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 for Programmatic Certification before every issuance, and the annual report (which does not require the Verifier) on all bonds issued under the Programme. 

​Also, the Issuer will sign a slightly different Certification Agreement for Programmatic Certification.

 

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. 

Green Issuers using Programmatic Certification

Data as of 3 June 2019 

ID.

Issuer

Sector

Country

Total USD million equivalent

Number of Issues

1.

New York Metropolitan Transport Authority (MTA)

Transport

US

6,359

10

2.

Société du Grand Paris (SGP)

Transport

France

5,675

8

3.

SNCF Réseau

Transport

France

3,513

4

4.

DNB Boligkreditt AS

Buildings

Norway

2,690

2

5.

National Australia Bank (NAB)

Multiple Sectors

Australia

2,010

4

6.

Contact Energy Ltd.

Geothermal energy

New Zealand

1,475

multiple

7.

Landesbank Baden Württemberg (LBBW)

Buildings

Germany

1,465

2

8.

Queensland Treasury Corp

Multiple Sectors

Australia

1,464

2

9.

San Francisco Public Utilities Commission (SFPUC)

Water

US

1,413

5

10.

TCorp (New South Wales)

Multiple Sectors

Australia

1,300

1

11.

New York State Housing Finance Agency’s (HFA)

Buildings

US

1,124

12

12.

Westpac

Multiple Sectors

Australia

1,090

4

13.

Japan Railway Construction, Transport and Technology Agency (JRTT)

Transport  Japan 890 2
14.

Bay Area Rapid Transit (BART)

Transport

US

570

2

15.

City and County of San Francisco 

Transport 

US

328

2

 

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