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Green Bond Principles - Voluntary Process Guidelines for Issuing Green Bonds
Type
Framework
Date
June 2025
Location
Zurich, Switzerland
Green Bond Principles - Voluntary Process Guidelines for Issuing Green Bonds
The ICMA Green Bond Principles (GBP) (June 2025) reaffirm that credibility in the green bond market comes from process and disclosure, not branding.
GBP defines a Green Bond as any bond whose proceeds (or an equivalent amount) are applied exclusively to eligible Green Projects and aligned with four core components:
(1) Use of Proceeds,
(2) Project Evaluation and Selection,
(3) Management of Proceeds, and
(4) Reporting.
The 2025 update highlights “Green Enabling Projects” (June 2024 guidance) and expands the definition of Green Projects to include “activities,” recognizing that some value-chain investments are essential for scaling climate solutions even if they do not deliver direct environmental outcomes alone.
Importantly, GBP recommends Green Bond Frameworks and external reviews (pre- and post-issuance) to support transparency, track allocations, and strengthen market integrity while helping investors assess environmental impact.
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