Introduction to

Sustainable Finance:
References
Module 1: Sustainable Finance in
Context

Lesson 1: What is Sustainable Finance?

Referenced Materials
• Carney, M. (2015), Speech: Breaking the Tragedy of the Horizon: Climate Change and Financial Stability
• https://www.bankofengland.co.uk/speech/2015/breaking-the-tragedy-of-the-horizon-climate-change-and-financial-
stability
• United Nations (2015), Addis Ababa Action Agenda (Addis Ababa Action Agenda of the Third International Conference
on Financing for Development)
• https://www.un.org/esa/ffd/wp-content/uploads/2015/08/AAAA_Outcome.pdf
• United Nations (2015), The 17 Goals [Sustainable Development Goals],
• https://sdgs.un.org/goals
• United Nations (2015), Paris Agreement [The Paris Agreement on Climate Change],
• https://unfccc.int/sites/default/files/english_paris_agreement.pdf
• UNEP FI (2021), From 1992 to 2021: The Evolution of Sustainable Finance
• https://www.unepfi.org/news/25th-anniversary/timeline/

Other Useful Resources

• United Nations (2015), Transforming Our World: the 2030 Agenda for Sustainable Development
• https://sdgs.un.org/2030agenda
• United Nations Climate Change (UNFCCC Secretariat) (2021), The Paris Agreement
• https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement

Lesson 2: Financing International Agreements on Climate Change and

Sustainable Development

Referenced Materials
• Climate Policy Initiative (2020), Updated View on the Global Landscape of Climate Finance 2019
• https://www.climatepolicyinitiative.org/publication/updated-view-on-the-global-landscape-of-climate-finance-2019/
• Intergovernmental Panel on Climate Change (IPCC) (2018), Special Report: Global Warming of 1.5ºC. Summary for Policymakers
• https://www.ipcc.ch/sr15/chapter/spm/
• OECD (2018), Financing Climate Change: Rethinking Infrastructure
• https://www.oecd.org/environment/cc/climate-futures/
• United Nations (2021), The Global Goals
• https://www.globalgoals.org/
• United Nations Development Programme (UNDP) (2021), Finance Sector Hub

2
• https://sdgfinance.undp.org
• United Nations Development Programme (UNDP) (2021), SDG Impact
• https://sdgimpact.undp.org/
• United Nations Foundation (2015), Video: A Look at the Sustainable Development Goals
• https://www.youtube.com/watch?v=5G0ndS3uRdo
• United Nations Framework Convention on Climate Change (2021), Nationally Determined Contributions under the
Paris Agreement. Synthesis Report by the Secretariat
• https://unfccc.int/sites/default/files/resource/cma2021_02E.pdf

Other Useful Resources

• Duke University (2021), Impact Measurement & Management for the SDGs  
• https://www.coursera.org/learn/impact-for-sdgs    
• Intergovernmental Panel on Climate Change (IPCC) (2018), Special Report: Global Warming of 1.5ºC
• https://www.ipcc.ch/sr15/
• United Nations (2015), Paris Agreement [The Paris Agreement on Climate Change],
• https://unfccc.int/sites/default/files/english_paris_agreement.pdf
• United Nations (2021). Our Common Agenda  
• https://www.un.org/en/content/common-agenda-report/assets/pdf/Common_Agenda_Report_English.pdf  
• United Nations Climate Change (UNFCCC Secretariat) (2021), The Paris Agreement
• https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement
• United Nations Development Programme (2021), Biodiversity Finance  
• https://www.learningfornature.org/en/courses/biodiversity-finance/   
• UN Environment Inquiry (2018), Making Waves: Aligning the Financial System with Sustainable Development
• https://www.greengrowthknowledge.org/research/inquiry-global-report-aligning-financial-system-sustainable-development
• United Nations Environment Programme (2021), Making Peace with Nature  
• https://www.unep.org/resources/making-peace-nature  

3
Module 2: Fundamentals of
Sustainable Finance

Lesson 3: Sustainable Finance: The Case for Action

Referenced Materials
• CalSTRS (2015), Video: What are Stranded Assets?
• https://www.youtube.com/watch?v=HSKcvoBKYxc
• Climate Policy Initiative (2020), Updated View on the Global Landscape of Climate Finance 2019
• https://www.climatepolicyinitiative.org/publication/updated-view-on-the-global-landscape-of-climate-
finance-2019/
• Equator Principles (2021), The Equator Principles
• https://equator-principles.com/about/
• IIGCC (2020), Understanding Physical Climate Risks and Opportunities, https://www.iigcc.org/download/
understanding-physical-climate-risks-and-opportunities-a-guide-for-investors/?wpdmdl=3388&masterkey=5ec7bf8
e65a02
• Principles for Responsible Investment (PRI) (2021), About the PRI
• https://www.unpri.org/pri/about-the-pri
• Task Force on Climate-related Financial Disclosures (TCFD) (2017), Recommendations of the Task Force on Climate-
related Financial Disclosures
• https://assets.bbhub.io/company/sites/60/2020/10/FINAL-2017-TCFD-Report-11052018.pdf
• United Nations Environment Programme Finance Initiative (UNEP FI) (2021), Principles for Sustainable Insurance
• https://www.unepfi.org/psi/
• UNEP FI (2021), Principles for Responsible Banking
• https://www.unepfi.org/banking/bankingprinciples/

Other Useful Resources

• Gore, A. (2017), Video: Fiduciary Duty in the 21st Century
• https://www.youtube.com/watch?v=PKRIW2yc5WA
• PRI, UNEP FI and The Generation Foundation (2019), Fiduciary Duty in the 21st Century: Final Report
• https://www.unpri.org/download?ac=9792

Lesson 4: Sustainable Finance: Key Actors

Referenced Materials
• ICMA (2018), Green Bond Principles
• https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/green-bond-principles-gbp
• Luxembourg Stock Exchange (2021), Luxembourg Green Exchange

4
• https://www.bourse.lu/green
• Nasdaq (2021), Bonds
• http://www.nasdaqomxnordic.com/bonds/bonds_mainpage
• Network for Greening the Financial System (2021), Sustainable Finance Market Dynamics::An Overview. March 2021
• https://www.ngfs.net/sites/default/files/media/2021/06/17/ngfs_report_sustainable_finance_market_dynamics.pdf
• Oslo Børs (2021), Green Bonds
• https://www.oslobors.no/ob_eng/layout/set/print/Oslo-Boers/Listing/Interest-bearing-instruments/Green-bonds
• Principles for Responsible Investment (PRI) (2021), Regulation Database
• https://www.unpri.org/policy/regulation-database
• PRI (2021), How Policy Makers Can Implement Reforms for a Sustainable Financial System
• https://www.unpri.org/policy/regulation-database/policy-and-regulation-toolkit
• PRI (2021), About the PRI
• https://www.unpri.org/pri/about-the-pri
• PRI (2021), Signatory Directory
• https://www.unpri.org/signatories/signatory-resources/signatory-directory
• STA (Strategic Alliance on Green Bonds [GIZ and SEB]) (2018), Green Bonds – Ecosystem, Issuance Process and Case-
studies
• https://emsdialogues.org/wp-content/uploads/2020/04/STA_GB_InternationalEdition_20180522_WEB-1.pdf
• Sustainable Stock Exchanges Initiative (2017), How Stock Exchanges Can Grow Green Finance
• https://sseinitiative.org/publication/how-stock-exchanges-can-grow-green-finance/
• Sustainable Stock Exchanges Initiative (2018), How Securities Regulators Can Support the Sustainable Development
Goals: A Sharing of Experiences
• https://sseinitiative.org/publication/how-securities-regulators-can-support-the-sustainable-development-goals-a-
sharing-of-experiences/
• Sustainable Stock Exchanges Initiative (2021), Stock Exchange Database
• https://sseinitiative.org/exchanges-filter-search/

Lesson 5: Introduction to Environmental, Social and Governance (ESG) Risk

Management

Referenced Materials
• Boston Consulting Group (BCG) (2017), Total Societal Impact: A New Lens for Strategy
• https://image-src.bcg.com/Images/BCG-Total-Societal-Impact-Oct-2017-NL_tcm9-174019.pdf
• Business Insider (2018), Video: How ESG Metrics Work and Why All Investors Should Care
• https://www.youtube.com/watch?v=4LPRQaG83Ls
• Global Sustainable Investment Alliance (2021), 2021 Global Sustainable Investment Review
• http://www.gsi-alliance.org/wp-content/uploads/2021/07/GSIR-2020.pdf
• PRI (2021), Investment Tools
• https://www.unpri.org/investment-tools
• PRI (2021), Top Academic Resources on Responsible Investment
• https://www.unpri.org/academic-research/top-academic-resources-on-responsible-investment/4417.article
• UN Global Compact (2004), Who Cares Wins
• https://www.unglobalcompact.org/docs/issues_doc/Financial_markets/who_cares_who_wins.pdf
• World Economic Forum (2021), The Global Risks Report
• https://www.weforum.org/reports/the-global-risks-report-2021

5
Other Useful Resources
• Elderson, F. (2021), Patchy Data is a Good Start: from Kuznets and Clark to Supervisors and Climate
• https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210616~44c5a95300.en.html
• Task Force on Climate-related Financial Disclosures (TCFD) (2017), Recommendations of the Task Force on Climate-
related Financial Disclosures
• https://assets.bbhub.io/company/sites/60/2020/10/FINAL-2017-TCFD-Report-11052018.pdf

Lesson 6: Financial and Sustainability (Impact) Reporting and Communication

Referenced Materials
• Carbon Yield (2021), Introducing the Carbon Yield
• http://carbonyield.org/
• City of Gothenburg (2019), City of Gothenburg Green Bond Framework
• https://finans.goteborg.se/wpui/wp-content/uploads/2019/09/City-of-Gothenburg-Green-Bond-
Framework-2019-09-12-1.pdf
• Global Impact Investing Network (GIIN) (2021), IRIS+
• https://iris.thegiin.org/
• ICMA and the Green Bond Principles (2021), Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Green-Bond-Principles-
June-2021-140621.pdf
• ICMA and the Social Bond Principles (2021), Social Bond Principles: Voluntary Process Guidelines for Issuing Social Bonds
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Social-Bond-Principles-
June-2021-140621.pdf
• ICMA and the Sustainability Bond Guidelines (2021), Sustainability Bond Guidelines
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Sustainability-Bond-Guidelines-
June-2021-140621.pdf
• ICMA and the Sustainability-Linked Bond Principles (2020), Sustainability-Linked Bond Principles: Voluntary Process
Guidelines
• https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/June-2020/Sustainability-Linked-Bond-
Principles-June-2020-171120.pdf
• IFC (with the Green Bond Principles and ICMA) (2021), Handbook: Harmonized Framework for Impact Reporting
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Handbook-Harmonised-
Framework-for-Impact-Reporting-June-2021-100621.pdf
• Skanska (2018), Skanska Green Bond Framework
• https://group.skanska.com/49959d/siteassets/investors/financial-information/funding/skanska-green-bond-
framework-2018.pdf

Other Useful Resources

• Emerging Markets Dialogue on Finance (2021), Green Bond Online Learning Series
• https://www.emergingmarketsdialogue.org/initiatives%20/green-bonds/%20green-bond-webinars/
• ICMA (2021), Impact Reporting Metrics and Databases
• https://www.icmagroup.org/sustainable-finance/impact-reporting
• IFC (with the Green Bond Principles and ICMA) (2021), Handbook: Harmonized Framework for Impact Reporting

6
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Handbook-Harmonised-
Framework-for-Impact-Reporting-June-2021-100621.pdf

Lesson 7: In Focus: The Task Force on Climate-related Financial Disclosures

(TCFD)

Referenced Materials
• AXA (2020), 2020 Climate Report: Renewed Action in a Time of Crisis
• https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com%2F3800520b-ce0f-4aa7-908d-
3ec367b21d39_2020_climate_report_axa.pdf
• Climate Policy Initiative (2020), Updated View on the Global Landscape of Climate Finance 2019
• https://www.climatepolicyinitiative.org/publication/updated-view-on-the-global-landscape-of-climate-
finance-2019/
• Energy and Climate Intelligence Unit (2021), Climate Economics – Costs and Benefits
• https://eciu.net/analysis/briefings/climate-impacts/climate-economics-costs-and-benefits
• European Commission (2021), Video: Causes of Climate Change
• https://ec.europa.eu/clima/change/causes_en
• Task Force on Climate-related Financial Disclosures (TCFD) (2017), Recommendations of the Task Force on Climate-
related Financial Disclosures
• https://assets.bbhub.io/company/sites/60/2020/10/FINAL-2017-TCFD-Report-11052018.pdf
• Taskforce on Nature-related Financial Disclosures (TNFD) (2021), Taskforce on Nature-related Financial Disclosures
https://tnfd.global/  
• TCFD (2020), Task Force on Climate-related Financial Disclosures: 2020 Status Report
• https://assets.bbhub.io/company/sites/60/2020/09/2020-TCFD_Status-Report.pdf
• TCFD (2021), Task Force on Climate-related Financial Disclosures: Overview
• https://assets.bbhub.io/company/sites/60/2020/10/TCFD_Booklet_FNL_Digital_March-2020.pdf
• TCFD (2021), About
• https://www.fsb-tcfd.org/about/
• UNEP (2021), Finance for Adaptation
• https://www.unep.org/news-and-stories/story/finance-adaptation
• UNEP FI (2021), UNEP FI TCFD Banking Pilot Projects
• https://www.unepfi.org/climate-change/tcfd/tcfd-for-banks/
• UNEP FI (2021), UNEP FI TCFD Insurers Pilot Project
• https://www.unepfi.org/climate-change/tcfd/tcfd-for-insurers/
• UNEP FI (2021), TCFD for Investors
• https://www.unepfi.org/climate-change/tcfd/tcfd-for-investors/

7
Module 3: Sustainable Finance:
Regulation and Self-regulation

Lesson 8: Sustainable Finance: Policy and Regulation

Referenced Materials
• European Commission (2021), EU Taxonomy Compass
• https://ec.europa.eu/sustainable-finance-taxonomy/
• European Commission (2021), Commission Puts Forward New Strategy to Make the EU’s Financial System More
Sustainable and Proposes New European Green Bond Standard
• https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3405
• EU Technical Expert Group on Sustainable Finance (2020), Taxonomy Report: Technical Annex
• https://ec.europa.eu/info/sites/default/files/business_economy_euro/banking_and_finance/documents/200309-
sustainable-finance-teg-final-report-taxonomy-annexes_en.pdf
• IFC (2018), Sustainable Banking Network: Country Progress Report: Brazil
• https://www.ifc.org/wps/wcm/connect/59183359-f50b-4641-98dc-533fe46b47aa/
SBN+Country+Progress+Report+-+Brazil.pdf?MOD=AJPERES&CVID=m745yw9
• OECD (2018), Financing Climate Futures: Rethinking Infrastructure
• http://www.oecd.org/environment/cc/climate-futures/
• Network for Greening the Financial System (2021), Annual report 2020
• https://www.ngfs.net/sites/default/files/medias/documents/ngfs_annual_report_2020.pdf
• People’s Bank of China (PBC) (2016), The People’s Bank of China and Six Other Agencies Jointly Issue “Guidelines for
Establishing the Green Financial System”
• http://www.pbc.gov.cn/english/130721/3131759/index.html
• PRI (2016), French Energy Transition Law: Global Investor Briefing
• https://www.unpri.org/download?ac=1421
• PRI (2020), Final EU Taxonomy Report
• https://www.youtube.com/watch?v=b4HNZ2Gmxgk
• PRI (2021), Regulation Database
• https://www.unpri.org/policy/regulation-database
• PRI, UNEP FI and The Generation Foundation (2019), Fiduciary Duty in the 21st Century: Final Report
• https://www.unpri.org/download?ac=9792
• Securities and Exchange Board of India (SEBI) (2017), Disclosure Requirements for Issuance and Listing of Green Debt
Securities
• https://www.sebi.gov.in/legal/circulars/may-2017/disclosure-requirements-for-issuance-and-listing-of-green-debt-
securities_34988.html
• SEBI (2021), Business Responsibility and Sustainability Reporting by Listed Entities
• https://www.sebi.gov.in/legal/circulars/may-2021/business-responsibility-and-sustainability-reporting-by-listed-
entities_50096.html
• Sustainable Stock Exchanges Initiative (2018), How Securities Regulators Can Support the Sustainable Development
Goals: A Sharing of Experiences
• https://sseinitiative.org/publication/how-securities-regulators-can-support-the-sustainable-development-goals-a-
sharing-of-experiences/

8
Other Useful Resources
• European Commission (2018), Commission Action Plan on Financing Sustainable Growth
• https://ec.europa.eu/info/publications/sustainable-finance-renewed-strategy_en
• PRI (2021), Why the PRI is Working Towards a Sustainable Financial System
• https://www.unpri.org/sustainable-financial-system/why-the-pri-is-working-towards-a-sustainable-financial-
system/198.article
• STA (Strategic Alliance on Green Bonds [GIZ and SEB]) (2018), Green Bonds – Ecosystem, Issuance Process and Case-
studies
• https://emsdialogues.org/wp-content/uploads/2020/04/STA_GB_InternationalEdition_20180522_WEB-1.pdf

Lesson 9: Responsible Banking and Sustainable Insurance

Referenced Materials
• Itaú Unibanco (2019), Itaú Unibanco CEO on Becoming a Signatory to the Principles for Responsible Banking
• https://www.youtube.com/watch?v=6AAHUu0ARjA
• Landsbankinn (2019), Video: Landsbankinn CEO on Becoming a Signatory to the Principles for Responsible Banking
• https://www.youtube.com/watch?v=kUs_e0EQCXM
• MunichRe (2021), Record Hurricane Season and Major Wildfires – The Natural Disaster Figures for 2020
• https://www.munichre.com/en/company/media-relations/media-information-and-corporate-news/media-
information/2021/2020-natural-disasters-balance.html
• Principles for Responsible Banking (2019), Principles for Responsible Banking: Guidance Document
• https://www.unepfi.org/wordpress/wp-content/uploads/2019/09/PRB-Guidance-Document-Final-19092019.pdf
• Principles for Responsible Banking (2021),Biodiversity Target-setting: Guidance for Banks
• https://www.unepfi.org/wordpress/wp-content/uploads/2021/06/PRB-Biodiversity-Guidance.pdf
• Principles for Responsible Banking (2021), Guidelines for Climate Target Setting for Banks
• https://www.unepfi.org/wordpress/wp-content/uploads/2021/04/UNEP-FI-Guidelines-for-Climate-Change-Target-
Setting.pdf
• Principles for Responsible Banking (2019), Guidance on Financial Inclusion and Financial Health Target Setting
• https://www.unepfi.org/wordpress/wp-content/uploads/2021/05/PRB-Guidance-Financial-Inclusion.pdf
• Principles for Responsible Banking (2021), Principles for Responsible Banking
• https://www.unepfi.org/banking/bankingprinciples/
• Principles for Responsible Banking (2021), Signatories
• https://www.unepfi.org/banking/bankingprinciples/prbsignatories/
• Principles for Responsible Banking (2021), Principles for Responsible Banking: Shaping Our Future
• https://www.unepfi.org/wordpress/wp-content/uploads/2019/07/PrinciplesOverview_Infographic.pdf
• Principles for Responsible Banking (2021), Signature Document
• https://www.unepfi.org/wordpress/wp-content/uploads/2019/07/FINAL-PRB-Signature-Document-2-
Interactive-22-07-19.pdf
• Principles for Responsible Banking (2021), Civil Society Advisory Body
• https://www.unepfi.org/banking/bankingprinciples/civil-society-advisory-body/
• Principles for Sustainable Insurance (2021), The Principles
• https://www.unepfi.org/psi/the-principles/
• Principles for Sustainable Insurance and UNEP FI (2020), Managing Environmental, Social and Governance Risks in
Non-life Insurance Business
• https://www.unepfi.org/psi/wp-content/uploads/2020/06/PSI-ESG-guide-for-non-life-insurance.pdf

9
• UNEP FI (2016), Guide to Banking and Sustainability. Edition 2
• https://www.unepfi.org/fileadmin/documents/guide_banking_statements.pdf
• UNEP FI (2021), Net -Zero Banking Alliance
• https://www.unepfi.org/net-zero-banking/

Lesson 10: Responsible Investment

Referenced Materials
• Climate Action 100+ (CA100+) (2021), Companies
• https://www.climateaction100.org/whos-involved/companies/
• CA100+ (2021), Company Assessment: Iberdrola
• https://www.climateaction100.org/company/iberdrola-s-a/
• CA100+ (2021), Net-Zero Company Benchmark
• https://www.climateaction100.org/progress/net-zero-company-benchmark/
• Net-Zero Asset Owner Alliance (2021), Global Asset Owners Setting and Reporting on Ambitious Interim Targets for
Net-zero Emissions by 2050
• https://www.unepfi.org/net-zero-alliance/
• Net-Zero Asset Owner Alliance (2021), Video: The UN-Convened Net-Zero Asset Owner Alliance
• https://youtu.be/IxoQu6sm6l4
• PRI (2021), About the PRI
• https://www.unpri.org/pri/about-the-pri
• PRI (2021), What are the Principles for Responsible Investment
• https://www.unpri.org/pri/what-are-the-principles-for-responsible-investment
• PRI (2021), An Introduction to Responsible Investment
• https://www.unpri.org/investment-tools/an-introduction-to-responsible-investment
• PRI (2021), What is Responsible Investment?
• https://www.unpri.org/an-introduction-to-responsible-investment/what-is-responsible-investment/4780.article
• PRI (2021), Why Invest Responsibly
• https://www.unpri.org/an-introduction-to-responsible-investment/what-is-responsible-investment/4780.
article#Why
• PRI (2021), The PRI Awards
• https://www.unpri.org/showcasing-leadership/winners-of-the-pri-awards-2020/6518.article
• PRI, UNEP FI and The Generation Foundation, with Freshfields Bruckhaus Deringer (2021), Video: A Legal Framework
for Impact
• https://youtu.be/QujRwB78n_g
• PRI, UNEP FI and The Generation Foundation, with Freshfields Bruckhaus Deringer (2021),A Legal Framework for
Impact
• https://www.unpri.org/download?ac=13902
• ShareAction (2020), Point of No Returns
• https://shareaction.org/wp-content/uploads/2020/03/Point-of-no-Returns.pdf
• Sustainable Stock Exchanges Initiative (2018), How Securities Regulators Can Support the Sustainable Development
Goals: A Sharing of Experiences
• https://sseinitiative.org/publication/how-securities-regulators-can-support-the-sustainable-development-goals-a-
sharing-of-experiences/
• Sustainable Stock Exchanges Initiative (2021), Securities Regulators Database

10
• https://sseinitiative.org/regulation/
• UNEP FI (2021), A Legal Framework for Impact
• https://www.unepfi.org/legal-framework-for-impact/
• VBDO (2020), Benchmark on Responsible Investment by Pension Funds in the Netherlands 2020. From Boardroom
Governance to Portfolio Implementation: Closing the Gap
• https://www.vbdo.nl/wp-content/uploads/2020/10/VBDO-Benchmark-pensioenfondsen-2020-web.pdf

Other Useful Resources

• PRI (2021), Top Academic Resources on Responsible Investment
• https://www.unpri.org/academic-research/top-academic-resources-on-responsible-investment/4417.article
• PRI (2021), Investment Tools
• https://www.unpri.org/investment-tools
• PRI (2021), Regulation Database
• https://www.unpri.org/policy/regulation-database
• PRI, UNEP FI and The Generation Foundation (2019), Fiduciary Duty in the 21st Century: Final Report
• https://www.unpri.org/download?ac=9792

11
Module 4: Sustainable Finance
Products
Lesson 11: Sustainable Finance Strategies and Products: An Overview

Referenced Materials
• Global Sustainable Investment Alliance (2021), 2021 Global Sustainable Investment Review
• http://www.gsi-alliance.org/wp-content/uploads/2021/07/GSIR-2020.pdf
• The Biodiversity Finance Initiative (BIOFIN) (2018), The Biodiversity Finance Initiative
Workbook
https://www.biofin.org/sites/default/files/content/publications/workbook_2018/
• The Biodiversity Finance Initiative (BIOFIN) (2021), BIOFIN Catalogue of Finance Solutions
https://www.biofin.org/index.php/finance-solutions

Other Useful Resources

• PRI (2021), What is Responsible Investment?
• https://www.unpri.org/an-introduction-to-responsible-investment/what-is-responsible-investment/4780.article

Lesson 12: The Five Pillars of Sustainable Finance

Referenced Materials
• European Investment Bank (2021), Climate Awareness Bonds
• https://www.eib.org/en/investor_relations/cab/index.htm
• People’s Bank of China (PBoC), China Securities and Regulatory Commission (CSRC) and National Development &
Reform Commission (NDRC) (2021), Green Bonds Endorsed Projects Catalogue (unofficial translation)
• https://www.climatebonds.net/market/country/china/green-bond-endorsed-project-catalogue
• Skanska (2018), Skanska Green Bond Framework
• https://group.skanska.com/49959d/siteassets/investors/financial-information/funding/skanska-green-bond-
framework-2018.pdf
• STA (Strategic Alliance on Green Bonds [GIZ and SEB]) (2018), Green Bonds – Ecosystem, Issuance Processes and
Case-studies
• https://emsdialogues.org/wp-content/uploads/2020/04/STA_GB_InternationalEdition_20180522_WEB-1.pdf

12
Lesson 13: Green Bonds

Referenced Materials
• Climate Bonds Initiative (2020), $1Trillion Mark Reached in Global Cumulative Green Issuance: Climate Bonds Data
Intelligence Reports: Latest Figures
• https://www.climatebonds.net/2020/12/1trillion-mark-reached-global-cumulative-green-issuance-climate-bonds-
data-intelligence
• ICMA (2021), Guidance Handbook
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/The-GBP-Guidance-Handbook-
June-2021-140621.pdf
• ICMA (2018), Green Bond Principles
• https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/green-bond-principles-gbp
• ICMA and the Green Bond Principles (2021), Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Green-Bond-Principles-
June-2021-140621.pdf
• ICMA and the Social Bond Principles (2021), Social Bond Principles: Voluntary Process Guidelines for Issuing Social
Bonds
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Social-Bond-Principles-
June-2021-140621.pdf
• ICMA and the Sustainability Bond Guidelines (2021), Sustainability Bond Guidelines
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Sustainability-Bond-Guidelines-
June-2021-140621.pdf
• ICMA and the Sustainability-Linked Bond Principles (2020), Sustainability-Linked Bond Principles: Voluntary Process
Guidelines
• https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/June-2020/Sustainability-Linked-Bond-
Principles-June-2020-171120.pdf
• STA (Strategic Alliance on Green Bonds [GIZ and SEB]) (2018), Green Bonds – Ecosystem, Issuance Processes and
Case-studies
• https://emsdialogues.org/wp-content/uploads/2020/04/STA_GB_InternationalEdition_20180522_WEB-1.pdf
• Volvofinans Bank (2021), Green Bonds
• https://www.volvofinans.se/en/about-us/investor-relations/green-bonds/

Other Useful Resources

• ICMA (2020), Green, Social and Sustainability Bonds: A High-Level Mapping to the Sustainable Development Goals
• https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/mapping-to-the-
sustainable-development-goals/
• IFC (with the Green Bond Principles and ICMA) (2021), Handbook: Harmonized Framework for Impact Reporting
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Handbook-Harmonised-
Framework-for-Impact-Reporting-June-2021-100621.pdf

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Lesson 14: Green Loans

Referenced Materials
• Loan Market Association (2021), Green Loan Principles
• https://www.lma.eu.com/application/files/9716/1304/3740/Green_Loan_Principles_Feb2021_V04.pdf
• SEB (2021), Green Bonds
• https://sebgroup.com/our-offering/financing-and-investment-banking/sustainable-financial-products/green-bonds
• Loan Market Association (2021), Sustainability-linked Loan Principles
• https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/
LMASustainabilityLinkedLoanPrinciples-270919.pdf

Lesson 15: Performance-based Instruments

Referenced Materials
• ICMA and the Sustainability-Linked Bond Principles (2020), Sustainability-Linked Bond Principles: Voluntary
Process Guidelines
• https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/June-2020/Sustainability-Linked-Bond-
Principles-June-2020-171120.pdf
• ICMA and the Sustainability-Linked Bond Principles (2021), Sustainability-linked Bonds: Related Questions
• https://www.icmagroup.org/assets/documents/Sustainable-finance/Sustainability-Linked-Bond-Principles-Related-
questions-February-2021-170221v3.pdf
• Loan Market Association (2020), Guidance on Sustainability Linked Loan Principles
• https://www.lma.eu.com/application/files/8915/9799/8238/SSLP_Guidance_V05_pages1.pdf
• Loan Market Association (2021), Sustainability-linked Loan Principles
• https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/LMASustainabilityLinkedLoanPrinciples-270919.pdf

Other Useful Resources

• Global Impact Investing Network (GIIN) (2021), IRIS+
• https://iris.thegiin.org/
• ICMA (2021), Impact Reporting Metrics and Databases
• https://www.icmagroup.org/sustainable-finance/impact-reporting
• IFC (with the Green Bond Principles and ICMA) (2021), Handbook: Harmonized Framework for Impact Reporting
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Handbook-Harmonised-
Framework-for-Impact-Reporting-June-2021-100621.pdf

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Lesson 16: Examples of Green, Social and Sustainability Bonds from Around
the World

Referenced Materials
• Climate Bonds Initiative (2021), Latin America & Caribbean State of the Market 2021
• https://www.climatebonds.net/files/reports/cbi_lac_2020_04e.pdf
• Consejo Nacional de Política Económica y Social República de Colombia (Departamento Nacional de Planeación)
(2011), Documento Conpes 3700: Estrategia Institucional para la Articulación de Políticas y Acciones en Materia de
Cambio Climático en Colombia
• https://colaboracion.dnp.gov.co/cdt/conpes/econ%C3%B3micos/3700.pdf
• Germanwatch (2021), Global Climate Risk Index 2021: Who Suffers Most from Extreme Weather Events? Weather-
related Loss Events in 2019 and 2000 to 2019
• https://germanwatch.org/sites/default/files/Global%20Climate%20Risk%20Index%202021_2.pdf
• SFC (2020), Guía de Buenas Prácticas [Good Practice Guide for Issuing Green Bonds]
• https://www.greenfinanceplatform.org/policies-and-regulations/good-practice-guide-issuing-green-bonds

Other Useful Resources

• ICMA and the Green Bond Principles (2021), Green Bond Principles: Voluntary Process Guidelines for Issuing Green
Bonds
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Green-Bond-Principles-
June-2021-140621.pdf
• ICMA and the Social Bond Principles (2021), Social Bond Principles: Voluntary Process Guidelines for Issuing Social
Bonds
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Social-Bond-Principles-
June-2021-140621.pdf
• ICMA and the Sustainability Bond Guidelines (2021), Sustainability Bond Guidelines
• https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Sustainability-Bond-Guidelines-
June-2021-140621.pdf
• ICMA and the Sustainability-Linked Bond Principles (2020), Sustainability-Linked Bond Principles: Voluntary Process
Guidelines
• https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/June-2020/Sustainability-Linked-Bond-
Principles-June-2020-171120.pdf

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