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Press Release

Baker Tilly achieves approved verifier status for green bonds in the U.S.

Baker Tilly joins select global firms approved by the Climate Bond Standards Board to assess project financing aligned with the goals of the Paris Climate Agreement

CHICAGO (Oct. 11, 2022) – As worldwide efforts to reduce carbon emissions grow, governments and companies are increasingly turning to green bonds to finance major sustainability projects. Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly) announces its award of the Approved Verifier status under the Climate Bonds Standard and Certification Scheme, which is an industry standard for labeling bonds, loans and other debt instruments. The scheme is used globally by bond issuers, governments, investors and financial market participants to prioritize investments that contribute to addressing the transition from a high-to-low carbon economy.

“Baker Tilly is proud to contribute to the advancement and assurance of the green bond market,” said Vicki Hellenbrand, Baker Tilly managing partner and public sector practice leader. “This is another way we help state and local governments, utilities and school districts broaden investor pools and make a difference in their local communities.”

As an Approved Verifier, Baker Tilly assesses the eligibility of projects under the Sector Criteria developed by Climate Bonds such as: bioenergy; low-carbon buildings, electrical grids and storage; geothermal energy; hydropower; low-carbon transport, solar, wind, waste and water sectors in the U.S. As and Approved Verifier, Baker Tilly may produce pre-issuance and post-issuance verifier reports.

“Certification under the Climate Bonds Standard is a mark of best practice in sustainable financing, currently underpinning USD250bn in cumulative issuance,” said Sean Kidney, CEO Climate Bond Initiative. “Verification has been crucial in upholding this rigor and robustness for the Standard. We congratulate Baker Tilly’s approval award as Approved Verifier and look forward to their valuable expertise in the public sector support the flow of new deals across North America.”

Bond verification is one of many services Baker Tilly can support organizations with as they navigate their ESG journey. For more information on ESG strategy and solutions, visit Environmental, Social & Governance - Baker Tilly.

Climate Bonds Standard Approved Verifier

About Baker Tilly US, LLP (

Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 38,000 professionals and a combined worldwide revenue of $4.3 billion. Visit or join the conversation on LinkedIn, Facebook and Twitter

About the Climate Bonds Initiative: An investor-focused not-for-profit, promoting large-scale investment in the low-carbon economy, Climate Bonds Initiative carries out market analysis, policy research, market development; advises governments and regulators; and administers a global Climate Bonds Standard & Certification Scheme. For more information, please visit  

About Climate Bonds Standard: It is an overarching science-based, multi-sector standard overseen by the independent Climate Bonds Standards Board that allows investors and intermediaries to easily assess the climate credentials and environmental integrity of bonds and other green debt products. 

Launched in 2011, with periodic updates, the Climate Bonds Standard is the most detailed, climate aligned investment criteria available in the market and provides guidance to issuers, investors, governments and regulators.

New Climate Bonds Standard Version 4.0 is open now for public consultation and will be available by end of Q4 2022.

About Climate Bonds Certification: Climate Bonds Certification framework has been designed to work in parallel with the normal process for issuing bonds, loans or other debt products. It has 2 phases, Pre-Issuance and Post-Issuance. Certification of a Climate Bond at the pre-issuance phase enables the issuer and underwriters to market the bond or debt product as Certified.

Further assurance activities at the post-issuance stage and annual reporting are required to maintain certification.

The full Climate Bonds Database of Certified issuance can be found here

The full Climate Bonds Directory of Approved Verifiers can be found here.

About Verification: Verification is an analysis-based process carried out by the independent Climate Bonds Standards Board approved independent organisation to assure the issuance of a climate bond, the nature of the associated low carbon projects or activities, and the associated financial accounting systems are in conformance with the Climate Bonds Standard and can gain Certification. Full list of Approved Verifiers can be found here.