The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds. Rigorous scientific criteria ensure that it is 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.


Location Specific Criteria for Commercial Buildings & Calculator

Country Coverage Subsector



City specific Office

See Emissions Calculator drop down menu below.

NABERS ratings provide emissions intensity data. Australia requires mandatory reporting of GHG for commercial buildings and the data is publicly available.

National Greenhouse Gas Emission Reporting Scheme (NGERS) Act requires operational reporting for large organisations.

City specific Supermarkets Emissions Calculator can be found here.  
City specific Laboratories

Trajectory developed for Melbourne using a 2017 baseline* of 358.8 kgCO2/m​2

The CBI Zero Carbon Trajectory strarts at 358.8 kgCO2/m2  in 2017 and declines by 10.87kgCO2/m2 per year.

Chemical, biological and chemical-biological laboratories are eligible. Laboratory usage must comprise minimum 30% of the Gross Floor Area.

Country wide Office Evaluation Standard for Green Building rating of 3 Star  
City specific Office See Emissions Calculator drop down menu below  


City specific Office See Emissions Calculator drop down menu below for new issuances
Buildings built after May 2008 + EPC compliant for existing issuances being refinanced


City specific Office See Emissions Calculator drop down menu below PDF
City specific Office See Emissions Calculator drop down menu below PDF


Country wide Office

Energy Performance Certificate (EPC) rating of  ‘A’
Energy Index (EI) value of 0.99 or below.


Upgrade projects​​​​​​

New Zealand
City specific Office See Emissions Calculator drop down menu below.  


Country Wide Office 

NEW!!! Baseline for Poland: 73.3kg.COe2.m2 , Baseline Year: 2017.



Country wide Office See Emissions Calculator drop down menu below.  



City specific Office


See Emissions Calculator drop down menu below.

NEW!!! Baseline for Sacramento: 19.1 KgCo2-e/m2, Baseline Year: 2019.

NEW!!! Baseline for San Diego: 15.4 KgCo2-e/m2, Baseline Year: 2019.




International Office

LEED Gold OR Platinum
30% improvement above the levels in ASHRAE 90.1​.

(Only able to be used where a local proxy has not been established)

6 year limit on bond tenor. Date of LEED certification must be within 5 years before bond issuance.



International Office EDGE Certified​  
  International International   Net Zero Energy  
  International International   Living Building Challenge Certified   

This baseline is considered interim (not groundtruthed yet) so, please, contact if you want to use it or for reporting requirements

For locations where buildings emissions performance data does not exist, or is too limited to be representative of the market, the Low Carbon Building Criteria Technical Working Group has established a series of proxies. These proxies undergo extensive reviews to ensure that they are representative of buildings in-line with a zero-carbon building sector in 2050. 

For issuers looking to use locally available tools, rating systems, or performance schemes as proxies for meeting the Low-Carbon Building Standard, see the Proxy Methodology document for additional guidance. 


The tool below calculates the performance (i.e. carbon intensity) target a property asset should achieve in order to be eligible for Climate Bonds Certification under the Commercial Property criteria.

An equivalent calculator is also available for Residential Property CO2 Target Calculator.

The tool calculates the performance target based on three factors:

  1. the city’s baseline performance (the top 15% of the market),
  2. the year the bond is issued, and
  3. the term of the bond. 

The first factor is based on data Climate Bonds has collected while the second and third factors are set by the user by sliding the two buttons along the bar at the bottom of the horizontal axis of the chart.  

The user can view the city’s baseline performance by hovering over the starting point of the 2050 zero-carbon trajectory line on the chart.

We welcome questions or feedback on the tool.

Commercial CO2 Target Calculator

Select from the dropdown list the location where the property asset is based. As sufficient data becomes available for other cities globally, they will be added to the list. Please note that at present, all baselines relate to office buildings. As data becomes available for other building types, they will be added to the calculator.
Carbon intensity kgCO2/sqm p.a

  • Drag the first button along the bar to set the year the bond is issued
  • Drag the second button to set the year the bond matures.
  • For instance, if the bond is issued in 2017 and has a term of 5 years, the first button should be set at 2017 and the second button should be set at 2022 (2017+5=2022).
  • The calculated carbon intensity target is displayed at the top of the chart. To achieve certification under the Commercial Property standard, a property asset must achieve a carbon intensity of this level or below.