December 2020

2020

CRÉDIT AGRICOLEGREEN BOND REPORTContents

4

Outstanding Crédit Agricole Green Bonds

7

Overview of Crédit Agricole Group Green
Bond Framework

8

Crédit Agricole Green Portfolio

12 Carbon impact reporting
13 Focus on Real Estate and Renewable Energy
Portfolios
14 Methodological Notes

CREDIT AGRICOLE GREEN BONDS REPORT 2020

Editorial
As one of today’s world leaders in Green Bonds, and as a pioneer for climate finance for nearly 10 years, Crédit
Agricole believes that it is imperative to decarbonize our economies, while maintaining value creation. In order tostrengthen its action and commitments in favor of energy transition, Crédit Agricole adopted in 2019 a Group Climate
Strategy fully aligned with the Paris Agreement.
The goal of this strategy is to allow for the gradual reallocation of the Group’s loan, investment and assets undermanagement portfolios, so as to make green finance a growth driver for the Group.

“In its new Medium Plan Term 2019-2022, Crédit
Agricole has affirmed its ambition of contribution to
the necessary transition to low-carbon economies.”
In this perspective, the Green Bond market is a key funding channel for Crédit Agricole inorder to communicate on its climate commitments, to engage with investors about its longterm vision and to finance the development of our Green lending activities. For example,
Crédit Agricole CIB is committed to double the size of Green Loan portfolio to €13bn by2022. To achieve this target, Crédit Agricole CIB has set up an incentive system supporting
the Green Loan origination.
We believe that being a regular issuer in the Green Bond market is part of the Crédit Agricole
funding strategy in order to optimize the funding of the Crédit Agricole environmental andclimate commitments. Credit Agricole CIB started to issue Green Bonds already in 2013.
Credit Agricole SA successfully issued first Green Bonds Benchmark in 2018, followed by asecond CASA Green bond benchmark and by a first Green Covered Bond issued by Credit
Agricole Home Loan SFH in 2019.
Crédit Agricole is also supporting the Green Bond market as an investor and bookrunner ofmany other Green Bonds. The Crédit Agricole Group’s asset manager, Amundi, will double its
green investment portfolio to €20bn, and the allocation of all liquidity portfolios to Green,
Social and Sustainability Bonds will increase to €6bn by 2022, tripling the previous target for2019. Crédit Agricole CIB is committed to remain a reference bank in this market in which
Crédit Agricole CIB is involved since its inception.
Besides, the Group has decided to integrate the climate issue at the heart of its customer
relationship thanks to an innovative tool: the "climate transition score". This “climatetransition score” will foster dialogue between Crédit Agricole S.A. teams and large corporateclients/issuers regarding climate issues. It is based on a double approach: an understandingof the client’s performance to date on energy/climate issues and a dynamic vision of theintensity and speed of its decarbonation process. Based on the combined expertise of Credit
Agricole CIB and Amundi, the climate transition score is today in its last designing stages andwill be applied to their portfolios’ large corporate clients/issuers by the end of 2020.
We are very proud to provide Crédit Agricole investors with the second Green Bond report
including the allocation and impact reports of the Crédit Agricole S.A and Crédit Agricole
Home Loan SFH’s Green Bonds and outstanding Crédit Agricole CIB Green Notes. We also
welcome the synergy between teams and entities within the Group who have actively
collaborated to this document. The reporting exercise reinforced our knowledge ofenvironmental impact induced by our financing and set up indicators and methodologies thatwill make progress in the coming years as announced in the Medium Plan Term 2019-2022.

Eric Campos,
Head of Corporate Social
Responsibility,
Crédit Agricole SA,
CEO, Grameen Crédit
Agricole Foundation

Olivier Belorgey,
Chief Financial Officier,
CACIB Group,
Head of Treasury andFunding,Crédit Agricole GroupOUTSTANDING CREDIT AGRICOLE GREEN BONDS

4

Crédit Agricole SA and
Crédit Agricole Home Loan SFH
outstanding Green Bonds:
Key figures

IssuerIssuerIssuerCrédit Agricole SA

Crédit Agricole SA

Crédit Agricole Home Loan
SFH

Nominal amount
EUR 1bn
Date of settlement

Senior Non Preferred Green
Bond
Nominal amount
EUR 1bn
Date of settlement

5th December 2018

21st October 2019

6th December 2019

Maturity date

Maturity date

Maturity dateSenior Preferred Green Bondthst

Green Covered Bond
Nominal amount
EUR 1.25bn
Date of settlement

5 December 2023

21 October 2025

6th December 2029

Coupon0.750% Annual
Use of proceeds

Coupon0.375% Annual
Use of proceeds

Coupon0.05% Annual
Use of proceeds

To refinance Green Assetsof Credit Agricole GroupTo refinance Green Assetsof Credit Agricole Group

Finance or refinance new orexisting Eligible Green Assets
included in the SFH cover
pool

Second Party Opinion
Vigeo Eiris
ListingEuronext ParisISIN
FR0013385515

Second Party Opinion
Vigeo Eiris
ListingEuronext ParisISIN
XS2067135421

Second Party Opinion
Vigeo Eiris
ListingEuronext ParisISIN
FR0013465010

5

OUTSTANDING CREDIT AGRICOLE GREEN BONDS

Outstanding Crédit Agricole CIB Green Notes, as ofJune 2020: eq. EUR 2,875m
ISSUE DATE

MATURITYOUTSTANDINGAMOUNT

CURRENCY

OUTSTANDIN
G EQ. EURISSUE DATE

MATURITYOUTSTANDINGAMOUNT

CURRENCY

OUTSTANDIN
G EQ. EURISSUE DATE

MATURITYOUTSTANDINGAMOUNT

CURRENCY

OUTSTANDIN
G EQ. EUR

6400000EUR

400 000

750000USD

664 540

30/06/2020

2

4000000

USD

3 544 214

01/04/2020

25/02/2020

3

30/06/2020

3

1500000

EUR

1 500 000

27/03/2020

5

1000000

EUR

1 000 000

25/02/2020

5562000USD

497 962

29/06/2020

830000000

EUR

30 000 000

26/03/2020

5500000000

JPY

4 124 051

24/02/2020

514154000

EUR

14 154 000

29/06/2020

3

1500000USD

1 329 080

25/03/2020

82000000

EUR

2 000 000

24/02/2020

3

1430000USD

1 267 057

29/06/2020

3

1200000

USD

1 063 264

23/03/2020

15

62000000ZAR

3 246 889

24/02/2020

3550000USD

487 329

26/06/2020

530000000

EUR

30 000 000

23/03/2020

6

10000000

TRY

1 292 524

20/02/2020

5500000EUR

500 000

26/06/2020

3

3900000

EUR

3 900 000

20/03/2020

33590000

EUR

3 590 000

19/02/2020

425000000ZAR

1 309 230

26/06/2020

82200000

EUR

2 200 000

19/03/2020

53780000000

JPY

31 177 829

18/02/2020

51500000000

JPY

12 372 154

26/06/2020

21575000

USD

1 395 534

19/03/2020

31705000000

JPY

14 063 016

18/02/2020

5

1000000000

JPY

8 248 103

25/06/2020

53850000

USD

3 411 306

18/03/2020

5

3,90E+10IDR

2 403 316

18/02/2020

311294000

USD

10 007 088

25/06/2020

5500000EUR

500 000

18/03/2020

3

10000000

TRY

1 292 524

18/02/2020

2

830000USD

735 424

25/06/2020

5500000EUR

500 000

18/03/2020

102000000

EUR

2 000 000

17/02/2020

10

400000EUR

400 000

24/06/2020

12250000

USD

1 993 620

16/03/2020

10

1000000

EUR

1 000 000

14/02/2020

58704000EUR

8 704 000

23/06/2020

82400000

EUR

2 400 000

13/03/2020

6

2300000USD

2 037 923

14/02/2020

2

1000000

USD

886 054

23/06/2020

12150000

USD

1 905 015

13/03/2020

102000000

EUR

2 000 000

14/02/2020

10500000EUR

500 000

23/06/2020

1

1400000USD

1 240 475

13/03/2020

102000000

EUR

2 000 000

14/02/2020

6200000EUR

200 000

22/06/2020

1

2700000

USD

2 392 344

13/03/2020

102000000

EUR

2 000 000

13/02/2020

15

60000000

ZAR

3 142 151

22/06/2020

3

2250000

USD

1 993 620

12/03/2020

55000000

USD

4 430 268

13/02/2020

525000000ZAR

1 309 23053000000

USD

2 658 161

13/02/2020

7

8400000TRY

1 085 720

19/06/2020

10

30000000

EUR

30 000 000

12/03/2020

19/06/2020

34805000

EUR

4 805 000

11/03/2020

10

3000000

EUR

3 000 000

10/02/2020

7

140000000

ZAR

7 331 685

19/06/2020

1

2100000

USD

1 860 712

11/03/2020

102000000

EUR

2 000 000

10/02/2020

82000000

EUR

2 000 000

19/06/2020

5500000EUR

500 000

11/03/2020

3

277000EUR

277 000

07/02/2020

3

1000000

USD

886 054

19/06/2020

5500000EUR

500 000

10/03/2020

10

8000000

EUR

8 000 000

07/02/2020

5500000EUR

500 000

18/06/2020

10

250000000

ZAR

13 092 295

10/03/2020

10

1000000

EUR

1 000 000

03/02/2020

15700000

USD

5 050 505

17/06/2020

12050000

USD

1 816 410

09/03/2020

525000000ZAR

1 309 230

03/02/2020

1520000EUR

520 000

17/06/2020

31550000

EUR

1 550 000

09/03/2020

101229000EUR

1 229 000

31/01/2020

105000000

EUR

5 000 000

17/06/2020

31450000

USD

1 284 778

06/03/2020

104933000

EUR

4 933 000

28/01/2020

5

1000000

EUR

1 000 000

17/06/2020

3

900000USD

797 44806/03/2020

10

4400000

EUR

4 400 000

27/01/2020

54568000000

JPY

37 677 334

16/06/2020

14750000

USD

4 208 754

06/03/2020

3

700000USD

620 237

27/01/2020

3

2086000000

JPY

17 205 543

16/06/2020

32490000

EUR

2 490 000

06/03/2020

3500000EUR

500 000

27/01/2020

31520000

USD

1 346 801

15/06/2020

64333000

EUR

4 333 000

05/03/2020

5620000000

JPY

5 113 824

24/01/2020

85142000

EUR

5 142 000

12/06/2020

3

2080000

USD

1 842 991

05/03/2020

15

54000000ZAR

2 827 936

24/01/2020

82000000

EUR

2 000 000

12/06/2020

10

1500000

EUR

1 500 000

05/03/2020

7

8500000

TRY

1 098 645

22/01/2020

35787000

EUR

5 787 000

12/06/2020

2

1500000USD

1 329 080

04/03/2020

54000000

EUR

4 000 000

21/01/2020

32150000

USD

1 905 015

11/06/2020

850000000

EUR

50 000 000

04/03/2020

54000000

EUR

4 000 000

20/01/2020

51350000

EUR

1 350 000

10/06/2020

1

2200000USD

1 949 318

03/03/2020

3

1000000

USD

886 054

16/01/2020

51500000000

JPY

12 372 154

10/06/2020

1

1650000

USD

1 461 988

02/03/2020

3288600000

INR

3 421 296

16/01/2020

7

100000EUR

100 000

10/06/2020

3

1500000USD

1 329 080

02/03/2020

54445000

EUR

4 445 000

10/01/2020

10500000EUR

500 000

09/06/2020

5200000000

JPY

1 649 621

02/03/2020

32825000

EUR

2 825 000

06/01/2020

81520000

EUR

1 520 000

09/06/2020

10

100000000

JPY

824 81002/03/2020

52080000

EUR

2 080 000

06/01/2020

8

1000000

EUR

1 000 000

08/06/2020

1

9231000

USD

8 179 160

02/03/2020

5

800000EUR

800 000

30/12/2019

211160000

EUR

11 160 000

05/06/2020

10

10000000

USD

8 860 535

28/02/2020

36695000

USD

5 932 128

27/12/2019

4

70000000

MXN

2 741 228

05/06/2020

12750000

USD

2 436 647

28/02/2020

55000000

EUR

5 000 000

27/12/2019

3

1922000

USD

1 702 995

04/06/2020

3

2000000

USD

1 772 107

28/02/2020

83000000

EUR

3 000 000

27/12/2019

3

500000USD

443 02703/06/2020

10

1900000

EUR

1 900 000

28/02/2020

3

1100000

EUR

1 100 000

24/12/2019

2

1150000

USD

1 018 962

01/06/2020

5590000000

JPY

4 866 381

27/02/2020

35890000

USD

5 218 855

23/12/2019

6

500000EUR

500 000

01/06/2020

3409000000

JPY

3 373 474

27/02/2020

5650000EUR

650 000

23/12/2019

5

500000EUR

500 000

21/05/2020

10

30000000

EUR

30 000 000

27/02/2020

2

600000USD

531 632

23/12/2019

3

100000USD

88 605

14/05/2020

12

8000000

EUR

8 000 000

27/02/2020

5500000EUR

500 000

20/12/2019

7550000EUR

550 000

14/05/2020

83300000

EUR

3 300 000

27/02/2020

3

50000

USD

44 303

19/12/2019

3

900000USD

797 448

24/04/2020

6

30000000

EUR

30 000 000

26/02/2020

10

15000000

USD

13 290 803

19/12/2019

7

800000EUR

800 000

22/04/2020

85000000

EUR

5 000 000

26/02/2020

10

15000000

USD

13 290 803

19/12/2019

3

470000EUR

470 000

16/04/2020

7500000EUR

500 000

26/02/2020

51105000

USD

979 089

19/12/2019

5200000EUR

200 000

15/04/2020

102000000

EUR

2 000 000

26/02/2020

10

600000EUR

600 000

18/12/2019

10

18000000

EUR

18 000 000

14/04/2020

8250000EUR

250 000

25/02/2020

57003000000

JPY

57 761 465

17/12/2019

5

10000000SEK

955 703

03/04/2020

5

8000000

EUR

8 000 000

25/02/2020

51700000000

JPY

14 021 775

17/12/2019

5

780000EUR

780 000

03/04/2020

102000000

EUR

2 000 000

25/02/2020

5756000000

JPY

6 235 566

13/12/2019

3

1050000

EUR

1 050 000OUTSTANDING CREDIT AGRICOLE GREEN BONDS

6

ISSUE DATE

MATURITYOUTSTANDINGAMOUNT

CURRENCY

OUTSTANDIN
G EQ. EURISSUE DATE

MATURITYOUTSTANDINGAMOUNT

CURRENCY

OUTSTANDIN
G EQ. EURISSUE DATE

MATURITYOUTSTANDINGAMOUNT

CURRENCY

OUTSTANDIN
G EQ. EUR

13/12/2019

5

500000EUR

500 000

12/07/2019

8500000EUR

500 000

17/08/2018

51300000

EUR

1 300 000

12/12/2019

1562560000ZAR

3 276 216

10/07/2019

102395000

EUR

2 395 000

17/08/2018

81200000

EUR

1 200 000

12/12/2019

15

25000000

AUD

15 341 188

04/07/2019

12

30000000

EUR

30 000 000

10/08/2018

10

300000EUR

300 000

12/12/2019

1021470000

TRY

2 775 049

20/06/2019

61050000

EUR

1 050 000

08/08/2018

3354000000

INR

4 196 600

12/12/2019

86670000

TRY

862 11414/06/2019

83674000

EUR

3 674 000

20/07/2018

7

10000000SEK

955 703

12/12/2019

3

2400000

EUR

2 400 000

07/06/201910

1000000

EUR

1 000 000

20/07/2018

7

10000000SEK

955 703

11/12/2019

3

6000000

USD

5 316 321

03/06/2019

613160000

SEK

1 257 705

12/07/2018

3

6500000USD

5 759 348

11/12/2019

3

600000EUR

600 000

03/06/2019

55220000

SEK

498 877

10/12/2019

3

1750000

EUR

1 750 000

27/05/20198

1000000

EUR

1 000 000

06/12/2019

3

1400000USD

1 240 475

07/05/2019

613150000

SEK

1 256 750

06/12/2019

5

500000EUR

500 000

07/05/2019

510370000

SEK

05/12/2019

3

12805000

USD

11 345 915

07/05/2019

5

5000000

04/12/2019

3

1000000

USD

886 054

06/05/2019

7

10000000

29/11/201910

100000000

EUR

100 000 000

25/04/201912

26/11/2019

5

10000000SEK

955 703

23/04/2019

25/11/2019

5

70000000

JPY

577 367

25/11/2019

5

50000000JPY

412 405

25/11/2019

12

800000EUR

800 000

25/11/2019

10

500000EUR

500 000

21/11/2019

12

3000000

EUR

3 000 000

20/11/2019

82500000

EUR

2 500 000

20/11/2019

10

500000EUR

500 000

20/11/2019

10

500000EUR

11/07/2018

52750000

EUR

2 750 000

05/07/2018

10

3000000000

JPY

24 744 309

21/06/2018

3438200000

INR

5 194 774

21/06/2018

7

13000000

SEK

1 242 414

991 064

18/06/2018

8

2000000000

JPY

16 496 206

SEK

477 852

11/06/2018

10

2500000

EUR

2 500 000SEK

955 703

06/04/2018

10

500000EUR

500 000

209500000

EUR

209 500 000

05/04/2018

8500000EUR

500 000

12

5000000

EUR

5 000 000

20/03/2018

3

179400000

INR

2 126 752

04/04/2019

5

1000000

USD

886 054

16/03/2018

8

1000000

EUR

1 000 000

28/03/2019

2

1925000

USD

1 705 653

09/03/2018

8

1000000

EUR

1 000 000

27/03/2019

434820000

PLN

7 782 745

28/02/2018

3

6800000TRY

878 916

438600000

INR

5 199 516

21/03/2019

19680000

SEK

1 880 824

27/02/2018

3

5

27/02/2018

35860000

TRY

757 419

21/03/2019

612710000

SEK

1 214 699

26/02/2018

838928000

EUR

38 928 000

20/03/2019

827821000

EUR

27 821 000

30/01/2018

3281800000

TRY

36 423 327

19/03/2019

15

75000000

EUR

75 000 000

21/12/2017

4

86000000

INR

1 019 513

500 000

15/03/2019

10

500000EUR

500 000

21/11/2017

587974000

USD

77 949 672

20/11/2019

5

300000EUR

300 000

11/03/2019

25170000

USD

4 580 897

30/10/2017

3234500000

INR

2 779 951

15/11/2019

10

2000000

EUR

2 000 000

26/02/2019

3

286000000

INR

3 390 473

29/09/2017

4320680000

TRY

41 448 661

14/11/2019

6

8400000TRY

1 085 720

21/02/2019

4

1,90E+10IDR

1 170 846

29/09/2017

4165000000

MXN

6 461 466

14/11/2019

67870000TRY

1 017 216

19/02/2019

583600000

AUD

51 300 933

27/07/2017

45958000

BRL

995 938

26/07/2017

35711000

TRY

738 160

29/06/2017

5

3,21E+10

IDR

1 978 114

24/05/2017

10

500000EUR

500 000

27/04/2017

10

500000EUR

500 000

29/03/2017

15

8000000

EUR

8 000 000
10 000 000

430000000

EUR

30 000 000

19/02/2019

553089000

NZD

30 692 606

31/10/2019

7

750000EUR

750 000

13/02/2019

618610000

SEK

1 778 564

31/10/2019

10

500000EUR

500 000

13/02/2019

512660000

SEK

1 209 920

31/10/2019

10

300000EUR

300 000

22/01/2019

123750000

EUR

3 750 000

31/10/2019

10

300000EUR

300 000

15/01/2019

7

1000000000

JPY

8 248 103

16/12/2016

11

10000000

EUR

29/10/2019

5

15000000

SEK

1 433 555

09/01/2019

469125000

PLN

15 450 380

14/12/2016

463100000

INR

748 038

25/10/2019

8

700000EUR

700 000

27/12/2018

12

85000000

EUR

85 000 000

29/11/2016

11

5000000

EUR

5 000 000

24/10/2019

5

100000000

JPY

824 810

21/12/2018

7

30000000

SEK

2 867 109

18/11/2016

11

5000000

EUR

5 000 000

24/10/2019

5

100000000

JPY

824 810

20/12/2018

556800000

AUD

34 855 179

17/11/2016

463100000

INR

748 038

24/10/2019

5

50000000JPY

412 405

20/12/2018

517200000

USD

15 240 121

09/09/2016

11

12000000

EUR

12 000 000

18/10/2019

5

500000EUR

500 000

20/12/2018

10

500000EUR

500 000

02/06/2016

564190000

AUD

39 390 034

29/04/2016

19

61000000

EUR

61 000 000

27/04/201615

10000000

EUR

10 000 000

24/09/2013

75410000000

JPY

44 622 237

08/07/2013

7

850000BRL

142 086

14/06/2013

18

10000000

EUR

10 000 000

04/11/2019

11/10/2019

8

2000000

EUR

10/10/2019

3

3000000

USD

08/10/2019

5

50000007/10/2019

104157000

2 000 000

18/12/2018

631420000

SEK

3 002 819

2 658 161

18/12/2018

524120000

SEK

2 305 156

EUR

500 000

11/12/2018

123750000

EUR

3 750 000

EUR

4 157 00005/12/2018

7

10000000SEK

955 703

03/10/2019

5

300000EUR

300 000

23/11/2018

5

10000000SEK

955 703

26/09/201910

10000000

USD

8 860 535

12/11/2018

568970000

SEK

6 591 485

26/09/2019

56190000

SEK

591 580

12/11/2018

639800000

SEK

3 803 699

13/09/2019

5750000EUR

750 000

01/11/2018

4

2,00E+10IDR

1 232 470

13/09/2019

5

300000EUR

300 000

01/11/2018

7

50000000JPY

412 405

09/09/2019

811732000

EUR

11 732 000

01/11/2018

7

50000000JPY

412 405

08/08/2019

5

17000000MXN

665 727

31/10/2018

710548000

USD

9 346 093

07/08/2019

520000000ZAR

1 047 384

08/10/2018

10

500000EUR

500 000

02/08/20198

1000000

EUR

1 000 000

03/10/2018

3375000000

USD

332 270 069

30/07/2019

511620000

TRY

1 501 913

28/09/2018

10

1500000000

JPY

12 372 154

30/07/2019

28130000TRY

1 050 822

28/09/2018

54450000

GBP

4 932 114

25/07/2019

5

100000000

JPY

824 810

27/09/2018

530950000

SEK

2 957 901

19/07/2019

329780000

PLN

6 656 236

27/09/2018

55290000

SEK

505 567

17/07/2019

56450000

SEK

616 429

27/09/2018

3

3000000

NOK

280 707

17/07/2019

65250000

SEK

501 744

25/09/2018

390200000

USD

79 922 027

7

CREDIT AGRICOLE GROUP GREEN BOND FRAMEWORK

Overview of Crédit Agricole
Group Green Bond Framework
Launched in
November 2018, theCrédit Agricole
Group Green Bond
Framework
completed by theGreen Real Estate
Appendix serves as
the reference
document for theGreen Bond issuesof all Crédit Agricole
Group entities:
Crédit Agricole S.A.,
the Crédit Agricole
Regional banks,
their subsidiaries
and refinancing
vehicles. In
particular, thisGreen Bond
Framework replaces
the one publishedby Crédit Agricole
CIB in 2013 and now
serves as thereferenceframework for all
new Crédit Agricole
CIB Green Notes
issues.

4
Reporting3

Managementof Proceeds

Annual report published on>theGroup’s website detailing:

Agricole’s Treasury and>CréditMedium/Long Term Funding team incharge of monitoring the allocation of
the proceeds to the Eligible Green
Assets on a nominal equivalence basis
process monitored through>Allocation
an internal information system until
maturity
to keep 30% buffer>Commitment
between the Green Portfolio and theGreen Bonds outstanding

1

allocation of the> The
Green Bond proceeds
environmental> The
impact of the Eligible
Green Assets by
eligibility criteria andissuing entity

Process for ProjectEvaluation and Selection
Use of Proceeds
Eligible projects categories:
energy>Renewablebuildings>Greenefficiency>Energytransportation>Cleanand water>Wastemanagement
agriculture and>Sustainable
forest management

Green Assets comply with
>Eligible
Crédit Agricole standard credit

process including the Group’s CSR
policy and Sector Policies as well as
any applicable environmental andsocial regulatory directives
Green and Social Bond
>The
Committee is in charge of theevaluation and selection of theeligible assets

Crédit Agricole Green Bond Framework aligns with the 2018 edition of theGreen Bond Principles (“GBP”) and follows its four core components, Use ofProceeds, Process for Project Evaluation and Selection, Management ofproceeds and Reporting.
The Crédit Agricole Group Green Bond Framework and its Green Real Estate
Appendix have each been reviewed by Vigeo Eiris which delivered positive
second opinions available at:https://www.credit-agricole.com/en/finance/finance/debt

2

8

CREDIT AGRICOLE GREEN BOND PORTFOLIO

Crédit Agricole Green Portfolio,
as of June 2020 :As of today, the Green Portfolio isconcentrated on

Crédit Agricole
CIB

70%

Regional banks

26%

LCL

3%

CAL&F

1%

Almost half of the Group’s Green
Portfolio finances

France based
assets

A diversified portfolio
Breakdown by Subsidiaries

CR
26%
CAL&F
1%
CACIB
70%

Breakdown by Regions
MEA
1%

46%

The remaining half is split between

Europe excl. France

29%

Americas15%

Asia Pacific9%

Renewable energy is the largest asset
category (53%) followed by

Green Buildings

29%

Clean
transportation

12%

Water and waste
management

4%

Energy efficiency

2%

LCL
3%

Americas15%

Asia
Pacific
9%

France46%
Europe29%

Breakdown by Eligible Categories
Waste and
Water
Clean
Management
Transportation
4%
12%
Green
Buildings
29%

Renewable
Energies
53%

EnergyEfficiency
2%

SFH Green Portfolio, as of June
Breakdown by year of first drawing
2020 :(% of outstanding amount)
SFH Green Cover pool is composed of homeloans exclusively financing new housing
belonging to the local top 15% of most energy
efficient buildings.
Originated by the Crédit Agricole Regional
Banks and LCL, Eligible Green home loans
finance properties 100% located in France.

2020
0.21%
2019
8.73%

2018
29.51%
2017
61.55%

CREDIT AGRICOLE GREEN BOND PORTFOLIO

925%

Europe excl. France

44%

Asia Pacific14%

Americas

16%

MEA

1%

The CACIB Green Portfolio
is concentrated in:
Renewable
Energy45%

Green Building

30%

Clean
Transportation

17%

Water andmanagement

6%

Energy efficiency

2%

Renewable energy ismainly solar (53%)(including photovoltaic
and thermosolar power)
followed by
Wind

34%

Other

13%

MEA
1%
Americas16%

France25%

Asia
Pacific14%

Europe44%

Breakdown by Eligible Categories
Waste and water management
6%
Clean Transportation
17%
Renewable Energy
45%
Green
Building
30%

Energy Efficiency
2%

Focus on Crédit Agricole CIB Green
Portfolio

FranceBreakdown by Regions

Breakdown by Renewable Energy

Wind
34%

Other
13%

Solar
53%

Focus on Crédit Agricole CIB Green
Portfolio

As of today, the Green
assets in CACIB Green
Portfolio are located in:

Focus on Crédit Agricole CIB Green
Portfolio

Focus on Crédit Agricole CIB
Green Portfolio, as of June 2020 :EXAMPLES OF ELIGIBLE ASSETS

10

Example of Eligible Assets

SUPPORTING A RENEWABLE
ENERGY PROJECT:SUPPORTING A RENEWABLE
ENERGY PROJECT:

Second significant offshore
wind project in France:
Fécamp wind farm

Largest solar PV plant on the
East Coast of the US

Asset: 71 windturbines
Siemens
Gamesa, withan installedcapacity of
497MW.

Asset:
Photovoltaic
Solar Farm of
620MW installedcapacity

Locations:Fécamp,
Normandie,
FranceDescription: The project isowned by a consortium
composed of EDF Renewables,
Enbridge and wpd. This is thesecond offshore wind project
being financed in France after
the St Nazaire project thatclosed in Q4 2019. The Bank
played a lead role asunderwriter, original hedging
bank, global bookrunner,
agent and account bank, witha total Crédit Agricole CIB’s
underwriting allocation of overEUR 650M. The Crédit Agricole
Group, through the Caisses
Régionales, LCL and Unifergie,
has confirmed a strong interestin joining the transaction
though intra-Group syndication.
Timing: in construction, entry
into force planned in 2023
Amount: €650m(intra-Group syndication)

Locations:
Virginia, Southof Washington
DC, UnitedStatesDescription: Highlander Solar isthe largest solar PV plant on the
East Coast of the US located in
Virginia, south of Washington
DC, in the “datacenter alley”.
The produced energy will be
used for datacenters of highly
rated tech companies such as
Microsoft, Apple or Akamai.

.

Timing: The project iscurrently underconstruction, with phases
coming online this year
through project completionin the summer of 2021

Amount: $704m

11EXAMPLES OF ELIGIBLE ASSETSSUPPORTING THE
CONSTRUCTION OF GREEN
BUILDING VIA INNOVATIVE
GREEN INSTRUMENT:DEVELOP LOCAL SOLUTIONSFOR OUR CUSTOMERS AND
THE GOOD OF SOCIETY:

Supporting the construction ofGreen Building: Student Hotel
Green Loan

Supporting Cap Sud ambitious
growth strategy

Asset: 11,000
sqm new hotel
in Paris and12,000 sqm newhotel inToulouse

Asset:
photovoltaic
power plants
installed on
agricultural andindustrial
hangars

Locations:
Paris and
Toulouse,
FranceDescription: Under the termsof the green loan, TSH istargeting the international
BREEAM 'Very Good' rating forboth buildings, by reducing
energy consumption andfood waste in its restaurants.
In addition, the funding
combines the characteristics
of a green loan with asustainability-linked loan. Thisfinancing was the first-eversustainability-linked loan in theEuropean real estate
investment industry.

Locations:South ofFranceDescription: Credit Agricole
Sud Rhône Alpes hasarranged a €19m financing
operation for CAP Sud,
specialised since 2006 in the
installation and maintenanceof photovoltaic power plants,
in particular on agriculturaland industrial hangars. Cap
Sud is the leading actor in this
sector. Credit Agroicole SudRhônes-Alples contributed to
51% of the financing with thegoal of supporting thedevelopment of Cap Sud
both nationally and aboard.

Timing: in construction, due
to open in March 2022 for
Paris project and in July
2021 for Toulouse project

Timing: entry into service in2018

Amount: €82m

Amount: €19m

CARBON IMPACT REPORTING

12

Carbon Impact Reporting:Crédit Agricole Green Bond report is focused on the assessment of Eligible Green Asset contribution
to climate change mitigation (expressed in tonnes of annual avoided eq.CO2 emissions), using therecommendation of European Commission Technical Expert Group (TEG) working on the EU
Taxonomy of Sustainable Activities as guidelines.

Depending on the granularity of available environmental data related to Eligible Green Assets,
Crédit Agricole applied a three levels methodological approach: a project based approach when
feasible especially for project finance assets, a corporate based approach for corporate financeassets and a sectoral approach for highly granular asset portfolio such as Crédit Agricole regionalbanks retail loan portfolio. The following section (‘Methodological notes’) introduces in details themain assumptions and emission factor sources used for this calculation.
Carbon impact of each Crédit Agricole Green Bonds is estimated on a pro rata basis of theircontribution to refinance the overall Green Portfolio, as defined in the Crédit Agricole Green Bond
Framework. Orders of magnitude (with limited significant digits) are presented in the table below
accordingly to the data accuracy.

Crédit Agricole SA Green Bond impact reporting: 359 t. avoided CO2e emissions/€m annually

Eligible Green Category
Renewable Energy
Energy Efficiency
Green Building
Clean transportation
Waste and water management
Total

Allocation(€m)

Carbon impact intensity(tCO2e/€m.y)

Carbon impact(tCO2e/y)

1 162
24
564
184

534
125
44
374

620 508
3 000
24 25268 259

65

14

910

2 000

359

718 000

Crédit Agricole CIB Green Notes impact reporting: 516 t. avoided CO2e emissions/€m annually

Eligible Green Category

Allocation
(€m)
1 282
64
875
483

Carbon impact intensity(tCO2e/€m.y)
994
125
20
374

Carbon impact(tCO2e/y)
1 274 308
8 000
17 50018 0642

171

14

2 394

Water management

59

0

0

Wastewater management
Waste to energy

13
100

89
13

1 157
1 300

2 875

516

1 482 844

Renewable Energy
Energy Efficiency
Green Building
Clean transportation
Waste and water management

Total

Crédit Agricole Home Loan SFH Green Bond impact reporting: 11 t. avoided CO2e emissions/€m annually

Eligible Green Category
Green Building
Total

Allocation
(€m)
1 250
1 250

Carbon impact intensity(tCO2e/€m.y)
11
11

Carbon impact(tCO2e/y)
13 75013 750FOCUS ON CREDIT AGRICOLE REAL ESTATE PORTFOLIO

13

Focus on Crédit Agricole Real Estate portfolio:
Real Estate is one of the main Eligible Green Categories financed by the Crédit Agricole Green Bondissuing program including CASA Green Bonds, CACIB Green Notes and the SFH Green Covered Bond.
All in all, €2 689m of Real Estate loans are refinanced through Green Bonds issued by the Crédit
Agricole group entities. However the composition of each Real Estate subportfolio varies and leads todifferent carbon impacts as follow:---

SFH Green Covered Bond: The Green Covered Bond refinanced a large portfolio of loans financing
new residential properties in France. Given France low-energy mix and relatively small energy
consumption per square meter of existing buildings, this portfolio is characterized by small impact
intensity of 11 tCO2e/€m.y and 78 MWh/€m.y
CACIB Green Notes: CACIB has a diversified real estate portfolio with a tilt towards commercial
assets. Such assets having a higher energy consumption on average, the final impact intensity isslightly more important with 20 tCO2e/€m, as well as an higher intensity of energy savings 128
MWh/€mCASA Green Bonds: CASA Green Bond refinanced both parts of CACIB and LCL real estate portfolio
as well as loans dedicated to energy refurbishment (“Eco-PTZ” and “Prêts Economie d’Energie”) of
French retail residential assets granted by the Crédit Agricole Regional Banks. Given that
refurbishment measures are directly tracked towards works targeting reduction in energy
consumption, this enable this portfolio to have the higher impact intensity with 44 tCO2e/€m and292 MWh/€m.

Entities

CASA

CACIB
SFH

Allocation(€m)

Carbon impact
Carbon impact
intensity(tCO2e/y)(tCO2e/€m.y)

Energy impact
intensity(MWh/€m.y)

Energyimpact(MWh/y)564

44

24 252292

164 124875

20

17 500128

112 000

1 250

11

13 75078

97 500Focus on Crédit Agricole Renewable Energy
portfolio:
CACIB and CASA Renewable Energy portfolios show different Carbon impact intensities (994tCO2e/€m.y v. 534 tCO2e/€m.y) while having fairly similar Energy intensity (2 715 MWh/€m.y v. 2 156
MWh/€m.y) is linked to the geographical repartition of both portfolios. CASA is mostly focused on
French assets installed in an electric grid with an already low carbon-intensity while CACIB finances
assets around the world, including in countries with carbon-intensive energy grid. The carbon impact
intensity has risen since last year due to a reevaluation of the carbon intensity of the French grid from60 to 124 gCO2e/kWh, triggering an automatic rise in the carbon impact of renewable energy
projects. Moreover, the portfolio is now more focused on renewable energy assets in carbon intensive
countries, thus rising the average impact.

Allocation(€m)

Carbon impact
intensity (tCO2e/€m.y)

Carbon impact(tCO2e/y)Energy intensity(MWh/€m.y)

Energy Output
(MWh)

CASA

1 162

534

620 508

2 156

2 505 315

CACIB

1 282

994

1 274 622

2 715

3 480 159

Entities

14

METHODOLOGICAL NOTES

Methodological Notes
General remarks

Eligible Category

Crédit Agricole developed the threelevelsmethodologicalapproachdepending on figures and data
available in its internal credit system:

Renewable Energy

-

-

-

A project-based approach basedon the Crédit Agricole knowledgeof underlying assets. This approachhas been used particularly forassessing carbon impact of project
finance assets;
A corporate-based approach forcorporateloans
financingenvironmental activities, such as
public transportation operators;
A sectoral approach for very highgranularity portfolio such as retailbank portfolio of solar PV loans.

The three level methodologies give aninteresting view on the availability andthe quality of data (‘Activity data’) in
the current system of the bank. It also
indicates where would be the next
priorities to improve the system forassessing environmental impact of ourlending activities. The Green Bond
Committee and its related Green
Project Committee are in charge ofadvising the Crédit Agricole Group
entities on the most relevant way to doit. The following table shows how
frequently the different methodologies
have been used (in terms of loan
amount) for providing the figures of this
Crédit Agricole 2018 Green Bond
report.

Projectbased
approach
26,5%
11,3%
14,2%

Corporatebased
approach
3,1%
2,3%
0,8%

Sectoralapproach

Other incl. biomass
Energy Efficiency
Green Building

1,0%
0,0%
13,7%

0,0%
0,5%
7,7%

6,1%
1,5%
7,6%

Clean Transportation
Infrastructure andnetwork
Rolling stock
Waste and water
management

6,2%

2,0%

5,2%

6,2%
0,0%

2,0%
0,0%

0,0%
5,2%

4,0%

0,2%

0,0%

Water management
Waste water
management
Waste-to-energy
Total

1,4%

0,0%

0,0%

0,1%
2,4%
50,4%

0,2%
0,0%
13,5%

0,0%
0,0%
36,1%

Solar
Wind

23,9%
14,8%
2,9%

The EIB methodology for assessing project GreenHouse Gas (GHG)
emissions, “EIB Project Carbon Footprint Methodologies”, has been used
as a benchmark. This document contains the guidelines for assessing the
GHG emissions for numerous kind of environmental projects, as well as
default values of emission factors (‘Emission factor’) needed for the
calculation:
Carbon impact (tCO2/y) = Effective emissions – Baseline emissions= (Activity data x Emission Factor) – Baseline emissions
When necessary, factors and values from EIB methodology arecomplemented by other public sources such as IEA, IRENA, etc.
Available at:https://www.eib.org/attachments/strategies/eib_project_carbon_footprin
t_methodologies_en.pdf
https://ec.europa.eu/energy/data-analysis/energy-statisticalpocketbook_fr
https://ec.europa.eu/energy/eu-buildings-database_fr
https://www.eia.gov/totalenergy/data/annual/

Renewable energy:

Green buildings:

Following the EIB guidelines, the carbon impact of renewableenergy projects is assessed against country-specific baselines
for either intermittent electricity generation (used for solar andwind electricity generation) and firm electricity generation(used for biomass, geothermal, hydro and facilities for which
the technology is unknown)

GHG emissions due to energy demand of new Green
Buildings are compared to local average of the same type ofbuildings (offices, residential, etc.) from the EU energy
statistical pocketbook, the EU Building Database, the US EIA
Annual Energy Review as well as national database whenavailable. For new building construction, activity data are thearea (m²) of Green Buildings. Energy performance (kWh/m².y)
Activity datas are the energy produced annually by theis estimated based on the year of construction and therenewable energy assets (expressed in MWh). It is derived:building standards that were in place at that time, and theFrom project documentation in the case of project-based level of environmental certification (such as LEED, BREEAM,etc.) as proxy. It is derived:
approach;-

From the renewable energy construction cost (source: -From project documentation in the case of project-based
IRENA, Renewable Power Generation Costs in 2019) in the approach;case of sectoral approach.
-From the construction cost (source: INSEE, ICC database, forFrance) in the case of sectoral approach.

METHODOLOGICAL NOTES

15

Energy efficiency:
This Eligible Category is gathering projects related toenergy efficiency such as smart metering, fleet
management,
andelectricity
transmission
improvement. The quantification of avoided carbon
emissionsisgenerallyembeddedinthedocumentation of these projects.
The figures used in the case of project-based
approach are directly coming from the project
documentations. These figures served as a proxy forthe remaining projects under the sectoral approach.

Clean transportation:
GHG emissions due to public mass transportation
projects are compared to road transportation
baseline,
respectively
carsforpassenger
transportation and trucks for freight transportation.
Activity data are total kilometer.passanger forpassenger transportation and kilometer.tonne for
freight transportation. It is derived:--

From project documentation of project financeassets (such as rail infrastructure) or corporate
communication of operators managing andoperating these infrastructure (together referredas ‘Infrastructure and network’ in the table
above);
From sector statistics (source: UIC, Railway
Handbook, Energy consumption and CO2
emissions and ARAFER) for benchmarking theunderlying activity of rolling stock financing.

Sustainable agriculture and forest
management:
No Eligible Green Asset has been selected andincluded in this Eligible Category. A dedicatedcarbon impact assessment methodology will be
implemented in line with the EIB guidelines if needbe.

Waste and water management:This Eligible Category has been divided in threesubcategories in order to take into account thebroad range of activities and technologies:‘Water management’ includes water supply projects
for which the European Commission TEG doesn’t

identify significant contribution to climate change
mitigation, except the efficiency gain thanks toleakage reduction. At this stage and pending the
publication of the EU Taxonomy on water
management, the carbon impact of thissubcategory is considered as negligible;‘Wastewater management’ includes wastewatercollect and treatment projects. Carbon impact
assessment
quantifies the GHG emission
reduction related to wastewater treatmentcompared to disposal on landfill. Activity data
are in this case the capacity (expressed in
m3/day or in number of people equivalent). Thisdata is derived form project documentation in
the case of project-based approach, and fromthe corporate communication in the case of
corporate-based approach;‘Waste-to-energy’ includes waste incineration
project to produce energy. Activity data is theamount of waste (tonnes) directly derived fromthe project documentation. GHG emissions due
to waste incineration are compared to GHG
emissions from the disposal of a comparable
amount of waste in a conventional landfill and
the GHG emissions from the production of asimilar amount of electricity using country specificbaseline In the Green Bond Report 2019, we used
a secondary baseline reflecting GHG emissions
that
could
have
been
avoidedusing
methanization
toillustratethecurrent
recommendation of the European Commission
TEG to not include this activity in the EU
Taxonomy. We did not repeat this approach thisyear since in countries where these activities
where located, the last update of the EIB
methodology lowered dramatically countryspecific baseline by taking into account recent
developments of low-carbon electricity, thus
illustrating directly the recommendation of theEuropean Commission TEG.

DISCLAMER CRÉDIT AGRICOLE SA

Disclaimer
This document has been prepared by Crédit Agricole S.A. (for its own account and in the name and on
behalf of Credit Agricole Home Loan SFH) and Credit Agricole Corporate and Investment Bank
(hereinafter referred to as, together with any of their affiliates or subsidiaries- including, without limitation
Credit Agricole Home Loan SFH - , any regional Banks of Crédit Agricole Mutuel, local Banks, or theirrespective subsidiaries or affiliates, the “Credit Agricole Group”)) for informational purposes only and isintended to provide non-exhaustive and general information. This document may contain, orincorporate by reference, public information not separately reviewed, approved or endorsed by any
entities of Credit Agricole Group and accordingly, no representation, warranty or undertaking, express or
implied, is made and no responsibility or liability is accepted by any entities of Credit Agricole Group as
to the fairness, accuracy, reasonableness or completeness of such information. None of Credit Agricole
Group’s entities or their respective directors, officers, representatives, agents or employees shall have
any liability whatsoever in negligence or otherwise for any loss however arising from any use of thisdocument or its contents or otherwise arising in connection with this document or any other informationor material discussed.
The sum of values contained in the tables may differ slightly from the total reported due to rounding.
Some data have been calculated on basis of new and innovative methodology that may evolve in the
future.
This document is not intended to be and should not be construed as providing legal or financial advice.
It does not constitute an offer or invitation to sell or any solicitation of any offer to purchase or subscribe
for any securities and no part of it shall form the basis of or be relied upon in connection with any
contract or commitment whatsoever and it has not been approved by any regulatory authority. Any
offer of securities, if made, will be made by means of a prospectus, offering memorandum or any otherlegal documentation, and investors should not subscribe for any securities unless they receive such aprospectus, offering memorandum or any other legal documentation, which they should carefully
review in full.
Without limiting the foregoing, this document does not constitute an offer to sell, or a solicitation of any
offer to purchase or subscribe for securities in the United States. Any securities referred to herein have notbeen, and will not be, registered under the Securities Act and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from,or in a transaction not subject to, the registration requirements of the Securities Act. The Credit Agricole
Group does not intend to register any portion of any offering in the United States or to conduct a public
offering of securities in the United States.
This document may contain forward-looking information and prospective statements about Credit
Agricole Group’s entities, that are not historical facts.
These statements include financial projections and estimates and their underlying assumptions,statements regarding plans, objectives and expectations with respect to future operations, products
and services, and statements regarding future performance. Such statements do not represents
forecasts within the meaning of European Regulation 809/2004 of 29 April 2004.
Forward-looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target”
or similar expressions. Although Credit Agricole Group’s management believes that the uncertainties,
many of which are difficult to predict and generally beyond the control of Credit Agricole Group, that
could cause actual results and developments to differ materially from those expressed in, or implied or
projected by, the forward-looking information.
and statements. These risks and uncertainties include, but are not limited to, those discussed or identified
in the annual reports and other filings with the French Autorité des marchés financiers, made or to bemade by the Credit Agricole Group. Credit Agricole Group undertakes no obligation to publicly update
its forward-looking statements, whether as a result of new information, future events, or otherwise.
This document has been produced, in particular, on the basis of proprietary and confidential informationof Credit Agricole Group and is available on its website https://www.credit-agricole.com/. It shall not be
reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole
or in part, for any purpose, without the prior written consent of Credit Agricole S.A. and Credit Agricole
Corporate and Investment Bank.
This document is not intended for distribution to, or use by, any person or entity in any jurisdiction or
country where such distribution or use would be contrary to law or regulation. Persons who might comeinto possession of it must inquire as to the existence of any restrictions applicable to them and comply
with them.

16