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Sustainability Command Center 15 items

Green Bond (ICMA GBP) Use-of-Proceeds Checklist

Assess a green bond framework and issuance against the four core components of the ICMA Green Bond Principles plus external review and impact reporting.

ICMA Green Bond Principles 2021ICMA Harmonised Framework for Impact Reporting

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Use of Proceeds

  • Are proceeds allocated exclusively to eligible green projects described in the framework? *
  • Do eligible categories align with recognized green project categories (e.g., renewable energy, green buildings, clean transport)? *
  • Are environmental benefits described and, where feasible, quantified? *

Process for Project Evaluation & Selection

  • Is the process for determining project eligibility and sustainability objectives documented? *
  • Are environmental and social risks of eligible projects identified and managed? *
  • Is alignment with taxonomies or standards disclosed where applicable? *

Management of Proceeds

  • Are net proceeds tracked in a sub-account, sub-portfolio, or otherwise attested by the issuer? *
  • Is the balance of unallocated proceeds and its temporary placement disclosed? *
  • Is a formal internal process in place to track reallocation if projects become ineligible? *

Reporting

  • Is annual allocation reporting maintained until full allocation? *
  • Is impact reporting provided using relevant indicators aligned to the Harmonised Framework? *
  • Are the methodology and assumptions for impact metrics disclosed? *

External Review

  • Has a Second Party Opinion or other external review of the framework been obtained? *
  • Is post-issuance verification or assurance of allocation obtained where committed? *
  • Is the external review publicly disclosed to investors? *

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