose bonds may at any time be certified under the Scheme or to any other person
or body whatsoever, whether with respect to the award or withdrawal of any certification under the Scheme or otherwise. All advice
or recommendations with respect to any certification under the Scheme or otherwise that CBSB provides to the Climate Bonds
Initiative Board is provided to it in an advisory capacity only and is not to be treated as provided or offered to any other person

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Appendix 1: TWG and IWG members
Members of the Marine Technical Working Group
Christine Negra, Versant Vision LLC, Lead Specialist
Tanja Havemann, Clarmondial, Lead Specialist
Andrea Copping, Pacific Northwest National Laboratory
Andrew Buglass, Buglass Energy Advisory
Bill Karp, Scientist Emeritus, US National Marine Fisheries Service, National Oceanic and Atmospheric
Administration (NOAA)2
Brian Soden, Coastal Risk Consulting, LLC
Carmen Lacambra, Global Climate Adaptation Partnership / Grupo Laera
Michael Adams, Ocean Assets
David Agnew, Marine Stewardship Council
Louise Heaps, WWF International
Lucy Holmes, International Sustainability Unit
Max Carcas, Euro Marine Energy Centre (EMEC) / Caelulum Ltd
Michael Phillips, CGIAR-World Fish
Nicholas Shufro, Independent Consultant
Roberta Anderson, GlobalG.A.P.
Ryan Whisnant, Partnerships for the Environmental Management for the Seas of East Asia (PEMSEA)
Nancy Saich, European Investment Bank (EIB)
Stuart Whitten, CSIRO
Klaas de Vos, Environmental Defence FundCharles S Colgan, Middlebury Institute of International Studies at Monterey
Members of the Industry Working Group
Yannis Calogeras, Bureau Veritas
Simon Currie & Richard Hill, Norton Rose Fulbright
Simon Dent, Althelia
Joop Hessels, ABN AMROPaul Holthus, World Ocean Council
Raquel Hughes, Tidal Lagoon Power
Fabian Huwyler, Credit Suisse
Derek Ip, Trucost, part of S&P Dow Jones IndicesDavid Kemp & Richard Sherry, M & G
James Donegan, Ocean Renewable Power Company
Lars Mac Key, Danske Bank
Alexander McPhail, World Bank
Chris Milne, Scotrenewables Tidal Power Ltd
Peter Raftery, BlackRock
Monica Reid, Kestrel Inc
Mark Robinson, DNV.GL
John Shideler, NSF
James Sinfield, Carbon Trust

2 The scientific results and conclusions, as well as any views or opinions expressed herein, are those of the authors and do not necessarily reflect the viewsof NOAA or the Department of Commerce

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