Uruguay's Sovereign Sustainability-Linked Bonds (SSLB)
Reporting Methodology and SSLB Annual Report
The methodologies used to calculate the performance of the KPIs will be the same as those employed by Uruguay to report Nationally Determined Contributions (NDCs) progress data to the United Nations.
The KPI-1 aggregates the three main GHGs (CO2, CH4 and N2O) and the main sectors contributing emissions of each GHG (as set out in the 2017 NDC). The estimates of emissions will apply the IPCC 2006 Guidelines, or subsequent version or refinement as agreed by the CMA, and nationally appropriate methods consistent with that guidance.
The KPI-2 is based on estimates of the native forest area (measured in hectares), through the application of satellite-mapping and remote sensing techniques, following the relevant provisions of the 2006 IPCC Guidelines and the IPCC 2003 Good Practice Guidance.
The reporting process will be enhanced to go beyond Uruguay's requirements under the Paris Agreement. Reporting of GHG emissions will move from biennial to annual frequency and with a one-year lag, in line with the standards of the most developed economies. Additionally, Uruguay will use geospatial data and satellite-imaging mapping to estimate the native forest area every four years, in line with international best practices.
An SSLB Annual Report will be provided annually on this website no later than May 31st of the subsequent year to the one following the relevant observation year for the KPIs. It will provide the KPI levels at the observation year against each SPT, with updated information on the performance of the selected KPI, including baselines. It will also contain any additional quantitative and/or qualitative information that allows investors to monitor or approximate progress towards the SPTs and beyond.