Agriculture Criteria



Agriculture Criteria Document          Agriculture Background Paper                    Agriculture Criteria Brochure

Agriculture Criteria Webinar Presentation        Apresentação do Webinar Critérios de Agricultura                                                Presentación del Webinar Criterios de Agricultura

Climate Bonds Standard V3.0                      Climate Bonds Standard and Certification Scheme


February 2019: TWG Launch    
April 2019: IWG Launch
January 2020: Public Consultation
June 2020: Criteria Launch

Any questions on Agriculture?

Please contact Isobel Edwards:

Status: The Agriculture Criteria will be available for use by July 2020. 

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 on Tuesday 10th March 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 any specific questions they had. 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

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

It is estimated that up to 80 percent of deforestation is the result of agricultural expansion. The food supply chain contributes 19-29% of global GHG emissions. Yet the majority of food system emissions occur at the farm level (80%–86%); the remainder comes from pre-farmgate production and post-farmgate activities such as processing, packaging, refrigeration, transport, retail, catering, domestic food management and waste disposal (Vermeulen et al., 2012).

Climate change poses significant risks to agriculture ecosystems with high potential to negatively affect productive uses of agriculture resources and related socio-economic systems.

In 2017, agriculture and forestry made up a small proportion of the overall climate-aligned bond universe, accounting for just 1% of climate bond value. By 2018, despite the need for more finance to address the climate change in these sectors, investment remained small.

Guidance, such as this Agriculture Criteria, is likely to catalyse investment and can be utilised by governments in setting regulation or recommendations for decarbonising the sector.

The Agriculture Technical Working Group (TWG) 

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. The scope includes cropland, grassland, livestock and restoration and controlled environment.

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.

TWG Lead Specialist

Lini Wollenberg - CGIAR



Amy Dickie - California Environmental Associates

Aarti Ramachandran/Iman Effendi - FAIRR Initiative

Anna Lorant - Institute for European Environmental Policy

Andrew Gazal - ESG Tech

Bob Scholes - Wits University Johannesburg

Ankita Shukla - Sustainanalytics

Brent Matthies - University of Helsinki

Aurélie Choiral Gupta - Credit Suisse

Christine Negra - Versant Vision

Brian Kernohan - Hancock Natural Resource Group

Clare Stirling - CIMMYT

Chang He - CECEP

Debbie Reed - Ecosystem Services Markets Consortium 

Dana Muir, Mike Faville - BNZ

Gerard Rijk - Profundo

Francisco Avendano - Climate Policy IFC

Gillian Galford - Gund Institute for Environment

Gustavo Pimentel/Débora Masullo de Goes - Sitawi

Greg Fishbein - The Nature Conservancy

Hamish McDonald - NaturesCoin

Jonathan Hillier - University of Edinburgh

Jacob Michaelsen - Nordea

Kim Schumacher - University of Oxford

John Kazer - Carbon Trust

Ngonidzashe Chirinda - CGIAR

Mareike Hussels - SAIL Ventures

Pablo Fernandez de Mello e Souza - BVRio

Maria De Filippo - Affirmative Investment Management

Pedro Luiz Oliveira de Almeida Machado - Brazilian Agriculture Research Corporation (Embrapa)

Pedro Moura Costa - SIM/Facility

Raylene Watson - ebsadvisory

Pip Best - E&Y

Sam Schiller - Kellogg School of Management

Robert Rosenberg/Mélanie Comble - ISS ESG

Stephen Donofrio - Forest Trends

Roberto Strumpf - Pangea Capital

Tanja Havemann - Clarmondial AG

Rosemarie Thijssens - Rabobank

Timm Tennigkeit - UNIQUE

Scot Bryson – Orbital Farm


How does this fit in with the work being done by the 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.