Status: The Water Infrastructure Criteria is available for use in certifications. Get in contact with email@example.com to start the certification process of your Water Infrastructure green bond.
Bonds and loans linked to these eligible assets and projects will be aligned with the Paris Agreement 2 oC limit
The new Water Infrastructure Criteria was launched on 22 May 2018. See the Media Release for more details.
A Webinar ‘A Deeper Blue for Green Bonds: Water Investment Criteria for Nature-based Solutions’ was held on June 14 2018.
A webinar was held in November 2017 to launch the Phase 2 Public Consultation. The recording is below:
What are the Water Infrastructure 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. In 2008, the Intergovernmental Panel on Climate Change (IPCC) report showed the complex links between climate change and the distribution and supply of fresh water. Substantial infrastructure will be required to ensure clean and secure water supplies as the climate changes. 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.
4. Water Infrastructure Criteria Supplementary Guidance Note for Issuers and Verifiers (include explanations to Adaptation & Resilience Scorecard)
5. Water Infrastructure Criteria Frequently Asked Questions (FAQ)
6. Adaptation & Resilience Scorecard template in Word format (p20 of Criteria)
Climate Bond Standard
Timeline of development:
February 2020: Water Desalination removed temporarily
May 2018: Full Criteria released
Dec 2017: public consultation closed
Oct 2017: Phase 2 Criteria public consultation opens
Oct 2016: Phase 1 Criteria released
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)
Water Fit to Finance (World Water Council)
The Water Infrastructure 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 Infrastructure 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. These two phases now form the whole Criteria and there is no division between the two.
Development of Water Infrastructure Criteria
The development of the Water Infrastructure Criteria has been led by the Water Consortium, which consists of the Climate Bonds Initiative, Ceres, World Resources Institute (WRI), CDP and the Alliance for Global Water Adaptation (AGWA), which is supported by Stockholm International Water Institute (SIWI). To create the Criteria, the Water Consortium convened a Technical Working Group (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 Infrastructure Criteria Technical Working Group Members
Alliance for Global Water Adaptation
|World Bank Group's Environment & Natural Resources Global Practice
|California Organized Investment Network (COIN)
|European Investment Bank
Senior Advisor on Climate Action & Environment
Prof. Michael McClain
Professor of Ecohydrology
|World Business Council for Sustainable Development
Manager, Water Cluster
|University of North Carolina
Dr. Larry Band
Director, Institute for the Environment
Senior Water Resource Engineer
Cees van de Guchte
Scenarios & Policy Analysis
|American Water Works Association
Director of Engineering & Technical Services
|IUCN Global Water Programme
Dr. James Dalton
Coordinator Global Water Initiatives
|Alliance for Global Water Adaptation
Director, Water Program
|World Resources Institute
Director, Natural Infrastructure Initiative
|Stockholm International Water Institute
Chief Economist, Water Economics
Dr. Musonda Mumba
Ecosystem Based Adaptation (EBA) Flagship Programme Coordinator
|Earth Security Group
Margot Hill Clarvis
|Stockholm International Water Institute
|Charles River Watershed Association
Director of Adaptation Planning
|University of California, Division of Agriculture & Natural Resources
Cooperative Extension Specialist in Climate & Water
|Complutense University of Madrid
Dr. Elena Lopez-Gunn
|2030 Water Resources Group (hosted by IFC)
Senior Director, Global Synthesis
|US Geological Survey
Deputy Chief, National Climate Change & Wildlife Science Center
|The Nature Conservancy
Senior Policy Advisor