Programmatic Certification

Programmatic Certification for Repeat Bond Issuers 

Programmatic Certification’ streamlines the Certification for Issuers who plan to issue multiple Certified bonds against a large pool of assets. Rather than going through the process of Certification for each bond issuance, the whole pool is Certified at the beginning, at the time of the first bond issuance. Subsequently, when the Issuer issues more bonds against other parts of the same asset pool, each bond only requires post-issuance verification. This method makes the process significantly simpler for the Issuer.

How Programmatic Certification Works

There are four steps for issuers under the Programmatic Certification option:

  1. The Issuer identifies a very large pool of eligible assets and projects, which are Certified by the Verifier. The first bond in the programme is Certified for pre-issuance and post-issuance in the regular way. This ensures that the Issuer’s internal compliance framework is in place and that they have a large enough stack of eligible assets for future issuances.

     
  2. When the Issuer comes to issue again under their programme, they must supply the Climate Bond Information Form and receive pre-issuance Certification from the Board for each new bond, but the Issuer does not need to involve the Verifier before the issuance and this step is generally very quick.

     
  3. After the issuance of each bond, the issuer must engage a Verifier to provide Post-Issuance Assurance on the bond. 

     
  4. Reporting obligations remain the same for each bond, including the submission of the Climate Bond Information Form before every issuance, and the annual report (which does not require the Verifier) on all bonds issued under the Programme. 

 

Note: The Issuer may at any time add or subtract from the pool of assets which was originally Certified, as long as each bond drawing from this pool receives Post-Issuance Assurance Verification. 

 

Issuers who are using Programmatic Certification (as of March 2019):

 

Green Issuers using Programmatic

Certification as of March 2019 

Issuer

Sector

Country

Total USD million

Number of Issues

  1. New York Metropolitan Transport Authority (MTA)

Transport

US

6182

9

  1. Société du Grand Paris (SGP)

Transport

France

4417

5

  1.  SNCF Réseau 

Transport

France

3513

4

  1. DNB Boligkreditt AS

Buildings

Norway

2690

2

  1. National Australia Bank (NAB)

Multiple Sectors

Australia

2010

4

  1. Contact Energy Ltd.

Geothermal energy

New Zealand

1475

multiple

  1. Landesbank Baden Württemberg (LBBW)

Buildings

Germany

1465

2

  1. Queensland Treasury Corp

Multiple Sectors

Australia

1464

2

  1. San Francisco Public Utilities Commission (SFPUC)

Water

US

1413

5

  1. TCorp

Multiple Sectors

Australia

1300

1

  1. Westpac

Multiple Sectors

Australia

1090

4

  1. New York State Housing Finance Agency’s (HFA)

Buildings

US

998.5

11

  1. Bay Area Rapid Transit (BART)

Transport

US

570

2

  1. City and County of San Francisco

Transport 

US

328

2

  1. Japan Railway Construction, Transport and Technology Agency (JRTT)

Transport 

Japan

TBC

TBC

 

Additional Resources:

 

 

CONTACT 

Please contact directly to find out more:

Matteo Bigoni

Head of Certification

Climate Bonds Initiative 
mob:
 +44 (0) 7850 390 261

matteo.bigoni@climatebonds.net

certification@climatebonds.net