Arup becomes first engineering firm approved to verify green bonds in Asia Pacific

by Sam McLeod
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Arup

Arup has become the first engineering consultancy in the Asia Pacific to be awarded the Approved Verifier status for green bonds by the Climate Bonds Standard Board.

Arup joins a select group of organisations undertaking rigorous verification under the Climate Bonds Standard and Certification scheme to ensure green finance is consistent with the goals of the Paris Climate Agreement.

Run by the Climate Bonds Initiative, the scheme is used globally by borrowers, issuers, governments, investors, and the financial markets to prioritise investments that genuinely contribute to addressing climate change.

Arup gets approval

Third-Party Verifiers are approved based on their competence to conduct the assurance process, including their knowledge and experience in climate change and low carbon-related projects, as well as in sustainable finance instruments.

As an Approved Verifier, Arup is now able to conduct assurance engagements in accordance with international assurance frameworks, allowing the company to provide verification reports and an opinion of compliance with the Climate Bonds Standard.

“We welcome Arup to the group of Approved Verifiers under the Climate Bonds Standard and Certification Scheme,” says Sean Kidney, CEO of the Climate Bonds Initiative. 

“A noteworthy development, as it aligns with the growing momentum of green financing in the Asia Pacific region. As organisations and investors strive to align with the Paris Agreement and steer towards a net-zero economy, the role of Approved Verifiers for Climate Bonds assumes pivotal significance.”

Other companies in the built environment space that have been issued certified bonds and loans under the Climate Bonds Standard are Mirvac, Charter Hall, GPT group and Investa.

Leading the way in sustainability

Arup is a collective of designers, consultants and experts working globally. It has a strong track record working with a variety of shareholders – government agencies, property owners and developers, as well NGOs and financial institutions – on an ever-increasing number of low carbon projects and assets globally.

Arup will also participate in the industry working group with the Climate Bonds Initiative to develop sector criteria for steel, cement, and hydrogen projects – all of which are important in the transition to a carbon-free economy. 

Gaurav Ahuja, finance and economics Australasia lead at Arup, is excited that the Approved Verifier status will now allow Arup to more directly facilitate access to the green finance markets for its clients. 

“Our engagement with market players suggests green capital availability isn’t the real challenge in the short to medium term. The creation of credible, green and sustainable projects is what’s needed to meet both environmental and investor requirements and I’m pleased that Arup can now play a bigger role across Asia Pacific to help accelerate this.” says Gaurav.

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