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.


Low Carbon Transport


The Low Carbon Land Transport criteria determines what transport projects and assets are eligible for Certification under the Climate Bonds Standard and Certification Scheme.

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


Broadly speaking, urban trams, metro systems and bike transport systems as well as vehicles propelled by fully electric engines or hydrogen fuel cells are automatically eligible. See diagram below for a quick guide to which forms of transport are automatically eligible.

For other forms of transport, the Criteria contains specific thresholds which the projects and assets will have to meet in order to be eligible.

Further details of these metrics can be found in the Eligibility Criteria document in the menu on the right.

1. Climate Bonds Standard V2.1
2. Low Carbon Transport Eligibility Criteria
3. Bus Rapid Transit Eligibility criteria

Timeline of development:
Feb 2016: Criteria available for certification
Oct 2015: Criteria released for public consultation
Dec 2014: Bus Rapid Transit eligibility criteria approved
Jan 2014: Technical Working Group established

Recent Certifications: 
Dec 2017: Indian Rail Finance Corp
Dec 2017: New York Metropolitan Transport Authority

To see the whole list of Low Carbon Buildings Climate Bonds, visit List of Certified Bonds
Contact us at:

These thresholds are based on a per passenger-km (p/km), for passenger transport, or a per tonne-km (t/km), for freight, basis.


  • Public passenger transport e.g. rail, metros, trams, cable cars, electric/hybrid buses, bicycle schemes
  • Private light-duty and heavy goods vehicles that are electric, hybrid or alternative fuel
  • Dedicated freight railway lines and supporting infrastructure e.g. IT upgrades, signalling, communication technologies, charging infrastructure


1. CO2 emission thresholds on a per passenger per kilometre (p/km), for passenger transport, and a per tonne per kilometre, for freight transport, basis

2. Emission thresholds decrease over time at a rate which is in-line with the transport sector emission reductions required to meet 2°C global warming targets

3. Thresholds are based in the global stock-wide average of emissions accounted for in the International Energy Agency's 2 Degree Scenario mobility model 





Watch our webinar to hear Justine Leigh-Bell, Climate Bonds Initiative, and Cornie Huizenga, SLoCAT, further explain the Low Carbon Land Transport criteria:




The Low Carbon Transport Technical Working Group was set up in January 2014 to develop the certification criteria for transport related green bonds. Certification will enhance investors’ confidence in the green credentials of their investments.

The technical working group comprises 12 internationally recognised academics and experts, with representation from the International Energy Agency (IEA), European Investment Bank (EIB), Universities of California at Berkeley and Davis, Partnership on Sustainable Low Carbon Transport (SLoCAT), and Institute for Transport and Development Policy (ITDP). 

Technical Working Group members include:

Heather Allen, Programme Director of Sustainable Transport, Transport Research Laboratory, London. Heather Allen is an internationally renowned urban transport expert and Programme Director of Sustainable Transport at the Transport Research Laboratory. She leads a team on climate change with the multi-stakeholder initiative entitled Bridging the Gap. She also develops projects on sustainable urban transport particularly in the developing world. Heather has got 20 years of international experience on all aspects of urban transport (rail and all modes of public transport) and sustainable cities. 

Lewis Fulton, Co-Director of the NextSTEPS Program, University of California’s Davis Institute of Transportation Studies, Davis CA. Lewis Fulton is Co-Director of the NextSTEPS Program within the Institute of Transportation Studies at the University of California, Davis. He co-leads a range of research activities around new vehicle technologies and new fuels, and how these can gain rapid acceptance in the market.

Michael Replogle, Managing Director for Policy and Founder, Institute for Transportation and Development Policy, Washington DC. Michael Replogle is a Managing Director for Policy and Founder at the Institute for Transportation & Development Policy. He has got more than 30 years of experience in transportation and urban planning, policy, environmental assessment as well as finance. Since 2009, he has headed ITDP’s Global Policy Program, which documents global best practices and enhances the capacity of international development organizations and governments to advance environmentally sustainable and equitable transport. He is also an advisor to the Environmental Defense Fund, where he was transportation director from 1992-2009. He is a member of the U.S. Advisory Committee on Transportation Statistics and an emeritus member of the Transportation Research Board Committee on Transportation in Developing Countries, which he helped found.

Gary Hoffman, Consultant, GM Hoffman Consulting, Washington D.C. Former senior transportation executive with experience in leading change management efforts and delivering major infrastructure programs. Significant expertise in all areas of management including policy development, strategic business planning, financial and resource management, supply chain management, stakeholder management, business process re-engineering, and public relations.

Elizabeth Deakin, Professor of City and Regional Planning, University of California’s Berkeley Institute for Environment Design, Berkeley CA. Elizabeth Deakin is Professor of City and Regional Planning at UC Berkeley, where she also works as an affiliated faculty member of the Energy and Resources Group and the Master of Urban Design group. She formerly served as Director of the University of California Transportation Research Center and co-director of the UC Berkeley Global Metropolitan Studies Initiative. Deakin's research focuses on transportation and land use policy and the environmental impacts of transportation. She has published over 200 articles, book chapters, and reports on topics ranging from environmental justice to transportation pricing to development exactions and impact fees. She currently is carrying out a series of studies on urban development and transportation in China, Latin America, India and California.

Karl-Josef Kuhn, Corporate Technology, Siemens, Munich. Karl-Josef Kuhn is a Siemens engineer. He has been with Siemens for 25 years.

Cornie Huizenga, Joint Convener, SLoCaT – partnership for sustainable low carbon transport, Shanghai. Cornie Huizenga is a joint convener of the Partnership for the Sustainable Low Carbon (SLoCaT) - a multi-stakeholder partnership of over 80 organizations (representing UN organizations, Multilateral and Bilateral development organizations, NGOs and Foundations, Academe and the Business Sector) that lobbies for sustainable urban transportation systems.

Benoit Lefevre, Senior Associate for Transport and Climate, World Resources Institute, Washington DC. Benoit Lefevre is Senior Associate for Transport and Climate at World Resources Institute’s Climate and Energy Program (CEP) and EMBARQ. He is in charge of developing a new initiative on transport and climate change and leads the Transport Working Group of the Low Emissions Development Strategies Global Partnership. Previously, Benoit worked as the director of the Urban Fabric Program (UFP) at the Institute of Sustainable Development and International Relation (IDDRI) - a think tank based in Paris and Brussels. He has done research and consultancy on urban energy modelling, urban GHG inventory, Integrated land-use and transport policies, real-estate and housing markets, urban green growth, carbon finance and cities, city networks and post-2012 negotiation process.

Arie Bleijenberg, Manager Infrastructure, TNO – The Netherlands Organisation for Applied Scientific Research, Delft. Arie Bleijenberg is a Manager Infrastructure at TNO. Before joining TNO he served as a Head Strategy and Research Policy at the The Ministry of Transport, Public Works and Water Management in Netherlands. Earlier he was a Deputy Director at CE Delft where he worked for 18 years. He has got a wide field of expertise concentrating around economy, urban planning, governance, energy, environment, transport and infrastructure.

Prof. Dr. Danang Parikesit, President, Indonesian Transport Society, Professor of Transportation at Universitas Gadjah Mada. Prof. Dr. Danang Parikesit, is leading transportation expert in Asia. He is a Professor of Transportation at Universitas Gadjah Mada (UGM) Indonesia and a President of the Indonesia Transportation Society. Prof. Parikesit is also the Chairman of the UK-based International Forum for Rural Transport and Development as well as a member of Board of Directors of The Eastern Asia Society for Transportation Studies. He is a Senior Researcher/former Director of the Centre for Transportation and Logistics Studies UGM – a leading transport research group in SE Asia, with interest in transport and development, transport financing, urban transport policy, and energy/climate change.

Carol Lee Rawn, Director of the Transportation Program, Ceres, Boston. Carol Lee Rawn is a Director of the Transportation Program at Cares. She is an environmental attorney with over twenty years of experience working with federal and state regulatory agencies, companies, and nonprofit organizations on a wide variety of environmental issues. She currently works with investors and companies to advance sustainable transportation policies.

John Dulac, International Energy Agency (IEA). John Dulac joined the in the Energy Technology Policy Division at the IEA in September 2012, after having served as a consultant to the IEA and Asian Development Bank for over 2 years. His expertise is in transport issues and technologies, urban development and sustainable environmental policy. He received a dual master in urban planning and international affairs from Columbia University. 

Pierpaolo Cazzola, International Energy Agency (IEA). Pierpaolo Cazzola coordinates the work the transport unit of the IEA Energy Technology Policy Division in the Directorate of Sustainability, Technology and Outlooks, including the development of the IEA Mobility Model. Previously, Pierpaolo worked at the United Nations (as Secretary of the Working Group on Pollution and Energy of the World Forum for the Harmonization of Vehicle Regulations), the Joint Research Centre of the European Commission, the Environment Directorate of the Organisation for Economic Co-operation and Development (OECD) and the Energy Statistics Division of the IEA. Pierpaolo received master degrees in aerospace engineering, aeronautics and energy economics from the Polytechnic of Turin, the University of Glasgow and the Institut Françáis du Pétrole.


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.