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href="https://www.climatebonds.net/transition-finance-home" title="">Transition Finance</a></li> <li><a href="https://www.climatebonds.net/frameworks-assess-transition" title="">Frameworks to Assess Transition</a></li> <li class="active">Financing Credible Transitions - A framework for identifying credible transitions </li> </ol> <a id="main-content"></a> <h1 class="page-header">Financing Credible Transitions - A framework for identifying credible transitions </h1> <div class="region region-content"> <section id="block-system-main" class="block block-system clearfix"> <article id="node-54257" class="node node-page node-promoted clearfix"> <div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><h1><img alt="" src="https://www.climatebonds.net/files/images/transition-finance/transition-paper/CBI_Transition_banners2.jpg" style="font-size: 13px; caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); width: 800px; height: 178px;" /></h1> <p><a href="mailto:info@climatebonds.net"><img alt="" src="https://www.climatebonds.net/files/images/transition-finance/agri-foods/get-in-touch.png" style="opacity: 0.9; caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); width: 200px; height: 84px; float: right;" /></a></p> <div> <h2><span style="color:#006699;">How to ensure the transition label has impact</span></h2> <h3><span style="color:#696969;">A joint Climate Bonds & Credit Suisse Whitepaper </span></h3> <hr /><div style="box-sizing: border-box; border-radius: 5px; font-family: Tahoma, Arial, sans-serif; font-size: 14px; background-color: rgb(216, 216, 216); width: 300px; float: right; margin-left: 10px; margin-right: 10px; padding: 6px;"> <p style="box-sizing: border-box; margin: 0px 0px 10px;"><span style="font-size:14px;"><span style="font-weight: 700;">Resources:</span></span></p> <ol><li style="box-sizing: border-box; margin: 0px 0px 10px;"> <div><a href="https://www.climatebonds.net/resources/reports/financing-credible-transitions"><span style="font-family: Tahoma, Arial, sans-serif; font-size: 14px; background-color: rgb(216, 216, 216);">Financing Credible Transitions (White Paper)</span></a></div> </li> <li style="box-sizing: border-box; margin: 0px 0px 10px;"><a href="https://www.climatebonds.net/resources/reports/financing-credible-transitions-summary-note">Summary note: Financing Credible Transitions</a></li> <li> <div><a href="https://www.climatebonds.net/transition-finance-transforming-companies">Transition Finance for Transforming Companies</a></div> </li> <li style="box-sizing: border-box; margin: 0px 0px 10px;"> <div>Original <a href="https://www.climatebonds.net/resources/press-releases/2020/09/climate-bonds-initiative-and-credit-suisse-publish-financing">Press Release</a> from Sept 2020</div> </li> <li style="box-sizing: border-box; margin: 0px 0px 10px;"><a href="https://www.climatebonds.net/2021/01/short-guide-financing-credible-transitions-inclusivity-part-1-3-new-2021-transition-series">Transition Feature: Inclusive</a></li> <li style="box-sizing: border-box; margin: 0px 0px 10px;"><a href="https://www.climatebonds.net/2021/02/short-guide-financing-credible-transitions-part-2-3transition-needs-ambition-climate-bonds">Transition Feature: Ambition</a></li> <li style="box-sizing: border-box; margin: 0px 0px 10px;"><a href="https://www.climatebonds.net/2021/03/financing-credible-transitions-flexibility-core-feature-will-shape-transition-finance-part-3">Transition Feature: Flexible</a></li> </ol><p style="box-sizing: border-box; margin: 0px 0px 10px;"> </p> <p style="box-sizing: border-box; margin: 0px 0px 10px;"><strong>News:</strong></p> <p style="box-sizing: border-box; margin: 0px 0px 10px;"><a href="https://www.climatebonds.net/climate-bonds-standard-v4">Climate Bonds Standard Version 4.0 expands to Corporate Entity and SLB Certification</a></p> <p style="box-sizing: border-box; margin: 0px 0px 10px;"> </p> <p style="box-sizing: border-box; margin: 0px 0px 10px;"><em>Building a market for green transitions, </em>30<sup>th</sup> Nov 2020 </p> <div>Event speakers: </div> <div>Adam Matthews, Church of England Pensions Board; </div> <div>Anna Creed, Climate Bonds; </div> <div>Marissa Drew, Credit Suisse; </div> <div>Stephen Liberatore, Nuveen;</div> <div>Sean Kidney, Climate Bonds.</div> <div class="rtecenter" style="box-sizing: border-box; margin: 0px 0px 10px;"> <iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="150" scrolling="no" src="https://www.youtube.com/embed/m1nox0EmCtE" width="200"></iframe></div> <div style="box-sizing: border-box; margin: 0px 0px 10px;">Conference 2020 Session, 8<sup>th</sup> Sep: </div> <div style="box-sizing: border-box; margin: 0px 0px 10px;"><em>A Path Forward For Transition Finance</em></div> <div style="box-sizing: border-box; margin: 0px 0px 10px;"><a href="https://www.linkedin.com/in/marisa-drew-9532088">Marisa Drew</a>, Credit Suisse & <a href="https://www.linkedin.com/in/seankidney">Sean Kidney</a>, from Climate Bonds were hosted by Bloomberg television's <a href="https://www.bloombergmedia.com/talent/people/francine-lacqua/">Francine Lacqua</a> on the launch session of the new transition framework during the Conference 2020.</div> <p class="rteindent1"> <iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="120" scrolling="no" src="https://www.youtube.com/embed/BjOnodrsZkM" width="200"></iframe></p> </div> <p><a href="https://www.climatebonds.net/resources/reports/financing-credible-transitions"><img alt="" src="https://www.climatebonds.net/files/images/transition-finance/transition-paper/fin-cred-transitions-cover-thumbnail.png" style="width: 150px; height: 208px; margin-left: 13px; margin-right: 13px; float: left;" /></a></p> <div>The September 2020 whitepaper presented a framework for identifying credible transitions and had 2 purposes:</div> <div>1. <strong>Define transition as a concept </strong>by presenting a starting point for the market to see a credible brown to green transition as ambitious, inclusive and aligned with the Paris Agreement (thereby avoiding greenwash), providing the definition and meaning of transition finance.</div> <div>2. Put forward<strong> a framework for use of the transition label</strong> in practice and <strong>propose clearly demarcated roles for both a green and a transition label</strong>.</div> <div> </div> <div> A summary of this is available in the resources box 'summary note' along with the the whole paper 'Financing credible transitions (white paper)'. </div> <div> <hr /></div> <p><a href="https://www.climatebonds.net/files/files/Japanese-Financing-Credible-Transition.pdf"><img alt="" src="https://www.climatebonds.net/files/images/transition-finance/transition-paper/fct-jp-thumbnails.png" style="width: 150px; height: 206px; margin-left: 13px; margin-right: 13px; float: left;" /></a>本書では、パリ協定に沿った信頼できる移行を特定するためのフレームワークを提示する。<br /> 本書には2つの目的がある。<br /> 1. 信頼できる「ブラウン」から「グリーン」への移行が、野心的で包括的、かつパリ協定に沿ったものであると市場がみなすための出発点を提示することによって、移行を概念として定義する（それによりグリーンウォッシュを回避する）。<br /> 2. グリーンラベルとトランジションラベルの役割分担を明確にし、実際にトランジションラベルを活用するための枠組みを提案する。<br /> これらの提案の背景には、移行の性質は事業体によって異なり、経済活動の必要性や代替性、脱炭素化の短期的・長期的可能性に左右されるという認識がある。</p> <hr /><p><a href="https://www.climatebonds.net/transition-finance-home/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B9%80%E0%B8%87%E0%B8%B4%E0%B8%99%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B9%80%E0%B8%9B%E0%B8%A5%E0%B8%B5%E0%B9%88%E0%B8%A2%E0%B8%99%E0%B8%9C%E0%B9%88%E0%B8%B2%E0%B8%99%E0%B8%97%E0%B8%B5%E0%B9%88%E0%B8%99%E0%B9%88%E0%B8%B2%E0%B9%80%E0%B8%8A%E0%B8%B7%E0%B9%88%E0%B8%AD%E0%B8%96%E0%B8%B7%E0%B8%AD"><img alt="" src="https://www.climatebonds.net/files/images/transition-finance/thai/fct-thai.png" style="width: 150px; height: 210px; float: left;" /></a><strong> </strong><b style="color: rgb(36, 36, 36); font-family: Calibri, sans-serif; font-size: 13.3333px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 11pt; line-height: inherit; font-family: "Browallia New", sans-serif; font-optical-sizing: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; margin: 0px; padding: 0px; vertical-align: baseline; color: inherit;">การเงินเพื่อสนับสนุนการเปลี่ยนผ่าน</span></b></p> <p style="margin-left:5.2px;"><img alt="" src="https://www.climatebonds.net/files/images/Screenshot%202023-03-14%20at%2010_17_35.png" style="width: 400px; height: 153px;" /></p> <hr /><h3><span style="color:#0099cc;"><strong>1. Defining transition as a concept </strong></span></h3> <h3><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;">Whilst the Green bond market has grown fast over recent years, there is insufficient volume and diversity of sectors and on their own, they will not deliver the goals of the Paris Agreement. To do this, all sectors of the economy will adjust to operate effectively in a low carbon economy. For many sectors - especially the high carbon emitting sectors - they may need to fundamentally reshape and transform their strategy in light of the challenges of a changing climate.</span></span></h3> <h3><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;">The paper presented <a href="https://www.climatebonds.net/principles-transition"><span style="color:#006699;"><strong>5 Core Principles for an ambitious transition</strong></span></a> that need to be considered for any organisation looking to transition in order to ensure that transition is done in the right way. If a bond meets these principles, it’s important to also check that:</span></span></h3> <ul style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 14px;"><li style="box-sizing: border-box;"><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;">there is sufficient information to enable an informed decision to be made;</span></span></li> </ul><ul style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 14px;"><li style="box-sizing: border-box;"><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;">that it doesn’t contribute to locking in GHG intensive infrastructure.</span></span></li> </ul><p> </p> <p><img alt="" src="https://www.climatebonds.net/files/images/Greenwash%282%29.jpg" style="width: 450px; height: 291px;" /></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;">In addition, the paper presented 3 key features that a transition must display: </span></span></p> <p><strong>Three common features for Transition</strong></p> <p style="box-sizing: border-box; margin: 0px 0px 10px; font-size: 14px;"><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="box-sizing: border-box;">• <span style="box-sizing: border-box; font-weight: 700;">Ambitious</span> – this means aiming high i.e. in line with 1.5 degrees or has a significant emissions reduction potential) and aiming well i.e </span>ensuring that reductions are real (no offsets) and plans are real (not just a plan to have a plan).</span></span></p> <p style="box-sizing: border-box; margin: 0px 0px 10px; font-size: 14px;"><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="box-sizing: border-box;">• <span style="box-sizing: border-box; font-weight: 700;">Flexible</span> – applicable to whole entities, everything they do, and a range of associated financial products</span></span></span></p> <p style="box-sizing: border-box; margin: 0px 0px 10px; font-size: 14px;"><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="box-sizing: border-box;">• <span style="box-sizing: border-box; font-weight: 700;">Inclusive</span> – allow all sectors and activities to participate as long as they demonstrate compliance with the principles and framework outline</span></span></span></p> <p> </p> <hr /><h3><span style="color:#0099cc;"><strong>2. A framework for use of the transition label</strong></span></h3> <div>Some low-emissions solutions are already available in some sectors, and transition should therefore be towards those solutions. For others, there are no solutions yet, but substitute low-emission activities exist and so the transition should be towards better alternatives. The nature of transition differs depending on the need and potential to decarbonise them. Different financial mechanisms can be employed to fund this transition and can be tailored to engage the appropriate investor:</div> <h2><img alt="" src="https://www.climatebonds.net/files/images/transition-finance/transition-paper/CBI_Transition_T_01.jpg" style="width: 600px; height: 300px; float: right;" /></h2> <h2> </h2> <h2><span style="color:#0099cc;">Multiple pathways to achieve Paris goals and the SDGs</span></h2> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <hr /><p><img alt="" src="https://www.climatebonds.net/files/images/transition-finance/transition-paper/CBI_Transition_T_013.jpg" style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); width: 600px; height: 300px; float: left;" /></p> <h2><a href="https://www.climatebonds.net/transition-finance-transforming-companies"><span style="color:#0099cc;">A flexible framework applicable to whole entities and everything that they do</span></a></h2> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> 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