Green bond allocation and impact report template: the four GBP components, the ICMA core indicators, and what an annual report has to show
A green bond commits the issuer to two reports every year until the proceeds are fully allocated: where the money went, and what it achieved. The Green Bond Principles say what the first must contain; the Harmonised Framework for Impact Reporting says how to measure the second. This page sets out both, and where a workbook saves the work.
Summaries are in Bindler's words with the paragraph or section named; the ICMA texts control. Not investment advice.
The four core components
Alignment with the Green Bond Principles (ICMA, June 2025) rests on four core components and two key recommendations.
| # | Component | What it means in practice |
|---|---|---|
| 1 | **Use of Proceeds** | Eligible Green Projects described in the bond's legal documentation, each with clear environmental benefits, assessed and where feasible quantified by the issuer. If any proceeds refinance existing assets, the GBP ask for an estimate of the financing versus refinancing split and, where appropriate, the look-back period. |
| 2 | **Process for Project Evaluation and Selection** | How the issuer decides a project qualifies: the environmental objectives, the eligibility criteria, and how environmental and social risks are identified and managed. |
| 3 | **Management of Proceeds** | Net proceeds credited to a sub-account, moved to a sub-portfolio or otherwise tracked, attested in a formal internal process, with the tracked balance adjusted periodically to match allocations, and the intended temporary placement of unallocated proceeds disclosed. Bond-by-bond or portfolio approach, both allowed. |
| 4 | **Reporting** | Information on use of proceeds kept up to date, renewed annually until full allocation and promptly on material developments. |
The two key recommendations for heightened transparency are a Green Bond Framework and an External Review. The GBP also encourage an external auditor or third party to verify the internal tracking method and the allocation of funds.
What the annual report has to list
The GBP are specific about the annual report: a list of the projects the proceeds were allocated to, a brief description of each, the amounts allocated, and their expected impact. Where confidentiality, competitive considerations or a very large number of projects limit the detail, the information may be given in generic terms or on an aggregated portfolio basis, for example the percentage allocated to each project category.
The eligible project categories the GBP recognise include renewable energy; energy efficiency; pollution prevention and control; environmentally sustainable management of living natural resources and land use; terrestrial and aquatic biodiversity; clean transportation; sustainable water and wastewater management; climate change adaptation; circular economy adapted products and eco-efficient products; and green buildings. The list is indicative, not exhaustive.
The impact side: ex-ante, and attributed
Three rules from the Harmonised Framework (June 2024) decide what an impact table may claim.
Impacts are ex-ante estimates. The report illustrates the expected environmental impacts of the projects financed, based on estimates developed before implementation, for expected annual results in a representative year once the project is complete and operating at normal capacity. The method of estimating has to be transparent, and the Framework recommends an external reviewer assess it. Attribution follows the money. For allocations to individual projects, the report either identifies each project with the overall project impact plus the issuer's share of total financing, or aggregates the projects including only the pro-rated share of results, that share being the issuer's share of the total financing. For a portfolio allocation, issuers typically report the portfolio's overall impact and are encouraged to report the pro-rated share as well. Partial eligibility is reported at the eligible amount. Where only part of a project's financing is eligible, only the eligible portion is reported: the Framework's own example is a project whose total approved size is larger but of which CCY 6 million is eligible, so CCY 6 million is the signed amount reported. The procedure for attributing disbursements to the eligible component is disclosed.The core indicators, by category
The Framework gives core indicators per project category. Two examples, which cover most first-time issuers:
| Category | Core indicators |
|---|---|
| Renewable energy | Annual GHG emissions reduced or avoided (tCO2e); annual renewable energy generation (MWh or GWh for electricity, GJ or TJ for other energy); additional capacity of renewable energy plant constructed or rehabilitated (MW) |
| Energy efficiency | Annual energy savings (MWh or GWh for electricity, GJ or TJ for other energy); annual GHG emissions reduced or avoided (tCO2e) |
Energy savings depend on the benchmark used, and the Framework asks for the benchmark to be disclosed. The other categories with their own core indicators are sustainable water and wastewater management, waste management and resource efficiency, clean transportation, green buildings, biodiversity, climate change adaptation (exemplary indicators), circular economy and eco-efficient projects, and living natural resources and land use.
Where the workbook fits
The Green Bond Allocation and Impact Report Workbook is the two reports as sheets: an Allocation Report (proceeds, amounts allocated by category, unallocated balance and its temporary placement, financing versus refinancing), an Impact Report on the core indicators, a Project-by-project sheet carrying total project size, the issuer's share and the pro-rated results, plus Bonds and Projects registers, an estimate helper, a Guide sheet and a Sources sheet. $39 single user, team and consultancy licences above that.
If you are also reporting under the EU Taxonomy or ESRS, the EU Taxonomy Article 8 KPI guide and the CSRD double materiality guide cover those; the GHG inventory guide covers the emissions figures an impact table draws on.
Sources
- ICMA, Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds, June 2025 (four core components; use of proceeds; management of proceeds; reporting; key recommendations).
- ICMA, Handbook: Harmonised Framework for Impact Reporting, June 2024 (core principles and recommendations for reporting; sector-specific core indicators; reporting templates).
Last checked against the sources on 23 September 2026.
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