Launch of New Marine Renewable Energy Criteria
Climate Bonds Certification Scheme Extended to Cover Marine Investments
London, 9th October 2017,13:00 BST – Climate Bonds Initiative has released the Marine Renewable Energy Criteria for use under the science based Climate Bonds Standard. The new Criteria lay out disclosure, GHG emission mitigation and climate adaptation and resilience requirements that marine renewable energy investments must meet to be eligible for Climate Bonds Certification.
Criteria for marine investments are necessary to ensure sufficient transparency and disclosure, confirm facilities do not rely on substantial fossil fuel back-up and to confirm the climate resilience of the assets. Bonds seeking Certification must also meet the reporting and transparency requirements of the overarching Climate Bonds Standard.
The Criteria apply to all marine renewable energy technologies and related dedicated infrastructure, including:
- Offshore wind
- Offshore solar
- Tidal
- Wave
- Ocean thermal energy conversion
- Salinity gradient electricity generation
- And any other new marine renewables technology that may emerge as the sector expands
Wind & Solar projects have been available for Climate Bonds Certification for some time, from this point offshore wind and offshore solar projects will be evaluated using these Criteria which are more specific to issues around marine based energy and ecosystem issues.
Climate Bonds convened two groups, a Technical Working Group (TWG) and an Industry Working Group (IWG) to develop and review the Criteria. The TWG was convened in April 2016 with the remit of developing Criteria for marine renewable energy, fisheries, aquaculture and coastal infrastructure.
The IWG was convened specifically for marine renewable energy and provided an industry based perspective and feedback on the draft Criteria proposed by the TWG. Across the two groups there was representation from industry leaders and subject matter experts drawn from academic, NGO, issuer, investor and verifier backgrounds. These Criteria also underwent public consultation.
Dr. Christine Negra, Versant Vision & TWG Lead Member
“For marine renewable energy technologies to deliver on their full potential in a diversified global energy economy, we need scientifically robust Criteria that give investors the confidence to put capital towards pilot and commercial scale deployment.”
“These science-based Criteria deliver that confidence, helping investors to accelerate the global transition toward renewable energy sources, while ensuring that use of bond proceeds are aligned with the UN Sustainable Development Goal calling for sustainable use of marine resources.”
Dr. Andrea Copping, researcher at the U.S. Department of Energy’s Pacific Northwest National Laboratory & TWG member & external adviser:
“Offshore renewable energy has the potential to be a key provider of the energy the economy needs to transition to a lower carbon future. Siting considerations and requirements are extremely important with offshore arrays, more so than for onshore counterparts, and if not properly considered they can affect the success and power generation of the array.”
Paul Holthus, World Ocean Council (WOC) & IWG member:
“The World Ocean Council is pleased that Climate Bonds Initiative convened the development of Marine Renewable Energy Criteria for green investments. Scaling up marine renewable energy is an important part of the WOC work in support of the Sustainable Development Goals, and was a key topic at the WOC Sustainable Ocean Summit in 2016, as it will be again at this year’s SOS in Halifax in late November.”
“Over the next few years, marine renewable energy generation capacity needs to increase rapidly, and is a focus of the WOC Ocean Investment Platform. The Climate Bonds Initiative Criteria and Certification are a useful tool that developers seeking finance can use to prove the environmental credentials of their projects to investors. Using these Criteria and issuing in the green bond market will help attract new investors to the marine renewable energy sector.”
Mark Robinson, DNV.GL & IWG member:
“We are very pleased to see the Marine Renewable Energy Criteria for the Climate Bonds Standard being finalised for use after a constructive Working Group. These criteria set a benchmark for qualifying Marine Renewable Energy projects in green bonds including consideration of mitigation, climate adaptation and resilience with a focus on disclosure and quantified benefits.”
Anna Creed, Head of Standards at Climate Bonds Initiative:
“Releasing the Marine Renewable Energy Criteria is another step in the ongoing development of the overarching Climate Bonds Standard and suite of individual Sector Criteria. The engagement and contributions from the TWG and IWG members ensures each new Criteria we launch is robust, comprehensive, has strong environmental credentials and takes into account climate resilience considerations.”
“This gives investors’ confidence in the benefits of Climate Bonds Certification. We expect to see initial marine renewable certifications in the next six months.”