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 at bottom of page)

Country State State/Sub Category Proxy Brochure

  Australia

 

New South Wales single & multi family

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 & multi family Building code Australia (BCA) 2013 
&
NatHERS 6​​
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
&
NatHERS 6​​
Within the context of RMBS transactions in Australia, Maximum Weighted Average Life can be substituted for Maximum Tenor
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​ as part of the Energy Performance Certificate program 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,
House: TEK (Building Code) 2007,
Apartment: TEK (Building Code) 2010

 

 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
 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​ as part of the Energy Performance Certificate program PDF
   International    International   LEED Gold OR Platinum
TOGETHER WITH
30% improvement above the levels in ASHREA 90.1
 
   International International   EDGE certified​  
   International International   Net Zero  
   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.