Climate Bonds Launches Adaptation and Resilience Expert Group (AREG) – New Stage in Standards Development

International experts convened to develop high-level guiding principles to apply across all Sector Criteria investments

New High-Level Group 

In a major expansion of Climate Bonds Standard’s development program, a high-level Adaptation and Resilience Expert Group (AREG) has been convened to determine overarching principles for defining climate resilient assets and bonds.

Thirty-three leading international authorities in the adaptation and resilience space from academia, not-for-profit, public and private sectors of climate science and practice have agreed to participate in a joint project. The objective is to strengthen consideration of science-based resilience and adaption factors for green bond and debt-based investments where issuers are seeking Climate Bonds Certification. 

At present such factors are incorporated within individual sector-based Criteria however, it’s clear that additional enhanced guidance for issuers, investors and verifiers is needed, in part to match the growing recognition that many climate impacts are now locked-in. Hence resilience and adaptation must be addressed in planning, infrastructure and community programs and accompanying climate investment. 

The new principles, once part of our Certification Scheme, will act as a signal towards best practice and improved standards in an international green finance market that is expanding towards its first trillion. 


A&R Principles to apply across all Criteria 

The AREG’s mandate is distinct from previous Technical Working Groups (TWGs) convened by Climate Bonds. The AREG is tasked with the development of Adaptation and Resilience Principles (A&R Principles) which will be applied across all current and future Climate Bonds Criteria under the Climate Bonds Standard that form the basis of our international Certification scheme.

In addition to defining climate resilient investments at the asset-level, the A&R Principles will be used to identify investments that seek to enhance the resilience of broader systems and communities.


Sectors available for Certification 

At present, Climate Bonds Certification extends to bonds issued from the following sector Criteria:  

  • Forestry
  • Geothermal Energy
  • Low Carbon Transport 
  • Low Carbon Buildings
  • Marine Renewable Energy 
  • Solar Energy 
  • Wind Energy 
  • Water and Wastewater Infrastructure  


Sectors currently under development

  • Bioenergy 
  • Hydropower
  • Land Conservation & Restoration
  • Land Use
  • Protected Agriculture 
  • Waste Management 


Who’s saying what?

Joyce Coffee, Climate Resilience Consulting:

"When Climate Bonds Initiative releases the Adaptation and Resilience Principles, they will be answering questions investors in all markets are increasingly asking." 

"The A&R principles will benefit the number and amount of climate bonds, financing projects that save lives and improve livelihoods around the world."


Sean Kidney, CEO, Climate Bonds Initiative:

"The formation of this Expert Group comes at a critical time when issuers and investors are looking for guidance on more clearly defining the adaptation and resilience aspects of investments and how to define a closer alignment to a climate resilient economy."

"AREG will look to lay out the overarching principles to apply in Climate Bonds Certification, another step towards building science-based, best practice frameworks to apply across investment markets and support increased capital flows into climate finance."


Standards gathering momentum 

2018 has seen more discussion and debate around green standards, definitions and harmonisation of a market that has rapidly grown to hundreds of billions and has aspirations into the trillions. 

Part of Climate Bonds response has been to accelerate the development of new Criteria through 2018, release our updated Climate Bonds Taxonomy and in addition to that, the long-awaited umbrella Standard V3.0 is now verging on launch. 

AREG is another comprehensive step. On release, the A&R Principles will be used to align Climate Bonds’ existing resilience criteria as well as guide the development of future resilience criteria. 

The program will commence November 2018 and conclude by June 2019. After development, public consultation and review, the finalised A&R Principles will go before the independent Climate Bonds Standard Board* for approval.


The Last Word 

Green bonds, green loans and climate finance hold tremendous potential to channel capital towards enhancing the resilience of assets, infrastructure, systems and communities.  

AREG comprises of a group of highly capable experts; you can find the full list below and on the AREG webpage. It promises all kinds of fascinating outcomes once the process gathers space. 

As with all our activities, you can keep track of progress via the Blog or our social media channels and in our January newsletter. This is definitely one to watch. 


‘Till next time 

Climate Bonds 



Composition of the Adaptation and Resilience Expert Group (AREG):





Joyce Coffee

CEO and AREG Lead

Climate Resilience Consulting

Puja Sawhney


EU Switch: Asia SCP Facility

Alfredo Redondo

Senior Manager of Adaptation Diplomacy

C40 Cities Climate

Leadership Group

Neuni Farhad

Project Officer:

Adaptation Research

C40 Cities Climate

Leadership Group

Karoline Hallmeyer


Climate Policy Initiative

Federico Mazza

Adaptation Lead

Climate Policy Initiative

Craig Davies

Head of

Climate Resilient Investments


Carel Cronenberg

Head of Climate Resilient Investments (ASSOCIATE DIRECTOR – MRV Manager)


Cinzia Losenno

Senior Climate Change Specialist


Emilie Mazzacurati

Founder and CEO

Four Twenty Seven

Josh Sawislak

Strategic Advisor

Four Twenty Seven

Carmen L. Lacambra

Head of Research and Environmental Services

Grupo Laera

Nathanial Matthews

Program Director

Global Resilience Partnership

Swenja Surminski

Senior Research Fellow

Grantham Research Institute

Celeste Connors

Executive Director

Hawaii Green Growth

Vladimir Stenek

Senior Climate Change Specialist

International Finance Corporation

Jane McDonald

Managing Director

International Institute for Sustainable Development

Jo-Ellen Perry

Adaptation Lead for Resilience

International Institute for Sustainable Development

Reinhard Mechler

Deputy Program Director

International Institute for Applied Systems Analysis (IIASA)

Jay Koh

Managing Director

Lightsmith Group

Patrick Regan

Associate Director for


Notre Dame Global Adaptation Initiative (ND-GAIN)

Aris Papadopoulos

Founder of Resilient Action Fund

Resilence Action Fund,


Kevin Bush

Chief Resilience Officer

Washington D.C. Government

Miroslav Petkov 

(AREG Observer)


S&P Global

Richard J.T. Klein

Senior Research Fellow

Stockholm Environment Institute

Peter Wheeler

Executive Vice President

The Nature Conservancy

Jenty Kirsch-Wood

Senior Technical Specialist


Michael Cote

Project Director Private Investment for Enhanced Resilience

Winrock International

Carlos Sanchez


Climate Resilience Finance

Willis Towers Watson

Stephane Hallegatte

Lead Economist, GFDRR

World Bank

Moushumi Chaudhury


Associate of

Climate Resilience Practice

World Resources Institute

Niranjali Amerasinghe

Senior Associate of

Sustainable Finance Center

World Resources Institute

Karl Mellon




*Disclosure: The CBSB is an Advisory Committee to the Climate Bonds Board.

Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser.  Any reference to a financial organisation or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites.
The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this communication should be taken as such, nor should any information in this communication be relied upon in making any investment decision.
Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect the credit worthiness of the designated debt instrument, nor its compliance with national or international laws.
A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties on behalf of an individual or organisation, based in whole or in part on any information contained within this, or any other Climate Bonds Initiative public communication.