Update 3 January 2018: The public consultation for Climate Bonds Standard Water Criteria Phase 2 is closed. Thank you for submitting your comments. The Criteria are being revised and will be released soon. You can find the webinar recording here 


What are Water Criteria 

Water-related investments account for an enormous part of the capital assets of developed countries, and are a huge part of investments being undertaken in developing economies. A recent Intergovernmental Panel on Climate Change (IPCC) report shows that substantial climate adaptation infrastructure will be required to ensure future clean and secure water supplies. A clear understanding of what sorts of investments are consistent with improving the climate resilience of water assets will help bond investors quickly determine the environmental credentials of water-related green bonds.


1. Water Infrastructure Criteria - Brochure 
2. Water Infrastructure Criteria - Draft Criteria 

3. Water Infrastructure Criteria - Background Paper 
4. Climate Bonds Standard V2.1
5. Water
Infrastructure Criteria - Guidance Note for Issuers and Verifiers (Phase 1)
6. Water
Infrastructure Criteria - FAQ (Phase 1)

Oct 2017: Version 2 Criteria public consultation opens
Oct 2016: Version 1 Criteria released
May 2016: First Version 2 TWG meeting 
Nov 2015: Version 1 public consultation
Nov 2014: First Version 1 TWG meeting 

Bond Certifications: 
San Francisco Public Utilities Commission
City of Cape Town

Financing Water Resilience: Climate Bonds for China (China Water Risk)
Financing Natural Resilience: a New Wave (UNESCO)
China's Green Bonds Finance Climate Resilience (New Security Beat)

The Water Criteria lay out the requirements that water infrastructure assets and/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 V2.1 in order to receive Certification.

The Water Criteria have been developed in two phases. Phase 1 Criteria cover engineered water infrastructure and Phase 2 Criteria covers nature-based and hybrid water infrastructure for such purposes as water collection, storage, treatment and distribution, flood protection and drought resilience. Phase 1 Criteria were released to the market in October 2016.


Development of Water Criteria

Water Criteria development has been led by a consortium consisting of the Climate Bonds Initiative, Ceres, World Resources Institute, CDP and the Alliance for Global Water Adaptation (AGWA) which is supported by Stockholm International Water Institute (SIWI). To create the Criteria, the consortium convened a Technical Working Groups (TWG) and an Industry Working Group (IWG) with representatives from investors, public utilities, water NGOs and international policy bodies from around the world.


KR Foundation and Rockefeller Foundation have kindly supported this work.




Water Criteria Technical Working Group Members

Lead Specialist

Alliance for Global Water Adaptation
Dr. John Matthews
Secretariat Coordinator
Water TWG Lead Specialist


World Bank Group's Environment & Natural Resources Global Practice
Valerie Hickey
California Organized Investment Network (COIN)
Peter Streit
Investment Officer
European Investment Bank
Nancy Saich
Senior Advisor on Climate Action & Environment
Prof. Michael McClain
Professor of Ecohydrology
World Business Council for Sustainable Development
Tatiana Fedotova
Manager, Water Cluster
University of North Carolina
Dr. Larry Band
Director, Institute for the Environment
Tetra Tech
Dan Christian
Senior Water Resource Engineer
Cees van de Guchte
Scenarios & Policy Analysis
American Water Works Association
Cynthia Lane
Director of Engineering & Technical Services
IUCN Global Water Programme
Dr. James Dalton
Coordinator Global Water Initiatives
UNEP-DHI Partnership
Maija Bertule
Programme Advisor
Alliance for Global Water Adaptation 
Christine Chan
Monika Freyman
Director, Water Program
World Resources Institute
Todd Gartner
Senior Associate, Food, Forests & Water Program
Stockholm International Water Institute
John Joyce
Chief Economist, Water Economics
Dr. Musonda Mumba
Ecosystem Based Adaptation (EBA) Flagship Programme Coordinator
Water Innovator
Will Sarni

Earth Security Group
Margot Hill Clarvis
Senior Manager
Organica Water
Ari Raivetz

Stockholm International Water Institute
Torgny Holmgren
Executive Director

Charles Rives Watershed Association
Bob Zimmerman
Executive Director
Bioatlatlantic Institute
Marco Follador
Director of Adaptation Planning
University of California, Division of Agriculture & Natural Resources
Ted Grantham
Cooperative Extension Specialist in Climate & Water
Denver Water
Laurna Kaatz
Climate Scientist

Complutense University of Madrid
Dr. Elena Lopez-Gunn


2030 Water Resources Group (hosted by IFC) 

Rochi Khemka
Regional Coordinator
Conservation International
Dave Hole
Senior Director, Global Synthesis
US Geological Survey
Janet Cushing
Deputy Chief, National Climate Change & Wildlife Science Center
Independent Consultant
Benjamin Denjean

The Nature Conservancy

Jorge Gastelumendi

Senior Policy Advisor

Jason Fairbairn
Senior Hydrogeologist
Global Environment Facility
Christian Severin
Senior Environmental Specialist

International Institute for Applied Systems Analysis
Junguo Liu
Research Scholar Ecosystems Service & Management
U.S. Environmental Protection Agency
Lisa Hair
Senior Environmental Engineer

U.S. Army Corps of Engineers
Debbie Larson-Salvatore
Institute for Water Resources

U.S. Army Corps of Engineers
Charles B Chestnutt
​Institute for Water Resources

The Nature Conservancy (TNC)
Aparna Sridar


Ania Grobicki
World Resource Institute (WRI)
Betsy Otto
American Water Works Association (AWWA)
Bill Stannard
University of Massachusetts, Hydrology
Casey Brown


Cate Lamb

Urban Water Research Group, Imperial College London
Cedo Maksimovic


Erica Brown

Pegasys, South Africa

Guy Pegram

Karen Yacos

Colorado State University, Stream Ecology Lab
LeRoy Poff

Wiselion LLC
Manisha Singh

Water Environment Federation
Matt Ries

DC Water
Melinda Massey


Rob Cadmus
European Investment Bank 
Sebastian Hyzyk
Sharlene Leurig
European Investment Bank 

Stefanie Lindenberg
Asia Development Bank
Thomas Panella
Xavier LeFlaive


Water Criteria Industry Working Group Members

Mike Brown, San Francisco Public Utilities Commission Paul Fleming, Seattle Public Utilities
Cameron Ironside, International Hydropower Association Piet Klop, PGGM
Hannah Leckie, OECD Arturo Buenaventura Pouyfaucon, Abengoa Water S.A.
Jessica Robinson, Asria Eric Schellekens, Arcadis
Manisha Singh, Wiselion LLC Paul Wood, Water Fund LLC
Matthew Kuzma, Organica Water Martin Geiger, DEG
Bob Morgan, Beaver Water District Nicole Hardiman, Illinois River Watershed Partnership
Simon Petley Roman Gomez, IFC
Gary Sharkey, PwC UK Chris Webb, HERRERA 
Adam Carpenter, American Water Works Association Monica Reid, Kestral Consulting
  Anais Blasco, WBCSD