European green bond standard

The IA assesses elements to be added to the 2019 TEG report on a European Green Bond Standard (EU-GBS). The range of options is therefore limited to these additional aspects and does not cover the entire set of rules for green bonds. The IA is based on reliable internal and external research, international data and several stakeholder consultations. While the definition of the objectives could have been more specific, the problem analysis and the assessment of options are overall logical and thorough, even if their structure could have been more straightforward. Some valuable information - and explanation - featured in the annexes could have made the main text of the IA more accessible, especially relating to the technical aspects and current market practices. Despite some weaknesses, the IA makes a convincing case for a voluntary EU-GBS, with some flexibility for sovereigns, taking into account their institutional specificities, but respecting the screening criteria of the EU-taxonomy.