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.  Forestry Brochure

2. Forestry Criteria

3. Forestry Criteria Background Paper

4. Forestry Criteria Summary slides

5. Disclosure Table and checklist for Criteria


Climate Bonds Standard V3

Timeline of Development:

Nov 2018: Criteria released for Certification
June 2018: Forestry Criteria open for public consultation
August 2017: Forestry TWG convened
May 2016: Land Use TWG reconvened

Sep 2015: Draft Land Use Criteria launched for public consultation
Oct 2014: Land Use TWG established 

Nov 2019: First bond issued using Forestry Criteria, relating to plantation forestry

Status: The Forestry Criteria is available for use in certifications. Get in contact with sends e-mail)to start the certification process of your forestry green bond. 

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

We held 2 live Webinars on the Forestry Criteria in June and July 2018. The recording of this webinar, may be a useful introduction to the criteria requirements.



What are the Forestry Criteria?

Forestry is an integral industry for many developed and developing countries and forestry-related investments thus form a huge part of the capital assets of these countries. The UNFCCC has estimated that, globally, an additional USD 14 billion in financial flows will be required to address climate impacts in agriculture, forestry, and fisheries in 2030[1]. For forestry more specifically, UNEP estimates that USD 17-33 billion per year is required to achieve a 50% reduction in deforestation by 2030. A clear understanding of what sorts of investments are consistent with improving the climate resilience of forestry assets will allow bond investors to quickly determine the environmental credentials of forest-related green bonds. 

The Forestry Criteria lay out the requirements that forestry infrastructure assets or projects must meet to be eligible for inclusion in a Certified Climate Bond. The bond must also meet the reporting and transparency requirements of the overarching Climate Bonds Standard in order to receive Certification.


Scope of Forestry Criteria

The type of forestry projects which can receive Certification are:



Development of Forestry Criteria

Development of the Forestry 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 Forestry Criteria followed.

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

Forestry Criteria Technical Working Group Members

Lead Specialist

Versant Vision
Christine Negra


World Wildlife Fund (WWF)
Paul Chatterton

Tanja Havemann


Petri Lehtonen

Abt Associates
Michele Laird

Forest Trends
Rupert Edwards

University of Oxford
Sergio Collaço de Carvalho

Torsten Boettcher

The Center for People

and Forests (RECOFTC)
David Ganz


Eco System Service Limited
Stuart Clenaghan



Forestry Criteria Industry Working Group Members

Lars Mac Key, DanskeBank

Michael Anderson, ERM

Eliza Mathews, ANZ

Beth Nelson & Pip Best, EY

Jacob Michaelsen, Nordea

Mark Robinson, DNV.GL

Sophie Beckham, International Paper

Sami Lundgren & Timo Lehesvirta, UPM

Esben Brandi, APG Asset Management

Brian Kernohan, Hancock Natural Resources Group

Rama Chandra Reddy & Jean-Dominique Bescond, World Bank



Disclaimer: The Climate Bonds Standard Board operates legally as an advisory committee of the Climate Bonds Initiative Board and oversees the development of the Climate Bonds Standard. Neither the Climate Bonds Standard Board nor any organisation, individual or other person forming part of, or representing, the Climate Bonds Standard Board (together, "CBSB") accepts or owes any duty, liability or responsibility of any kind whatsoever to any issuer which wishes to apply for any of its bonds to be certified under the Climate Bonds Certification Scheme ("Scheme"), or to any issuer whose bonds may at any time be certified under the Scheme or to any other person or body whatsoever, whether with respect to the award or withdrawal of any certification under the Scheme or otherwise. All advice or recommendations with respect to any certification under the Scheme or otherwise that CBSB provides to the Climate Bonds Initiative Board is provided to it in an advisory capacity only and is not to be treated as provided or offered to any other person.