Global standard setters

    International Capital Market Association (ICMA)

    The industry body that supports the global principles for green, social, sustainability, sustainability-linked and transition bonds.

    Official site

    Background

    ICMA is an association of bond market participants. It hosts the secretariat of the Principles, governed by an executive committee of issuers, investors and intermediaries.

    Scope and powers

    The Green Bond Principles (first published in 2014), Social Bond Principles, Sustainability Bond Guidelines, Sustainability-Linked Bond Principles and, since November 2025, the Climate Transition Bond Guidelines. SEBI's ESG debt rules refer to ICMA's principles as a recognised standard.

    Investor relevance

    Most labelled bonds worldwide, including many Indian issues, are checked against ICMA's principles.

    Related guides

    Key glossary terms

    Last reviewed: October 2026