CBI clears marine renewables for Climate Bond Certification

Illustration (Image: Wave Energy Prize)

The Climate Bonds Initiative (CBI) has launched the Marine Renewable Energy Criteria which made marine renewable energy investments eligible for Climate Bonds Certification.

The criteria lay out disclosure, GHG emission mitigation and climate adaptation and resilience requirements that marine renewable energy investments must meet to be eligible for Climate Bonds Certification.

The Marine Renewable Energy Criteria have been designed to encompass all marine renewable energy technologies, both the established and the emerging, including offshore wind, tidal, wave, ocean thermal energy conversion (OTEC), salinity gradient for electricity generation, and offshore solar.

CBI said that more investment in the sector is imperative to realize its potential to meet the power needs as technologies progress from research and prototyping to commercial scale.

Bonds seeking Certification must also meet the reporting and transparency requirements of the overarching Climate Bonds Standard, CBI said.

To develop the Criteria, CBI set up a Technical Working Group (TWG) and an Industry Working Group (IWG). TWG was convened specifically for marine renewable energy and provided feedback on the criteria proposed by the TWG from an industry perspective, CBI said.

Across the two groups there was representation from leaders and subject matter experts drawn from academic, NGO, issuer, investor and verifier backgrounds. The criteria also underwent public consultation.

Mark Robinson, DNV GL & IWG member, said: “We are very pleased to see the Marine Renewable Energy Criteria for the Climate Bonds Standard being finalized for use after a constructive Working Group. These criteria set a benchmark for qualifying Marine Renewable Energy projects in green bonds including consideration of mitigation, climate adaptation and resilience with a focus on disclosure and quantified benefits.”

Anna Creed, Head of Standards at CBI, added: “Releasing the Marine Renewable Energy Criteria is another step in the ongoing development of the Climate Bonds Standard and suite of Sector Criteria. This gives investors’ confidence in the benefits of Climate Bonds Certification. We expect to see initial marine renewable certifications in the next six months.”

CBI is an investor-focused non-profit organization, promoting large-scale investment in the low-carbon economy.

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