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.


Solar Energy

The Solar Criteria is Climate Bonds Initiative's 2 oC aligned evidence based criteria for what solar energy projects and assets are eligible for Certification under the Climate Bonds Standard and Certification Scheme.


Is your asset / project eligible for Certification?

Broadly speaking, any onshore solar energy project / asset or transmission and supporting infrastructure are eligible. This includes both solar photovoltaic (PV) and solar thermal facilities.

For more details, please see the Eligibility Criteria document in the menu.

Offshore solar facilities are eligible for certification under the Marine Renewable Energy Criteria.


To better understand the Criteria, you can also watch this recorded webinar which explains the Criteria in detail.








The Criteria was developed by a range of experts in the Solar Working Group. Members of this Working Group included:

Alexander Boegle, Manager Finance, Desertec Industry Initiative (DII). Alexander Bögle is Manager Finance at Dii GmbH. He joined Dii in 2012 and is responsible for all finance related topics. He analyses project opportunities and RE regulation from an equity investors and lenders point of view. Before joining Dii Alexander Bögle was working for more than 6 years in the energy sector in different positions in India Germany and Italy. Prior to Dii he was with in the photoltaic sector (e.g. Phoenix Solar AG) as investment manager and project developer.

Pietro Caloprisco, previously Policy Advisor, European Photovoltaic Industry Association (EPIA). Pietro Caloprisco is currently a Policy Officer at Transport & Environment, having previously worked as a Policy Advisor to the European Photovoltaic Industry Association (EPIA), where he also held a Business Development role. Previous to this Pietro worked as an Account Manager to EurActiv.

Dr. Chiara Candelise, Energy Economist, Imperial College London. Dr Chiara Candelise is an experienced energy economist and leading solar energy analyst. Her research interests span from techno-economic assessment of PV technologies to wider economic and policy analysis of energy and climate change issue. She is leading the techno-economic work package of a newly the funded EPSRC project ‘PV205 – Potential costs and benefits of photovoltaic (PV) for UK-infrastructure and society’, looking at socio-economic and technical conditions and challenges for successful large scale deployment of PV in the UK.

Jenny Chase, Manager, Solar Insight, Bloomberg New Energy Finance. Jenny Chase launched BNEF’s Solar Service in early 2006 and has led it ever since. She covers demand, supply, price, technology, investment and trends for photovoltaic and solar thermal electricity generation, and has analysts on three continents with backup from BNEF’s international resources. Jenny holds a BA in Physical Sciences and an MSc in Physics from the University of Cambridge, England.

Michael Mendelsohn, Senior Financial Analyst, Market and Policy Impact Analysis Group, National Renewable Energy Laboratory (NREL). Michael Mendelsohn is Senior Financial Analyst, in the Market and Policy Impact Analysis Group, at the National Renewable Energy Laboratory (NREL) in the US. Mike's expertise is in Renewable energy financing (particularly CSP and PV), Utility-scale solar development and Electric Vehicles deployment.  Mike compares the US government's PV incentives to Germany's Feed-in Tariff (FiT). The Renewable Portfolio Standards in the US states offer tax credits and depreciation benefits for investors to offset capital costs. The German FiT has achieved higher solar penetration and a simpler structure to lower the costs and takes away risk associated with renewable energy development by offering a guaranteed rate and payback time. Mike also notes that the FiT is not the only mechanism for increasing renewable generation. For example, German bank KfW invests in renewable energy and sustainability projects coming from local innovation.

Neil Perry, CFO, Solarcentury. After seven years as an analyst and portfolio manager, Neil joined Baring Securities Latin America in 1991. He was the Institutional Investor #1 ranked analyst in his sector for three consecutive years and, as Director of Latin American  Research, headed the top equity team in the region. In 1995 he was included in Worth Magazine’s ‘The World’s Top 50 Financial Market Movers’ survey. Before returning to the UK, where he worked for BSCH, he was CEO of ING Baring Securities in Argentina.

Cecilia Tam, Senior Energy Analyst, Energy Technology Policy Division, International Energy Agency (IEA). Cecilia Tam is Head of the Energy Demand Technology Unit at the International Energy Agency, where she also leads the IEA’s Energy Technology Roadmaps Programme.  Having joined the IEA in 2006 her work has covered technology roadmaps, finance, deployment and innovation, industry and energy efficiency. She has authored numerous IEA publications including Energy Technology Perspectives, Energy Technology Transitions for Industry, Transition to Sustainable Buildings, and a number of Technology Roadmaps.  Prior to joining the IEA, Cecilia was a Senior Equity Research Analyst with Dresdner Kleinwort Benson where she covered Latin American electricity companies, working on various privatisations and equity offerings. 

Sven Teske, Engineer/Dipl‐Ing, Energy [R]evolution Campaign, Climate & Energy Unit, Greenpeace International. Sven has been Scientific Advisor for Greenpeace Germany and Renewable Energy Campaigner for Greenpeace Germany, responsible for the development of renewable energy campaigns and renewable energy policies developments, especially feed-in laws and the liberalization of the electricity markets.

Bettina Weiss, Vice President, Business Development, Semiconductor Equipment and Materials International (SEMI). Bettina Weiss is responsible for SEMI’s global product management as well as the association's engagement in new and emerging technology segments and geographies, to support the diverse needs of SEMI members and to assess opportunities for member company engagement in emerging markets. Weiss joined SEMI in 1996 and worked in several Standards positions in SEMI Europe in Brussels Belgium and at SEMI's global headquarters in San Jose, CA. From 2005 to 2008, she was Director, International Standards, overseeing SEMI's International Standards Program operations. From 2008 to 2012, Weiss oversaw SEMI’s global PV activities in PV Group, which later expanded into broader business development in new/emerging markets and technologies including strategic alliances and partnerships with other organizations.

Philip Wolfe, CEO, WolfeWare. Philip Wolfe is a renewable energy pioneer. He is a former Chief Executive of BP Solar and the former Director General of the Renewable Energy Association. He has also held Directorships at the Aldersgate Group, Renewables Energy Tariff Limited, Own Energy PLC and WolfeWare Limited. 


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.