The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds and loans. Rigorous scientific criteria ensure that bonds and loans with Certification, are consistent with the 2 degrees Celsius warming limit in the Paris Agreement. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.

Agriculture Criteria



1. Agriculture Criteria Brochure (English)

Sintese do Criterio de Agricultura (Portuguese) coming soon

2. Agriculture Criteria Document (English)

2.1 Criterio de Agricultura (Portuguese) coming soon.  Contact us if you'd like the translation of the version 1 without the livestock component.

2.2 Agriculture Criteria Document (Chinese)

3. Agriculture Background Paper (English)

Documento de Referencia de Agricultura (Portuguese) coming soon
5. Video: How to identify green agricultural assets and projects? (COMING SOON)

Climate Bonds Standard V3.0




To see the whole list of Agriculture Climate Bonds, visit our  Database of Certified Bonds         


Timeline of Development:

February 2019: TWG Launch    
April 2019: IWG Launch
Jan - Mar 2020: Public Consultation (summary of responses here)
June 2020: Criteria for crops launched

June 2021: Criteria updated to include livestock

Launch of updated criteria webinar: 23rd June 2021

Status: Development of version 2.0 of the Agriculture Criteria has begun! This will expand the scope of the criteria beyond just green bonds to include certification of entities and Sustainability Linked Bonds (SLBs)

If you have technical or industry expertise in the sector and would like to collaborate in this work, reach out to for livestock and crop production and for commodity supply chains.

The Agriculture Criteria are already available for use in certifications. Bonds and loans linked to eligible assets and projects will be aligned with the Paris Agreement 1.5 oC limit. Get in contact with to start the certification process for your agriculture green bond.

Current Criteria: The Agriculture Criteria lay out the requirements that agriculture assets and/or projects must meet to be eligible for inclusion in a Certified Climate Bond. The Criteria apply to crop and livestock production (note, Protected Agriculture is covered in separate criteria).  Criteria can be applied to production units as well as non production units (for services such as climate resilience of crop production).  The Agriculture Criteria contain both Mitigation Requirements and Adaptation & Resilience Requirements.


How do you identify green agricultural assets and activities?

Here's a short, step-by-step video:



Why develop eligibility Criteria for agriculture-related low carbon investments?

Agriculture and forestry can play a crucial role in achieving global decarbonisation targets. In 2014, the IPCC  estimated that these two sectors account for approximately a quarter of anthropogenic emissions. The implementation of sustainable agricultural practices is necessary for the industry to successfully reduce emissions, adapt to changes in weather patterns, and withstand the pressures placed on food security by population growth. Simultaneously, limiting deforestation and forest degradation is imperative to ensure that forests act as a net carbon sink rather than a GHG emitter.

Estimates suggest that between USD 7 billion and 7.6 billion are required per year for adaptation measures in the Agriculture, Food and Forestry sectors. Despite the need for more finance flows directed towards addressing climate impacts in these sectors, it accounts for USD37.3bn or just over 3% of the climate-aligned bond universe.


The Agriculture Technical and Industry Working Groups (TWG and IWG) 

Development of the Agriculture Criteria originally began through development of Land Use Criteria. However, it was decided that to improve the ambition of each the Criteria, the land sector should be tackled by several separate criteria. Development of the Agriculture Criteria followed. 

To create the Agriculture Criteria, we convened a Technical Working Group (TWG) and an Industry Working Group (IWG) with representatives from investors, public entities, environmental and agricultural NGOs and international policy bodies from around the world.


Technical Lead Specialist 

Lini Wollenberg

The Agriculture Criteria Technical Working Group Members

CEA Consulting
Amy Dickie 

Institute for European Environmental Policy

Anna Lorant

Wits University Johannesburg

Bob Scholes

Helsinki University

Brent Matthies (now at Nordea)

Versant Vision

Christine Negra 


Clare Stirling

Ecosystem Services Markets Consortium 

Debbie Reed




Gerard Rijk


Gund Institute for Environment

Gillian Galford

The Nature Conservancy

Greg Fishbein


Jereon Dijkman 


University of Edinburgh

Jonathan Hillier

University of Oxford

Kim Schumacher (now at University of Tokyo)


Kenyatta University

Mukiri wa Githendu


Ngonidzashe Chirinda


Pablo Fernandez de Mello e Souza 

Brazilian Agriculture Research Corporation (Embrapa)

Pedro Luiz Oliveira de Almeida Machado

EBS Advisory

Raylene Watson

Kellogg School of Management

Sam Schiller

Indian Agricultural Research Institute

Soora Naresh Kumar

Forest Trends

Stephen Donofrio 

Clarmondial AG

Tanja Havemann 


Timm Tennigkeit 



Aarti Ramachandran/Iman Effendi - FAIRR Initiative

Andrew Gazal - ESG Tech

Ankita Shukla - Sustainanalytics

Aurélie Choiral Gupta - Credit Suisse

Brian Kernohan - Hancock Natural Resource Group

Chang He - CECEP

Dana Muir, Mike Faville - BNZ

Francisco Avendano - Climate Policy IFC

Gustavo Pimentel/Débora Masullo de Goes - Sitawi

Hamish McDonald - NaturesCoin

Jacob Michaelsen - Nordea

John Kazer - Carbon Trust

Mareike Hussels - SAIL Ventures

Maria De Filippo - Affirmative Investment Management

Pedro Moura Costa - SIM/Facility

Pip Best - E&Y

Robert Rosenberg/Mélanie Comble - ISS ESG

Roberto Strumpf - Pangea Capital

Rosemarie Thijssens - Rabobank

Scot Bryson – Orbital Farm



How does this fit in with the work being done by the EU TEG?

The European Commission’s Technical Expert Group (TEG) on Sustainable Finance developed guidance for sustainable finance in agriculture. Through our CEO, Sean Kidney, we contributed to this and several of our TWG and IWG members also straddled both efforts. Both pieces of work were developed to ensure they complemented each other wherever possible.


Public consultation: 

The Agriculture Criteria underwent a public consultation period from 31st January to 31st March 2020. Thank you to all of those who sent in their feedback.

Two webinars took place for the initial launch in 2020 that provided an opportunity for interested parties to learn more about the Agriculture Criteria and to ask our lead technical consultant Lini Wollenberg and staff at CBI questions. The two recordings for the webinars are available here:

Tuesday 10th March 11.15 - 12.15 GMT                                                            

 Tuesday 10th March 23.00 - 00.00 GMT


Version 1 launch 2020

 Agriculture Criteria Webinar     ​

 Apresentação do Webinar Critérios de Agricultura 


Version 1 launch 2020