cicero greenbond – Workshop for Second Opinion Providers on Green Bonds

CICERO was a key part of the green bond model developed for the first World Bank green bond together with SEB and helped the market diversify with integrity. 10 years of experience CICERO has been providing independent research-based evaluation of green bonds since it evaluated the first green bond issued by the World Bank in 2008.

CICERO is the leading global provider of Second Opinions on green bond frameworks. We provided the Second Opinion for the first green bond issued by the World Bank and have completed over 70 Second Opinions for multinationals, corporate and municipalities across the world.

CICERO Shades of Green is a leading provider of Second Opinions on green bond frameworks. Our Second Opinions are built on renowned climate research, drawing on competence from CICERO Center for International Climate Research, one of the world’s foremost institutes for interdisciplinary climate research. Our researchers and experts have been providing Second Opinions to issuers worldwide

Nov 27, 2018 · CICERO is an award-winning independent reviewer of green bonds that counts the reviews of many green bond market ‘firsts’: the first green sukuk issued by Tadau Energy in Malaysia; the first green city bond issued by Gothenburg, Sweden; the first green corporate bond issued by Vasakronan; and the first green bond issued by the World Bank, as well as the world’s largest bank – ICBC of China. CICERO

CICERO provided environmental due diligence on the first green bond issued by the World Bank in 2007, creating a scale-able solution for ensuring environmental integrity of green bonds. “We offer a science-based climate risk approach to green bond reviews.

CICERO Second Opinions are graded dark green, medium green and light green to offer investors better insight in the environmental quality of green bonds. The Green Bond Principles outline voluntary guidance for green bonds, but do not take a position on the quality of green solutions. This is where CICERO finds its pivotal role,

Nov 29, 2018 · CICERO Shades of Green is using the Shades of Green methodology, a climate-science rating method focusing on avoiding a lock-in of greenhouse gas emissions over the assets’ life time and promoting transparency on resilience planning and strategy. Green bond frameworks are rated from dark to light green.

CICERO is leading international research projects on climate finance for the Norwegian government, international organisations, and private sector partners. Shifting investments toward a low-carbon and climate-resilient future is a fundamental step towards a climate change solution.

CICERO researchers give advice for Norwegian wind power development Kristin Linnerud and Merethe Dotterud Leiren, researchers at CICERO Center for International Climate Research, have recently presented advice for wind power development at three large conferences in Norway.

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obligataires “Green Bond” du 25 November 2013 et du 8 octobre 2015) KfW CICERO (Second Opinion on KfW’s Green Bond Framework) CICERO (Second Opinion on KfW’s Green Bond Framework) × × × × 【外部機関によるレビューの具体的事例②】

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CICERO ‘Second Opinion’ on The Republic of Indonesia’s Green Bond and Green Sukuk Framework 9. A Green Bonds and Green Sukuk allocation register (the “Register”) will be established to record the allocation of Green Bonds and Green Sukuk proceeds.

eligible projects for green bond investments. CICERO Green is internationally recognized as a leading provider of independent reviews of green bonds, since the market’s inception in 2008. CICERO Green is independent of the entity issuing th e bond, its directors, senior management and advisers, and is remunerated in a way that prevents

The Green Bond Principles (GBP), updated as of June 2018, are voluntary process guidelines that recommend transparency and disclosure and promote integrity in the development of the Green Bond market by clarifying the approach for issuance of a Green Bond.

CICERO develops a second opinion by analysing whether the issuer’s green bond framework is well aligned with a low-carbon and climate change resilient future, and how well this is supported by the issuer’s policies and strategies.

Massive demand for KfW’s third green bond offering, and first ever kanga bond, sees it upsize to A$600m ($456m) and its still oversubscribed! 5.25yrs, AAA, 2.4% coupon After a blazing entry to the green bond market last summer German development bank KfW continued to lead with a Kanga (Australian dollar denominated) bond to the tune of A$600m

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‘Second Opinion’ on Fannie Mae Multifamily Green Bond Framework 5 Expressing risk and impact with ‘shades of green’ CICERO Second Opinions award a dark green, medium green or light green shading, reflecting both the climate and environmental ambitions and the governance structure of the green bond framework, as well as the resulting

Climate Bonds Initiative is an international, investor-focused not-for-profit. We’re the only organisation working solely on mobilising the $100 trillion bond market for climate change solutions.

A green bond is a bond specifically earmarked to be used for climate and environmental projects. These bonds are typically asset-linked and backed by the issuer’s balance sheet, and are also

Nederlandse Waterschapsbank N.V. (‘NWB Bank’) is a regular issuer of Green Bonds since 2014. These green bonds are called ‘Waterbonds’. All these transactions have been very successful and underpin the role of NWB Bank as a robust and sustainable finance partner to the Dutch public sector.

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CICERO produced a first second opinion on City of Gothenburg’s Green Bond framework in July 2013. The present (and second) opinion is based on a revised Green Bond framework and the next five new documents listed first in Table 1 (documents 1 to 6), as well as documents 7 to 15 that were used in

The Green Bond program enables ADB to support its developing member countries seeking to mitigate greenhouse gas (GHG) emissions and adapt to the consequences of climate change, whilst delivering environmentally sustainable growth to help reduce poverty and improve the quality of life of their people.

Multifamily Green Bond Framework. Cicero Second Opinion of Fannie Mae Green Bonds. In June 2018 Fannie Mae engaged the Center for International Climate Research (CICERO) to review our Multifamily Green Bond framework. CICERO issued a Second Opinion and found that the framework aligns with ICMA’s Green Bond Principles, an internationally recognized standard for Green Bonds.

Mar 06, 2019 · In London March 5th, CICERO Shades of Green received a Green Bond Pioneer Award for being the largest external reviewer globally in 2018. This is the second time CICERO has been recognized for its Second Opinions by the Climate Bonds Initiative.

Bonds are labelled green by the issuer and should be qualified as green by an independent party Issuers can label their bonds as green. At a minimum, the issuers will by themselves provide detail to investors on the green eligibility criteria for the use of proceeds, for example disclosed in a green bond framework.

Labelled green bonds data. Labelled green bonds are bonds that earmark proceeds for climate or environmental projects and have been labelled as ‘green’ by the issuer. The Climate Bonds Initiative has been tracking the green labelled market since 2009. Most of our public reporting on the market to date has been through the Climate Bonds blog

Green Bond Process: The World Bank Treasury follows procedures specific to its Green Bond program including selecting and reporting on eligible projects, maintaining the separate Green Cash Account and reviewing portfolio implementation progress to provide updated information for impact reporting purposes.

The Green Assets Wallet innovation project is the result of a unique consortium of leading capital market actors and technology innovators formed under the lead of Stockholm Green Digital Finance.

Mar 24, 2019 · 2. How big is the global green-bond market? A cumulative $580 billion of green bonds were sold through 2018, according to Bloomberg New Energy Finance. Another $170 billion to

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Reviewers of Green Bond Frameworks (2nd Opinion) Issuers of Green Bonds (First Opinion) Green Bond Framework 1. Use of proceeds (definitions) 2. Selection process (governance) 3. Management of proceeds 4. Reporting CICERO/ENSO Second Opinions

The green bond market has seen strong growth, with the market really starting to take off in 2014 when USD37 bn was issued. In 2018 issuance reached USD167.3bn, setting yet another record. The green bond market kicked off in 2007 with the AAA-rated issuance from multilateral institutions European Investment Bank (EIB) and World Bank.

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Sep 12, 2019 · CICERO Green finds the NCC green bond framework to be in line with the Green Bond Principles. Based on our review, we rate the NCC’s green bond framework CICERO Medium Green. Included in the overall shading is an assessment of the governance structure of the green bond

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•Disclaimer (CICERO is not liable for specific project validation) •List of documents and brief description of green bond framework •Assessment of framework in terms of •Strengths •Weaknesses, and •Pitfalls (areas where issuer should be aware of potential challenges) •References

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CICERO ‘Second Opinion’ on Skanska’s Green Bond Framework 2 Summary Skanska is one of the world’s leading construction and project development companies, focused on selected home markets in the Nordics, other European countries and North America. Skanska issued its first green bond

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Contribution to the G20 Green Finance Study Group1 By Torsten Ehlers and Frank Packer2 Introduction. Green bonds are bonds whose proceeds are invested in an environmentally friendly way. Investors in this asset class require various kinds of information. First, they need to know which bonds are in fact ”green”.

SEB and HSBC are to work with Cicero and four other non-profit researchers to develop a set of global standards for the rapidly growing green bond market, Environmental Finance can reveal. To access this article please sign-in below or register for a free one-month trial.

But to understand how this could affect the propensity to issue green bonds, consider real-estate green bonds where many today, as CICERO has noted, would not qualify. For example, Fannie Mae, the biggest volume issuer in the green bond market would not

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CICERO ‘Second Opinion’ on Québec’s Green Bond Framework 5. Expressing concerns with ‘shades of green’ CICERO Second Opinions are graded dark green, medium green or light green, reflecting the climate and environmental ambitions of the bonds and the robustness of the governance structure of the Green Bond Framework.

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ADB’s green bond framework and environmental policies provide a sound framework for climate-friendly investments. The bank has adopted an integrated approach to climate change, addressing both mitigation and adaptation. Fossil fuel energy investments will be excluded from the

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(CICERO) provided a second opinion on Ontario’s Green Bond framework (available in the Green Bond section of the Ontario Financing Authority (OFA) website). The Auditor General of Ontario provides an annual assurance audit on the use of Green Bond proceeds. Impact Reporting Ontario’s first Green Bond Newsletter was released on December 9, 2015.

A relatively large share of green bonds are in sectors subject to environmentally related credit risks. More consistent green bond standards across jurisdictions could help to further develop the market. 1. JEL classification: G24, O16, Q50. Green bonds are fixed income securities which finance investments with environmental or climate-related benefits.

Jun 05, 2019 · Vattenfall green bond framework supporting a green transition to fossil-free electricity rated Dark Green by CICERO Shades of Green https:

Ernst & Young LLP has independently audited the allocation of funds from the Green Bond proceeds as at November 30, 2014.

Mar 28, 2018 · Environmental Finance Green Bond Awards winners revealed. Environmental Finance ‘s Green Bond Awards have grown for the second consecutive year, as the number of categories expands in line with a rapidly expanding market. There are a total of 32 awards this year, compared to the 25 that were up for grabs last year and 15

The Green Finance Framework is expanded to also include other green financial instruments and has been developed in alignment with the Green Bond Principles and Green Loan Principles 2018. The Ørsted Green Finance Framework has been allocated the dark green shading in the Second Opinion from CICERO Shades of Green.

Mar 01, 2019 · Picture 3: UN SDGs applied to OR’s Green Bond Framework CICERO’s Shades of Green The Framework underwent a second-opinion by CICERO Shades of Green, a Norwegian NGO, to verify that it aligns with ICMA’s Green Bond Principles. CICERO is a leading reviewer of Frameworks in the Nordics. It grades frameworks based on several in-depth criteria.

IFC was also one of the earliest issuers of green bonds, launching a Green Bond Program in 2010 to help catalyze the market and unlock investment for private sector projects that support renewable energy and energy efficiency. As of Sept 30th 2019, IFC had issued $10.065 billion across 157 bonds in

Nederlandse Waterschapsbank N.V. (‘NWB Bank’) is a regular issuer of Green Bonds since 2014. These green bonds are called ‘Waterbonds’. All these transactions have been very successful and underpin the role of NWB Bank as a robust and sustainable finance partner to the Dutch public sector.

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Page2% Summary’’ Overall,(HSBC’s(Green( Bond(framework( and( environmental( policies( provide( a( progressive(framework(forclimate<friendly(investments.

HSBC is one of a number of financial institutions that are playing an important role in shaping the fast-developing green bond market. HSBC is a member of the International Capital Market Association’s (ICMA) Executive Committee for the Green Bond Principles, which are a set of voluntary standards for issuers of green bonds.

An independent evaluation of the framework has been carried out by CICERO (the Center for International Climate Research). In June 2019 we reported on the environmental impact of our green bond by publishing a Green Bond Impact Report, including examples of the eligible green asset’s adherence to the relevant criteria in the framework.

The latest Tweets from CICERO Shades of Green (@CICERO_Green). Leading global provider of green ratings for bonds, based on renowed climate research. Oslo, Norway

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The framework has been developed in alignment with the Green Bond Principles 2018, with projects eligible for funding defined to support the UN’s Sustainable Development Goals and the Paris Climate Agreement. The framework has been independently evaluated by the Center for International Climate Research (CICERO). Contact:

Sep 10, 2018 · CICERO MILESTONES 2018: A PRACTIONERS PERSPECTIVE ON THE GREEN BOND MARKET Submitted by GSC Board Member Sophie Dejonckheere, Senior Climate Finance Advisor at Cicero- Center for International Climate Research in Olso, Norway. Climate risk has been in the headlines a lot recently, not least because it can and has translated to significant financial risk and

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‘Second Opinion’ on CPP Investment Board´s Green Bond Framework 5 Expressing concerns with ‘shades of green’ CICERO Second Opinions are graded dark green, medium green or light green, reflecting the climate and environmental ambitions of the bonds and the robustness of the governance structure of the Green Bond Framework.

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Apr 25, 2017 · CICERO . Summary Overall, City of Lund’s Green Bond Framework provides a clear and sound framework for climate-friendly investments. The framework lists eligible categories of projects that are supportive of the objective of promoting a transition to low -carbon and climate-resilient growth and is supported by a strong governance structure.

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CICERO’s Second Opinions are normally restricted to an evaluation of the mechanisms or framework for selecting eligible projects at a general or overall level. CICERO does not validate or certify the climate Skanska’s green bond are selected by Skanska’s Sustainability

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of the project types that will be financed by the green bond and governance and transparency considerations, SEB´s Green Bond Framework gets a dark green shading. With that said, there is potential for medium green projects to be approved (Table 2), however the framework for evaluating and selecting projects is well developed.

May 05, 2017 · Kristina Alnes, senior advisor of Climate Finance at CICERO, a climate research institute and provider of second opinions on green bonds, explained, “Issuing a green bond requires some additional effort on behalf of the issuers. However, we often see that the process is a good learning experience for the organization.

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As an independent research institute, CICERO ‐ Center for International Climate and Environmental Research, Oslo, provides second opinions on institutions’ framework and guidance for assessing and selecting eligible projects for green bond investments, here d