Validator is the term used for organizations that registers in the Green Assets Wallet (GAW) to validate the fulfilment of commitments on behalf of an issuer. The GAW support the development of new validation entities and facilitates presentation of data for existing validators. It supports investors and issuers in collecting multiple data sources (validation, impact reporting etc.) in one place.

Validators log in to the Green Assets Wallet here;

Log-in details (e-mail/password) for validators is provided by the GAW admin. If you would like to receive an account, please send an email to

Validator user guide

When logged in, validators can add a profile (including; logo, name, website, description and green objectives) under tab Profile. A validator will see request to validate an issuers commitment under tab Reports. To validate fulfilment of the commitment, validators write a description and upload a supporting PDF document.

Q & A

What does Validation refer to in the Green Assets Wallet?

Validation in the Green Assets Wallet refers to the process by which the Issuer provides proof of delivery on commitments. The commitments refer to promises made to investors about the use of proceeds raised via green debt instruments, and are typically found in the Green Bond Framework or equivalent document.

What is Validation?

Validation objects can be traditional (such as certification document or audit report) to technical solutions (such as remote sensing footage).

Who or what validates?

Validation can be delivered either by the issuer or by a third party, the issuer decides what best serves their investment offering to the market. A third-party validator can be an actor (certification agency, auditing firm) or in the future; a device (such as remote sensing APIs, sim card).

How does Validation happen in the Green Assets Wallet?

The validation process follows these steps:

  1. Commitments are defined:

When registering a Green Bond Framework and related green bond(s) in the GAW, the Issuer defines a set of green commitments (based on criteria in the green bond framework and/or other important guiding principles). The commitments that apply to a specific project are chosen and will be subject to follow-up and proof of delivery to investors. E.g. “Installing solar power plants in location X”.

2. Process for validation of delivery on commitments:

When registering a project in the GAW, the Issuer defines which green commitments are applicable to the project and how it intends to validate delivery on these commitments. This includes defining what type of proof (for example, a report, a satellite photo, etc.) that will be provided, and what entity will provide the proof (either a third party, or the issuer). These promises of data to be provided are stored on the blockchain and visible to investors.

3. Validation of delivery on commitment is met:

The pre-defined proof of delivery on a commitment is submitted by the authorised entity (either the issuer or a third-party validator). The data object is stored on the blockchain and visible to investors. For example, a satellite footage of solar panels.

What’s the role of the blockchain in Validation here?

The blockchain provides the trustworthy storage of data and therefore mediation of the relationship and transfer of information between the Issuer and the Investor.

How can I as an investor trust that the Validation is accurate?

Investors are presented with a transparent means of verification of green debt deliveries. It is up to the investor to assess the trustworthiness of the validation. Validators may in turn register GAW accounts and demonstrate their trustworthiness and track record on the blockchain for issuers and investors.

Does the technology validate that an actor or any given piece of information is trustworthy?

No, the Green Assets Wallet does not sign off on the trustworthiness or quality of the information provided in the Validation section. The Green Assets Wallet cannot take responsibility for the quality of the data submitted by a user. It provides a system for actors to exchange information in a transparent manner but it doesn’t take away responsibility from any user.

The Issuer is responsible for submitting relevant and quality data and should be incentivised to do so, as it will be stored in a transparent way on the blockchain. Investors have the responsibility to make their own judgement on the relevance and quality of the information provided by the Issuer. The Green Assets Wallet provides space for Issuers to ask third party “validators”, such as audit firms, expert bodies, etc to submit validation data in order to strengthen the credibility of the Validation. What validator that has provided the validation is visible to investors on the project profile.

What is the benefit of Project Validation?

For Issuers - especially those who are new in the market - it provides the opportunity to showcase trustworthiness. The aim for the GAW is to develop the technology to support clearly visible track-records. For Investors it provides reassurance that the invested capital is being used as intended.

What type of data/information can I use to Validate delivery on my commitments?

Typically, the data is either a document (a consultancy report, a certificate, an audit, etc), or a photography (a satellite image or other).

How do I engage a third party to validate?

When creating a validation report you will be required to select a validator from a drop-down menu listing all validators with active GAW accounts. This means that currently the validator must have an active account prior to report creation.

Please e-mail to register an validators account.

Why should I put a date on when a certain commitment will be validated?

The question of when a certain project will be delivered is a relevant information for investors, especially as there may be several years between investment and delivery.

What do I do if plans change and I will not be able to meet the commitment that I registered on time, or even at all?

When creating a validation report to validate a specific commitment, the status will be "pending" until the chosen validator has provided the validation document/report. When the report is uploaded the status will be "delivered". In cases where the commitment is no longer applicable, the Issuer can edit the text belonging to the validation and make a comment as to why it has been cancelled. The issuer can instead enter a new commitment, with a new date. The cancelled one will remain visible to investors, for transparency.

How can I provide validation on Framework level instead of project level?

To upload validation on Framework level in the Green Assets Wallet, an issuer can use assurance documents that already are in place in today’s in the green bond market. These can be uploaded under “Supporting Documentation” on the issuer profile. This assurance is usually performed by an audit firm and at aggregate (bond/portfolio) level. The project validation in the Green Assets Wallet adds value as it provides greater transparency and more detailed level information about underlying projects.

For issuers that cannot reveal their project specific data, the framework level Assurance document will be very important. For other actors it might be fully possible to provide validation of all projects. The ambition is that the Green Assets Wallet should be flexible enough to accommodate the different needs and situations of the actors in the market.