Standard

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 Residential Buildings & Calculator

Country State State/Sub Category Proxy Brochure

 

  

Australia

 

New South Wales single & multifamily

BASIX Energy 40​ 
Within the context of RMBS transactions in Australia, Maximum Weighted Average Life can be substituted for Maximum Tenor

PDF

 

 

Australia

 

Tasmania single & multifamily Building code Australia (BCA) 2013 ​​
Within the context of RMBS transactions in Australia, Maximum Weighted Average Life can be substituted for Maximum Tenor
PDF

 

 

Australia

 

Victoria single & multifamily Building code Australia (BCA) 2011
Within the context of RMBS transactions in Australia, Maximum Weighted Average Life can be substituted for Maximum Tenor
PDF

 

 

Australia

 

All States except Western Australia House or apartment

Australian Residential Rooftop Solar Proxies for the Certification of houses or apartments using solar rooftop installations

Rooftop Solar Proxy Spreadsheet 

Simplified Solar Rooftop Proxy Spreadsheet

PDF

 

 

Belgium

 

Country wide  single & multifamily Energy Performance Certificate (EPC) rating of A
OR
Flemish building code after 2014
 
 
 
 
 
China
 
Country wide single & multifamily Evaluation Standard for Green Building rating of 3 Star PDF

 

 

England​

 

Country wide single & multifamily

Environmental Impact (EI) rating of A or B​ or Emissions Intensity Target Dependent on Tenor of the Bond as part of the Energy Performance Certificate programme

PDF

 

   

France

 

Metropolitan France single & multifamily

New residential buildings complying with Thermal Regulation RT2012 and built with a construction permit issued after 1 January 2013

PDF

 

Germany

 

Country wide single & multifamily

Energieausweis (EPC) rating of A OR B​​

 

PDF

 

 

Netherlands

 

 

Country wide single & multifamily​ Post 2012: Dutch Building Decree 2012 
&
Netherland Normalisation Institute (NEN) 7120 standard
----------
Pre 2012: Energy Performance Certificate (EPC) Rating A ​

PDF

 

 

Norway

 

Country wide  single & multifamily

House or Apartment: Energimerking (EPC) rating of A, B OR C
OR
Houses: TEK (Building Code) 2007, or TEK 2010
Apartments: TEK (Building Code) 2010

Houses and Apartments: TEK (Building Code) 2017 ​

 

 

Poland

Country wide single & multifamily 

 

Assets meeting trajectory requirements for primary energy demand
Assets qualified by year of construction (TC2017/2021)
Upgrade and retrofit of asset: 30-50% improvement in CO2 emissions, depending on tenor of bond, based on reduction in the CO2 emission figure from EPCs from before and after the retrofit, which meet the requirement of Technical Note 2014 (issued after July 2015) 

 

PDF

 

 

South Africa 

Country wide single & multifamily New and refurbished residential buildings complying with SANS10400-XA standard   
 
 
 
United States​
 
California  single & multifamily California building code Title 24 compliant

PDF

 
 
 
United States​

 

New York  single & multifamily Energy Star mutifamily high rise, 2015 International Energy Conservation Code (IECC) 
-----------
8% improvement from Energy Star Certified Homes, Version 3.1 Revision 08
OR 
9% improvement from Energy Star Certified Homes, Version 3.1 Revision 09
 
 
 
 
 
Wales

 

Country wide single & multifamily Environmental Impact (EI) rating of A or B​ or Emissions Intensity Target Dependent on the Tenor of the Bond as part of the Energy Performance Certificate programme PD

   

International 

 

 

International

 

LEED Gold OR Platinum
TOGETHER WITH
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 

 

 

International

 

EDGE certified​

Only able to be used in certain countries. 6 year limit on bond tenor

 

 

   

International 

 

 

 

International

  Net Zero subject to confirmation of local country schemes   

 

International 

 

 

International

  Living Building Challenge Certified  

 

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 Residential Property criteria.

An equivalent calculator is also available for Commercial 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.

Download file: 

Residential 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.
Year
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 Residential Property standard, a property asset must achieve a carbon intensity of this level or below.