Assurance is an important part of the Climate Bonds Standard & Certification Scheme, and is highly valued by investors and other stakeholders in the green bond market.
All Certified Climate Bonds have been checked by an Approved Verifier, who provides a formal assurance report.
The Assurance Framework for the Climate Bonds Standard has been developed to enable:
- Smooth and efficient assurance engagements
- Greater confidence in the consistency of assurance outcomes across the different Verifiers and amongst the various Certified Climate Bonds
- Better understanding of what the bond Issuer needs to do to be ready for the assurance engagement and what the Verifier will be testing
- Clarity on the relationship between the Climate Bonds Standard Board and the Verifiers
The Issuer must engage the Verifier and pay for the engagement. Arrangements between the Issuer and Verifier are under commercial terms.
The assurance report produced by the Verifier must be sent to the Climate Bonds Standard Board, but it is not mandatory for that report to be made public. Any public release of assurance reports (or summary reports) is at the discretion of the Issuer and the Verifier, and should be considered in their commercial arrangements.
Verifiers must use the existing auditing and assurance standard (ISAE3000) to develop their work plans and approaches.
The Climate Bonds Initiative holds quarterly Assurance Roundtable discussions to provide a collaborative platform for Climate Bonds Approved Verifiers to share their experience as third party auditors under the Climate Bonds Standard. The Roundtable represents a valuable opportunity to discuss the principles, approaches and practicalities for assurance under the Climate Bonds Standard & Certification Scheme.
The Climate Bonds Standard Board approves Third Party Verifiers on the basis of their competence to conduct the assurance process. This competence includes experience in climate change/low carbon related work and financial debt instruments.
WHO ARE APPROVED VERIFIERS?
Approved Verifiers include the "Big Four" professional services firms as well as specialist and other assurance providers.
SUPPORT FOR VERIFIERS
Please direct your questions to email@example.com or contact:
Head of Certification
Climate Bonds Initiative
Australia: +61 402 298 569
Climate Bonds Initiative
"The Climate Bonds Standard Board operates legally as an advisory committee of the Climate Bonds Initiative Board and oversees the development of the Climate Bonds Standard. Neither the Climate Bonds Standard Board nor any organisation, individual or other person forming part of, or representing, the Climate Bonds Standard Board (together, "CBSB") accepts or owes any duty, liability or responsibility of any kind whatsoever to any issuer which wishes to apply for any of its bonds to be certified under the Climate Bonds Certification Scheme ("Scheme"), or to any issuer whose bonds may at any time be certified under the Scheme or to any other person or body whatsoever, whether with respect to the award or withdrawal of any certification under the Scheme or otherwise. All advice or recommendations with respect to any certification under the Scheme or otherwise that CBSB provides to the Climate Bonds Initiative Board is provided to it in an advisory capacity only and is not to be treated as provided or offered to any other person”