Adaptation and Resilience


What is Adaptation and Resilience?

Losses due to weather and climate-related events have increased significantly. To combat these losses, accelerated deployment of various sources of finance, including green bonds, is urgently needed. There are opportunities to build climate adaptation and resilience capacity in both developed and developing countries. Innovation is in demand across a range of sectors. include water-efficient technology, drip irrigation, wind-, flood-, and heat-resilient building materials, new financial and insurance products, drought-resistant seeds, and new health products, among many others. Infrastructure upgrades and relocation are also key resilience investments. 

To date, green bonds have focused primarily on greenhouse gas mitigation efforts with a lesser emphasis on resilience. Robust criteria for resilience for some sectors have already been developed under the Climate Bond Standard, but strategic guidance was needed for introducing resilience criteria across all sectors in a consistent and systematic manner. 


The Adaptation and Resilience Expert Group (AREG) 

The Climate Bonds Initiative convened an Adaptation and Resilience Expert Group (AREG) to develop the Climate Resilience Principles, which provide high-level guidance for determining when assets and activities are compatible with a climate resilient economy, and therefore should be certified under the Climate Bond Standard. The group drafted the Principles and sought expert review over 9 months starting in October 2018. 

The Climate Resilience Principles provide the framework under which sector-specific Climate Resilience Criteria will be subsequently developed by sector based Technical Working Groups (TWGs). These sector-specific Criteria will be the primary reference for issuers of green bonds seeking certification. Members of the AREG, TWGs and the Climate Bonds Initiative will ensure the Principles are consistantly reflected in sector Criteria that already address climate resilience, in sector Criteria that does not yet do so and in new sector Criteria under development.”

Together, the Principles and sector Criteria will support the mainstreaming of climate resilience considerations across all green bonds as well as reduce friction in the market for green bonds that aim to enhance resilience. 

Download the Climate Resilience Principles (CRP) here.

Read the Media Release here

Members of AREG
Joyce Coffee (AREG Lead) 
Climate Resilience Consulting
Neuni Farhad
Project Officer: Adaptation Research
C40 Cities Climate Leadership Group
Stacy A. Swann
CEO and Founding Partner
Climate Finance Advisors, Benefit LLC
Federico Mazza
Adaptation Lead
Climate Policy Initiative
Karoline Hallmeyer
Assistant Manager and ESG Advisor​
Brooks Preston
Managing Director
Macquarie Infrastructure and Real Assets Investments Ltd.
Carel Cronenberg
Associate Director: MRV Manager
European Bank of Reconstruction and Development
Craig Davies
Head of Climate Resilient Investments
European Bank of Reconstruction and Development
Cinzia Losenno
Senior Climate Change Specialist
European Investment Bank
Emilie Mazzacurati
Founder and CEO
Four Twenty Seven
Josh Sawislak
Strategic Advisor
Four Twenty Seven
Kevin Smith
Vice President
Goldman Sachs
Carmen Lacambra Segura
Partner and Founder
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
Jay Koh
Managing Director
Lightsmith Group
Aris Papadopoulos
Founder of Resilient Action Fund
Resilience Action Fund, UNISDR-ARISE
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
Jenty Kirsch-Wood
Senior Technical Specialist - DRM and CCA
Peter Wheeler
Executive Vice President
The Nature Conservancy
Michael Cote
Project Director, Private Investment for Enhanced Resilience
Winrock International
Carlos Sanchez
Director, Climate Resilience Finance
Willis Towers Watson
Stephane Hallegatte
Lead Economist, GFDRR
World Bank
Moushumi Chaudhury,
Associate of Climate Resilience Practice
John Firth
CEO & Co-founder
Niranjali Amerasinghe
Senior Associate of Sustainable Finance Center
Karl Mallon
Yoon Hui Kim, Ph.D.
Head of Global Client Services
Four Twenty Seven
Christine Lafon
BNP Paribas
Xianfu Lu
Senior Climate Change Specialist (Adaptation)
Sustainable Development and Climate Change Department
Asian Development Bank
John Thieroff
Vice President -Senior ESG Analyst
Moody's Investor Service


Climate Bonds Initiative Staff

Anna Creed,
Head of Standards
Ujala Qadir
Climate Science Programme Manager
June Choi
Policy & Standards Advisor