Standards & schemes
International Capital Market Association
In brief
The International Capital Market Association's Green, Social and Sustainability Bond Principles — with the Sustainability-Linked Bond Principles — are the market standards for labelled debt. The Green Bond Principles define four core components: use of proceeds, project evaluation and selection, management of proceeds, and reporting. They are voluntary process guidelines, not a certification: alignment is typically evidenced by a second-party opinion from an external reviewer, and the 2025 editions are current. The principles underpin most of the world's labelled bond issuance, and their claim discipline is well understood in markets: a "green bond" claim rests on framework alignment, external review and post-issuance allocation and impact reporting. The principles are maintained through member working groups with published governance, and their annexes define eligible project categories — renewable energy, clean transport, and so on — that function as the market's shared vocabulary. Non-alignment does not block issuance; it determines whether the 'green' or 'social' label is defensible. Alignment with these principles is a stated position, not a certification; it does not by itself demonstrate compliance or outcomes.
Conditional relationships
A relationship does not mean that the standard proves or validates every use of a claim.
Recognition & legal context
No reviewed law references are published.
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