For Immediate Release	  Climate Bonds Standard working group starts work on eligibility criteria for thecertification of energy efficiency related bondsthLondon 30 July 2012 – The Climate Bond Standard has set up an Energy Efficiency Working Group todevelop eligibility criteria for the certification of energy efficiency related bonds – a means to enhanceprivate investors’ confidence in financing the low-carbon economy.
Representatives from the International Energy Agency, the European Bank of Reconstruction andDevelopment, US Green Building Council, Low-Carbon Australia, the Office of the State Treasurer ofCalifornia and others have joined the Energy Efficiency Working Group.
The group held its first teleconference meeting last week, involving participants from California and NewYork to France and Australia.
Sean Kidney, Climate Bonds Chair, said: “For the moment there is only a modest market of bonds linkedto energy efficiency; but large-scale improvements in energy usage are essential for a transition to a lowcarbon economy, both to quickly reduce emissions and to buy time while we transition to clean energy.
“They can also be very profitable, paid for with savings made on energy bills.
“We expect to see a large energy efficiency bond market emerge in coming years; certification under theClimate Bonds Standard will provide investors with assurance about the environmental benefits ofspecific projects”.
According to Kirsten Spalding at the Ceres Investor Network for Climate Risk, investor interest on energyefficiency in buildings has being stymied by: “First, the absence of aggregation mechanisms for energyefficiency investment in residential and commercial buildings. Second is the need to make bondsinvestment-grade for interested investors such as pension funds, and finally the need for models such asPACE (Property Assessed Clean Energy) to be used in the municipal and community space that canscale up adoption”.
Eligibility criteria are expected to be made available by the end of 2012.
-ENDSNotes to editors:• Climate Bonds Standard – a screening tool for investors and governments to supportinvestment in delivering a Low Carbon Economy - was developed by the Climate Bonds Initiative.
Bonds complying with the Standard will be certified as ‘Climate Bonds’, a mark that assures theircontribution to the delivery of a Low Carbon Economy.
The Standard is supervised by a board comprising:> The California State Teachers Retirement System (CalSTRS)> The Nature Resources Defense Council> The Carbon Disclosure Project> The Ceres Investor Network on Climate Risk> The (Australian) Investor Group on Climate Change> The State Treasurer of California, Bill Lockyer•The Climate Bonds Initiative is an investor-focused not-for-profit, promoting large-scaleinvestment in the low-carbon economy. The Climate Bonds Initiative is developing: proposals forgovernance architecture — regulatory mechanisms, standards, tax policies, green banks — thatwill support a rapid scaling up of investment. Models for engineering investibility in projects andassets necessary for attracting bond financing such as renewable energy, energy efficiency andforestry.

For more information or interviews:Sean Kidney, Chair, Climate Bonds Initiative, sean@climatebonds.net, +44752506-8331.