1、Transition Finance in the Debt Capital MarketFebruary 20242Transition Finance in the Debt Capital MarketThis publication is an ICMA staff paper benefitting from the input of ICMA committees and members but does not necessarily represent their views.ICMA Authors:Nicholas Pfaff,zgr Altun and Stanislav

2、 Egorov.Enquiries to:infoicmagroup.org Press enquiries to:pressofficeicmagroup.orgThis paper is provided for information purposes only and should not be relied upon as legal,financial,or other professional advice.While the information contained herein is taken from sources believed to be reliable,IC

3、MA does not represent or warrant that it is accurate or complete and neither ICMA nor its employees shall have any liability arising from or relating to the use of this publication or its contents.Likewise,data providers who provided information used in this report do not represent or warrant that s

4、uch data is accurate or complete and no data provider shall have any liability arising from or relating to the use of this publication or its contents.International Capital Market Association(ICMA),Zurich,2024.All rights reserved.No part of this publication may be reproduced or transmitted in any fo

5、rm or by any means without permission from ICMA.3Transition Finance in the Debt Capital MarketTable of contentsExecutive summary 4Introduction 6Market considerations and guidance 7The lenses of transition 7Transition finance guidance from the Principles 9Other market and official sector frameworks 1

6、0Transition-themed transactions in the debt capital market 11Transition-themed green and sustainability bonds 11Labelled“climate transition”bonds 11Sustainability-Linked Bonds 12Scope for further market development 12Expanding the market with official guidance 14Integrating transition in taxonomies