The International Capital Market Association (ICMA)-administered Principles scooped the green bond market initiative of the year award for its pioneering 'Sustainable Bonds for Nature: A Practitioner's Guide' published in June 2025.

The 28-page guide was designed to help issuers identify nature-related use-of-proceeds for labelled sustainable bonds – such as green bonds – which could then utilise the additional 'nature bond' sub-label.

The nature bond guide follows the ICMA Principles developing the market-leading sustainable bond frameworks, including the Green Bond Principles (GBP).

The guide was praised for helping market participants to focus attention on the important but underappreciated 'nature' theme in established sustainable bond structures. Although some nature-based projects were already identified in the existing GBP, the guide provides specific examples of potential nature-related projects that could be included. It also provides guidance on potential impact indicators partially drawn from the ICMA Harmonised Frameworks for Impact Reporting and which Kunming-Montreal Global Biodiversity Framework targets the bond could contribute towards. 

The publication of the guide was quickly followed by a debut 'nature bond' issuance from the Japanese City of Nagoya in August 2025.