


All goals and pathways need to align with zero carbon by 2050 and nearly halving emissions by 2030.
All goals and pathways must be set by scientific experts and be harmonized across countries.
Credible transition goals and pathways don't count offsets but should count material upstream scope 3 emissions.
Pathways must include an assessment of current and expected technologies. Where a viable technology exists, even if relatively expensive, it should be considered in the decarbonization pathway for that economic activity.
A credible transition is backed by time-bound metrics rather than a commitment/pledge to follow a transition pathway at some point in the future.


ALIGNED
Level 1: Entities, Debt Instruments or Assets that are already aligned with 1.5 degree pathways. This category includes both those already near net-zero and those above net-zero but within sectoral 1.5 degree pathways and transition plans that predict alignment with those pathways going forward.
and
TRANSITION
Level 2: Companies or Sustainability-Linked Debt whose transition plans predict that they will be aligned with 1.5 degree pathways by 2030.

Green or sustainable bonds are a good start for financing green activities, but we need ways for all sectors to transform. We are proud to now offer the following Certifications, based on our ambitious and science-based Standard.
Use of Proceeds (UoPs) debt instruments: The proceeds of such instruments are allocated to specific projects, assets, activities, or expenditures which align with the Climate Bonds Sector Specific Criteria.
Assets: Certification of the environmental credentials of specific projects, assets, or a portfolio of assets, in accordance with the Climate Bonds Sector Specific Criteria.
Non-financial corporate entities: This Certification is available to legal Entities that provide non-financial goods and services, including:
Entities with ambitious Performance Targets, that are aligned with the Climate Bonds Sector Criteria at the time of Certification or that will do so by 2030, which have credible transition plans and meet the disclosure requirements of the Standard and
General-purpose debt instruments issued by Certified Entities that meet above requirements.
Sustainability-linked debt instruments (SLDs): These are general-purpose debt instruments, the financial or structural characteristics of which can vary depending on whether the issuer achieves predefined Performance Targets. Issuers of Certified SLDs are subject to the same requirements as for Certified Entities.

