Clifford Chance

ICMA green bond principles and the EU green bond regulation: a comparison

8 November 2023

On 24 October 2023, the European Council adopted the regulation on European green bonds (the "Regulation",  although frequently referred to as the Green Bond Standard or GBS) relating to a "gold standard" label for green bonds that are aligned with the EU Taxonomy Regulation.  The Regulation is expected to be published in the Official Journal during Q4 2023 and come into effect 12 months later. 

This high-level briefing in table form provides a comparison of the requirements in connection with an issuance of 'use of proceeds’ green bonds under the ICMA Green Bond Principles and the Regulation. This briefing can be read in conjunction with our earlier detailed client briefing – The EU's Gold Standard – the Final EU Green Bond Standard has landed but what does it mean for the green bond market?

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