Green bonds

Green bonds are loans to finance environmentally friendly projects. An independent review on the project has to be sought to feature on the green list.

In January 2015, Oslo Børs became the first stock exchange in the world with a separate list for green bonds. The list was established in order to increase the visibility of green investment choices. 

The proceeds from a green bond shall be used exclusively to finance environmental projects. Categories of potential eligible green projects include renewable energy, energy efficiency, sustainable waste management, sustainable land use, biodiversity conservation, clean transportation, climate change and climate adaption.

The independent review of the project has to be made public so that investors will have a complete overview of the project's environmental aspects. When listed, investors will also gain insight into the continuing development of the project. Issuers of bonds shall without delay and on its own initiative publicly disclose inside information that concerns the loan directly. A public listing also entails other ongoing reporting, including financial reporting, ensuring transparency and disclosure for investors throughout the life cycle of the loan.

Listing green bonds on Oslo Børs or Nordic ABM

Issuers looking to list on Oslo Børs’ green bonds list are subject to the same listing requirements and continuing obligations that apply for regular listed bonds. In addition, the following requirements apply:

  • An independent review that certifies the environmentally friendly nature of the bonds
  • The independent review must be made publicly available in order to enable investors to understand the environmental aspects of the projects that are to be financed by the bond
  • The issuer’s ongoing disclosure obligations from issuing a green bond (i.e. continuing project reporting agreed with investors upon the issuance of the bond) must be made publicly available through stock exchange announcements

An independent review can be commissioned from research organisations such as CICERO, certification companies such as DNV GL, audit firms such as KPMG or others.

The green bonds list

The green bonds list on Oslo Børs and Nordic ABM attracts issuers from a wide range of sectors, including municipalities, renewable energy including hydro and solar power, banks and real estate.

All green loans have the suffix G in the ticker to increase the visibility of the loan as a climate-friendly investment.

Sustainable Stock Exchanges initative (SSE)

Oslo Børs joined the UN Sustainable Stock Exchanges initiative (SSE) as a partner exchange in 2015. The aim of the SSE initiative is for stock exchanges, investors, authorities and companies to work together to enhance transparency in the capital markets on corporate responsibility issues and to encourage long-term, sustainable investment. Measures designed to improve listed companies’ reporting on corporate responsibility issues are part of the initiative.

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Interest-bearing instruments