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.




1. Public Consultation Feedback Form (English)

2. Draft Cement Criteria Document (English)

2.1 Draft Cement Criteria Document (Chinese - Preliminary Translation)

3. Draft Cement Background Paper (English)

4. Climate Bonds Standard V3.0


Timeline of Development:

September 2021: TWG Launch 

December 2021: IWG Launch 

February - April 2022: Public Consultation 



Status: The Cement Criteria was released for public consultation on 22 February 2022. The public consultation period ended on 7 May 2022*. 

*The Public Consultation Period for the draft Cement Critera was extended on 21 April 2022 by two weeks.

Criteria: The Cement Criteria lay out the requirements that Cement production asset, projects must meet to be eligible for inclusion in a Certified Climate Bond and for company's on a credible transition path to issue transition labelled debt. The Criteria apply to manufacture and production of Cement and do not address other stages of the value chain.

The Criteria contain Mitigation Requirements, and Adaptation & Resilience Requirements.

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


Public consultation:

Public consultation began on 22 February 2022 and lasted forv 74 days. 

A webinar to launch the consultation took place at 15:00 Brussels / 14:00 London on 22 February. It provided an opportunity for interested parties to learn more about the Criteria and to ask questions. The webinar is available below.


Why develop eligibility Criteria for cement investments?

Improved guidance, such as these Criteria, will guide investors to invest in credible transition activity; guide asset owners to upgrade and guide policy makers to incentivise the transition and can be utilised by governments in setting regulation or recommendations for decarbonising the sector.

The Cement Criteria will be the first set of sector criteria released under Climate Bonds' Transition Programme. This focus on industrial transition is driven by Climate Bonds' work on Financing Credible Transitions.


The Technical and Industry Working Groups (TWG and IWG)

To create the Criteria, Climate Bonds convened a Technical Working Group (TWG) and an Industry Working Group (IWG) with representatives from investors, public entities, research institutes and international policy bodies from around the world.  These experts ensure robust pragmatic criteria is developed.


The Cement Criteria Technical Working Group Members



Lead Consultant
University of Cambridge

Cyrille Dunant

University of Cape Town

Prof. Mark Alexander

University of Antwerp, Belgium

Zhi Cao

Wuppertal Institut für Klima, Umwelt, Energie Germany

Georg Holtz


Universidade de São Paulo

Prof. Vanderley John


China Building Materials Academy

Li Juan

European Bank for Reconstruction and Development

Ioanna Kourti

École polytechnique fédérale de Lausanne

Prof. Karen Scrivener



Kira West


Cassio Xavier

Rocky Mountain Institute 

Estefania Marchan*


*Sat on the TWG as a liaison on behalf of the Rocky Mountain Insitute.


The Cement Criteria Industry Working Group Members**


Tobias Hartmann - Heidelberg Cement Claude Lorea - Global Cement and Concrete Association (GCCA)
Dr Ma Weiping – West China Cement Ltd Ravi Chandra Chikatimalla – Independent (formerly JSW Cement)
Adam Gustafsson – UBS Asset Management Douglas Farquhar – NN Investment Partners
Leanne Bloch-Jorgensen – National Australia Bank Daniel Kricheff – Affirmative Investment Management
Asja Hossain – Bayern LB Giuseppe Cosulich – Credit Suisse
Samuel Mary – Pimco Kaboo Leung – Pimco
Francesca Fraulo – Sustain Advisory Zonta Yung – SGS Hong Kong
Diana Via – PCS Ken Zhong – PWC
Atul Sanghal – Emergent Ventures Jean Hetzel – NSF
Weitai Gao – CCXGF Mayur Mukati – Sustainalytics
Marine Durrieu – ISS ESG  


**Note, while this group was consulted and advised on the Criteria, this does not necessarily represent automatic endorsement of the Criteria  by all members.