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

 

  1. The Issuer identifies a large portfolio of eligible assets and projects, which are verified 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 portfolio of eligible assets for future issuances.

     
  2. When the Issuer would like 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. This step is generally very quick, ie a couple of days.

     
  3. Annually, the issuer will engage the Verifier to conduct Post Issuance verification of its program that has been issued so far. So this annual verification may include several bonds together. If the issuer does not issue in the period of a year, then they do not need to do a verification for that year, but they would need to do the normal annual reporting.

The Issuer will sign a slightly different Certification Agreement for Programmatic Certification.

The Issuer may at any time add or subtract from the pool of assets which was originally Certified, as long as the changes are conveyed to the Climate Bonds Secretariat beforehand. For the addition of certain assets, a quick verification of the new asset may be required. This depends on the Sector Criteria for the new asset.

 

Green Issuers using Programmatic Certification

Data as of 31 December 2020 

ID.

Issuer

Sector

Country

Total USD million equivalent

Number of Issues

1 Société du Grand Paris (SGP) Transport France 17,983 12
2

New York Metropolitan Transport Authority (MTA)

Transport US

10,364

16
3

SNCF Réseau  / SNCF SA

Transport

France

7713

9

4 Sparebank 1 Boligkreditt Buildings Norway 3,261 3
5

DNB Boligkreditt AS

Buildings

Norway

2,879

2

6 Queensland Treasury Corp Transport, Solar Australia 2,826 3
7

National Australia Bank (NAB)

Multiple Sectors

Australia

2,800

4

8 San Francisco Public Utilities Commission (SFPUC) Water US 2,527 8
9 Japan Railway Construction, Transport and Technology Agency (JRTT) Transport Japan 2,460 8
10

TCorp (New South Wales)

Transport, Water

Australia

2,230

2

11 Bay Area Rapid Transit (BART) Transport US 1,993 7
12 New York State Housing Finance Agency’s (HFA) Buildings US 1,950 19
13 de Volksbank Buildings Netherlands 1,478 3
14

Contact Energy Ltd.

Geothermal energy

New Zealand

1,475

multiple

15

Landesbank Baden Württemberg (LBBW)

Buildings

Germany

1,465

2

16

Westpac

Multiple Sectors

Australia

1,090

4

17 Russian Railways Transport Russia 849 2
18 State Bank of India Solar   India 800 3
19 Goldman Sachs Renewable Power Solar   US 500 1
20

Commonwealth Bank of Australia

Multiple Sectors

Australia

492

1

21

City and County of San Francisco 

Transport

US

410 3
22 Akiem Transport France 398 1
23 Meridian Energy Wind   New Zealand 341 3
24 Auckland Council Transport New Zealand 236 2
25 Volkswagen Immobilien Buildings Germany 193 2
26 PKO Bank Hipoteczny Buildings Poland 130 2
27 ING Bank Hipoteczny Buildings Poland 102 1
28 Tohoku Electric Power Co., Inc Wind, Marine Renewable Energy (Offshore Wind), Geothermal Japan 140 1
29 Connecticut Green Bank Solar   US 55.4 2
30 Investa Buildings Australia Confidential -

 

Additional Resources:

 

 

CONTACT 

Please contact directly to find out more:

certification@climatebonds.net