The Green Bond Principles update in March 2015 emphasised the role of assurance of green credentials and annual reporting.
The Principles are voluntary best practice guidelines for labelled green bonds. They focus on transparency of use of proceeds, the process for project evaluation and selection, management of proceeds, and reporting on use of proceeds. Launched in 2014, by Citi, JP Morgan, Credit Agricole and Bank of America Merrill Lynch, the International Capital Markets Association now hosts the Principles. The Principles are governed by a membership secretariat made up of green bond issuers, investors and intermediaries.