The Climate Bonds Initiative has launched a Hydropower Technical Working Group (TWG) to assess and develop Criteria for climate-friendly investment in the sector.
The aim of the working group is to develop criteria that can identify and monitor hydropower investments which deliver climate mitigation benefits and/or incorporate adaptation and resilience impacts, whilst screening out those that don’t meet these objectives.
The criteria are intended to provide a screening tool for both investors and issuers to determine whether bonds linked to hydropower assets can be considered consistent with limiting warming to a global average of 2°C. They will provide a potential path for certifying green bonds in the sector, under the Climate Bonds Standard and Certification Scheme.
According to a statement from CBI, the TWG will be taking a robust science-based approach, one that looks at verifiable targets and metrics and takes into account in its analysis and assessment processes the environmental and social challenges that face some hydro developments.
The TWG brings together a host of industry, environmental, technical and water experts drawn from international NGOs, government and academia.
Members of the TWG are:
- Jian-hua Meng, International Water Security Lead, WWF
- Richard Taylor, Chief Executive Officer, International Hydropower Association
- Dr. John Matthews, Secretariat Coordinator, Alliance for Global
- Jamie Skinner, Principle Researcher, Natural Resources Group & team leader, water, International Institute for Environment and Development (link is external)
- Richard Roos-Collins, Chair of the Governing Board, Low Impact Hydropower Institute
- Oivind Johansen, Deputy Director, Norwegian Ministry of Petroleum and Energy
- Mattia Celio, Program manager, State Secretariat for Economic Affairs
- Mike Muller, Commissioner, National Planning Commission, South Africa
- Dr. James Dalton, Coordinator Global Water Initiatives, IUCN Global Water Programme
- David Harrison, Senior Advisor and Consultant, Great Rivers Partnership, TNC
- Christine Lins, Executive Secretary, REN21
- Cameron Ironside, Sustainability Director, International Hydropower Association (IHA)
- Joerg Hartmann, Independent Consultant
- Jorge Gastelumendi, Senior Policy Advisor, TNC
- There are also three observers: Pravin Karki, Senior Hydropower Specialist, Energy & Extractives Global Practice at the World Bank; Diego Rodriguez, Senior Economist at the World Bank; and Helen Jackson, Environmental Economist at Climate Bonds Initiative.
TWG processes will be conducted through regular meetings and bilateral consultations, organised around evolving draft documents. Once developed, Draft Criteria will then be opened for public and industry stakeholder consultation. Feedback will be reviewed before being submitted to the Climate Bonds Standard Board for consideration.
The Hydropower TWG commenced with its initial meeting on June 21st.
