Criteria: Forestry


  1. Forestry Criteria Summary
  2. Forestry Criteria Document
  3. Forestry Criteria Background Paper
  4. Climate Bonds Standard
  5. Climate Bonds Standard & Certification Scheme Brochure


June 2018: Forestry Criteria open for public consultation
August 2017: Forestry TWG convened
May 2016: Land Use TWG reconvened
Sep 2015: Draft Land Use Criteria launched for public consultation
Oct 2014: Land Use TWG established

Latest update: The public consultation for the Climate Bonds Standard Forestry Criteria started on Friday 1st June 2018 and ended 20th July 2018.

We have held two live Webinars on the Forestry Criteria in June and July 2018. Please see below for the recording of this webinar, so you can better understand the details and nuances.

What are the Forestry Criteria?

Forestry is an integral industry for many developed and developing countries and forestry-related investments thus form a huge part of the capital assets of these countries. The UNFCCC has estimated that, globally, an additional USD 14 billion in financial flows will be required to address climate impacts in agriculture, forestry, and fisheries in 2030[1]. For forestry more specifically, UNEP estimates that USD 17-33 billion per year is required to achieve a 50% reduction in deforestation by 2030. A clear understanding of what sorts of investments are consistent with improving the climate resilience of forestry assets will allow bond investors to quickly determine the environmental credentials of forest-related green bonds.

The Forestry Criteria lay out the requirements that forestry infrastructure assets or projects must meet to be eligible for inclusion in a Certified Climate Bond. The bond must also meet the reporting and transparency requirements of the overarching Climate Bonds Standard in order to receive Certification.

Development of Forestry Criteria

Development of the Forestry Criteria originally began through development of Land Use Criteria. However, it was decided that to improve the ambition of each the Criteria, the land sector should be tackled by several separate criteria. Development of the Forestry Criteria followed. The scope includes plantation forestry, sustainable forest management, forest conservation and restoration and forest supply chains.

To create the Forestry Criteria, we convened a Technical Working Groups (TWG) and an Industry Working Group (IWG) with representatives from investors, public entities, environmental and forestry NGOs and international policy bodies from around the world.

Forestry Criteria Technical Working Group Members

Lead Specialist

Versant Vision
Christine Negra

World Wildlife Fund (WWF)
Paul Chatterton

Eco System Service Limited

Stuart Clenaghan

Petri Lehtonen

Abt Associates
Michele Laird

Forest Trends
Rupert Edwards

University of Oxford
Sergio Collaço de Carvalho

Torsten Boettcher

The Center for People

and Forests (RECOFTC)
David Ganz

Forestry Criteria Industry Working Group Members

  • Lars Mac Key, DanskeBank
  • Michael Anderson, ERM
  • Eliza Mathews, ANZ
  • Beth Nelson & Pip Best, EY
  • Jacob Michaelsen, Nordea
  • Mark Robinson, DNV.GL
  • Sophie Beckham, International Paper
  • Sami Lundgren & Timo Lehesvirta, UPM
  • Esben Brandi, APG Asset Management
  • Brian Kernohan, Hancock Natural Resources Group
  • Rama Chandra Reddy & Jean-Dominique Bescond, World Bank

Climate Bonds Standard: Sector Criteria Process

Each sector-specific eligibility criteria are developed along a set process. This ensures we create robust science-backed criteria that are usable in the market:

Sector criteria are currently available for Solar Energy, Wind Energy, Geothermal Energy, Low Carbon Buildings, Water Infrastucture, Low Carbon Transport and Marine Renewable Energy.

Soon to be available are criteria for Hydropower and Forestry. Work is ongoing on Waste Management, Bioenergy, Land Conservation & Restoration and Land Use.

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