General Information
Vision and objective
Industrial and Commercial Bank of China Limited (hereinafter referred to as “ICBC”) values
service as the foundation of the bank and insists on creating value through providing
comprehensive financial products and services to 8.098 million corporate clients and
650 million retail customers worldwide. ICBC has been consciously integrating the social
responsibilities into its development strategy, operation and management activities in
the aspects including developing inclusive finance, supporting targeted poverty relief,
protecting environment and resources, and backing social and public welfare undertakings.

services to

8.098
650

millioncorporate clients andmillionretail customers worldwide

In accordance to the vision of “building a world-class and modern financial enterprise with
global competitiveness featuring delivering excellence, sticking to our founding mission,customer’s favourite, leading in innovation, security and prudence and people-oriented”,
ICBC always focuses on its main business, sticks to the mission of serving the real economy,
and co-existing, sharing the hardships and growing together with the real economy formutual prosperity; always adheres to the risk-based approach, firmly holds the bottom
line, and constantly improves its ability to control and resolve risks; always adheres to thecompliance and obedience of the operation rules for commercial banks, and is committed tobuilding a "century-old institution"; always devoted to making progress amidst stability andstrived for innovation and advancements, insists on deepening the strategy of developmentin personal and public businesses and the globalisation and integration strategy, actively
embraces the Internet, and further promotes the construction of smart banking; always
maintains professionalism and dedication, explores specialised business models, and forges"craftsmen in large banking".

ICBC actively advocatesthe concept of sustainable
development and promotes
conformity with international
standards, becoming the first
financial institution in the PRC
to join the United Nations
Environment Programme's
Task Force on Climate-related
Financial Disclosures (TCFD);

It pushed forward China-UK
climate and environmental
disclosure practice.

It conducted a joint stresstest regarding carbon tradingon commercial banks' credit
risk with the China Beijing
Environmental Exchange,
and formally released thefirst carbon stress test reportin the PRC at the annual
meeting of the Green FinanceCommittee in April 2019.

In September 2019, asa core group member,it became one of thefirst signatories to the
Principles for Responsible
Banking launched by
the United Nations
Environment Programme
Finance Initiative;

It participated in formulating
environmental disclosure
standards for financial
institutions within the nation
and abroad.

The vision of ICBC : To build a world-class and modern financial enterprise with global competitiveness.
Issuing green bonds is a further elaboration of ICBC’s green strategy and facilitates
the building of China’s ecological civilisation. The issuances will further boost ICBC
as a Group in deepening its development strategies in terms of sustainability andclimate change. The green bond framework will further support ICBC investors toachieve their investment goals from the fast-growing green economy.

Featuringdelivering
excellence2

Sticking toour founding
mission2019 Annual Green Bond Report

Customer’s
favourite

Leading ininnovation

Security andprudence

Peopleoriented

Industrial and Commercial Bank of China Limited

3

Green Finance
ICBC has been actively implementing the national green development concepts and thesustainable development strategies, and has sternly applied the deployment approach andrequirements from the central government in fighting the battle against pollution. It will
step up its efforts on green finance as an important strategy for long-term commitment
in various respects including policies and systems, management processes, business
innovation, and its own performance, fully promoting the building of green finance, actively
supporting the development of green industries, strengthening the prevention and control
of environmental and social risks, continuously advancing low-carbon operations, aiming at
achieving improvement in economic, social and ecological benefits at the same pace, andhas established as a role model for being a responsible large bank and led the developmentof green finance within the domestic industry.

Secondly, in terms of green bonds issuance,
were issued during the reporting period.

On 16 April 2019, the world’s first green "Belt and Road" inter-bank regularcooperation bond was issued through the Singapore Branch. The bond islisted on the Singapore Exchange with a final issuance amount of US$2.2
billion, denominated in currencies including USD, RMB and EUR. All proceeds
are used to support renewable energy, low-carbon and low-emission
transportation, sustainable water resources management and other green
assets projects along the "Belt and Road".

Firstly, in terms of green bonds underwriting and investment, ICBC actively practices green
finance, which has facilitated the growth of the green bond market.

6

raising funds amounting
to

34.4

green bonds
underwritten

RMB

During the reporting
period, RMB green bonds
on ICBC's own portfolio
reachedwith a balance of

2.94

RMB

169

26.42

RMB

of which ICBC acts as
the lead

7.8

RMB

billionissue size

2.2

US$

billionThe first "Guangdong-Hong Kong-Macao Greater Bay Area"
themed green bonds
On 9 September 2019, the first "Guangdong-Hong Kong-Macao Greater Bay
Area" themed green bonds were issued through the Hong Kong Branch. The
final issue amount is equivalent to US$3.15 billion, denominated in currencies
including USD, HKD and RMB. The bond was awarded the Pre-issuance Stage
Certificate and the Post-issuance Stage Certificate by the Hong Kong Quality
Assurance Agency (HKQAA). All the proceeds will be used to support green
asset projects such as renewable energy, low-carbon and low-emission
transportation in the "Guangdong-Hong Kong-Macao Greater Bay Area".

issue size

3.15

US$

billionbillionbillionNon-RMB green bonds
portfolio reachedUSDbillionnew multi-currency green bonds

The world’s first green "Belt and Road" inter-bank regularcooperation bondGreen Bonds

During the reporting
period, a total of2with a balance of
USD

million244

millionof which green bonds
issued by Chinese issuer
amounted to
USD

109

The above two bonds continue to comply with the green bond framework
established by the bank in 2017 in order to meet the domestic and international
green bond standards.

million

RMB-denominated green bonds
amounted to800

million
RMB
sold to over-the-counter investors

42019 Annual Green Bond ReportIndustrial and Commercial Bank of China Limited

5General information of the green bonds
Green Loan

1

5strengthen theenvironmental andsocial risk management
in investment andfinancing

actively implement
the green loan
development
strategy2
revise and issue
an industrial(green) loan
policy every
year

improve thegreen loan
guarantee
mechanism

As of the end of the reporting period, thebalance of ICBC’s green loan extended toenergy conservation and environmental
protection projects and services related
to ecological protection, clean energy,
energy conservation and environmental
protection and recycling of resources
amounted to
RMB

1,350.838

3billion,113.080
9.1%

orbillionDuring the reporting period, paperlessmeeting systems were introduced in

22domestic branches,
and all professional meetings at the head
office were held using handheld PADs,
saving nearly one million sheets of paper
weighing approximately

4.5

tons
London Branch2019 Annual Green Bond Report

Issue date

28 September 2017

Issuer’s rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondIssue format

Reg S

ISIN

XS1691909334

XS1692890343

XS1691909177

Type of issuanceThree-year Euro floatingrate

Three-year US dollar
floating-rate

Five-year US dollar fixedrate

Issuance amount

EUR 1,100,000,000

USD 450,000,000

USD 400,000,000

Use of proceeds

For the purpose of financing or refinancing Eligible Green Assets as described in the Green
Bond Framework of Industrial and Commercial Bank of China, covering areas including “Beltand Road” and national renewable energy, low carbon and low emission transportation,energy efficiency as well as sustainable water and wastewater management

Second opinion"Dark Green" shading by the Center for International Climate Research (CICERO) in Oslo inaccordance with the green bond principles

External auditor’sopinionExternal Assurance by Beijing Zhongcai Green Financing Consultant Ltd. in accordance with
China’s green bond standards

Certification

Labelled by CBI as “Climate Bonds” on 26 September 2017; awarded the Post-Issuance
Certification by CBI on 11 October 2018

Listing

Luxembourg Green Exchange LGX (Luxembourg Stock Exchange)

Issue date

5 June 2018

Issuer’s rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondIssue format

Reg S

ISIN

XS1830984628

than the beginning of the year

Green Operation
ICBC actively advocates the concept of green environmental protection,
promotes green office, establishes the concept of hardworking and thrifty, andstrengthens the awareness of conservation. It increases energy conservationand emission reduction, pays close attention to energy control, optimises
the operation mode of important energy-consuming equipment throughtechnology upgrade and equipment revamp, and further identifies energysaving opportunities. We continue to carry out greening and environmental
protection activities, improve the ecological environment and fulfill our social
responsibility. We actively implement relevant policies on energy conservationand environmental protection, improve the compliance of carbon emissions
trading on the Beijing Exchange, fulfil its commitment to energy conservationand emission reduction, and continue to promote the construction of "Green
Bank".

billionDetails of ICBC’s overseas green bonds as of the end of 2019

Luxembourg Branch

improve the classificationand management ofgreen loan

9.83

US$

with an increase of
RMB

4

6

with an aggregate
issuance amount of

As of the end of the reporting period, ICBC issued five green
bonds through Luxembourg Branch, London Branch, ICBC Asia,
Singapore Branch and Hong Kong Branch with an aggregate
issuance amount of US$9.83 billion, all of which were highly
recognised and over-subscribed by global investors.

XS1830985278

XS1831163396

Industrial and Commercial Bank of China Limited7

Three-year US dollar
floating-rate

Five-year US dollar floatingrate

Three-year Euro floatingrateIssuance amountUSD 500,000,000

USD 500,000,000

EUR 500,000,000

Use of proceeds

For the purpose of financing or refinancing Eligible Green Assets as described in the Green
Bond Framework of Industrial and Commercial Bank of China, covering areas including “Beltand Road” and national renewable energy, low carbon and low emission transportation,energy efficiency as well as sustainable water and wastewater management

Second opinion"Dark Green" shading by the Center for International Climate Research (CICERO) in Oslo inaccordance with the green bond principles

Singapore Branch

External assurance by Beijing Zhongcai Green Financing Consultant Ltd. in accordance with
China’s green bond standards

Certification

Labelled by CBI as “Climate Bonds” on 28 May 2018; awarded the Post-Issuance Certification by
CBI on 4 June 2019

Listing

London Stock Exchange

Issue date

13 June 2018

Issuer’s rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondIssue format

Reg S

ISIN

XS1839369300

XS1839372601

HK0000425899

Type of issuanceThree-year US dollar
floating-rate

Five-year US dollar floatingrate

Two-year HK dollar fixedrate

Issuance amountUSD 200,000,000

USD 200,000,000

HKD 2,600,000,000

Use of proceeds

For the purpose of financing or refinancing Eligible Green Assets as described in the Green
Bond Framework of Industrial and Commercial Bank of China, covering areas including
renewable energy, low carbon and low emission transportation, energy efficiency as well assustainable water and wastewater management

Second opinion"Dark Green" shading by the Center for International Climate Research (CICERO) in Oslo inaccordance with the green bond principles

External auditor’sopinionExternal assurance by Beijing Zhongcai Green Financing Consultant Ltd. in accordance with
China’s green bond standards

Certification

Awarded the Pre-issuance Stage Certificate by the Hong Kong Quality Assurance Agency on 28
May 2018; awarded the Post-issuance Stage Certificate by the Hong Kong Quality Assurance
Agency on 5 July 2019

ListingHong Kong Stock Exchange

Issue date

16 April 2019

Issuer’s rating

A1 (Moody’s)Issue rating

A1 (Moody’s)

2019 Annual Green Bond Report

Hong Kong Branch

ICBC Asia

External auditor’sopinionSingapore Branch

London Branch

8

Type of issuance

Issue type

Senior unsecured bondIssue format

Reg S

ISIN

XS1982691070

XS1982691153

XS1982690858

XS1982691237

Type of issuanceThree-year US dollar
floating-rate

Five-year US dollar
floating-rate

Three-year Euro fixedrate

Three-year
Renminbi fixed-rateIssuance amountUSD 900,000,000

USD 600,000,000

EUR 500,000,000

CNH 1,000,000,000

Use of proceeds

For the purpose of financing or refinancing Eligible Green Assets as described in the Green Bond
Framework of Industrial and Commercial Bank of China, covering areas including renewable energy,
low carbon and low emission transportation, energy efficiency as well as sustainable water andwastewater management

Second opinion"Dark Green" shading by the Center for International Climate Research (CICERO) in Oslo in accordancewith the green bond principles

External auditor’sopinionExternal assurance by Beijing Zhongcai Green Financing Consultant Ltd. in accordance with China’s
green bond standards

Listing

Singapore Exchange

Issue date

9 September 2019

Issuer’s rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondIssue format

Reg S

ISIN

XS2052134652

XS2052134223

XS2052134496

HK0000525359

HK0000525334

Type of issuanceThree-year US
dollar fixed-rate

Three-year US
dollar floatingrate

Five-year US
dollar floatingrate

Two-year HK
dollar fixed-rate

One-yearRenminbi
fixed-rateIssuance amountUSD
500,000,000

USD
1,000,000,000

USD
1,000,000,000

HKD
4,000,000,000

CNH
1,000,000,000

Use of proceeds

For the purpose of financing or refinancing Eligible Green Assets in the Guangdong-Hong KongMacau Greater Bay Area as described in the Green Bond Framework of Industrial and Commercial
Bank of China, covering areas including renewable energy, low carbon and low emission
transportation, energy efficiency as well as sustainable water and wastewater management

Second opinion"Dark Green" shading by the Center for International Climate Research (CICERO) in Oslo in accordancewith the green bond principles

External auditor’sopinionExternal assurance by Beijing Zhongcai Green Financing Consultant Ltd. in accordance with China’s
green bond standards

Certification

Awarded the Pre-issuance Stage Certificate by the Hong Kong Quality Assurance Agency from
August to September 2019; awarded the Post-issuance Stage Certificate by the Hong Kong Quality
Assurance Agency on 14 September 2020

Listing

Hong Kong Stock Exchange

Industrial and Commercial Bank of China Limited

9

Awards

Since the inaugural issuance of green bonds in 2017, ICBC has won

10

Received from CBIAwarded by The Assetmajor awards as follows:

The “Best Issuer for Sustainable

The “Largest Emerging Markets Certified Climate
6

Bond in 2018” award .

Finance”

Received from IFR Asia
Received from Finance Asia

The “Best Socially Responsible Investing Bond” (Best SRI
The “Best Environmental,

Bond) award 2 for 2017. The evaluation comments of whichSocial and Governanceinclude “ICBC has created a precedent for other Chinese issuers in
the integration of domestic and foreign green standards” and “while
meeting the green standards of China and the world, the green
framework of ICBC has dispelled the doubts of overseas investors overdefinitions related to the domestic green market”.

Deal ” (B est ESG Deal)award1 for 2017.

Awarded by The Asset

Received from Environmental Finance

The “Best Green Bond"3

The “Award for Innovation in the Use ofProceeds from Green Bonds"4 for 2018.

Awarded by The AssetAwarded by The Banker

the “Best FIG Bond” 7

the “Deals of the Year 2020 Asia Pacific”8In the Hong Kong Sustainability Finance Award 2020
held by the Hong Kong Quality Assurance Agency

the “Outstanding Award for Green Bond Issuer - Largest Single Green Bond(Banking Industry)”Issued by GlobalCapital

The “2018 Asia Pacific Green/SRI Bond Deal of the Year” award5 .

1.https://www.financeasia.com/News/441270,winners-emfinanceasiaems-achievement-awards-part-2.aspx
2.http://www.ifrasia.com/sri-bond/21320981.article
3.https://www.theasset.com/awards/regional-deals-2017-fixed-income
4.https://www.environmental-finance.com/content/awards/green-bond-awards-2018/winners/award-for-innovation-use-of-proceeds-icbc.html
5.http://www.globalcapital.com/article/b19tcwdcbrq2ks/sri-award-winners-2018-revealed
6.https://cbi19.climatebonds.net/past-events/2019
7.https://www.theasset.com/awards/country-awards-2019-deals-north-asia
8.https://www.thebanker.com/Awards/Deals-of-the-Year/Deals-of-the-Year-2020-Asia-Pacific?ct=true

10

2019 Annual Green Bond ReportIndustrial and Commercial Bank of China Limited

11

Management of Proceeds

Categories and examples of Eligible Green Assets“Eligible Green Asset Categories” for ICBC

Governance Framework

Description and Examples

Renewable Energy
Generation and transmission of energy from renewable energy sources

ICBC has established the Green Bond Framework (hereinafterreferred to as the “Framework”), under which funds raised
by ICBC through green bonds will be used for financing or
refinancing Eligible Green Assets making contribution to lowcarbon environmental protection, sustainable economic
development and climate change.

Renewable energy sources include offshore and onshore wind, solar,
tidal, hydropower subject to conditions, biomass and geothermal

Low Carbon and Low Emission Transportation
In any case, the Eligible Green Assets shall exclude the following
categories:
Fossil fuel related assets
Large-scale hydropower plants

Low carbon or emission transportation assets, systems, infrastructure,components and services excluding any infrastructure or rolling stock
assets used for the transport of fossil fuel products
Examples include rail tram, metro, bus rapid transit systems and electricvehiclesNuclear and nuclear-related assets

Note: Assets in all eligible categories shall at least reach the threshold of
relevant official standards of environmental impacts recognized in thelocal jurisdictions. In case of no official or locally recognized standards,
corresponding international standards shall apply.

Energy Efficiency
Development of products or technology that increase energy efficiency
Examples include LED lights, improved chillers, improved lighting
technology, and reduced power usage in manufacturing operations
Improved efficiency in the delivery of bulk energy services
Examples include district heating/cooling systems, smart grids, energy
storage system and technology that reduce energy losses

Sustainable Water And Wastewater Management
Technologies and infrastructure of water collection, treatment, recycling
and re-use
Examples include water pipes to collect water and rainwater and related
infrastructure of water treatment

122019 Annual Green Bond ReportIndustrial and Commercial Bank of China Limited

13

Project Evaluation and Selection

External assessment and certification
External assessment and certification

1
Eligible green assets
will firstly be identified
and proposed by ICBC’s
business lines, including
its domestic and foreign
branches and subsidiaries.

Asset & Liability
Management Department

2

Item forcertification

Certification
standard

Certifying
agencyStatus of certification(report excerpts)

The Green Bond
Principles of theInternational CapitalMarket Association(ICMA)

Center forInternational Climate
Research (CICERO)“Based on an overall assessment of
the activities that will be financed by
the green bond and the governanceof the framework, ICBC’s Green Bond
Framework is awarded the Dark Greenshading.”

International Banking
Department

They will then bereviewed by a dedicatedGreen Bond Working
Group at ICBC Head
Office which comprises
representatives of:

Credit and Investment
Management Department
Finance & Accounting
Department
Corporate Strategy
and Investor Relations
Department
Urban Finance ResearchInstitute
Other related departments“We are of the view that:

Prior to the issuance, the Green Bond Working Group will
review all proposed Eligible Green Assets to determine theircompliance with the Green Bond Framework of ICBC for
approval as “Eligible Green Asset” and form an eligible green
asset list (each an “Eligible Green Asset”, collectively the“Eligible Green Asset List”). In the Green Bond Working Group,
representatives should have environmental experience andknowledge. The experts with environmental experience andknowledge enjoy a veto power to the final decision on theselection. The assets vetoed by them shall be excluded fromthe Eligible Green Asset List.

Use andManagement ofProceeds

14

2019 Annual Green Bond Report

Annually, the Green Bond Working Group will review the
allocation of the proceeds to the Eligible Green Asset Listand determine if any changes are necessary (for example,
if a project has been amortized, prepaid, sold or otherwise
become ineligible) and facilitate ongoing reporting.
The Green Bond Working Group will decide if the Eligible
Green Asset List needs any update (such as replacement,
deletion, or addition of assets) to maintain the eligibility of
the Use of Proceeds.

Proceeds raised by the five green bonds issued by ICBC have been passed in full tothe head office through Luxembourg Branch, London Branch, Hong Kong Branch andSingapore Branch respectively, and are all used for the existing Eligible Green Assets.

ICBC’sGreen Bond
Framework

The Green Bond
Framework of ICBC is inline with the Guiding
Opinions on Building
a Green Financial
System (Yinfa [2016]
No. 228) jointly issued
by the People’s Bank of
China, the Ministry of
Finance, the National
Development andReform Commission, theMinistry of Environmental
Protection, the China
Banking Regulatory
Commission, the China
Securities Regulatory
Commission, andthe China Insurance
Regulatory Commission,as well as the Catalogueof Projects Supported
by Green Bonds issued
by the People’s Bank of
China

1. The direction of the use of proceeds
and the categories of assets forapplication in the Green Bond
Framework are in line with the standardsof The Green Bond Principles 2017 of theInternational Capital Market Association(ICMA); and in line with the Catalogue of
Projects Supported by Green Bonds (2015
Edition).

Beijing Zhongcai
Green Financing
Consultant Ltd.

2. The Green Bond Framework has
established a scientific assets evaluationand selection process, capable of
selecting Eligible Green Assets if it is
implemented effectively.
3. The Green Bond Framework hasdeveloped a comprehensive plan for
the follow-up management of proceeds,
capable of ensuring that the proceeds
are used for Eligible Green Assets if it is
implemented effectively.
4. The Green Bond Framework has
established a clear plan for the disclosureof green bond information. If it iseffectively implemented, it can ensure
effective disclosure of green bondinformation.”

Industrial and Commercial Bank of China Limited

15

Use of Proceeds
Item forcertification

Certification
standard

Certifying
agencyStatus of certification(report excerpts)“On 26 September 2017, in view of theapplication documents and verification
reports provided by the applicant, theClimate Bonds Standard Committee
agrees to grant “Climate Bond Certified”
to the first climate bond to be issued
under the EMTN of the applicant
Luxembourg Branch of ICBC.”

Green bondsof Luxembourg
branchGreen bondsof London
branchGreen bondsof ICBC Asia

Green bondsof Hong Kongbranch16

Climate Bonds Standard

Climate Bonds Standard

Green Finance
Certification Scheme
requirements

Green Finance
Certification Scheme
requirements

2019 Annual Green Bond Report

Climate Bonds
Initiative (CBI)Climate Bonds
Initiative (CBI)

Hong Kong Quality
Assurance Agency(HKQAA)

Hong Kong Quality
Assurance Agency(HKQAA)Use of proceeds
The five green bonds issued by ICBC raised a total of US$9.83 billion, which is mainly
used in supporting the refinancing of the renewable energy industry, the low carbon
and low emission transportation industry and the sustainable water resourcesmanagement industry. The specific uses of such proceeds are detailed in table 4.

“On 11 October 2018, in view of theapplication documents and verification
reports provided by the applicant, theClimate Bonds Standard Committee
agrees to grant “Post-issuance
Certification” to the “Belt and Road”
climate bond, equivalent to US$2.15
billion, issued under the EMTN of theapplicant Luxembourg Branch of ICBC in
September 2017.”“On 28 May 2018, in view of theapplication documents provided by theapplicant, the Climate Bonds Standard
Committee agrees to grant “Climate
Bond Certified” to the green bond issued
by London Branch of ICBC.”"Hong Kong Quality Assurance Agency
has confimred that the three-year
floating-rate US dollar green bond, thefive-year floating-rate US dollar green
bond and the two-year fixed-rate HK
dollar green bond issued by Industrial
and Commercial Bank of China (Asia)
Limited are in line with the requirementsof the Green Finance Certification
Scheme and are applicable to the preissuance phase and the post-issuancephase.”"Hong Kong Quality Assurance Agency
has confirmed that the three-year
floating-rate US dollar green bond, thethree-year fixed-rate US dollar greenbond, the five-year floating-rate US dollar
green bond, the two-year fixed-rate HK
dollar green bond and the one-year
fixed-rate Renminbi green bond issued
by the Hong Kong branch of ICBC are inline with the requirements of the Green
Finance Certification Scheme and areapplicable to the pre-issuance phase andthe post-issuance phase.”

Total issue size by the 5 bonds

9.83

US$

billionUse of proceeds

Luxembourg
BranchLondonBranchICBC Asia

Proceeds

Amount offunds used

Idle funds

US$

US$

US$

2.15

2.15
billionbillion

US$

US$

US$

billion

1.6

1.6
billionbillion

US$

US$

US$

billionHong Kong
Branch0730

730
millionbillion

US$

US$

US$

millionSingapore
Branch

0

0

2.20

2.20
billionbillion

US$

US$

US$

billion

3.15
billion

3.15
billion00

billionIndustrial and Commercial Bank of China Limited17

Breakdown by Sectors
Breakdown by Category
The Eligible Green Assets funded by ICBC include wind power generation, solar power
generation, railway transportation, metro transit and urban water conservation.
No. ofprojects

Value(US$ million)

Amount ofproceeds
allocated(US$ million)

Proceeds from green
bonds as a percentageof the project value(%)

Wind power

4

508

371

73.03

Solar power

6

286

258

90.21

Railway

2

2040

1521

74.56

12

2834

2150

75.86

Wind power

13

1354

751

55.47

Solar power

3

283

109

38.52

Railway

3

2051

740

36.08

19

3688

1600

43.38

Metro transit

1

50

50

100.00Railway

1

954

680

71.28

2

1004

730

72.71

Wind power

6

463

463

100.00

Solar power

3

206

206

100.00Low carbon and low
emission transportation

Railway

4

1737

1489

85.72

Sustainable water
resources management

Water
conservation

2

42

42

100

15

2448

2200

89.87

Wind power

5

246

218

88.62

Solar power

3

76

76

100.00Metro transit

9

6291

2150

34.18

Railway

7

1507

706

46.85

24

8120

3150

38.79

Asset
Categories

Issuer28

wind power generation projectwith a total
value of

2.571
1.803
US$

an allocatedvalue ofUS$

Renewable energy
Luxembourg
BranchbillionLow carbon and low
emission transportation

billion

Total

15

Renewable energy

solar power generation projects

851
649

LondonBranchwith a total
value ofUS$

millionan allocatedvalue ofUS$

million17

Low carbon and low
emission transportation
Total

ICBC Asia
railway transportation projects
US$with a total
value ofan allocatedvalue of

10

US$

8.289

5.136

Total

billionRenewable energy
billionSingapore
Branchmetro transit projects

6.341

with a total
value of

US$

2.200

an allocatedvalue ofUS$

Low carbon and low
emission transportation

TotalbillionRenewable energy

billionHong Kong
Branch2

18

urban water conservation projects

with a total
value ofUS$

an allocatedvalue ofUS$2019 Annual Green Bond Report

42
42

Low carbon and low
emission transportation

Total

millionmillionNote: 1. All amounts are in US dollar.
2. The value refers to loan balance of ICBC share in the project.

Industrial and Commercial Bank of China Limited

19

The Eligible Green Assets funded is located in many countries and regions in and outside
China. The breakdown of the Eligible Green Assets funded (by region) is detailed in table 6.

Breakdown by Region

IssuerNo. of projects

Value(US$ million)

Amount ofproceeds
allocated(US$ million)

Pakistan

1

70

70

11

Egypt

1

27

27

370

276

East

3

590

538

3

281

210

South

1

672

566

Central South

1

644

480

Central

2

166

166

Southwest

1

1396

1041

Southwest

2

230

230

12

2834

2150

Northwest

5

693

603

UK

1

54

50

15

2448

2200

Pakistan

1

75

55

24

8120

3150

Northwest

9

1016

530

24

8120

3150

Northeast

2

218

100

North

1

114

64

East

1

88

32

Central South

3

1402

539

Southwest

1

721

230

19

3688

1600

No. of projects

Value(US$ million)

Amount ofproceeds
allocated(US$ million)

Morocco

1

132

132

Thailand

3

11

Northwest

3

East

Countries and regions

IssuerOutside China

Outside China

Luxembourg
BranchCountries and regions

Singapore BranchWithin China

Total

Within China

Total

Outside China
Hong Kong BranchWithin China

South

Total

Note: 1. All amounts are in US dollar.
2. The value refers to loan balance of ICBC share in the project.

London BranchWithin China

Total
Outside China

Australia

1

50

50

Within China

Northeast

1

954

680

2

1004

730

ICBC Asia

Total

20

2019 Annual Green Bond Report

Observation of Environmental Accident or Breach
There have been no environmental liability accidents or violations in the Eligible
Green Assets invested by the proceeds raised by the 5 green bonds issued by ICBC.
No project has expired or been replaced.

Industrial and Commercial Bank of China Limited

21

Environmental Impacts
Overall environmental benefits

IssuerType of project

ICBC Asia

Low carbon andlow emission
transportation
projects

Key impact indicators
Metro transit

Carbon emission reduction (tons): 2,129
Annual number of passengers transported (10,000 people): 956

Railway
Carbon emission reduction (tons): 224,593

Total: Carbon emission reduction (tons)

226,722
Total installed capacity (MW): 1,851

28,801,658
35,640,700
17,393,883
35,640,700

The 5 green bonds issued helped to reduce a total CO 2 emission of

450,000
11,407,775

supply of

cubic metres/year, treat wastewater oftons/year by renewable energy projects,

transportation projects, as well as

450,000

Wind power
generation

tons/year, increase water

cubic metres/year, including

cubic metres/year of water supply andcubic

metres/year of wastewater treated by sustainable water resources management projects.

Type of project

Key impact indicators
Total installed capacity (MW): 1,100
Wind power
generation

Carbon emission reduction (tons): 2,075,469

Renewableenergy projects

Annual generation capacity (MWh): 983,371

Low carbon andlow emission
transportation
projects

Railway

Sustainable
water resourcesmanagement

Urban water
conservation

Total installed capacity (MW): 2,934
Wind power
generation

LondonBranchTotal installed capacity (MW): 550
Solar power
generation

Annual wastewater treatment
capacity (CBM)

35,640,700
Total installed capacity (MW): 349

Low carbon andlow emission
transportation
projects

Annual number of passengers transported (10,000 people): 4,312
Railway

Total: Carbon emission reduction (tons)

2019 Annual Green Bond Report

Total installed capacity (MW): 140
Solar power
generation

Hong Kong
BranchCarbon emission reduction (tons): 1,591,813
6,911,546

Annual generation capacity (MWh): 1,785,629
Carbon emission reduction (tons): 1,383,862

Renewableenergy projects

Annual generation capacity (MWh): 169,406
Carbon emission reduction (tons): 131,290
Annual number of passengers transported (10,000 people): 94,127

Low carbon andlow emission
transportation
projects

Metro transit
Carbon emission reduction (tons): 7,043,261
Annual number of passengers transported (10,000 people): 6,853
Railway
Carbon emission reduction (tons): 2,572,834

Annual generation capacity (MWh): 818,595
Carbon emission reduction (tons): 626,225

Annual wastewater treatment capacity (CBM): 35,640,700

450,000

Annual generation capacity (MWh): 7,197,754
Carbon emission reduction (tons): 4,693,508

Renewableenergy projects

Annual increased water supply capacity (CBM): 450,000

Annual water supply
capacity(CBM)Wind power
generation

Annual volume of goods transported (10,000 tons): 1,907

4,186,435

Carbon emission reduction (tons): 4,493,255

6,345,708

Carbon emission reduction (tons): 1,465,998

Total: Carbon emission reduction (tons)

Annual number of passengers transported (10,000 people): 5,151

Carbon emission reduction (tons)

Annual number of passengers transported (10,000 people): 1,367
Railway

Annual generation capacity (MWh): 296,488
Carbon emission reduction (tons): 211,246

Carbon emission reduction (tons): 644,968
Low carbon andlow emission
transportation
projects

22

Total:

Total installed capacity (MW): 406
Solar power
generation

Luxembourg
BranchAnnual generation capacity (MWh): 2,538,800

Total installed capacity (MW): 260
Solar power
generation

Singapore
BranchEnvironmental benefits
IssuerCarbon emission reduction (tons): 1,641,207

Renewableenergy projects

tons/year by low carbon and low emission

Annual generation capacity (MWh): 2,129,486

Total: Carbon emission reduction (tons)

11,131,247

Note:
1. For renewable energy projects, impacts are calculated following the EIB Carbon Footprint Methodology.
http://www.eib.org/attachments/strategies/eib_project_carbon_footprint_methodologies_en.pdf
2. For low-carbon and low-emission transportation projects, impacts are calculated following the index for railway sector in PRC in IEA-UIC Energy and
CO2 Railway Handbook(https://uic.org/IMG/pdf/handbook_iea-uic_2017_web3.pdf）and EIB CO2 evaluation method

Industrial and Commercial Bank of China Limited

23

Project cases

Case One
Low carbon and low emission transportation
project – railway
The project is built according to the national class I doubletrack railway standard with a speed above 120km/h, withpassenger and freight lines and electric traction motors. It
is expected to have an annual transportation capacity of 80
pairs of passenger cars per day and 800×104t of freight cars
per year after transformation, and high-speed train units are
considered. The railway is 22.9km long, starting from Longhu
South Station in the north, through Chaoan and Shantou
North to Shantou Station. The project will add another 22.9km
as a second railway, with transformation work on the existing
railway of 22.9km. The total investment of the project isapproximately RMB2.29 billion and the total project period
is 2.5 years. The project serves as an important part of therailway transportation network in eastern Guangdong, andwill help to improve the railway transportation capacity in theregion.

此处为案例图片

Case Three:
Case Two
Renewable energy project – solar power generation
The project uses 290W monocrystalline silicon photovoltaic modules with 68,640 fixedinstallations. According to the feasibility study report, the project is designed to generate gridelectricity of 23,318,000kWh after first year of operation, with annual utilisation hours of 1,171
hours. In the 25-year period after commissioning, the average annual power generation is21,309,000kWh, with average annual utilisation hours of 1,071 hours.

242019 Annual Green Bond Report

Sustainable water resources management project – urban water conservation
The project is an integrated water construction project, which includes water plant, sewage treatment plant,
sludge treatment centre, water supply pipe network and sewage pipe network. Among them, the watersupply network is 95.23km in length and the sewage treatment network length is 194.74km in length; which
added water supply capacity of 130,000 tons/day, added sewage treatment capacity of 126,600 tons/day,transformed sewage treatment capacity of 50,000 tons/day and sludge treatment capacity of 100 tons/day.
The project can effectively alleviate the stress posed by the supply and demand shortage of urban watersupply and the lack of sewage treatment capacity.

Industrial and Commercial Bank of China Limited

25

Disclosure and Reporting

ICBC undertakes to publish the Annual Green Bond Report to provide information on
the allocation of funds and the impact of projects.
This report is an annual report covering the period from 1 January 2019 to 31
December 2019. Some of the contents may go beyond this period.
The Annual Green Bond Report will be updated on a yearly basis and will be
published on www.icbc-ltd.com, the global official website of ICBC. In addition, ICBC
will disclose relevant content through other feasible channels, such as annual reports
and corporate social responsibility reports. These reports will also be published on
www.icbc-ltd.com.
ICBC has engaged an independent third party to give external assurance for thisreport.

26

2019 Annual Green Bond Report