The draft of the Climate Bonds Standard Version 3.0 was open for a 60-day public consultation period in 2018. Comment was sought from green bond issuers, investors, verifiers and other stakeholders.
The development was based on feedback from green finance markets stakeholders, similar to the processes used to develop previous versions (V1, V2.0, and V2.1).
The V3.0 also builds on the collaboration with the ICMA Green Bond Principles (GBP) to reinforce a framework with global and wide applicability, and reinforcing similarities in structure and terminology.
What does it mean?
- Increased requirements for disclosure, in line with Green Bond Principles 2017.
- More clarity on reporting requirements, before and after issuance of the bond.
- Further flexibility for issuers with staged allocation of proceeds.