EY (formerly known as Ernst & Young), one of the world’s largest audit firms and the third largest professional services firm in the world (by revenue), has been confirmed by the Climate Bond Standards Board as an approved Climate Bond Standards verifier. EY has 700 offices in over 150 countries.
EY’s role as a verifier will be to assess eligible assets and projects under the Climate Bonds Standard to determine their compliance with published criteria. The verifiers’ role is key to the Climate Bonds Certification process.
EY joins DNV-GL, Bureau Veritas, Oekem and others as approved verifiers.
Mathew Nelson, EY Climate Change and Sustainability Service, Asia Pacific Leader, said:
“EY is excited to become an approved verifier under the Climate Bond Standards program. The program is critical in maintaining the integrity of climate bonds — an asset class we view will become increasingly valuable as the world takes meaningful action on climate change.
“EY has a team of dedicated climate change specialists and this accreditation further strengthens our ability to service our clients as the market for climate bonds grows.”
Sean Kidney, CEO of the Climate Bonds Initiative, said:
“EY joining as an approved verifier is a milestone moment for the Standards program. At one stroke it nearly doubles the pool of consultants available globally to help issuers with verification. This will contribute mightily to growing this vital market.”
The Climate Bonds Standard is an ‘easy-to use’ screening tool for investors and governments which allows them to easily prioritize climate and green bonds with confidence that the funds are being used to deliver climate change solutions.
The Climate Bond Standards Board is made up of investors and investor associations from US, Europe and Australia representing some $34 trillion of assets under management.
Certification under the Climate Bonds Standard is now available for solar and wind energy, related grid and manufacturing, and built environment energy efficiency assets. Proposed criteria for Low Carbon Transport assets are soon to be released. In the meantime, Expert Committees are up and running for Bioenergy, Agriculture and Forestry and water infrastructure.
