气候转型债券指南

November 2025 (including updated Appendix) The Climate Transition Bond Guidelines are voluntary process guidelines that neither constitute an offer to purchase or sell securities nor constitutespecific advice of whatever form (tax, legal, environmental, accounting or regulatory) in respect of sustainable bond or any other securities. The ClimateTransition Bond Guidelines do not create any rights in, or liability to, any person, public or private. Issuers adopt and implement the Climate TransitionBond Guidelines voluntarily and independently, without reliance on or recourse to the Principles, and are solely responsible for the decision to issueClimate Transition Bonds. Underwriters of Climate transition Bonds are not responsible if issuers do not comply with their commitments to ClimateTransition Bonds and the use of the resulting net proceeds. If there is a conflict between any applicable laws, statutes and regulations and the guidelinesset forth in the Climate Transition Bond Guidelines, the relevant local laws, statutes and regulations shall prevail. This paper is provided for information purposes only and should not be relied upon as legal, financial, or other professional advice. While the informationcontained herein is taken from sources believed to be reliable, ICMA does not represent or warrant that it is accurate or complete and neither ICMAnor its employees shall have any liability arising from or relating to the use of this publication or its contents. Likewise, data providers who providedinformation used in this report do not represent or warrant that such data is accurate or complete and no data provider shall have any liability arisingfrom or relating to the use of this publication or its contents. © International Capital Market Association (ICMA), Zurich, 2025. All rights reserved. No part of this publication may be reproduced or transmitted in anyform or by any means without permission from ICMA. Table of Contents 1Introduction 2Climate Transition Bonds (CTBs) 2.1Use of Proceeds32.2Process for Project Evaluation and Selection42.3Management of Proceeds52.4Reporting52.5Key Recommendations6Bond Framework6External Reviews6 3Sustainability-Linked Bonds for high-emission issuers7 3.1Selection of key performance indicators73.2Alignment and independent validation of sustainability performance targets7 Appendix – Preliminary and non-exhaustive CT Project categories8 Annex 1 – Overview of official sector and market-based tools for transition finance9Taxonomies9Pathways and roadmaps16 Annex 2 – Overview of guidance on avoiding carbon lock-in risks 1Introduction The Climate Transition Bond Guidelines (the “Guidelines”) introduce a standalone Climate Transition Bond (“CTB”)label under the Principles designed to help (re)finance critical projects for achieving the goals of the Paris Agreement,especially from those in high-emitting sectors and/or with high-emitting activities (“high-emission issuers”). Suchprojects complement and typically go beyond the scope of the Green Bond Principles (“GBP”) in addressing today’sdecarbonisation and emissions reduction challenge. The Guidelines also make recommendations for high-emissionissuers of climate transition-themed Sustainability-Linked Bonds (“SLBs”). ICMA’s report “Transition finance in the debt capital market” confirms that sustainable bonds1are already being used atgreat scale to finance key components of the climate transition, through financing renewable energy, clean transportationand green buildings, among other things, as well as generally supporting the climate transition strategy of issuers.However, the report also underlines that the sustainable bond market has not been sufficiently contributing to financingthe transition of the fossil-fuel and hard-to-abate sectors. Organisations from those sectors especially, may therefore wishto use the CTB label when raising finance for transition related projects. It is estimated that USD30 trillion of additional capital, including corporate and infrastructure investments, is needed todecarbonise eight high-emission sectors representing 40% of global GHG emissions by 20502. Several influential investorinitiatives have in recent years also highlighted the need to provide financing for the transition of high-emission issuers toachieve credible and impactful real-economy decarbonisation3. The ambition of the Guidelines is to enable a greater role for the sustainable bond market in financing these priorities.The Guidelines provide issuance-level guidance that supplements the entity-level practices, actions and disclosuresrecommended by the Climate Transition Finance Handbook (CTFH) for issuers of sustainable bonds when raising fundsfor their climate transition strategy. The Guidelines: 1.Introduce the use of the Climate Transition Bond (“CTB”)4as a standalone label for use-of-proceeds bonds.2.Provide guidance on financing credible climate transition projects (“CT Projects”) with a definition and sa