On 9 December 2020, the International Capital Markets Association (ICMA) - the governing body behind the Green Bond Principles, the Social Bond Principles, Sustainability Bond Guidelines and the Sustainability-Linked Bond Principles - published detailed guidelines on the recommended disclosures that issuers should make on their climate transition strategies to align these with science-based targets when issuing green, social or sustainable bonds and sustainability-linked bonds.   

The 'Climate Transition Finance Handbook' importantly clarifies:

1.  That relevant disclosures can be included in the issuer’s annual report, framework document, or investor presentation, so long as they are publicly available; and 

2. That the recommended independent review, assurance and verifications component can be included as either a Second Party Opinion or otherwise provided and included in the context of an issuer’s ongoing ESG reporting.