Glossario

The International Capital Market Association (ICMA) Principles currently set the standard for green bond issuance. The norms provide that issuers (should) i) disclose in a clear way to what projects the funds are devoted; ii) state the projects' environmental benefits and the criteria for classifying projects as green; iii) manage funds allocated to green projects separately from others; and iv) keep and make available up-to-date information on how the funds are used. Furthermore, the ICMA recommends that issuers provide specific information on each green bond's compliance with the guidelines; external auditors must be appointed to certify compliance at issuance, as well as to verify that the funds are actually used for their original purposes over the project's lifespan.