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All respondents welcomed the introduction of the Standard as a tool to help catalyse investment in the low carbon economy. Some comments reflected the need for a better accuracy in the explanation of what the Standard is aiming to achieve. For example, some interpreted the aims of the Standard for financing of new green assets and as such would require ‘additionality’ tests of some sort. The aim to support re-financing of existing assets was not apparent. In addition, the explanation of the Standard’s role in relation to the Low Carbon Economy was commented on. This ranged from the need for verification of emissions avoided from. | T INITIATIVE Climate Bonds NOVEMBER 2011 Climate Bond Standard Public Consultation Report Introduction This report is an explanatory appendix to the Climate Bond Standard - Version 1.0 - Prototype . The aim is to explain the changes in the released draft following a consultation process on a first draft and to invite further comment and suggestions on outstanding issues. The Prototype will be reviewed after a six-month period and re-released with any agreed changes as the final Standard. The Consultation Process The first draft of the Climate Bond Standard - Version 1.0 - Prototype was opened for public consultation on the website of the Climate Bonds Initiative on March 15th 2011 for a 30 day period. Comments were received through the website and in email form from various sources. Revisions to the Standard text was then carried out by the Climate Bonds Initiative based on consultations with the expert Industry Working Group including representatives from Standard Poor s Calvert Funds Management Aviva Investors Environmental Capital Group IFC a part of the World Bank Group Climate Strategy Partners KPMG Enviromarkets PwC DNV The members of the Climate Bond Standards Board - the California State Teachers Retirement System the Natural Resources Defense Council the California State Treasurers Office the Investor Group on Climate Change the Carbon Disclosure Project and the Ceres Investor Network on Climate Risk - were also consulted on the draft text in the lead up to final approval and public release. Finally Shearman Sterling LLP provided extensive and invaluable support on drafting industry practice and related matters. Climate M Bond Certified PUBLIC CONSULTATION REPORT CLIMATE BOND STANDARD NOVEMBER 2011 Public Consultation Results Comments were invited for general opinion on the purpose of the standard and for each of its 16 clauses across the objectives of Low Carbon Efficacy Climate Integrity and Financial Accountability. Table 1 provides an overview of the
