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An external reviewer’s perspective on the CTBG
By Vincenzo BRUNO, Capital Markets and Sustainable Finance, Director, PwC Luxembourg
In response to the growing urgency of global climate action, the International Capital Market Association (ICMA) published the Climate Transition Bond Guidelines (CTBG), introducing a new label in the sustainable finance landscape. Distinctively, these guidelines can be applied not only to use of proceeds bonds—where the capital raised is earmarked for specific climate transition projects—but also to sustainability-linked bonds, which tie financial and structural features to the issuer’s achievement of pre-defined climate transition objectives. This dual applicability empowers issuers...
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