The CoR has established a Green Bond Framework (GFF) for the issue of green bonds first issued by the city to Icelandic companies on the Icelandic market.
The Green Frame
The Green Framework defines a number of important issues regarding the City's green bond issue, such as:
- What investments can be covered by CoR financing with green bonds?
- How is it administratively in place to ensure that only those projects that meet the requirements of the Green Framework will be financed by green bonds?
- How is it possible to ensure that the funds are earmarked for selected green projects and kept separate from other funds?
- How will reporting on implementation be carried out?
- How will the external auditors be verified?
- How to obtain professional confirmation of the quality of the Green Framework.
A professional verification of the CoR's Green Framework by the CICERO (Center for International Climate Research) is already in place, but most green bond issuers in Europe are looking to a centre that is a leader in international climate research and the fight against climate change. According to CICERO's estimates, the CoR's Green Framework receives the highest score, Dark Green, and all subcategories and projects also receive dark green scores.
Projects that may be included in the Green Frame include the construction of the City Line, the laying of cycle paths and footpaths, LED lighting, charging stations for electric cars and more that save energy and reduce greenhouse gas emissions.
Special consideration is given to administrative arrangements with the City, which will receive the highest score or excellence (Excellent).
- City of - Green Bond Framework
- RVKG 48 1 Terms of Bond
- Green Bond Impact Report - IndependentAuditor's Assurance Report 2019
- Green Bond Impact Report - IndependentAuditor's Assurance Report 2018
- City of - Financial statement 2019
- City of - Financial statement 2018
- CICERO's Second Opinion on the City of Reykjavik Green Bond Framework
- Case Study: City of Reykjavík Green Bond Issue from Fossar
- Case Study: "First green bond issuer" from Circular