The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds and loans. Rigorous scientific criteria ensure that bonds and loans with Certification, are consistent with the 2 degrees Celsius warming limit in the Paris Agreement. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.

Agriculture Criteria



1. Agriculture Criteria Brochure (English)

Sintese do Criterio de Agricultura (Portuguese)

2. Agriculture Criteria Document (English)

Criterio de Agricultura (Portuguese)

3. Agriculture Background Paper (English)


Climate Bonds Standard V3.0



Recent Certifications

Ecoagro - Rizoma                  


Timeline of Development:

February 2019: TWG Launch    
April 2019: IWG Launch
Jan - Mar 2020: Public Consultation
June 2020: Criteria Launch


Status: The Agriculture Criteria is available for use in certifications. Get in contact with to start the certification process of your agriculture green bond. 

Bonds and loans linked to these eligible assets and projects will be aligned with the Paris Agreement 2 oC limit.

Criteria: The Agriculture Criteria lay out the requirements that agriculture assets and/or projects must meet to be eligible for inclusion in a Certified Climate Bond. The Criteria apply to perennial and non perennial crop production - note, that Protected Agriculture are covered in a separate criteria.  At this stage, the criteria do not cover livestock.  Both production and non production units (such as services for climate resilience of crop production).

The Agriculture Criteria contain both Mitigation Requirements and Adaptation & Resilience Requirements:


Technical Team:

The Agriculture Criteria certifications are supported by a technical team of working group members:

Amy Dickie - CEA Consulting
Gerard Rijk - Profundo/Chain Reaction Research
Gillian Galford - Gund Institute for Environment
Lini Wollenberg - CGIAR
Ngonidzashe Chirinda - UM6P
Pablo Fernandez de Mello e Souza - BVRio


Public consultation: 

The Agriculture Criteria underwent a public consultation period from 31st January to 31st March 2020. Thank you to all of those who sent in their feedback.

Two webinars took place on Tuesday 10th March 2020 that provided an opportunity for interested parties to learn more about the Agriculture Criteria and to ask our lead technical consultant Lini Wollenberg and staff at CBI any specific questions they had. The two recordings for the webinars are available here:


 Tuesday 10th March 11.15 - 12.15 GMT                                                            

 Tuesday 10th March 23.00 - 00.00 GMT

 Agriculture Criteria Webinar

 Agriculture Criteria Public Consultation Webinar Presentation            ​

 Apresentação do Webinar Critérios de Agricultura 

 Presentación del Webinar Criterios de Agricultura



Why develop eligibility Criteria for agriculture-related low carbon investments?

Agriculture and forestry can play a crucial role in achieving global decarbonisation targets. In 2014, the IPCC  estimated that these two sectors account for approximately a quarter of anthropogenic emissions. The implementation of sustainable agricultural practices is necessary for the industry to successfully reduce emissions, adapt to changes in weather patterns, and withstand the pressures placed on food security by population growth. Simultaneously, limiting deforestation and forest degradation is imperative to ensure that forests act as a net carbon sink rather than a GHG emitter.

Estimates suggest that between USD 7 billion and 7.6 billion are required per year for adaptation measures in the Agriculture, Food and Forestry sectors. Despite the need for more finance flows directed towards addressing climate impacts in these sectors, it accounts for USD37.3bn or just over 3% of the climate-aligned bond universe.


The Agriculture Technical and Industry Working Groups (TWG and IWG) 

Development of the Agriculture Criteria originally began through development of Land Use Criteria. However, it was decided that to improve the ambition of each the Criteria, the land sector should be tackled by several separate criteria. Development of the Agriculture Criteria followed. 

To create the Agriculture Criteria, we convened a Technical Working Group (TWG) and an Industry Working Group (IWG) with representatives from investors, public entities, environmental and agricultural NGOs and international policy bodies from around the world.


TWG Lead Specialist

Lini Wollenberg - CGIAR



Amy Dickie - CEA Consulting

Aarti Ramachandran/Iman Effendi - FAIRR Initiative

Anna Lorant - Institute for European Environmental Policy

Andrew Gazal - ESG Tech

Bob Scholes - Wits University Johannesburg

Ankita Shukla - Sustainanalytics

Brent Matthies - University of Helsinki

Aurélie Choiral Gupta - Credit Suisse

Christine Negra - Versant Vision

Brian Kernohan - Hancock Natural Resource Group

Clare Stirling - CIMMYT

Chang He - CECEP

Debbie Reed - Ecosystem Services Markets Consortium 

Dana Muir, Mike Faville - BNZ

Gerard Rijk - Profundo

Francisco Avendano - Climate Policy IFC

Gillian Galford - Gund Institute for Environment

Gustavo Pimentel/Débora Masullo de Goes - Sitawi

Greg Fishbein - The Nature Conservancy

Hamish McDonald - NaturesCoin

Jonathan Hillier - University of Edinburgh

Jacob Michaelsen - Nordea

Kim Schumacher - University of Oxford

John Kazer - Carbon Trust

Ngonidzashe Chirinda - CGIAR

Mareike Hussels - SAIL Ventures

Pablo Fernandez de Mello e Souza - BVRio

Maria De Filippo - Affirmative Investment Management

Pedro Luiz Oliveira de Almeida Machado - Brazilian Agriculture Research Corporation (Embrapa)

Pedro Moura Costa - SIM/Facility

Raylene Watson - ebsadvisory

Pip Best - E&Y

Sam Schiller - Kellogg School of Management

Robert Rosenberg/Mélanie Comble - ISS ESG

Stephen Donofrio - Forest Trends

Roberto Strumpf - Pangea Capital

Tanja Havemann - Clarmondial AG

Rosemarie Thijssens - Rabobank

Timm Tennigkeit - UNIQUE

Scot Bryson – Orbital Farm



How does this fit in with the work being done by the TEG?

The European Commission’s Technical Expert Group (TEG) on Sustainable Finance developed guidance for sustainable finance in agriculture. Through our CEO, Sean Kidney, we contributed to this and several of our TWG and IWG members also straddled both efforts. Both pieces of work were developed to ensure they complemented each other wherever possible.


Note on Livestock:

Livestock production - including grazed and stall-fed cattle, buffalo, sheep, goats, dairy, pigs and poultry and their waste (manure) and related grassland or pasture are not within the scope of these Criteria and are not available for Certification at this time. 


There may however, be livestock specific Criteria released at a later date as there is potential to substantially reduce emissions in this activity relative to business as usual and this page will be updated and information posted on our Blog.