气候债券弹性分类

Climate BondsResilienceTaxonomy CLIMATE RESILIENCE PROCESSCRITERIA FOR CERTIFICATION SUPPLEMENTARY DOCUMENT 1.Introduction Thissupplementarydocumentoutlines: Criteria for certifying climate resilience investments that areidentified in the Climate Bonds ResilienceTaxonomy (CBRT), but which do not currently have Climate Bonds Sector Criteria covering climateresiliencei. This should be read and applied alongside the draft of the Climate Bonds Standard v4.3Section 2. 2.Criteria for certifying climate resilience investmentslisted in the climate bonds resilience taxonomy This document sets out interim criteria for certifying climate resilience investments that are listed in theClimate Bonds Resilience Taxonomyii(‘CBRT investments’). These investments and associated criteriaare relevant to Use-of-Proceeds (UoP) Certification and Asset Certification only. These interim criteria apply to CBRT investments across all the sectors and investment types (i.e.adapted activity, enabling activity, adapting measure, enabling measure) identified in the CBRT. They override the draft technical screening criteria set out in the CBRT as these are still pending review andvalidation and cannot yet be used. They are interim as, on a sector-by-sector basis, the draft criteria set out in the CBRT will be reviewedand validated by sector-specific TWGs, who will also identify investment-specific proxies that may beused to simplify and standardise investment screening. Those validated criteria and proxies willprogressively replace the interim criteria presented in this document.It is expected that this will, overtime, facilitate more streamlined and efficient certification processes. This document should be read and applied in conjunction with paragraph 2.4 of the Climate BondsStandard v4.3. 2.1Requirements for Certification CBRT investments are certifiable if they:i)Make a Substantial Contribution (SC) to climate resilience;andii)Manage any associated maladaptation risks; andiii)Do no significant harm (DNSH) to climate mitigation objectives. It is important to note that some CBRT investments have been pre-assessed during the development ofthe CBRT as meeting some or allof these elements. For other CBRT investments issuers/applicants forcertification are required to provide evidence that these elements are met. Box 1: Definitions of terms used This guidance uses the same terms that are defined in the CBRT Methodology Documentiii, whichprovides fuller explanations of each term: Substantial Contribution (SC) to climate resilience:a measurable reduction in vulnerability (orexposure) to climate impacts in the investment context. Maladaptation:the risk of an unintended measurable increase in vulnerability (or exposure) in theinvestment context and/or in the wider system within which the investment is situated. This may be theresult of physical climate risk uncertainty, or of miscalculation that leads to increased vulnerability tothe risk to that the investment is intended to address. It may also be caused by a failure to considersystem boundaries that leads to increased vulnerability to physical climate risks that are externalitiesto the investment context. Do no significant harm (DNSH) to mitigation:avoiding undermining climate mitigation objectives bycausing a significant increase in GHG emissions (e.g., high energy-intensity and/or fossil fuel use)iv. Adapted investment:an investment that that includes measures that substantially reduce the risk ofadverse impacts of current and expected future climate on that investment itself. These are furtherdefined in the CBRT as: Adapting measure:a specific action or intervention taken within an activity to make it more climateresilient. Adapted activity:an economic activity that has implemented specific adapting measures to make itmore climate resilient to the target climate impacts that it is intended to address, bringing the risk downto an acceptable level. Enabling investment:an investment that makes an enabling contribution through the provision of atechnology, product, service, information, or practice, or through promoting their use, to builds theclimate resilience to identified climate impacts of other activities including people, nature, culturalheritage or other economic activities beyond the investment. These are further defined in the CBRTas: Enabling measure:a specific intervention implemented within an economic activity with the primaryintention to enhance the resilience of one or more other economic activities. Enabling activity:an activity that has the primary purpose of enhancing the climate resilience of otheractivities or systems. Investment-level assessment:the process of assessing an investment to identify any materialclimate impacts to the investment and determine whether they have been mitigated to a tolerablelevel, and also (for enabling investments only) to determine whether the investment makes anenabling contribution that builds the climate resilience