Sustainable Finance and Reporting

Green, Social and Sustainability Bonds

What are Green, Social & Sustainability Bonds?


Green Bond

Bond instrument, where the proceeds are used to finance or refinance new or existing Green Projects aligned with the Green Bond Principles (GBP)


Social Bond

Bond instrument, where the proceeds are used to finance or refinance new or existing Social Projects aligned with the Social Bond Principles (SBP)


Sustainability Bond

Bond instrument, where the proceeds are used for a combination of Green and Social Projects

Benefits of issuing Green, Social and Sustainability Bonds

Assurance Process

In order for the Green Bond to be raised, the issuer must produce a Green Bond Framework (GBF) which is written in compliance with the latest version of the GBP or SBP.

The assurance provider will carry out a Second Party Opinion (SPO) confirming whether the GBF is in compliance with the GBF or SBP.

Before the bond is issued, the issuer must obtain an assurance opinion which confirms that the bond documents are in compliance with the GBF.

Twelve months after the bond has been issued, post issuance assurance is required to ensure that the bond proceeds have been used in accordance with what was stated in bond issuance documents and that the funds have been used for approved Green Projects.

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Climate Bonds

What are Climate Bonds?

Climate Bonds are a form of green bond and are used to finance or refinance green projects related to climate change.

Climate Bonds Initiative (CBI)

The CBI is a not-for-profit organisation which has developed the Climate Bonds Standard (CBS), as well as the Climate Bonds Taxonomy. The former sets out criteria for Pre- and Post-Issuance certification, and the technical requirements of the sector criteria for each project type. The Taxonomy describes the different categories of Climate Bonds and specific Project types within them, e.g. the energy category contains, amongst others, solar and wind projects. Only projects which have approved sector criteria can be certified against the CBS.

Certification Process

Certification is carried out in two stages. Pre-Issuance Certification is performed prior to bond issuance, focusing on eligibility of assets and the issuer’s internal processes. Post-Issuance Certification focuses on the actual use of proceeds and reporting. Post-Issuance Certification needs to be performed within 24 months after Bond Issuance.

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Sustainability Report Assurance

What is a Sustainability Report?

A sustainability report is a formal document published by a company or organisation disclosing the economic, environmental and social impacts related to its business activities. A sustainability report can also serve as a platform to present an organisation’s strategy and values.

Benefits of Sustainability Reporting

Besides legal compliance (e.g. with the EU regulation on Non-Financial Reporting), there are various benefits for your organisation to issue a sustainability report such as:

Benefits of Assurance

An independent assurance of your report, aside from risk mitigation, offers various advantages to your business

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