气候债券倡议组织：2025 GSS债券市场透明度与报告工作研究报告（英文版）（43页）.pdf

1、Transparency&Reporting in the GSS Bond MarketPrepared by Climate Bonds Initiative.Supported by Inter-American Development Bank(IDB),International Finance Corporation(IFC),Singapore Exchange(SGX Group),and The Global Methane Hub.Transparency&Reporting in the GSS Bond Market Climate Bonds Initiative 2

2、Reporting:an expectation Post-issuance reporting is a fundamental expectation for sustainable finance instruments while impact reporting is currently only required for certain projects and recommended for others.While post-issuance reporting is not mandatory,it is required to meet the conditions of

3、many frameworks and standards and most investors consider reporting to be critical,therefore if issuers fail to report there could be consequences.1,2In the case of green,social,and sustainability(GSS)bonds,reporting provides transparency around the use of proceeds(UoP)or allocations,and the sustain

4、ability-related impact of the financing.Additional information is often provided,such as links with the issuers entity-level activities.GSS bond reporting frameworks and standardsReporting is one of the four pillars of the International Capital Markets Association(ICMA)Green Bond Principles,Social B

5、ond Principles,and Sustainability Bond Guidelines(GBP,SBP,and SBG,respectively),collectively known as the ICMA Principles,which almost all issuers adhere to.3,4The ICMA Principles require post-issuance reporting of both allocations and impacts.ICMAs harmonised framework for impact reporting states,R

6、eporting is a core component of the GBP,and green bond issuers are required to report on both the use of green bond proceeds,as well as their expected environmental impacts at least on an annual basis.5 The same guidelines can be found in ICMAs harmonised framework for impact reporting for social bo