Launch of New Waste Management Technical Working Group: Developing new science-based criteria for green investment in waste infrastructure
Climate Bonds convenes group of global experts to focus on standards development across waste management to underpin low-carbon investment.
What’s it all about?
The Climate Bonds Initiative has announced the formation of a new Waste Management Technical Working Group (TWG) to develop new sector criteria, which will stimulate investment into low-carbon waste management activities and infrastructure.
Expert Representation
The new TWG convenes 20 expert representatives from 17 organisations, including universities, NGOs, consultancies, and industry associations, with widespread and direct expertise on global waste management.
A screening tool for issuers and investors
Over the next 6-12 months, the TWG will develop science-based criteria that can be used to screen potential waste management assets and projects, identifying those that are best practice in addressing carbon and climate risks and can be considered consistent with limiting warming to a global average of 2°C, aligning with the targets of the Paris Climate Change agreement.
Science based focus
The work of the TWG in developing the Criteria will be pivotal in enabling governments, businesses, and investors to assess the green credentials of projects and assets in the waste sector.
Development of a science-based criteria is intended to facilitate capital flows to innovative, effective waste technologies and infrastructure that accelerates the transition to a low-carbon and climate-resilient economy.
They will provide a potential path for certifying green bonds or other debt instruments in the sector, under the Climate Bonds Standard and Certification Scheme.
Consultation and review process
As the criteria are being developed by the TWG, it will incorporate feedback from an Industry Working Group (IWG) consisting of bond issuers from the waste sector and other intermediaries, which Climate Bonds expects to launch shortly.
Once developed, the criteria will be released for public consultation and finally submitted to the independent Climate Bonds Standards Board for approval.
Who’s on the Waste Management TWG?
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| Anaerobic Digestion and Bioresources Association (ADBA) Jessica AllanEnvironment and Regulation Manager |
UK Green Investment Bank (GIB) Adrian Barnes Associate – Sustainable Finance |
Trucost Tom Barnett Senior Account Director |
Resource and Waste Solutions Terry ColemanConsultant TWG Lead Specialist |
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| Veolia Gary Crawford Vice President of International Affairs |
World Business Council for Sustainable Development Brendan Edgerton Manager, Sustainable Materials |
London Waste and Recycling Board Stuart FergusonHead of Investment |
Golder Associates (UK) David Hall Senior Consultant |
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| Eunomia Dr Dominic HoggChairman |
Ricardo Energy & Environment Chris HoyWaste Management Specialist |
WRAP Keith JamesSpecial Adviser – Environmental Research |
Anaerobic Digestion and Bioresources Association (ADBA) Thom KollerPolicy Officer |
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| The Energy and Resources Institute (TERI) Sourabh ManujaAssociate Fellow (Modelling & Scenario Building),Environment and Waste Management Division |
University of Surrey Professor Richard MurphyDirector, Centre for Environment & Sustainability |
The Energy and Resources Institute (TERI) Dr Suneel PandeyDirector, Environment and Waste Management Division |
Ricardo Energy & Environment Dr Adam ReadPractice Director – Resource Efficiency & Waste Management |
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| C40 Amrita Sinha Manager, Solid Waste Network |
University College London (UCL) Dr Carla Tagliaferri Research Associate |
Resource FuturesBernie ThomasPrincipal Consultant | Zero Waste Europe Mariel Vilella Managing Director |
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Who’s saying what?
Terry Coleman, TWG Lead Specialist and Consultant, Resource and Waste Solutions:
“Climate change is probably the biggest environmental and economic challenge we will face this century, yet governments seem almost incapable of concerted action and business must step up to fill the gap and take the lead.”
“However, addressing climate change needs a huge investment to meet this challenge and investors want to know that their money is helping provide the infrastructure to mitigate or adapt to climate change in a meaningful way.”
“Our work will provide the standards against which the climate change credentials of investments can be judged fairly and objectively, giving investors that certainty and therefore increase confidence and future investment in the green bond market to help address climate change.”
Gary Crawford, TWG Member and Vice President of International Affairs, Veolia and Chair of the International Solid Waste Association Working Group on Climate Change & Waste Management:
“A major barrier for waste and resource management project development, especially in developing countries, has been establishing bankable projects and gaining access to financing.”
“The development of specific criteria for climate bonds addressing waste and resource management within the Climate Bonds Standard by the recently formed Technical Working Group will boost investor confidence and provide a new source of green financing that will help to scale up these much-needed projects around the world.”
Dr Suneel Pandey, TWG Member and Director, Environment and Waste Management Division, The Energy and Resources Institute (TERI):
“The key issue for improving the waste management in developing countries is difficulty in arranging finance to bring in innovative waste processing options to divert waste from landfills and address climate change. Climate Bonds can play a critical role here empowering local bodies to improve their performance.”
Amrita Sinha, Manager, Solid Waste Network, C40:
“With half of the global population currently living in cities – a figure that is estimated to reach 75% by 2050 – cities are key to successfully reducing emissions from the waste sector at scale. The World Bank projects that municipal solid waste streams will double worldwide by 2025, placing increasing pressure on cities to provide sustainable waste management services.”
“Waste management is inherently a local issue and local leaders often have both the power and willingness to address climate risks and air quality issues related to waste. Cities require a significant share of their municipal budget to properly manage solid waste and need cost-effective solutions to affordably implement good waste management practices.”
“Applying a lifecycle approach to waste management has the potential to contribute a significant reduction in global greenhouse gas emissions whilst offering meaningful health, poverty reduction and job creation benefits to cities.”
“Thus, C40 is pleased to join the Waste Management Technical Working Group (TWG) at Climate Bonds Initiative, to develop robust climate bonds criteria for the waste management sector and enable cities / municipalities with more ambitious emissions reduction targets in waste management.”
The Last Word
The Waste Management TWG is the first group to be convened in 2017, as Climate Bonds expands the sectors covered by its international Standard and Certification scheme.
Soon to be available are new Criteria for Land Use, Bioenergy, Hydropower, Marine and expanded criteria for Low Carbon Buildings and Water.
Meanwhile, a warm welcome to the experts on our new TWG and thank you for their generous contributions of time and knowledge.
The Group will be working through 2017 and we’ll let you know of major developments.
‘Till next time,