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.


Status: The Buildings Criteria is available for use for Certification. 

What are the Building Criteria 

Climate Bonds Initiative have developed definitions for what constitutes a green activity or investment to facilitate the issuer’s issuance and market screening methodologies that monitor and record issuances across the full spectrum of labels (the GSS+).  This in turn indicates the pathway to raising capital to support decarbonisation in various sectors and hard to abate industries. Energy use according to Ritchie (2020) accounts for more than 70% Greenhouse Gas Emissions with Industry at 24.2%, Transport 16.2% and Buildings 17.5%.[i] Read more in our FAQs.

1. Buildings Brochure

Climate Bonds Standard

Timeline of development
Jan 2017: Latest TWG meeting 
Sep 2014: Public consultation closed
Jun 2014: Released for public consultation


To see the whole list of Low Carbon Buildings Climate Bonds, visit our  Database of Certified Bonds

The Low Carbon Buildings Criteria set out what building assets are eligible for certification under the Climate Bonds Standard. They are divided into three different types: 

  • Commercial Buildings: buildings used for office space.
  • Residential Buildings: buildings used for housing that includes single family, multi-family, and mixed use where more than 50% of the asset is residential. Subcategories of residential buildings have unique emissions performance profiles. Existing instruments such as local building codes, energy rating schemes (e.g. US Energy Star) and energy labeling schemes (e.g. Energy Performance Certificates in the EU) are leveraged as emission performance proxies (using the proxy methodology). 
  • Upgrade Projects: Commercial, residential and some other types of buildings can be eligible for Certification, if they achieve an emission reduction of 30%-50% (depending on bond term) from a baseline.

The criteria were developed by the Low Carbon Buildings Technical Working Group, which is detailed below.

The first green bond certified under the Low Carbon Buildings criteria was issued by the ANZ Bank in May 2015, with proceeds of A$600m allocated to green buildings, wind energy and solar energy loans in Australia, New Zealand and parts of Asia.

Over 80 Climate Certified Bonds linked to Low Carbon Buildings have been issued since then, representing approximately a quarter of all the bonds so far.


Interested in Climate Bonds Certification?
1. Read more about the Climate Bonds Standard
2. Email for more information 








Investor Confidence Project
(Environmental Defense Fund)

Panama Bartholomy


Hermes Real Estate
Tatiana Bosteels
Head of Responsible Investment

Better Buildings Partnership
Chris Botten
Programme Manager

Clean Energy Finance Corporation
Simon Brooker
Executive Director

Investor Confidence Project
(Environmental Defense Fund)

Luís Castanheira
Technical Director

Green Building Council Australia
Jorge Chapa
Head of Market Transformation

Robert Cohen
Technical Director

UNEP Finance Initiative
Annie Degen-Neuville
Special Advisor Long Term Finance and
Energy Efficiency Coordinator

International Energy Agency
John Dulac
Buildings Sector Lead -
Energy Technology & Policy

European Bank for Reconstruction 
and Development

Alexander Hadzhiivanov
Associate Director,
Sustainable Resource Investments


International Finance Corporation
Prashant Kapoor
Principal Industry Specialist

Johannes Kreissig
Vice President Building & Construction

Observatoire de l'Immobilier Durable
LoÏs Moulas

Buildings Performance Institute Europe
Oliver Rapf
Executive Director

EEVS Insight
Alex Rathmell

Climate Strategy & Partners
Peter Sweatman
Chief Executive

Teun van den Dries
Founder & CEO

Flux Consultants
Ché Wall

TWG Lead Specialist 

BRE Group
Alan Yates
Technical Director, Sustainability

European Commission
(Joint Research Centre)

Paolo Zancanella


Biographies of current members of the Technical Working Group are available here.



[i] Hannah Ritchie, Max Roser and Pablo Rosado (2020) - "CO₂ and Greenhouse Gas Emissions". Published online at Retrieved from:

Disclaimer: The Climate Bonds Standard Board operates legally as an advisory committee of the Climate Bonds Initiative Board and oversees the development of the Climate Bonds Standard. Neither the Climate Bonds Standard Board nor any organisation, individual or other person forming part of, or representing, the Climate Bonds Standard Board (together, "CBSB") accepts or owes any duty, liability or responsibility of any kind whatsoever to any issuer which wishes to apply for any of its bonds to be certified under the Climate Bonds Certification Scheme ("Scheme"), or to any issuer whose bonds may at any time be certified under the Scheme or to any other person or body whatsoever, whether with respect to the award or withdrawal of any certification under the Scheme or otherwise. All advice or recommendations with respect to any certification under the Scheme or otherwise that CBSB provides to the Climate Bonds Initiative Board is provided to it in an advisory capacity only and is not to be treated as provided or offered to any other person.

[i] Hannah Ritchie, Max Roser and Pablo Rosado (2020) - "CO₂ and Greenhouse Gas Emissions". Published online at Retrieved from: