The Climate Bond Initiative (CBI) has announced plans to develop climate transition frameworks for heavy industries in the EU, funded by a three-year grant from the Children’s Investment Fund Foundation (CIFF) - the $6bn philanthropic organisation co-founded by billionaire investor Chris Hohn.
CBI, the London-based NGO, has said that it will establish new criteria for “credible climate transition plans in line with EU Net Zero targets”, and expand its flagship Climate Bonds Certification Scheme to incorporate entity-level transition plans, reporting and data analysis.
It is hoped that the frameworks will grow the labelled transition bond market and mobilise investments to fund the decarbonisation of key EU industrial sectors, including steel, cement and basic chemicals.
The move comes months after the CBI published a white paper proposing a dedicated framework for transition bonds in conjunction with Credit Suisse.
The creation of a transi…