The Climate Bonds Standard and Certification Scheme is a labelling scheme for Entities, Assets and Debt Instruments. Rigorous scientific criteria ensure that Certified investments in climate mitigation are consistent with the 1.5owarming 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.

Waste Management

1. Waste Management Brochure

2. Waste Management Criteria

3. Waste Management Background Paper

4. EfW Guidance - example net CV and fossil carbon calculations (UK data)


Climate Bonds Standard


To see the whole list of Electrical Grids and Storage Climate Bonds, visit our  Database of Certified Bonds

Timeline of Development

January 2017: TWG Launch

June - August 2019: Public Consultation

December 2019: Criteria Launch

Status: The Waste Management Criteria is available for use in Certifications under the Climate Bonds Standard, please contact to start the certification process of your waste management green bond.

Financial instruments (bonds and loans) linked to these eligible assets, activities and entities will be aligned with the Paris Agreement and the goal of keeping global temperature rises to no more than 1.5oabove pre-industrial levels.

Waste Management Criteria Webinar 

Criteria Summary:

These Criteria apply to assets and projects relating to the following aspects of the treatment of municipal solid waste and similar waste:

● Collection (including collection infrastructure, containers)
● Sorting to separate recyclables
● Reuse and recycling (including processing into secondary raw materials and repair)
● Composting & anaerobic digestion of green/garden/yard and food waste
● Thermal treatment with energy recovery of residual waste (outside the EU only)
● The installation of gas recovery systems for landfill sites (for non-operational landfill sites only)

Interested in Climate Bonds Certification?
1. Read more about the Climate Bonds Standard
2. Email for more information

Why develop Criteria for waste management low carbon investments?

The waste sector has the potential to contribute a 10-15% reduction in global greenhouse gas emissions. Opportunities in prevention, reuse, recycling, and energy recovery can achieve significant mitigation by reducing landfill emissions, reducing emissions linked to resource extraction and production using virgin materials, and providing an alternative energy source that substitutes fossil fuels.

Trends in governmental interventions and business activity indicate that globally, governments and businesses recognise the economic and environmental value of better waste management. To transition to a low-carbon and climate-resilient economy, these stakeholders require significant capital to invest in innovative, effective technologies and infrastructure that transform the waste sector and turn waste into resources.

The Climate Bonds Initiative seeks to mobilise the global debt capital market in addressing the huge funding needs of the global waste sector, estimated to be hundreds of billions of dollars. To this end, the Climate Bonds Initiative has assembled a Waste Management Technical Working Group (TWG) that consists of 19 experts across 16 organisations including universities, NGOs, consultancies, and industry associations. 

Enabling the transition to a low-carbon and climate-resilient economy will require more than slight improvements to business as usual. With the expertise of the Waste Management TWG, the Climate Bonds Initiative aims to develop mitigation & adaptation criteria for the waste management sector to facilitate ambitious emissions reduction and improvement in climate resilience. These will be aligned with the Paris climate change agreement seeking to limit global average temperature increase to 1.5°C. On top of climate change impacts, the Waste Management TWG will also consider other environmental and social impacts, where they are regarded to be significant.

Launched in January 2017, the Waste Management TWG considered the types of waste and the technologies to be in scope and the priorities for criteria development. Waste types that got considered include municipal solid waste, commercial & industrial waste, and construction & demolition waste. Technologies considered include refurbishment and remanufacture, recycling, anaerobic digestion, composting, and energy recovery from waste. Meetings were monthly over 6-12 months. The Waste Management TWG developed mitigation & adaptation criteria for waste management activities and infrastructure, which incorporated feedback from an Industry Working Group (IWG). 

The new Criteria has now been launched as at December 11th 2019 and investment is open for certification. There is a differential application in the Critieria of Energy from Waste (EfW) inside and outside of the EU. Details are available in both the Media Release and Blog Post of Dec 2019.  


Anaerobic Digestion and 
Bioresources Association (ADBA)

Jessica Allan
Environment and Regulation Manager

UK Green Investment Bank (GIB)
Adrian Barnes
Associate – Sustainable Finance

Libby Bernick
Global Head of Corporate Business

Resource and Waste Solutions
Terry Coleman
TWG Lead Specialist

Gary Crawford
Vice President of International Affairs

World Business Council for
Sustainable Development

Brendan Edgerton
Manager, Sustainable Materials

London Waste and Recycling Board
Stuart Ferguson
Head of Investment

Golder Associates (UK)
Samantha Arnold
Associate, Senior Atmospheric Scientist

Dr Dominic Hogg

Ricardo Energy & Environment
Chris Hoy
Waste Management Specialist

Keith James
Special Adviser – Environmental Research

Anaerobic Digestion and 
Bioresources Association (ADBA)

Thom Koller
Policy Officer

Mr. Wenqin Lu
Deptuy Director

The Energy and Resources Institute (TERI)
Sourabh Manuja
Associate Fellow,
Environment and Waste Management Division

University of Surrey
Professor Richard Murphy
Director, Centre for Environment & Sustainability

The Energy and Resources Institute (TERI)
Dr Suneel Pandey
Director, Environment and Waste Management Division

Ricardo Energy & Environment
Dr Adam Read
Practice Director – Resource Efficiency & Waste Management

Amrita Sinha
Manager, Solid Waste Network

University College London (UCL)
Dr Carla Tagliaferri
Research Associate

Resource Futures
Bernie Thomas
Principal Consultant


Biographies of current members of the Technical Working Group are available here.




Alexandrea Licurse

Commonwealth Bank

Andrew McIntyre

Asian Development Blog

Atul Sanghal

Emergent Ventures

Chindarat Taylor


Damaso Zagaglia, Robert Rosenberg, Janina Lichnofsky


Desmond Ho, Tan Kim, Joseph Boey, James Leung, Ong Soo San, Tan Chiew Lee,

National Environment Agency, Singapore

Douglas Farquhar


Emilie Hagen

Atelier ten

Fang-yi Xiang


Grace Sapuay


John Sayer, Xing Lan

Carbon Care Asia

John Scanlon


Julien Grimaud


Larry Grant

Eden Eco Solutions

Margaret Bates


Mark Berry

Norton Rose Fulbright

Melanie Eddis, Michael Anderson


Michael Van Brunt, Paul Gilman


Monica Reid

Kestrel Verifiers

Myles Cohen

Earth Link

Oterdoom Herman


Pip Best, M.Fisher

EY Financial Services

Rainer Winter


Sarah Fee, Charles Gooderham, Duncan Russell


Stacey Mack, Maria (Tina) Sentner

NSF Certification

Stan Krpan

Sustainability Victoria

Stuart Hayward-Higham, Margaret Andrews


Susan Robinson, Tara J Hemmer

Waste Management, Inc

Zhu Hailei



"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”


    Financial instruments (bonds and loans) linked to these eligible assets, activities and entities will be aligned with the Paris Agreement and the goal of keeping global temperature rises to no more than 1.5oabove pre-industrial levels.