The Hydrogen Criteria apply to eligible assets, projects, decarbonisation measures, and entities relating to low-carbon hydrogen production
and delivery. As the global community strives to transition to a low-carbon economy, the Hydrogen Criteria provide investors, organizations,and policymakers with a framework to channel investments into projects that are not only environmentally sound but also economically viable.

1. WHY HAVE HYDROGEN PRODUCTION AND DELIVERY CRITERIA?
Hydrogen is experiencing unprecedented momentum as a sustainable fuel and feedstock, offering a vast opportunity to contribute to the decarbonisation ofsome sectors of the economy. It is urgent to promote a low-carbon hydrogen production, accelerating its adoption as an alternative feedstock and fuel.
Nevertheless, ensuring a clean delivery pathway is also essential. Overlooking delivery technologies can become a barrier to deploying the hydrogen market
and reducing GHG emissions.

2. CRITERIA SCOPE
The Climate Bonds hydrogen criteria cover activities and projects across the hydrogen value chain, including
production, conditioning, conversion, transportation, and storage activities. A compatible production and transportemissions benchmark using an LCA approach should be used. The diagram below in ﬁgure 1 is a simpliﬁed
representation of the activities that can be certiﬁed per module (within the light blue dotted line), and the systemboundaries for the GHG accounting1 (within the dark blue dotted line). The activities within the purple dotted line
are partially covered by other sector´s criteria.
1 The GHG accounting must be presented by the hydrogen producer.

Feedstock acquisition
or Electricity generation
Extration,or collection,or harvesting,or generation,and processing,and transport.

E1 + E2

Hydrogenproduction
Infrastructure andoperation of hydrogenproduction assets.

E3

Conditioning
Compression
Puriﬁcation
Liquefaction

E6

Transportationand distribution
Infrastructure
and operation:
Pipeline
Truck
Ship

E7

Conversion
and reconversion

System boundaries for GHG accounting.
Activities in scope per module of criteria.
Activities partially covered by other sectors criteria.

Total emissions: E1+E2+E3+E4-E5+E6+E7+E8+E9

End-useStorage
Infrastructure
and operation.

E8

Transportationand distribution

Ammonia
Methanol
LOHC

Truck
Ship

E9

E7

E4: CCS emissions.

Fuel for transport.
Feedstockfor industry.
Heat for industry
and buildings.

E5: Carbon emissions captured.

End-useFuel for transport.
Feedstockfor industry.

3. WHAT CAN BE CERTIFIED
The following can be certiﬁed under these criteria:
Use-of-Proceed (UoP)2 bonds ﬁnancing:» Decarbonisation measures within facilities producing hydrogen (e.g., retroﬁts) - or manufacturing ofelectrolysers and membranes.
» Hydrogen production facilities (i.e., assets).
» Hydrogen delivery projects (i.e., assets and activities relating to conversion, transportation, and storage of H2).
The following can be certiﬁed following the Climate Bonds Standard v4.0:» Assets not linked to any speciﬁc ﬁnancing instrument (hydrogen production facilities or entities).
2 Use-of-Proceed (UoP) is used as shorthand throughout this document for a variety of targeted ﬁnance instruments,
including green loans, repos, and asset-backed securities. Annex 1 of the Standard v3.0 details the full list of instruments thatcan be certiﬁed.

4. MITIGATION COMPONENT
4.1. MITIGATION CRITERIA FOR HYDROGEN
PRODUCTION EQUIPMENT, DECARBONISATIONMEASURES AND PROJECTS WITHIN FACILITIESPRODUCING HYDROGEN

4.2. MITIGATION CRITERIA FOR FACILITIESPRODUCING HYDROGEN» Hydrogen production facilities must meet an emissions intensityof 3.0 kgCO2e/kgH2 at the time of certiﬁcation3.

The criteria include speciﬁc requirements for projects grouped in» Facilities using fossil resources need to be below the carbon

four categories:

intensity thresholds listed in the following table:
Hydrogen carbon intensity thresholds towards net zero by 20504

1CRITERIA

ASSET
TYPE

2023

2030

2040

2050

3.0kgCO2e/kgH2

1.5kgCO2e/kgH20.7
kgCO2e/kgH2

Close to net zerokgCO2e/kgH22PRODUCTION
OF HYDROGEN

3

Depending on the production process, facilities must meet speciﬁc
requirements:• Electrolytic production: Additionality, temporal
Electrolytic
production:correlation.
Additionality, temporal and geographic
and geographic
correlation.
• Using fossil gas: MRV5 mechanisms.
• Using biogas: MRV mechanisms, only from waste.
3 The 3,0 kgCO2e/kgH2 target was adopted from the EU taxonomy.
4The 2030 and 2050 emissions intensity targets are based on the Hydrogencouncil decarbonisation report. The benchmarks were taken considering thetechnologies that should not be incentivised in a near zero emissions trajectory.
The background document, sections 4.2.2.1 and 4.2.2.2 contains additional details
on this. The system boundary is cradle to gate plus delivery emissions.
5Monitoring, reporting and veriﬁcation.

4

4.3. MITIGATION CRITERIA FOR HYDROGEN DELIVERY PROJECTSThe criteria can certify projects and activities related to:

CONDITIONING:• Compression.
• Liquefaction.

STORAGE:• Construction of hydrogen storage facilities.
• Operation of hydrogen storage facilities.
• Conversion of existing underground fossil gas
storage facilities.

TRANSPORT:• Transmission and distribution networks.
• Using LOHC (liquid organic hydrogen carriers)
to store and transport hydrogen.
• Using ammonia / methanol to store
and transport hydrogen.
• Transporting hydrogen by truck / shipping.

REQUIREMENTS FOR DELIVERY ACTIVITIESINCLUDE:• Demonstrating projects are for low-carbonhydrogen purposes.
• Hydrogen leak detection, repair, and mitigation
mechanisms.
• Safety considerations.

4.4. CRITERIA FOR ENTITIES AND SUSTAINABILITY LINKED DEBT (SLD)
Criteria include requirements depending on what is being certiﬁed:• A whole entity (in this case, a business segment or part of a company producing, transporting, or storing hydrogen).
• SLD issued by an entity dedicated to the production, transportation, or storage of hydrogen.

5. ADAPTATION AND RESILIENT COMPONENTAll the eligible projects or activities must complete a checklist to:

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