GREEN BOND
FRAMEWORK
2023 EDITIONNOVEMBER 2023

TABLE OF CONTENTS
I. ABOUT CRÉDIT AGRICOLE GROUP..........................................................................................................................2
A. OVERVIEW

2

B. RANKINGS AND KEY FIGURES

3

II. CRÉDIT AGRICOLE GROUP’S COMMITMENT TO SUSTAINABILITY.......................................................................... 4
A. AMBITIONS 2022 AND 2025, COMPREHENSIVE AND CHALLENGING ACTION PLANS TOWARDS SUSTAINABILITY

4

B. FOCUS ON CRÉDIT AGRICOLE’S CLIMATE STRATEGY PART OF THE SOCIETAL PROJECT

4

C. CRÉDIT AGRICOLE GROUP’S COMMITMENT TOWARDS NET ZERO

6

III. RATIONALE FOR THE UPDATE OF CRÉDIT AGRICOLE’S GREEN BOND FRAMEWORK............................................. 6
IV. CRÉDIT AGRICOLE’S GREEN BOND FRAMEWORK.................................................................................................7
A. USE OF PROCEEDS

7

B. PROCESS FOR PROJECT SELECTION AND EVALUATION

20

C. MANAGEMENT OF PROCEEDS

20

D. REPORTING

21

V. EXTERNAL VERIFICATION...................................................................................................................................23
A. SECOND PARTY OPINION

23

B. EXTERNAL AUDIT

23

VI. APPENDIX ....................................................................................................................................................... 24
A. APPENDIX ON RESIDENTIAL REAL ESTATE ELIGIBLE ASSETS

24

B. CONTRIBUTION TO THE SUSTAINABLE DEVELOPMENT GOALS OF THE UNITED NATIONS

26

C. RELEVANT SIGNIFICANT CONTRIBUTION CRITERIA REFERENCED (ANNEX I OF THE EU TAXONOMY)27

D. NUCLEAR ENERGY ELIGIBLE ACTIVITIES AND CRITERIA (COMPLEMENTARY DELEGATED ACT OF THE EU TAXONOMY)

51

E. RELEVANT SIGNIFICANT CONTRIBUTION CRITERIA REFERENCED (DELEGATED ACT – TRANSITION TO A CIRCULAR ECONOMY)

56

F. ESG GOVERNANCE OVERVIEW

57

G. EXCLUSION LIST OF CONTROVERSIAL ACTIVITIES (BASED ON NAF CODES)

58

H. A LONG-TERM COMMITMENT

59

I. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

I. ABOUT CRÉDIT AGRICOLE GROUP
A. OVERVIEW1
Crédit Agricole group (“Crédit Agricole”, the “Bank”, or the “Group” ) includes Crédit Agricole SA, as well as all the
Regional Banks, Local Banks, and their subsidiaries2 (more information on the below diagram). The Group serves
53 million customers worldwide with enduring values constituting its hallmark for over 120 years: customer focus,
accountability and community support. Led by its 145,000 engaged employees, the Bank forges strong partnerships
with its customers. Based on its cooperative and mutualist roots and history, the Group is a key investor in theresilience of the territories, the sustainability of the projects financed, the long term usefulness for the clients, andthe sharing of the value created, with a particular emphasis on solidarity.

1

As of end of 2022.

2

More information on the Group here.

2
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

B. RANKINGS AND KEY FIGURESKEY RANKINGS

#1

#1

#1

#1

#1

10th

Provider offinancing to
the Frencheconomy1

Retail bank in
the European
Union basedon number ofcustomers

Insurer2 andinstitutional
investor3 in
renewableenergy inFranceEuropeanasset
manager4

53 million

11.5 million

46

8,700

CUSTOMERS

MUTUALSHAREHOLDERSCOUNTRIESBRANCHES INCLUDING 7,100
IN FRANCE

Cooperative Largest global
mutual bankbank byin the world5 balance sheet
size6

KEY FIGURES(Regional Banks and LCL)

1

Internal source: ECO 2022.

2

L’Argus de l’Assurance 2022 (in revenues).

3

CA Assurances, end 2022: 11,8 GW installed renewable energy capacity via CAA investments.

4

IPE (Investment & Pensions Europe) 2022 Asset Management Guide.

5

World Cooperative Monitor, November 2021 (in revenues).

6

The Banker, 2022.

3
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

II. CRÉDIT AGRICOLE GROUP’S COMMITMENT TOSUSTAINABILITY
Corporate Social Responsibility is one of the identified priorities of Crédit Agricole and plays a central rolein all business areas, deeply anchored in the essence of the company and its strategy.

A. AMBITIONS 2022 AND 2025, COMPREHENSIVE AND CHALLENGING ACTION PLANSTOWARDS SUSTAINABILITY
Crédit Agricole’s commitment to sustainability is strongly relying on the Group’s “Raison d’être” adopted in 2019: “Actevery day in the interest of our customers and society”. 2019 was an important year for the Group as the importanceof sustainability was reaffirmed with the launch of its Medium-Term Plan, Strategic Ambition 20221, which was
reinforced in the latest strategic plan, Ambitions 20252.
The Group’s Societal Project is based on two flagship projects: The Customer Project is focused on excellence incustomer relations, with the aim of becoming the preferred bank of individuals, entrepreneurs and corporates. It goes
hand in hand with a Human-centric Project, based on empowering the teams and placing even more trust in them.

B. FOCUS ON CRÉDIT AGRICOLE’S CLIMATE STRATEGY PART OF THE SOCIETAL
PROJECT
Crédit Agricole’s societal project is organized around two main objectives: pursuing the Group’s commitment
to inclusive development and making sustainable finance a key driver of growth.
“ACTING FOR THE CLIMATE AND THE TRANSITION TO A LOW-CARBON ECONOMY”
through a three-pillars action plan, divided into 10 commitments (see scheme below):

#1

#2

#3

Achieve carbon neutrality
by 2050 in the Bank’s own
footprint, investment
and financing portfolios

Advise and supporting
100% of clients intheir energy transition

Integrating extra-financial
performance criteria in
the analysis of 100% of
financing to companies
and farmers

All of the Group’s business lines
joined the business net-zeroalliances (more info in the next
section) to contribute to carbon
neutrality by 2050 (“Net Zero”)(more details in section II. C.), andthus align the operational andattributable emissions of lending
and investment portfolios withtrajectories to reach net zero by2050 or sooner.

As a bank, Crédit Agricole is deeply
involved in advising its clientsto actively engage in favor of acleaner energy mix.

Crédit Agricole aims at further
developing the extra-financial
performance analysis in its
model. By integrating extrafinancial indicators alongside
financial indicators, Crédit Agricole
supplements its analysis of
economic efficiency with societal
efficiency.

In particular, the Group launchedin 2022 a new Group Business Line
“Transitions & Energies” to makeenergy transitions accessible to
all and accelerate the transition
towards renewable energies.

1

https://www.Crédit-agricole.com/en/responsible-and-committed/our-csr-strategy-be-an-actor-of-a-sustainable-society.

2

https://www.Crédit-agricole.com/en/group/group-project-and-ambitions-2022/2025-mtp/Crédit-agricole-s.a.-s-ambitions-for-2025.

4
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORKContribute tostrengthening foodsovereignty
Help new generations oftamers get started

Structure
carbon credits
trading platform ofFrench agriculture
Enable French agriculture
to contribute fully tocombating climatechangeTo support thedevelopment of taming
techniques promoting
a competitive,
sustainable agrifood system

8

Our clean footprint
Our investment andfinancing portfolios

1

ing d
v
o
e
hi ri-fo
ag
ns

Ac
tin
g
an
f
d
low
-ca trrb

Individual customers: toimprove housing and mobility
Businesses: provide anenergy transition andadvice and support
offering

2

7
Develop social mixity
and diversity in all Crédit
Agricole entities

ande n g t h e ni n g

4

co h e s i o n

s o ci al i n c lu si o n6Promotethe insertion ofyoung people
through employment
and training: train
50,000 trainers by
2025. Set up a
guarantee fund5
Contribute torevitalize weakened
territories
by helping employment,
solidarity, access todigital, goods andservices

5
GREEN BOND FRAMEWORK 2023 EDITION

Integrate ESG
analysis in 100%of our financing
to corporates,
professionals andfarmers3

10 COMMITMENTS
Str

VI. APPENDIX

Support100% of ourindividual customers
and businessesatelim
e c tothnor sitio nomy
o
an ec
on

Launchof dedicatedfunds

V. EXTERNALVERIFICATION

Contribute to
global Net zero
emission by 2050

10

Succ
ess
fu
agricullltur
al y ac
a
tra
ns nd
iti
o

92

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

Propose a range of
products and services
that do not exclude any
customers
to encourage social and digital
inclusion and to adapt toeconomic and societal
developments

I. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

C. CRÉDIT AGRICOLE GROUP’S COMMITMENT TOWARDS NET ZERO1
As a signatory of the Equator Principles in 2003, theClimate Principles in 2008, the Principles for Responsible
Banking and a participant in the United Nations’ Collective
Commitment to Climate Action since 2019, the Group
has long been committed to fighting global warming.
The Group has made green finance an essential part ofits Societal Project.
In 2021, the Group, Amundi and Crédit Agricole Assurances
have respectively joined the Net Zero Banking Alliance,
the Net Zero Asset Managers and the Net Zero Insurance
Alliance Initiative of the United Nations Environment
Programme (UNEPFI). In line with its Societal Project, theGroup is thus confirming the contribution of its climate
strategy to the United Nations’ sustainable development
objectives and its desire to be a major player in the
climate transition.
The Group’s actions and strategy to combat climatechange are in line with its commitment to contribute to
global carbon neutrality by 2050.
The three main pillars identified by the Group to achieve
this ambitious trajectory are (see more details in following
sections):(1) Enhance dialogue and support for all customers,
with a strong focus on how to operate anecessary and inclusive transition;(2) Massive investments in renewable energies
and other eligible green activities under thisFramework;(3) Progressive disengagement from fossil fuels.

III. RATIONALE FOR THE UPDATE OF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORKThe Crédit Agricole Group has been a pioneer and a leader in sustainable finance, including the green bond market,
for over 10 years. Particular highlights include Agricole CIB which started issuing green notes in 2013, Crédit Agricole
S.A. successfully completed a first green bond issuance in 2018, followed by a second green bond issuance and afirst green covered bond issued by Crédit Agricole Home Loan SFH in 2019. In March 2021, Crédit Agricole Italia
joined other Group entities in issuing the first green covered bond in Italy, followed by Crédit Agricole Next Bank
green covered bond issuance in September 2021.
Crédit Agricole’s green bond framework (the “Green Bond Framework” or the “Framework”) update is fuelled by the
rapid development of the sustainable finance ecosystem. Since the 2018 version of the Framework was established,regulation has evolved, and the Bank aims to start incorporating these evolutions into the Framework. This updated
Framework, which follows the most recent market practices, will also give the opportunity to Credit Agricole’s
investors to participate in their strategy for a greener economy by investing in high standard green bonds.
Finally, through the update of its Green Bond Framework, Crédit Agricole aims to reinforce, and provide furthertransparency on its commitment to the sustainable finance market.
1

The guide "Acting for the climate, our contribution to carbon neutrality by 2025".

6
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

IV. CRÉDIT AGRICOLE’S GREEN BOND FRAMEWORK
Crédit Agricole Green Bond Framework aligns with the 2021 edition of the Green Bond Principles of theInternational Capital Markets Association (ICMA) (“GBP”1) and follows its four core components:

1

USE
OF PROCEEDS

2

PROCESSFOR PROJECTEVALUATION AND
SELECTION

3

MANAGEMENTOF PROCEEDS

4REPORTING

This Green Bond Framework serves as a reference for all Crédit Agricole entities to issue green bonds under different
formats, including public or private placements, senior non-preferred bonds, senior preferred unsecured and secured
bonds (such as covered bonds, ABS and RMBS) distributed to both institutional and retail investors (“Green Bonds”).
This Framework is also relevant for green repurchase agreements, green deposits and green asset-backed commercial
paper (“ABCP”) issuances, and other capital markets products. For the sake of clarity, it does not cover the Livret
Engagé Sociétaire.

A. USE OF PROCEEDSAn amount equal to the proceeds of each Crédit Agricole Green Bond will be used to finance and re-finance, in whole
or in part, loans financing eligible assets or investments in eligible assets that meet the eligibility criteria defined inthis section. The distribution of allocated eligible assets by category will be shared to investors as soon as possible, orat the latest in the relevant Green Bonds allocation and impact report corresponding to a specific date of issuance2.

Assets eligible to the Green Bond Framework
Whilst Crédit Agricole aims to document the projects or assets financed under this Framework, loans to companies
can also be eligible if demonstrating that at least 90% of their revenues are generated by the operation of one ormore eligible activities, as per the eligibility criteria set in this Framework. In addition, the remaining 10% of thecompany’s revenues are not generated by activities excluded under this Framework3.
An activity can be eligible as per two sets of criteria:• the Substantial Contribution criteria4 on eligible economic activities as per the EU Taxonomy Regulation(EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of aframework to facilitate sustainable investment, and relevant taxonomy delegated acts (the “Delegated Acts”),
in each case as may be amended, supplemented or replaced (the “EU Taxonomy”)5;• Crédit Agricole’s internal criteria, based on sector market practices.
Crédit Agricole’s internal eligibility criteria are applied for activities where the EU Taxonomy is not fully available or
not practical based on current market practices and available data or pre-existed the EU Taxonomy. Over time, theaim of Crédit Agricole is to adapt this Framework in order to match with the EU Taxonomy, where relevant, possible
and on a best effort basis, given the breadth of projects and activities financed by the Group, and the diverse
locations where the Group operates.6.

1

Green Bond Principles, June 2021 (with the June 2022 appendix.)2For the sake of clarity, an allocation and impact report is published annually as of the 30th June eligible portfolio. This report includes every bond issued prior to this cut-off date.

3

See Appendix G.

4

 s defined under a) of Article 3 of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainableA
investment.

5

For the sake of clarity, Crédit Agricole does not claim any full alignment to the EU Taxonomy.

6

More details in the first section of this Framework.

7
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

In particular, the proceeds of the Green Bond issuance(s), in accordance with Crédit Agricole Green Bond Framework,
will be earmarked to the financing of the following “Eligible Activities”:• Application of specific eligibility criteria for the following activities:

1

2

6

7

Renewableenergygeneration

Transmission anddistribution ofelectricity

Clean transportation
infrastructures

Data processing,hosting and related
activities

Waste water
management facilities
construction and renewal

10

14

Nuclearenergy11

43Energystorage

SustainableagricultureGreenbuildings

8

Waste management

12

Circular
Economy5

Cleantransportation
vehicles9

Water management
facilities construction
and renewal

Preservation of
biodiversity &sustainable managementof living natural
resources and land

13

Nuclear energy is eligible on when aligned to the technical screening criteria of the EU
Taxonomy (see Appendix D). Nuclear energy proceeds will not be included in the global
Green Portfolio (as such term is defined below), but Crédit Agricole CIB reserves the right toinclude nuclear proceeds in its specific green notes. For the sake of clarity, nuclear proceeds
will explicitly be disclosed in the Use of Proceeds list of the transactions in which they will
be included. This disclosure will be made at execution at the latest.

• And any other category and activity aligned to the Substantial Contribution criteria of the Delegated Acts1 of the
EU Taxonomy (including its latest developments) when applicable and when deemed relevant by Crédit Agricole.
The activities displayed in the exclusion list in Appendix G will be excluded from the eligible assets pool (the “Exclusion
List”). In particular, activities related to the exploration, mining, extraction, production, processing, storage, refining or
distribution of fossil fuels (e.g., coal, oil and gas) and consumption of fossil fuels for the purpose of power generation
are excluded under this Framework.

1

EU taxonomy for sustainable activities (europa.eu). For the sake of clarity, in order to be eligible, a project has to align with the version of the EU Taxonomy criteria that are adopted at thedeal origination (bond issuance origination or loan origination, as the case may be).

8
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIXRENEWABLE ENERGY GENERATION
Environmental benefits: Climate change mitigation
Main objective: GHG emissions reduction
ELIGIBILITY CRITERIA1

EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY6
3.2 M
 anufacture of equipment for the
production and use of hydrogen3.10 Manufacture of hydrogen• Solar energy (photovoltaic and CSP) either in line with the 4.1 or 4.2
activities Substantial Contribution Criteria (“SCC”) of the EU Taxonomy2;• Wind power in line with the 4.3 activity SCC of the EU Taxonomy;• Ocean energy technologies in line with the 4.4 activity SCC of the EU
Taxonomy;• Geothermal energy in line with the 4.6 activity SCC of the EU Taxonomy;• Hydropower energy3 in line with the 4.5 activity SCC of the EU
Taxonomy;• Bioenergy exclusively from biomass, biogas or bioliquids(methanisation)4 in line with the 4.8 activity SCC of the EU Taxonomy;• Anaerobic digestion of sewage sludge (methanisation) in line with the
5.6 activity SCC of the EU Taxonomy;• Anaerobic digestion of bio-waste (methanisation) in line with the 5.7
activity SCC of the EU Taxonomy;• Manufacture of biogas and biofuels for use in transport and of
bioliquids for use in transport and manufacture of bioliquids in line withthe 4.13 activity SCC of the EU Taxonomy;

4.1 Electricity generation using solar
photovoltaic technology• Manufacture of hydrogen and hydrogen-based synthetic fuels, aligned with
one of the following criteria:

4.2 E lectricity generation using
concentrated solar power (CSP)
technology– The life-cycle GHG emissions savings requirement of 73.4% for hydrogen[resulting in life-cycle GHG emissions lower than 3tCO2e/tH2] and 70%
for hydrogen-based synthetic fuels relative to a fossil fuel comparator of
94g CO2e/MJ, in line with the 3.10 activity SCC of the EU Taxonomy;– The produced hydrogen complies with the CertifHy criteria i.e. it
originates from renewable sources and it has a greenhouse gas balancemin. 60% below the production of hydrogen through steam reforming of
natural gas.

4.3 E
 lectricity generation from wind
power;
4.4 Electricity generation from oceanenergy technologies
4.5 E lectricity generation fromhydropower
4.6 E
 lectricity generation fromgeothermal energy
4.8 E lectricity generation frombioenergy
4.13 Manufacture of biogas andbiofuels for use in transport andof bioliquids
5.6 A
 naerobic digestion of sewage
sludge
5.7 Anaerobic digestion of bio-waste

1• Manufacture of equipment for the production and use of hydrogen in linewith one of the following criteria:– The equipment is in line with the 3.2 activity SCC of the EU Taxonomy;– The equipment enables the manufacture of low-carbon hydrogenaligned with criteria listed in the Manufacture of Hydrogen activity ofthis Framework5• Methanation, aligned with one of the following criteria:– A monitoring and contingency plan is in place in order to minimize
methane leakage at the facility;– The source of CO2 is either i) complying with the criteria laid down in
Article 29, paragraphs 2 to 5, of Directive (EU) 2018/2001 or ii) the CO2
was captured from a manufacturing process;– The hydrogen used in the process is 100% from renewable energy sources.

The detailed Substantial Contribution criteria of the listed eligible categories are available in appendix of the Framework.

2

The European Union flag

3

Large hydropower >1000MW is excluded.

4Agricultural biomass used in the activity complies with the criteria laid down in Article 29, paragraphs 2 to 5, of Directive (EU) 2018/2001. Forest biomass used in the activity complies withthe criteria laid down in Article 29, paragraphs 6 and 7 of that Directive.

designates the activities only eligible as per the SCC of the EU Taxonomy.

5

Assuming that the electricity used in the manufacture of low-carbon hydrogen has a carbon intensity below 100 gCO2/kWh.

6

Unless specified differently on a given category, the list is based on Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 and the Commission Delegated.
Regulation (EU) 2021/2139 of 4 June (hereinafter the “Delegated Act on sustainable activities for climate change adaptation and mitigation objectives”. For the sake of clarity, Crédit
Agricole. does not claim any full alignment to the EU Taxonomy.

9
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

TRANSMISSION AND DISTRIBUTION INFRASTRUCTURE
Environmental benefits: Climate change mitigation
Main objective: GHG emissions reduction, Electricity access security
ELIGIBILITY CRITERIA• Transmission and distribution of electricity system in line with the 4.9
activity SCC of the EU Taxonomy.
• Transmission and distribution networks for renewable and low-carbon
gases in line with the 4.14 activity SCC of the EU Taxonomy.
• District heating/cooling networks (ground source heat pump and district
heating networks with energy capture) aligned with one of the following
criteria:– The 4.15 activity SCC of the EU Taxonomy;– When fuelled by renewable energy. Renewable Energy as defined under
the Renewable Energy Generation category of this table.
EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY
4.9. T ransmission and distribution ofelectricity
4.14 Transmission and distribution
networks for renewable and lowcarbon gases
4.15. District heating/cooling
distribution

10
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIXENERGY STORAGE
Environmental benefits: Climate change mitigation
Main objective: GHG emissions reduction, Energy savings
ELIGIBILITY CRITERIA• Manufacture of batteries in line with the 3.4 activity SCC of the EU
Taxonomy• Construction and operation of electricity storage in line with one of thefollowing criteria:– Generated by renewable energies1, in line with the 7.6 activity SCC of the
EU Taxonomy;– Storage of electricity as in line with the 4.102 activity SCC of the EU
Taxonomy.
• Underground thermal energy storage: in line with the 4.11 activity SCC of the
EU Taxonomy regarding the storage of thermal energy, including Underground
Thermal Energy Storage (UTES) or Aquifer Thermal Energy Storage (ATES)EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY
3.4 Manufacture of batteries
4.10 Storage of electricity
4.11 Storage of thermal energy
5.11 Transport of CO2
5.12 U nderground permanentgeological storage of CO2
7.6. Installation, maintenance andrepair of renewable energy
technologies• Capture of CO2 when compliant with every of the following criteria:– Any air capture related to carbon intensive and hard to abate industrial
sectors, with demonstrated high carbon capture efficiency. Quantified
life-cycle GHG emission reductions are calculated, and verified by a third
party. In natural gas power generation in particular, subject to a capture
efficiency of >90% or results in generation with a carbon intensity< [270g/kWh];– Direct Air Capture (DAC), with demonstrated high carbon efficiency ofthe process/operations. GHG emission reductions are calculated, andverified by a third party;– In any case, carbon capture when aiming at Enhanced Oil Recovery(EOR) or Enhanced Gas Recovery (EGR) is excluded.
– Where the CO2 is captured for the purpose of underground storage: theCO2 is transported and stored underground in accordance with the 5.11
and 5.12 activities SCC of the EU Taxonomy;• Transport of CO2 in line with one of the following criteria:– The 5.11 activity SCC of the EU Taxonomy;– The transport process should have a plan to monitor and mitigate
leakage.
• Underground permanent geological storage of CO2 in line with one of thefollowing criteria:– The 5.12 activity SCC of the EU Taxonomy for projects located in theEuropean Union;– For projects outside the EU, the following criteria apply:– If the CO2 is transported or stored, a plan to monitor and mitigate
leakage is in place.
– Transparency on the sequestration capacities and their suitability inline with local regulatory and certification processes is provided.

1

See Renewable Energy definitions in the dedicated eligible category of this Framework.

2

Including pumped hydropower storage, hydrogen and ammonia. The process of storage excludes the use fossil fuel energy.

11
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

GREEN BUILDINGS
Environmental benefits: Climate change mitigation
Main objective: GHG emissions reduction, Energy savings
ELIGIBILITY CRITERIAResidential real estate1• Acquisition and ownership of EU buildings in line with the 7.7 activity
SCC of the EU Taxonomy;• Construction of new EU buildings in line with the 7.1 activity SCC of the
EU Taxonomy;
For the two above categories, for buildings outside of the EU, Crédit
Agricole will accept buildings aligned with the top 15% of the most carbon
or energy efficient buildings (kg CO2e/sqm) in the considered local market2.
• Renovation of existing buildings in line with the 7.2 activity SCC of the
EU Taxonomy.
• Individual renovation measures in line with one of the following criteria:
EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY
7.1. Construction of new buildings
7.2. Renovation of existing buildings
7.3 Installation, maintenance andrepair of energy efficiency
equipment
7.4 Installation, maintenance andrepair of charging stations forelectric vehicles in buildings(and parking spaces attached tobuildings)– The 7.3 activity SCC of the EU Taxonomy for installation, maintenanceand repair of energy efficiency equipment;– The 7.4 activity SCC of the EU Taxonomy for the installation,
maintenance and repair of charging stations for electric vehicles inbuildings (and parking spaces attached to buildings);– The 7.5 activity SCC of the EU Taxonomy for installation, maintenanceand repair of instruments and devices for measuring, regulation andcontrolling energy performance of buildings;– The 7.6 activity SCC of the EU Taxonomy for the installation,
maintenance and repair of renewable energy technologies;– Specific national renovation measures for assets in France only: Eco Prêt
à Taux Zéro3.

7.5 Installation, maintenance andrepair of instruments and devices
for measuring, regulation andcontrolling energy performance ofbuildings
7.6 Installation, maintenance andrepair of renewable energy
technologies
7.7 A cquisition and ownership ofbuildings

1

Residential mortgages.

2

More information in Appendix A.

3

French legal text available here.

12
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

GREEN BUILDINGS
Environmental benefits: Climate change mitigation
Main objective: GHG emissions reduction, Energy savings
ELIGIBILITY CRITERIA
Commercial real estate1• Individual renovation measures in line with one of the following criteria:– The 7.3 activity SCC of the EU Taxonomy for installation, maintenance andrepair of energy efficiency equipment;– The 7.4 activity SCC of the EU Taxonomy for the installation, maintenanceand repair of charging stations for electric vehicles in buildings;– The 7.5 activity SCC of the EU Taxonomy for installation, maintenanceand repair of instruments and devices for measuring, regulation andcontrolling energy performance of buildings;– The 7.6 activity SCC of the EU Taxonomy for the installation, maintenanceand repair of renewable energy technologies;

EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY
7.1. Construction of new buildings
7.2. Renovation of existing buildings
7.3 Installation, maintenance andrepair of energy efficiency
equipment
7.4 Installation, maintenance andrepair of charging stations forelectric vehicles in buildings(and parking spaces attached tobuildings)
7.5 Installation, maintenance andrepair of instruments and devices
for measuring, regulation andcontrolling energy performance ofbuildings
7.6 Installation, maintenance andrepair of renewable energy
technologies
7.7 A cquisition and ownership ofbuildings• Acquisition and ownership of buildings in line with one of the following criteria:– The 7.7 activity SCC of the EU Taxonomy;– Aligned with the CRREM (Carbon Risk Real Estate Monitoring) carbon
emissions or energy efficiency threshold for the relevant segment and country;– Buildings justifying the following Green Building certifications (or equivalent
in the considered local market):• LEED: [≥ “Gold”]• BREEAM: [≥ “Very Good”] with a minimum score of 70% in the Energy part
• HQE: [≥” Very Good”]– NZEB or top 15% of the most carbon or energy efficient buildings (kg CO2e/sqm) in the considered local market2.
• Construction of new buildings in line with one of the following criteria:– The 7.1 activity SCC of the EU Taxonomy;– Aligned with the CRREM (Carbon Risk Real Estate Monitoring) carbon
emissions or energy efficiency threshold for the relevant segment andcountry;– Buildings justifying or targeting the following Green Building certifications(or equivalent in the considered local market):• LEED: [≥ “Platinum”]• BREEAM: [≥ “Excellent”]• HQE: [≥” Excellent”]– NZEB or top 15% of the most carbon or energy efficient buildings (kg CO2e/sqm) in the considered local market.
• Renovation of existing buildings in line with one of the following criteria:– The 7.2 activity SCC of the EU Taxonomy;– Significant renovation works leading to a reduction of 30% in primaryenergy demand or final energy upon completion;– Aligned with the CRREM (Carbon Risk Real Estate Monitoring) carbon
emissions or energy efficiency threshold for the relevant segment and country;– Buildings justifying or targeting the following Green Building certifications(or equivalent in the considered local market):• LEED: [≥ “Gold”]• BREEAM: [≥ “Excellent”]• HQE: [≥” Excellent”]– NZEB or top 15% of the most carbon or energy efficient buildings (kg CO2e/sqm) in the considered local market.

1

All asset classes including residential assets not related to retail clients.

2

Local market designates any country in which Crédit Agricole operates.

13
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

CLEAN TRANSPORTATION VEHICLES
Environmental benefits: Climate change mitigation
Main objective: GHG emissions reduction
ELIGIBILITY CRITERIAEU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY
6.1 Passenger interurban rail transport
6.2 Freight rail transport
6.3 U rban and suburban transport,
road passenger transport
6.5 Transport by motorbikes,
passenger cars and lightcommercial vehicles
6.6 Freight transport services by road
6.10 S ea and coastal freight watertransport, vessels for port
operations and auxiliary activities• Rail transport (passenger and freight) in line with the 6.1 or 6.2 activities
SCC of the EU Taxonomy;• Transport by motorbikes in line with the 6.5 activity SCC of the EU
Taxonomy’s and zero tailpipe CO2 emissions passenger cars and lightcommercial vehicles;• Urban and suburban transport, road passenger transport in line with the
6.3 activity SCC of the EU Taxonomy;• Road transport (freight) in line with the 6.6 activity SCC of the EU
Taxonomy;• Sea and costal water transport (passenger and freight) in line with the
6.10 or 6.11 activities SCC of the EU Taxonomy;• Retrofitting of sea and coastal (passenger and freight) in line with the
6.12 activity SCC of the EU Taxonomy;• Vessels dedicated to the development of offshore wind projects (e.g. WTIVs
wind turbines installation vessels and CSOVs or CLVs used for maintenance,
accommodation for personnel working on offshore fields, or the vessels thatlay electrical cables) are eligible only if they comply with one of the following
criteria:– until December 31st 2025, hybrid, hydrogen-ready, or dual fuel vessels
derive at least 25 % of their energy from zero direct (tailpipe) CO2
emission fuels– in line with substantial contribution to climate change mitigation criteria
of EUT 6.10
In any case, vessels dedicated to the development of offshore fossil fuelprojects or transportation of fossil fuel are excluded.

6.11 S ea and coastal passenger watertransport
6.12 R etrofitting of sea and coastal
freight and passenger watertransport

14
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

CLEAN TRANSPORTATION INFRASTRUCTURES
Environmental benefits: Climate change mitigation
Main objective: GHG emissions reduction
ELIGIBILITY CRITERIA• Infrastructure for rail transport in line with the 6.14 activity SCC of the
EU Taxonomy;• Infrastructure enabling low-carbon road transport and public transport
in line with the 6.15 activity SCC of the EU Taxonomy;• Infrastructure enabling low carbon water transport in line with the 6.16
activity SCC of the EU Taxonomy.

EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY
6.14 Infrastructure for rail transport
6.15. Infrastructure enabling low
carbon road transport and public
transport
6.16. Infrastructure enabling low
carbon water transport

DATA PROCESSING, HOSTING AND RELATED ACTIVITIES
Environmental benefits: Climate change mitigation
Main objective: GHG emissions reduction, Water management
ELIGIBILITY CRITERIA• Eco-efficient data centers in line with one of the following criteria:– The 8.1 activity SCC of the EU Taxonomy;– Data centers delivering industry-leading PUE (Power Usage
Effectiveness) levels, resulting in significantly improved PUE levels
compared to the average of similar data centers located in a given area
(in any case, PUE below 1.5), and complying with the European Code of
Conduct for Data Center Energy Efficiency (when applicable).

EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY
8.1 Data processing, hosting andrelated activitiesa

15
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIXWASTE MANAGEMENT
Environmental benefits: Climate change mitigation and adaptation, Pollution prevention and control
Main objective: Resource quality preservation
ELIGIBILITY CRITERIA• Waste Management activities in line with one of the following criteria:– The 5.5 activity SCC of the EU Taxonomy;– The 5.9 activity SCC of the EU Taxonomy;– Recycling activities/infrastructures processing waste fractions into
secondary raw materials. Impact of the project/asset on GHG emissions
and degree of mitigation over the operational lifetime of the project/asset should be disclosed.

EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY
5.5. Collection and transport ofnon-hazardous waste in source
segregated fractions
5.9. Material recovery from nonhazardous waste

WATER MANAGEMENT FACILITIES CONSTRUCTION AND RENEWAL
Environmental benefits: Climate change mitigation and adaptation, Pollution prevention and control
Main objective: Flood prevention, Resource quality preservation, Water access security
ELIGIBILITY CRITERIA• Water collection and treatment supply system in line with the 5.1 activity
SCC of the EU Taxonomy;• Water collection and treatments facilities renewal in line with the 5.2
activity SCC of the EU Taxonomy.

EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY
5.1. Construction, extension andoperation of water collection,
treatment and supply systems
5.2. Renewal of water collection,
treatment and supply systems

16
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIXWASTE WATER MANAGEMENT FACILITIES CONSTRUCTION AND RENEWAL
Environmental benefits: Climate change mitigation, Pollution prevention and control
Main objective: Flood prevention, Resource quality preservation, Water access security
ELIGIBILITY CRITERIA• Waste water collection and treatment facilities renewal in line with the
5.4 activity SCC of the EU Taxonomy.
• Waste water collection and treatment in line with one of the following criteria:– The 5.3 activity SCC of the EU Taxonomy;– Water and waste water collection and treatment supply systems. Impactof the project/asset on GHG emissions and degree of mitigation over theoperational lifetime of the project/asset should be disclosed.

EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY
5.3. C onstruction, extension andoperation of waste watercollection and treatment
5.4. R enewal of waste watercollection and treatment

SUSTAINABLE AGRICULTURE
Environmental benefits: Climate change mitigation, Sustainable Agriculture
Main objective: GHG emissions reduction, Resource quality preservation
ELIGIBILITY CRITERIA• Certified organic agriculture (EU organic or Bio, or any certification provided
by a certified body of IFOAM).

17
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIXCIRCULAR ECONOMY
Environmental benefits: Climate change mitigation, Circular economy
Main objective: GHG emissions reduction
ELIGIBILITY CRITERIA• Circular use and value recovery1 of use of goods and/or materials, meeting
one of the following criteria:– Production of new products or assets from redundant products and assetsthat have been repurposed, refurbished, remanufactured or recycled;– Development and sustainable production of new materials fromsecondary raw materials, by-products and/or waste;– Substitution of virgin materials with secondary raw materials and byproducts i.e. substitute virgin raw materials with secondary (recycled and/or raw) materials originating from recovered materials and resources, and/or responsibly sourced renewable materials;

EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY
5.4. Sale of second-hand goods3• Solutions for the trade of second-hand goods in line with one of the following
criteria:– The 5.4 activity SCC of the EU Taxonomy2;– Electric vehicles sharing platforms.

PRESERVATION OF BIODIVERSITY & SUSTAINABLE
MANAGEMENT OF LIVING NATURAL RESOURCES AND LAND
Environmental benefits: Climate change mitigation, Circular economy
Main objective: GHG emissions reduction
ELIGIBILITY CRITERIA• Afforestation in line with the 1.1 activity SCC of the EU Taxonomy;• Rehabilitation and restoration of forests, including reforestation andnatural forest regeneration after an extreme event in line with the 1.2
activity SCC of the EU Taxonomy• Forest Management in line with the 1.3 activity SCC of the EU Taxonomy• Preservation and rehabilitation of natural ecosystems;• Certified forests (FSC, PEFC);

EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY• Preservation and protection of protected areas (e.g. regional natural parks),
or according to the IUCN Protected Area Categories System - Natura 2000,
Other Effective area-based Conservation Measure (OECM).

1.1. Afforestation
1.2. R ehabilitation and restoration offorests, including reforestationand natural forest regeneration
after an extreme event
1.3. Forest Management
1.4. Conservation forestry

1

The activity’s waste feedstock originates from separately collected and transported waste in source segregated or comingled fractions.

2T he applicable criteria for this activity are the ones listed in the 5.4 Sale of second-hand goods activity of the Commission Delegated Regulation of 27 June 2023 supplementing Regulation(EU) 2020/852 of the European Parliament and of the Council (hereinafter the “Delegated Act on the Transition to the Circular Economy objective”). These criteria are expected to be
implemented from January 1st 2024 (more information here).

3This activity is listed in the Delegated Act on the Transition to a circular economy objective.

18
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIXNUCLEAR ENERGY1
Environmental benefits: Climate change mitigation
Main objective: GHG emissions reduction
ELIGIBILITY CRITERIA• Pre-commercial stages of advanced technologies to produce energy
from nuclear processes with minimal waste from the fuel cycle in linewith 4.26 EU Taxonomy’s Technical Screening Criteria;• Construction and safe operation of new nuclear power plants, for thegeneration of electricity and/or heat, including for hydrogen production,using best-available technologies in line with 4.27 Technical Screening
Criteria of the EU Taxonomy;• Electricity generation from nuclear energy in existing installations in linewith 4.28 Technical Screening Criteria of the EU Taxonomy.

EU TAXONOMY ACTIVITIESINCLUDED IN THIS CATEGORY3
4.26 P re-commercial stages ofadvanced technologies to
produce energy from nuclear
processes with minimal wastefrom the fuel cycle2
4.27 C onstruction and safe operationof new nuclear power plants,
for the generation of electricity
or heat, including for hydrogenproduction, using best-available
technologies
4.28 E lectricity generation from
nuclear energy in existing
installations

1 T he criteria for this category are detailed in the Commission Delegated Regulation (EU) 2022/1234 of 9 March 2022 amending Delegated Regulation (EU) 2021/2139 (hereinafter the“Complementary Delegated Act of the EU taxonomy”. Details of criteria displayed in Appendix D.
2

Activities 4.26, 4.27 and 4.28 activity are listed in the Complementary Delegated Act of the EU taxonomy.

19
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

B. PROCESS FOR PROJECT SELECTION AND EVALUATIONAll eligible assets financed under this Green Bond Framework comply with the Group standard credit process,which includes compliance with the Group CSR strategy and dedicated Sector Policies1, as well as compliancewith any applicable regulatory environmental and social requirements. Reinforced dedicated ESG risks
analysis are performed at each business entity level, in connection with the Group’s CSR management team.
In complement, Crédit Agricole has set-up a dedicated Green and Social Bond Committee (“GSBC”) to manage theProcess for Project Evaluation and Selection which meets at least on a bi-annual basis. It gathers the Head of Credit
Agricole Group CSR and Head of Finance division together with senior managers from all issuing entities and entities
contributing to the Green Portfolio (as defined below), including the Credit Agricole Regional Banks.
THE PROCESS FOR PROJECT EVALUATION AND SELECTION PROCEEDS AS FOLLOWS:
The relevant entities of Crédit Agricole Group selectpotential assets/projects in line with the Eligible
Activities criteria (“Eligible Assets”), as detailed in
the Use of Proceeds section;
The relevant entities of the Crédit Agricole Group
have the responsibility to exclude assets/projects inline with the Exclusion List as set in Appendix G ofthis Framework;
The relevant entities will ensure that theenvironmental and social risks potentially associatedwith the Eligible Assets are properly mitigated via
due-diligence processes2;
The overall Eligible Assets pool is presented to the
GSBC for validation.
Each meeting of the GSBC will be documented with areport and record of decision.

C. MANAGEMENT OF PROCEEDSAn amount equal to the proceeds of each Crédit Agricole Green Bond will be used to finance and re-finance, inwhole or in part, loans financing Eligible Assets or investments in Eligible Assets that meet the eligibility criteria as
defined in section IV. A. Use of Proceeds.
Crédit Agricole S.A. will earmark an amount equal to the proceeds of its Green Bonds to the amount of Eligible
Assets booked on its own balance sheet or on the balance sheet of any of the Group entities, as the case may be.
Other Group issuers will allocate an amount equal to the proceeds of their own Green Bonds to an amount equal
to the Eligible Assets booked on their own balance sheets. For the avoidance of doubt, this also applies to Crédit
Agricole CIB. By exception, green covered bond proceeds are allocated to Eligible Assets that are included in the
cover pool of the respective covered bond entity.
The combination of all the Eligible Assets earmarked by each Group entities will compose the Eligible Assets portfolio(“Green Portfolio”) and will be consolidated at Group level. Crédit Agricole commits not to allocate proceeds fromthe Green funding to Eligible Assets already refinanced by other green liabilities excluded from this Framework (e.g.
Livret Engagé Sociétaire, EIB loans).
1

https://www.Crédit-agricole.com/en/responsible-and-committed/our-csr-strategy-be-an-actor-of-a-sustainable-society/our-sector-policies.

2

More information on ESG due diligences processes available here.

20
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

Crédit Agricole’s Finance division and Treasury are in charge of monitoring the allocation of the proceeds to the
Eligible Assets on a nominal equivalence basis, as well as managing the Green Portfolio. At least on a semi-annual
basis, Crédit Agricole ensures that the total amount of funds raised via the Green Bond issuances, is lower than the
total amount of Green Eligible Assets in the Green Portfolio. To ensure the continuous respect of this commitment
and taking into account the potential evolution of the Eligible Assets, the amount of the Green Portfolio will always
exceed the amount of the Green Bonds issued by a factor of 10%. In practice, this implies that amortised or redeemed
Eligible Assets are replaced by new Eligible Assets.
Changes in the Eligible criteria vs. the Green Bond Framework in its 2018 version and potential future changes
to the Framework’s selection criteria will not affect the treatment of Eligible Assets retroactively. In other words,
Eligible Assets selected under the previous version of the Green Bond Framework that went successfully throughthe selection and validation steps will not be affected by the changes in this Framework and will remain in the Green
Portfolio until maturity or sale of the asset. Removal (other than through maturity or sale of the asset) or substitutionof assets from the Green Portfolio is generally possible if new information concerning Eligible Assets emerge, thatwarrant their removal from the Green Portfolio.
Pending the full allocation of the proceeds or in the unlikely case of insufficient Eligible Assets, Crédit Agricole commits
to temporarily hold the funds in the Group’s Treasury in accordance with the Group’s internal general policy and to
the extent possible, to invest them in green bonds from other issuers. In case of early loan reimbursement or if aloan no longer meets the eligibility criteria of the relevant Framework, it will be removed from the Green Portfolio.

D. REPORTING

Crédit Agricole will publish an annual Green Bond report on Crédit Agricole S.A. website1 detailing both the allocationof the net proceeds of the Green Bonds and the environmental impact of the Eligible Assets included in the Green
Portfolio.
Moreover, Crédit Agricole shall communicate any material evolution of the Green Portfolio composition on an adhoc basis.

1

Dette et notation | Crédit Agricole (Crédit-agricole.com).

21
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

I. Allocation reporting
Crédit Agricole will publish an annual report on the use of the Green Bonds’ net proceeds until maturity. This reportwill, where feasible provide information on:• The total amount of the Green bond issued at Group level and each relevant entity;• The total amount of Green bond proceeds allocated to the Green Portfolio;• An analysis of the Green Portfolio by Eligible Activities, including the share of the Green Portfolio that is alignedwith the EU taxonomy, and by Group entity;• The proceeds allocated to other products types described in the Use of Proceeds section;• The potential amount of unallocated proceeds, if any.
In the case of a Green Bond issuance from other Group entities than Crédit Agricole S.A, the allocation reporting ofsuch entities will also be integrated in Crédit Agricole S.A allocation reporting.
When relevant, the reporting methodology and assumptions used to report on environmental benefits of the eligible
categories/projects/assets will be disclosed at least to investors/bondholders in the Green Bonds allocation andimpact report.

II. Impact reporting
Crédit Agricole commits to publish an annual report until Green Bond maturity on the environmental impact of its
Green Portfolio in line with the ICMA Handbook Impact report1 by disclosing the annual avoided GHG emissions(in tCO2e/year) by eligible category and entity when feasible. Other indicators will be reported on, on a best-effort
basis and if relevant, as per the following table:

1

Eligible Categories

Output indicators

Renewable energy
generation• Capacity installed (MW)• Expected renewable energy generation (MWh/year)

Transmission anddistribution of electricity• Capacity installed (MW)• Expected electrification rate in a given location (%)

Energy storage• Capacity stored (MW)Green buildings• Outstanding assets by certification type (%) and year ofcertification• Average energy performance level of the dwellings financed(kWh/m²/year)

Clean transportation• Number of passengers transported annually• Tons of goods transported annually• Number of electrical vehicles financed annually• Kilometers of infrastructure constructed or renovated

Energy efficiency• Expected energy savings (MWh/year)• Storage capacity (MWh)Waste, waste water andwater management• Waste and water management technology type
• Volume of treated waste/water/waste water (m3/year)

Sustainable Agriculture• Number of agricultural business financed• Total surface financed (ha)Circular Economy• Number of objects reutilized• Number of furniture/objects manufactured with recycledmaterials

Biodiversity• Mean Species Abundance (MSA) metric

Nuclear energy• Installed capacity impacted by investments in MW• Expected production in GWh per year

ICMA Reporting Handbook.

22
GREEN BOND FRAMEWORK 2023 EDITION

Impactindicators

Annualavoided GHG
emissions (intCO2e/year)I. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

V. EXTERNAL VERIFICATION
A. SECOND PARTY OPINION
Crédit Agricole Green Bond Framework Second Party Opinion from ISS Corporate Solutions (ICS) is publicly available
on Crédit Agricole S.A. website1.

B. EXTERNAL AUDIT
Crédit Agricole S.A. will request a limited assurance report on the main features of its Green Bond reporting by an
external auditor in the context of the Group Non-financial performance annual statement.

1

Link to SPO.

23
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

VI. APPENDIX
A. APPENDIX ON RESIDENTIAL REAL ESTATE ELIGIBLE ASSETS
2023 GREEN BOND
FRAMEWORK CRITERIA FOR
GREEN RESIDENTIAL BUILDINGS

Acquisitionof buildingsin line with
one of thefollowing
criteria:• The 7.7 SCC of the EU Taxonomy

METHODOLOGY TO DEFINE THE ELIGIBILITY FORRESIDENTIAL REAL ESTATE ASSETS LOCALED IN
ITALY
Before the publication date of the Green Bond Framework,loans financing the following buildings were eligible
through two sets of criteria defining the Top 15% ofbuildings in terms of energy efficiency in Italy:– Buildings with either an EPC A, B, or C; or– Buildings built after 2016.
From the publication date of the Green Bond Framework,
Crédit Agricole Italia will assess the eligibility of all its
new real estate loans through the EU Taxonomy criteria(activities SCC 7.1 Construction of new buildings and SCC
7.7. Acquisition of buildings), with the following definitions
applying to the Italian market:• For buildings built before or during 2020, the buildingis aligned with one of the following criteria:– either an EPC A or a PED in line with the following
thresholds depending on the climate zone:
Residential properties (Year of construction <= 2020)
Climate zoneA

B

C

EPC Class

D

E

F

75

100 105

A

TOP 15% - PED

65

65

70

– For buildings built after 2020, the buildings justify a
PED in line with the following threshold dependingon the climate zone:
Residential properties (Year of construction > 2020)
Climate zone
NZEB – 10%Constructionof buildingsin line with
one of thefollowing
criteria:• The 7.1 SCC of the EU Taxonomy

Renovationof existingbuildings• Renovation of existing buildingsin line with the 7.2 SCC of the EU
Taxonomy.
• Eco Prêt à Taux Zéro

A

B

C

D

E

F

45

45

50

55

70

70

Note: detailed analysis and methodology available on
Crédit Agricole Italia’s website here. These definitions
might evolve over time, following the evolutions of data
and methodologies available.
N.B, the eligible portfolio of Crédit Agricole Italia is
composed of residential mortgages in Italy that meetthe following criteria

N/A

24
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORKMETHODOLOGY TO DEFINE THE
ELIGIBILITY FOR RESIDENTIALREAL ESTATE ASSETS LOCATEDIN SWITZERLAND
Acquisitionof buildingsin line with
one of thefollowing
criteria:

Constructionof buildingsin line with
one of thefollowing
criteria:

Acquisition and construction ofbuildings within the top 15% of the
Swiss building stock i.e. complying
with at least one of the following
criteria:• CECB A or B certificates which
are less than 10-years old;
• Minergie, Minergie P, A and Eco
issued after 1st January 2017;• Standard for Sustainable Building
Switzerland (SNBS) certification;• DGNB certification;• buildings built after 1 January
2016;• buildings justifying a CO 2
footprint provided and measured
by a dedicated expertise statinga figure less or equal to 60 kwh/m2/y.
Note: detailed analysis andmethodology available on Crédit
Agricole Next Bank’s website here.
These definitions might evolve overtime, following the evolutions ofdata and methodologies available.
N.B, the eligible portfolio of Crédit
Agricole Next Bank is composedof residential mortgages in
Switzerland that meet this criteria.

Renovationof existingbuildings

Major Renovations of buildings thathave or will receive a certification:• Minergie certificate (Minergie, P,
A and Eco)
• Standard for Sustainable Building
Switzerland (SNBS) certification• DGNB certification
Major renovations which lead toa reduction of primary energy
demand (PED) of at least 30%

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIXMETHODOLOGY TO DEFINE THE ELIGIBILITY FORRESIDENTIAL REAL ESTATE ASSETS LOCATED IN
FRANCE
Acquisition and construction of buildings built before 31
December of 2020 with EPC A or within the top 15% of
the French building stock i.e. complying with the following
criteria RT2012 compliant buildings.
For the sake of clarity, in practice, eligible home loans arehome loans financing newly built residential buildings with
first drawing after the 1st January 2017. Rationale: The RT
2012 was enforced in 2013, but building permits delivered
until January 2016 had a validity period of 2 years which
could be extended twice for an additional year, leading
to a maximum time-lag of 4 years between the permit
delivery date and the grant date of the home loan/ dateof first drawing on the home loan. Between the 1st January
2013 (entry into force date of the RT 2012 regulation) andthe 31st December 2016, a building could consequently
be built with a building permit not compliant with the RT
2012 regulation.
For buildings built after 31 December 2020, the building
meets the criteria specified in Section 7.1 of the Delegated
Act Annex that are relevant at the time of the acquisition.
For new buildings having submitted a building permit
after 1 January 2022 and subject to RE2020, compliancewith the requirements of RE2020 automatically leads tocompliance with the “NZEB - 10%” criteria.
Note: detailed analysis and methodology available in theministerial note of the Ministry of Ecological Transition here,
and on Crédit Agricole’s website here. These definitions
might evolve over time, following the evolutions of data
and methodologies available.
N.B. the eligible portfolio of Crédit Agricole Home Loan
SFH is composed of residential mortgages in France thatmeet this criteria.

Renovations under the ECO PTZ legal program.

25
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

B. CONTRIBUTION TO THE SUSTAINABLE DEVELOPMENT GOALS OF THE UNITED NATIONS1ELIGIBLE CATEGORIESSDGS

Renewable energy generation
Transmission and distribution of electricity
Energy storage
Green buildings
Clean Transportation
Data processing, hosting and related activities
Waste Management
Water and waste water management
Sustainable Agriculture
Circular Economy
Preservation of biodiversity & sustainable managementof living natural resources and land
Nuclear Energy

1

For the sake of clarity, the contribution of the Eligible assets to the Sustainable Development Goals of the United Nations is estimated, and the Bank will not report on these metrics.

26
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

C. RELEVANT SIGNIFICANT CONTRIBUTION CRITERIA REFERENCED (ANNEX I OF THE
EU TAXONOMY)11.1. Afforestation
1. Afforestation plan and subsequent forest management plan or equivalent instrument
1.1. The area on which the activity takes place is covered by an afforestation plan of a duration of at least five years,
or the minimum period prescribed in national law, developed prior to the start of the activity and continuously
updated, until this area matches the definition of forest as set out in national law or where not available, is inline with the FAO definition of forest.
The afforestation plan contains all elements required by the national law relating to environmental impact
assessment of afforestation.
1.2. Preferably through the afforestation plan, or if information is missing, through any other document, detailed
information is provided on the following points:(a) description of the area according to its gazetting in the land registry;(b) site preparation and its impacts on pre-existing carbon stocks, including soils and above-groundbiomass, in order to protect land with high carbon stock;(c) management goals, including major constraints;(d) general strategies and activities planned to reach the management goals, including expected operations
over the whole forest cycle;(e) definition of the forest habitat context, including main existing and intended forest tree species, andtheir extent and distribution;(f) compartments, roads, rights of way and other public access, physical features including waterways, areas
under legal and other restrictions;(g) measures deployed to establish and maintain the good condition of forest ecosystems;(h) consideration of societal issues (including preservation of landscape, consultation of stakeholders inaccordance with the terms and conditions laid down in national law);(i) assessment of forest related risks, including forest fires, and pests and diseases outbreaks, with theaim of preventing, reducing and controlling the risks and measures deployed to ensure protection andadaptation against residual risks;(j) assessment of impact on food security;(k) all DNSH criteria relevant to afforestation.
1

Full text available here: Annex I.

27
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

1.3. When the area becomes a forest, the afforestation plan is followed by a subsequent forest management plan or anequivalent instrument, as set out in national law or, where national law does not define a forest management planor equivalent instrument, as referred to in the FAO definition of ‘forest area with long-term forest management
plan’. The forest management plan or the equivalent instrument covers a period of 10 years or more and iscontinuously updated.
1.4. Information is provided on the following points that are not already documented in the forest management planor equivalent system:(a) management goals, including major constraints;(b) general strategies and activities planned to reach the management goals, including expected operations
over the whole forest cycle;(c) definition of the forest habitat context, including main existing and intended forest tree species, and theirextent and distribution;(d) definition of the area according to its gazetting in the land registry;(e) compartments, roads, rights of way and other public access, physical features including waterways, areas
under legal and other restrictions;(f) measures deployed to maintain the good condition of forest ecosystems;(g) consideration of societal issues (including preservation of landscape, consultation of stakeholders inaccordance with the terms and conditions laid down in national law);(h) assessment of forest related risks, including forest fires, and pests and diseases outbreaks, with theaim of preventing, reducing and controlling the risks and measures deployed to ensure protection andadaptation against residual risks;(i) all DNSH criteria relevant to forest management.
1.5. The activity follows the best afforestation practices laid down in national law, or, where no such best afforestation
practices have been laid down in national law, the activity complies with one of the following criteria:(a) the activity complies with Commission Delegated Regulation (EU) No 807/2014;(b) the activity follows the “Pan-European Guidelines for Afforestation and Reforestation with a special focus
on the provisions of the UNFCCC”.
1.6. The activity does not involve the degradation of land with high carbon stock.
1.7. The management system associated with the activity in place complies with the due diligence obligation andlegality requirements laid down in Regulation (EU) No 995/2010 of the European Parliament and of the Council.
1.8. The afforestation plan and the subsequent forest management plan or equivalent instrument provide formonitoring that ensures the correctness of the information contained in the plan, in particular as regards thedata relating to the involved area.

2. Climate benefit analysis
2.1. For areas that comply with the requirements at forest sourcing area level to ensure that carbon stocks and sinks
levels in the forest are maintained or strengthened over the long term in accordance with Article 29(7), point(b), of Directive (EU) 2018/2001 the activity complies with the following criteria:(a) the climate benefit analysis demonstrates that the net balance of GHG emissions and removals generated
by the activity over a period of 30 years after the beginning of the activity is lower than a baseline,
corresponding to the balance of GHG emissions and removals over a period of 30 years starting at the
beginning of the activity, associated to the business-as-usual practices that would have occurred on the
involved area in the absence of the activity;(b) long-term climate benefits are considered demonstrated by proof of alignment with Article 29(7), point(b), of Directive (EU) 2018/2001.
2.2. For areas that do not comply with the requirements at forest sourcing area level to ensure that carbon stocks
and sinks levels in the forest are maintained or strengthened over the long term in accordance with Article 29(7),point (b), of Directive (EU) 2018/2001 the activity complies with the following criteria:(a) the climate benefit analysis demonstrates that the net balance of GHG emissions and removals generated
by the activity over a period of 30 years after the beginning of the activity is lower than a baseline,
corresponding to the balance of GHG emissions and removals over a period of 30 years starting at the
beginning of the activity, associated to the business-as-usual practices that would have occurred on the28
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

involved area in the absence of the activity.
(b) the projected long-term average net GHG balance of the activity is lower than the long-term average
GHG balance projected for the baseline, referred to in point 2.2, where long term corresponds to thelonger duration between 100 years and the duration of an entire forest cycle.
2.3. The calculation of climate benefit complies with all of the following criteria:(a) the analysis is consistent with the 2019 Refinement to the 2006 IPCC Guidelines for National Greenhouse
Gas Inventories. The climate benefit analysis is based on transparent, accurate, consistent, complete
and comparable information, covers all carbon pools impacted by the activity, including above-groundbiomass, below-ground biomass, deadwood, litter and soil, relies on the most conservative assumptions
for calculations and includes appropriate considerations about the risks of non-permanence andreversals of carbon sequestration, the risk of saturation and the risk of leakage.
(b) the business as-usual practices, including harvesting practices, are ones of the following:(I) the management practices as documented in the latest version of the forest management plan or equivalent
instrument before the start of the activity, if any;(II) the most recent business-as-usual practices prior to the start of the activity;(III) the practices corresponding to a management system ensuring that carbon stocks and sinks levels in the forest
area are maintained or strengthened over the long term as set out in Article 29(7), point (b), of Directive (EU)2018/2001.

(a) the resolution of the analysis is proportionate to the size of the area concerned and values specific to thearea concerned are used.
(b) emissions and removals that occur due to natural disturbances, such as pests and diseases infestations,forest fires, wind, storm damages, that impact the area and cause underperformance do not result in
non-compliance with Regulation (EU) 2020/852, provided that the climate benefit analysis is consistent
with the 2019 Refinement to the 2006 IPCC Guidelines for National Greenhouse Gas Inventories
regarding emissions and removals due to natural disturbances.
2.4. Forest holdings under 13ha are not required to perform a climate benefit analysis.

3. Guarantee of permanence
3.1. In accordance with national law, the forest status of the area in which the activity takes place is guaranteed by
one of the following measures:(a) the area is classified in the permanent forest estate as defined by the FAO;(b) the area is classified as a protected area;(c) the area is the subject of any legal or contractual guarantee ensuring that it will remain a forest.
3.2. In accordance with national law, the operator of the activity commits that future updates to the afforestation planand the subsequent forest management plan or equivalent instrument, beyond the activity that is financed, willcontinue to seek the climate benefits as determined in point 2. Besides, the operator of the activity commits tocompensate any reduction in the climate benefit determined in point 2 with an equivalent climate benefit resulting
from the conduct of an activity that corresponds to one of the forestry activities defined in this Regulation.

4. Audit
Within two years after the beginning of the activity and every 10 years thereafter, the compliance of the activity
with the substantial contribution to climate change mitigation criteria and the DNSH criteria are verified by eitherof the following:(a) the relevant national competent authorities;(b) an independent third-party certifier, at the request of national authorities or the operator of the activity.
In order to reduce costs, audits may be performed together with any forest certification, climate certification orother audit.
The independent third-party certifier may not have any conflict of interest with the owner or the funder, and may
not be involved in the development or operation of the activity.

29
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

5. Group assessment
The compliance with the criteria for substantial contribution to climate change mitigation and with DNSH criteria
may be checked:(a) at the level of the forest sourcing area as defined in Article 2, point (30), of Directive (EU) 2018/2001;(b) at the level of a group of holdings sufficiently homogeneous to evaluate the risk of the sustainabilityof the forest activity, provided that all those holdings have a durable relationship between them andparticipate in the activity and the group of those holdings remains the same for all subsequent audits.

1.2. Rehabilitation and restoration of forests, including reforestation and natural forest
regeneration after an extreme event
1. Forest management plan or equivalent instrument
1.1. The activity takes place on area that is subject to a forest management plan or an equivalent instrument, as set
out in national law or, where national law does not define a forest management plan or equivalent instrument,
as referred to in the FAO definition of ‘forest area with long-term forest management plan’.
The forest management plan or the equivalent instrument covers a period of 10 years or more, and is continuously
updated.
1.2. Information is provided on the following points that are not already documented in the forest management planor equivalent system:• management goals, including major constraints;• general strategies and activities planned to reach the management goals, including expected operations
over the whole forest cycle;• definition of the forest habitat context, including main existing and intended forest tree species, and theirextent and distribution;• definition of the area according to its gazetting in the land registry;• compartments, roads, rights of way and other public access, physicafeatures including waterways, areas
under legal and other restrictions;• measures deployed to maintain the good condition of forest ecosystems;• consideration of societal issues (including preservation of landscape, consultation of stakeholders in accordancewith the terms and conditions laid down in national law);• assessment of forest related risks, including forest fires, and pests and diseases outbreaks, with the aim ofpreventing, reducing and controlling the risks and measures deployed to ensure protection and adaptation
against residual risks;• all DNSH criteria relevant to forest management.
1.3. The sustainability of the forest management systems, as documented in the plan referred to in point 1.1, is ensured
by choosing the most ambitious of the following approaches:• the forest management matches the applicable national definition of sustainable forest management;• the forest management matches the Forest Europe definition of sustainable forest management, and complies
with the Pan-European Operational Level Guidelines for Sustainable Forest Management;• the management system in place complies with the forest sustainability criteria laid down in Article 29(6)of Directive (EU) 2018/2001, and as of the date of its application with the implementing act on operational
guidance for energy from forest biomass adopted under Article 29(8) of that Directive.
1.4. The activity does not involve the degradation of land with high carbon stock.
1.5. The management system associated with the activity in place complies with the due diligence obligation andlegality requirements laid down in Regulation (EU) No 995/2010.
1.6. The forest management plan or equivalent instrument provides for monitoring which ensures the correctness of
the information contained in the plan, in particular as regards the data relating to the involved area.

30
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

2. Climate benefit analysis
2.1. For areas that comply with the requirements at forest sourcing area level to ensure that carbon stocks and sinks
levels in the forest are maintained or strengthened over the long term in accordance with Article 29(7), point(b), of Directive (EU) 2018/2001 the activity complies with the following criteria:(a) the climate benefit analysis demonstrates that the net balance of GHG emissions and removals
generated by the activity over a period of 30 years after the beginning of the activity is lower than abaseline, corresponding to the balance of GHG emissions and removals over a period of 30 years startingat the beginning of the activity, associated to the business-as-usual practices that would have occurredon the involved area in the absence of the activity;(b) long-term climate benefits are considered demonstrated by proof of alignment with Article 29(7), point(b), of Directive (EU) 2018/2001.
2.2. For areas that do not comply with the requirements at forest sourcing area level to ensure that carbon stocks
and sinks levels in the forest are maintained or strengthened over the long term in accordance with Article 29(7),point (b), of Directive (EU) 2018/2001 the activity complies with the following criteria:(a) the climate benefit analysis demonstrates that the net balance of GHG emissions and removals
generated by the activity over a period of 30 years after the beginning of the activity is lower than abaseline, corresponding to the balance of GHG emissions and removals over a period of 30 years startingat the beginning of the activity, associated to the business-as-usual practices that would have occurredon the involved area in the absence of the activity.
(b) the projected long-term average net GHG balance of the activity is lower than the long-term average
GHG balance projected for the baseline, referred to in point 2.2, where long term corresponds to thelonger duration between 100 years and the duration of an entire forest cycle.
2.3. The calculation of climate benefit complies with all of the following criteria:(a) the analysis is consistent with the 2019 Refinement to the 2006 IPCC Guidelines for National Greenhouse
Gas Inventories. The climate benefit analysis is based on transparent, accurate, consistent, complete
and comparable information, covers all carbon pools impacted by the activity, including above-groundbiomass, below-ground biomass, deadwood, litter and soil, relies on the most conservative assumptions
for calculations and includes appropriate considerations about the risks of non-permanence andreversals of carbon sequestration, the risk of saturation and the risk of leakage.
(b) the business-as-usual practices, including harvesting practices, are one of the following:(I) the management practices as documented in the latest version of the forest management plan or equivalent
instrument before the start of the activity, if any;(II) the most recent business-as-usual practices prior to the start of the activity;(III) the practices corresponding to a management system ensuring that carbon stocks and sinks levels in the forest
area are maintained or strengthened over the long term as set out in Article 29(7), point (b), of Directive (EU)2018/2001.

(c) the resolution of the analysis is proportionate to the size of the area concerned and values specific to thearea concerned are used.
(d) emissions and removals that occur due to natural disturbances, such as pests and diseases infestations,forest fires, wind, storm damages, that impact the area and cause underperformance do not result in
non-compliance with Regulation (EU) 2020/852, provided that the climate benefit analysis is consistent
with the 2019 Refinement to the 2006 IPCC Guidelines for National Greenhouse Gas Inventories
regarding emissions and removals due to natural disturbances.
2.4. Forest holdings under 13ha are not required to perform a climate benefit analysis.

3. Guarantee of permanence
3.1. In accordance with national law, the forest status of the area in which the activity takes place is guaranteed by
one of the following measures:(a) the area is classified in the permanent forest estate as defined by the FAO;(b) the area is classified as a protected area;(c) the area is the subject of any legal or contractual guarantee ensuring that it will remain a forest.

31
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

3.2. In accordance with national law, the operator of the activity commits that future updates to the forest management
plan or equivalent instrument, beyond the activity that is financed, will continue to seek the climate benefits asdetermined in point 2. Besides, the operator of the activity commits to compensate any reduction in the climate
benefit determined in point 2 with an equivalent climate benefit resulting from the conduct of an activity that
corresponds to one of the forestry activities defined in this Regulation.

4. Audit
Within two years after the beginning of the activity and every 10 years thereafter, the compliance of the activity
with the substantial contribution to climate change mitigation criteria and the DNSH criteria are verified by eitherof the following:(a) the relevant national competent authorities;(b) an independent third-party certifier, at the request of national authorities or the operator of the activity.
In order to reduce costs, audits may be performed together with any forest certification, climate certification orother audit.
The independent third-party certifier may not have any conflict of interest with the owner or the funder, and may
not be involved in the development or operation of the activity.

5. Group assessment
The compliance with the criteria for substantial contribution to climate change mitigation and with DNSH criteria
may be checked:(a) at the level of the forest sourcing area as defined in Article 2, point (30), of Directive (EU) 2018/2001;(b) at the level of a group of holdings sufficiently homogeneous to evaluate the risk of the sustainabilityof the forest activity, provided that all those holdings have a durable relationship between them andparticipate in the activity and the group of those holdings remains the same for all subsequent audits.

1.3. Forest management
1. Forest management plan or equivalent instrument
1.1. The activity takes place on area that is subject to a forest management plan or an equivalent instrument, as set
out in national law or, where national law does not define a forest management plan or equivalent instrument,
as referred to in the FAO definition of ‘forest area with long-term forest management plan’.
The forest management plan or equivalent instrument covers a period of 10 years or more and is continuously
updated.
1.2. Information is provided on the following points that are not already documented in the forest management planor equivalent system:(a) management goals, including major constraints;(b) general strategies and activities planned to reach the management goals, including expected operations
over the whole forest cycle;(c) definition of the forest habitat context, including main existing and intended forest tree species, and theirextent and distribution;(d) definition of the area according to its gazetting in the land registry;(e) compartments, roads, rights of way and other public access, physical features including waterways, areas
under legal and other restrictions;(f) measures deployed to maintain the good condition of forest ecosystems;(g) consideration of societal issues (including preservation of landscape, consultation of stakeholders inaccordance with the terms and conditions laid down in national law);(h) assessment of forest related risks, including forest fires, and pests and diseases outbreaks, with theaim of preventing, reducing and controlling the risks and measures deployed to ensure protection andadaptation against residual risks;(i) all DNSH criteria relevant for forest management.
32
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

1.3. The sustainability of the forest management systems, as documented in the plan referred to in point 1.1, is ensured
by choosing the most ambitious of the following approaches:(a) the forest management matches the applicable national definition of sustainable forest management;(b) the forest management matches the Forest Europe definition of sustainable forest management, andcomplies with the Pan-European Operational Level Guidelines for Sustainable Forest Management;(c) the management system in place shows compliance with the forest sustainability criteria set out in
Article 29(6) of Directive (EU) 2018/2001, and as of the date of its application with the implementing act
on operational guidance for energy from forest biomass adopted under Article 29(8) of that Directive.
1.4. The activity does not involve the degradation of land with high carbon stock.
1.5. The management system associated with the activity in place complies with the due diligence obligation andlegality requirements laid down in Regulation (EU) No 995/2010.
1.6. The forest management plan or equivalent instrument provides for monitoring which ensures the correctnessof the information contained in the plan, in particular as regards the data relating to the involved area.

2. Climate benefit analysis
2.1. For areas that comply with the requirements at forest sourcing area level to ensure that carbon stocks and sinks
levels in the forest are maintained or strengthened over the long term in accordance with Article 29(7), point(b), of Directive (EU) 2018/2001 the activity complies with the following criteria:(a) the climate benefit analysis demonstrates that the net balance of GHG emissions and removals
generated by the activity over a period of 30 years after the beginning of the activity is lower than abaseline, corresponding to the balance of GHG emissions and removals over a period of 30 years startingat the beginning of the activity, associated to the business-as-usual practices that would have occurredon the involved area in the absence of the activity;(b) long-term climate benefits are considered demonstrated by proof of alignment with Article 29(7), point(b), of Directive (EU) 2018/2001.
2.2. For areas that do not comply with the requirements at forest sourcing area level to ensure that carbon stocks
and sinks levels in the forest are maintained or strengthened over the long term in accordance with Article 29(7),point (b), of Directive (EU) 2018/2001 the activity complies with the following criteria:(a) the climate benefit analysis demonstrates that the net balance of GHG emissions and removals
generated by the activity over a period of 30 years after the beginning of the activity is lower than abaseline, corresponding to the balance of GHG emissions and removals over a period of 30 years startingat the beginning of the activity, associated to the business-as-usual practices that would have occurredon the involved area in the absence of the activity.
(b) the projected long-term average net GHG balance of the activity is lower than the long-term average
GHG balance projected for the baseline, referred to in point 2.2, where long term corresponds to thelonger duration between 100 years and the duration of an entire forest cycle.
2.3. The calculation of climate benefit complies with all of the following criteria:(a) the analysis is consistent with the 2019 Refinement to the 2006 IPCC Guidelines for National Greenhouse
Gas Inventories. The climate benefit analysis is based on transparent, accurate, consistent, complete
and comparable information, covers all carbon pools impacted by the activity, including above-groundbiomass, belowground biomass, deadwood, litter and soil, relies on the most conservative assumptions
for calculations and includes appropriate considerations about the risks of non-permanence andreversals of carbon sequestration, the risk of saturation and the risk of leakage.
(b) the business-as-usual practices, including harvesting practices, are one of the following:(I) the management practices as documented in the latest version of the forest management plan or equivalent
instrument before the start of the activity, if any;(II) the most recent business-as-usual practices prior to the start of the activity;(III) the practices corresponding to a management system ensuring that carbon stocks and sinks levels in the forest
area are maintained or strengthened over the long term as set out in Article 29(7), point (b), of Directive (EU)2018/2001.

(c) the resolution of the analysis is proportionate to the size of the area concerned and values specific to thearea concerned are used.

33
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX(d) emissions and removals that occur due to natural disturbances, such as pests and diseases infestations,forest fires, wind, storm damages, that impact the area and cause underperformance do not result in
non-compliance with Regulation (EU) 2020/852, provided that the climate benefit analysis is consistent
with the 2019 Refinement to the 2006 IPCC Guidelines for National Greenhouse Gas Inventories
regarding emissions and removals due to natural disturbances.
2.4. Forest holdings under 13ha are not required to perform a climate benefit analysis.

3. Guarantee of permanence
3.1. In accordance with national law, the forest status of the area in which the activity takes place is guaranteed by
one of the following measures:(a) the area is classified in the permanent forest estate as defined by the FAO;(b) the area is classified as a protected area;(c) the area is the subject of any legal or contractual guarantee ensuring that it will remain a forest.
3.2. In accordance with national law, the operator of the activity commits that future updates to the forest management
plan or equivalent instrument, beyond the activity that is financed, will continue to seek the climate benefits asdetermined in point 2. Besides, the operator of the activity commits to compensate any reduction in the climate
benefit determined in point 2 with an equivalent climate benefit resulting from the conduct of an activity that
corresponds to one of the forestry activities defined in this Regulation.

4. Audit
Within two years after the beginning of the activity and every 10 years thereafter, the compliance of the activity thesubstantial contribution to climate change mitigation criteria and the DNSH criteria is verified by either of the following:(a) the relevant national competent authorities;(b) an independent third-party certifier, at the request of national authorities or the operator of the activity.
In order to reduce costs, audits may be performed together with any forest certification, climate certification orother audit.
The independent third-party certifier may not have any conflict of interest with the owner or the funder, and may
not be involved in the development or operation of the activity.

5. Group assessment
The compliance with the criteria for substantial contribution to climate change mitigation and with DNSH criteria
may be checked:(a) at the level of the forest sourcing area as defined in Article 2, point (30), of Directive (EU) 2018/2001;(b) at the level of a group of holdings sufficiently homogeneous to evaluate the risk of the sustainabilityof the forest activity, provided that all those holdings have a durable relationship between them andparticipate in the activity and the group of those holdings remains the same for all subsequent audits.

1.4. Conservation forestry
1. Forest management plan or equivalent instrument
1.1. The activity takes place on area that is subject to a forest management plan or an equivalent instrument, as set
out in national law or, where national regulation dos not define a forest management plan, as referred to in the
FAO definition of ‘forest area with long-term forest management plan’.
The forest management plan or the equivalent instrument covers a period of 10 years or more and is continuously
updated.
1.2.Information is provided on the following points that are not already documented in the forest management planor equivalent system:(a) management goals, including major constraints;(b) general strategies and activities planned to reach the management goals, including expected operations
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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

over the whole forest cycle;(c) definition of the forest habitat context, main forest tree species and those intended and their extent anddistribution, in accordance to the local forest ecosystem context;(d) definition of the area according to its gazetting in the land registry;(e) compartments, roads, rights of way and other public access, physical features including waterways, areas
under legal and other restrictions;(f) measures deployed to maintain the good condition of forest ecosystems;(g) consideration of societal issues (including preservation of landscape, consultation of stakeholders inaccordance with the terms and conditions laid down in national law);(h) assessment of forest related risks, including forest fires, and pests and diseases outbreaks, with theaim of preventing, reducing and controlling the risks and measures deployed to ensure protection andadaptation against residual risks;(i) all DNSH relevant to forest management.
1.3. The forest management plan or the equivalent instrument:(a) shows a primary designated management objective that consists in protection of soil and water,conservation of biodiversity or social services based on the FAO definitions;(b) promotes biodiversity-friendly practices that enhance forests’ natural processes;(c) includes an analysis of:(I) impacts and pressures on habitat conservation and diversity of associated habitats;(II) (condition of harvesting minimizing soil impacts;(III) other activities that have an impact on conservation objectives, such as hunting and fishing, agricultural, pastoraland forestry activities, industrial, mining, and commercial activities.

1.4. The sustainability of the forest management systems as documented in the plan referred to in point 1.1 is ensured
by choosing the most ambitious of the following approaches:(a) the forest management matches the national definition of sustainable forest management, if any;(b) the forest management matches the Forest Europe definition of sustainable forest management andcomplies with the Pan-European Operational Level Guidelines for Sustainable Forest Management;(c) the management system in place shows compliance with the forest sustainability criteria as defined in
Article 29(6) of Directive (EU) 2018/2001, and as of the date of its application with the implementing act
on operational guidance for energy from forest biomass adopted under Article 29(8) of that Directive.
1.5. The activity does not involve the degradation of land with high carbon stock.
1.6. The management system associated with the activity in place complies with the due diligence obligation andlegality requirements laid down in Regulation (EU) No 995/2010.
1.7. The forest management plan or equivalent instrument provides for monitoring which ensures the correctness of
the information contained in the plan, in particular as regards the data relating to the involved area.

2. Climate benefit analysis
2.1. For areas that comply with the requirements at forest sourcing area level to ensure that carbon stocks and sinks
levels in the forest are maintained or strengthened over the long term in accordance with Article 29(7), point(b), of Directive (EU) 2018/2001 the activity complies with the following criteria:(a) the climate benefit analysis demonstrates that the net balance of GHG emissions and removals
generated by the activity over a period of 30 years after the beginning of the activity is lower than abaseline, corresponding to the balance of GHG emissions and removals over a period of 30 years startingat the beginning of the activity, associated to the business-as-usual practices that would have occurredon the involved area in the absence of the activity;(b) long-term climate benefits are considered demonstrated by proof of alignment with Article 29(7), point(b), of Directive (EU) 2018/2001.

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
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V. EXTERNALVERIFICATION

VI. APPENDIX

2.2. For areas that do not comply with the requirements at forest sourcing area level to ensure that carbon stocks
and sinks levels in the forest are maintained or strengthened over the long term in accordance with Article 29(7),point (b), of Directive (EU) 2018/2001 the activity complies with the following criteria:(a) the climate benefit analysis demonstrates that the net balance of GHG emissions and removals generated
by the activity over a period of 30 years after the beginning of the activity is lower than a baseline,
corresponding to the balance of GHG emissions and removals over a period of 30 years starting at the
beginning of the activity, associated to the business-as-usual practices that would have occurred on the
involved area in the absence of the activity.
(b) the projected long-term average net GHG balance of the activity is lower than the long-term average
GHG balance projected for the baseline, referred to in point 2.2, where long term corresponds to thelonger duration between 100 years and the duration of an entire forest cycle.
2.3. The calculation of climate benefit complies with all of the following criteria:(a) the analysis is consistent with the 2019 Refinement to the 2006 IPCC Guidelines for National Greenhouse
Gas Inventories. The climate benefit analysis is based on transparent, accurate, consistent, complete
and comparable information, covers all carbon pools impacted by the activity, including above-groundbiomass, below-ground biomass, deadwood, litter and soil, relies on the most conservative assumptions
for calculations and includes appropriate considerations about the risks of non-permanence and reversals
of carbon sequestration, the risk of saturation and the risk of leakage.
(b) the business as-usual practices, including harvesting practices, are one of the following:(I) the management practices as documented in the latest version of the forest management plan or equivalent
instrument before the start of the activity, if any;(II) the most recent business-as-usual practices prior to the start of the activity;(III) the practices corresponding to a management system ensuring that carbon stocks and sinks levels in the forest
area are maintained or strengthened over the long term as set out in Article 29(7), point (b), of Directive (EU)2018/2001.

(c) the resolution of the analysis is proportionate to the size of the area concerned and values specific to thearea concerned are used.
(d) emissions and removals that occur due to natural disturbances, such as pests and diseases infestations,forest fires, wind, storm damages, that impact the area and cause underperformance do not resultin non-compliance with the criteria of Regulation (EU) 2020/852, provided that the climate benefit
analysis is consistent with the 2019 Refinement to the 2006 IPCC Guidelines for National Greenhouse Gas
Inventories regarding emissions and removals due to natural disturbances.
2.4. Forest holdings under 13ha are not required to perform a climate benefit analysis.

3. Guarantee of permanence
3.1. In accordance with national law, the forest status of the area in which the activity takes place is guaranteed by
one of the following measures:(a) the area is classified in the permanent forest estate as defined by the FAO;(b) the area is classified as a protected area;(c) the area is the subject of any legal or contractual guarantee ensuring that it will remain a forest.
3.2. In accordance with national law, the operator of the activity commits that future updates to the forest management
plan or equivalent instrument, beyond the activity that is financed, will continue to seek the climate benefits asdetermined in point 2. Besides, the operator of the activity commits to compensate any reduction in the climate
benefit determined in point 2 with an equivalent climate benefit resulting from the conduct of an activity that
corresponds to one of the forestry activities defined in this Regulation.

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

4. Audit
Within two years after the beginning of the activity and every 10 years thereafter, the compliance of the activity
with the substantial contribution to climate change mitigation criteria and the DNSH criteria are verified by eitherof the following:(a) the relevant national competent authorities;(b) an independent third-party certifier, at the request of national authorities or the operator of the activity.
In order to reduce costs, audits may be performed together with any forest certification, climate certification orother audit.
The independent third-party certifier may not have any conflict of interest with the owner or the funder, and may
not be involved in the development or operation of the activity.

5. Group assessment
The compliance with the criteria for substantial contribution to climate change mitigation and with DNSH criteria
may be checked:(a) at the level of the forest sourcing area as defined in Article 2, point (30), of Directive (EU) 2018/2001;(b) at the level of a group of forest holdings sufficiently homogeneous to evaluate the risk of thesustainability of the forest activity, provided that all those holdings have a durable relationship between
them and participate in the activity and the group of those holdings remains the same for all subsequent
audits.

37
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

3.2. Manufacture of equipment for the production and use of hydrogen
The economic activity manufactures equipment for the production of hydrogen compliant with the Technical Screening
Criteria set out in Section 3.10 of this Annex and equipment for the use of hydrogen3.4. Manufacture of batteries
The economic activity manufactures rechargeable batteries, battery packs and accumulators (and their respective
components), including from secondary raw materials, that result in substantial GHG emission reductions in transport,
stationary and off-grid energy storage and other industrial applications.
The economic activity recycles end-of-life batteries.

3.10. Manufacture of hydrogen
The activity complies with the life-cycle GHG emissions savings requirement of 73.4% for hydrogen [resulting inlife-cycle GHG emissions lower than 3tCO2e/tH2] and 70% for hydrogen-based synthetic fuels relative to a fossil fuelcomparator of 94g CO2e/MJ in analogy to the approach set out in Article 25(2) of and Annex V to Directive (EU)2018/2001. Life-cycle GHG emissions savings are calculated using the methodology referred to in Article 28(5) of
Directive (EU) 2018/2001 or, alternatively, using ISO 14067:2018119 or ISO 14064-1:2018.
Quantified life-cycle GHG emission savings are verified in line with Article 30 of Directive (EU) 2018/2001 whereapplicable, or by an independent third party.
Where the CO2 that would otherwise be emitted from the manufacturing process is captured for the purpose ofunderground storage, the CO2 is transported and stored underground, in accordance with the technical screening
criteria set out in Sections 5.11 and 5.12, respectively, of this Annex.

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

4.1. Electricity generation using solar photovoltaic technology
The activity generates electricity using solar PV technology.

4.2. Electricity generation using concentrated solar power (CSP) technology
The activity generates electricity using CSP technology.

4.3. Electricity generation from wind power
The activity generates electricity from wind power.

4.4. Electricity generation from ocean energy technologies
The activity generates electricity from ocean energy.

4.5. Electricity generation from hydropower
The activity complies with either of the following criteria:(a) the electricity generation facility is a run-of-river plant and does not have an artificial reservoir;(b) the power density of the electricity generation facility is above 5 W/m2;(c) the life-cycle GHG emissions from the generation of electricity from hydropower, are lower than
100gCO2e/kWh. The life-cycle GHG emissions are calculated using Recommendation 2013/179/EU
or, alternatively, using ISO 14067:2018, ISO 14064-1:2018 or the G-res tool. Quantified life-cycle GHG
emissions are verified by an independent third party.

4.6. Electricity generation from geothermal energy
Life-cycle GHG emissions from the generation of electricity from geothermal energy are lower than 100gCO2e/kWh.
Life-cycle GHG emission savings are calculated using Commission Recommendation 2013/179/EU or, alternatively, using
ISO 14067:2018 or ISO 14064-1:2018. Quantified life-cycle GHG emissions are verified by an independent third party.

39
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

4.8. Electricity generation from bioenergy
1. Agricultural biomass used in the activity complies with the criteria laid down in Article 29, paragraphs 2 to 5, ofDirective (EU) 2018/2001. Forest biomass used in the activity complies with the criteria laid down in Article 29,
paragraphs 6 and 7, of that Directive.
2. The greenhouse gas emission savings from the use of biomass are at least 80 % in relation to the GHG saving
methodology and the relative fossil fuel comparator set out in Annex VI to Directive (EU) 2018/2001.
3. Where the installations rely on anaerobic digestion of organic material, the production of the digestate meets thecriteria in Sections 5.6 and criteria 1 and 2 of Section 5.7 of this Annex, as applicable.
4. Points 1 and 2 do not apply to electricity generation installations with a total rated thermal input below 2 MW
and using gaseous biomass fuels.
5. For electricity generation installations with a total rated thermal input from 50 to 100 MW, the activity applies
high-efficiency cogeneration technology, or, for electricity-only installations, the activity meets an energy
efficiency level associated with the best available techniques (BAT-AEL) ranges set out in the latest relevant
best available techniques (BAT) conclusions, including the best available techniques (BAT) conclusions for large
combustion plants.
6. For electricity generation installations with a total rated thermal input above 100 MW, the activity complies with
one or more of the following criteria:(a) attains electrical efficiency of at least 36 %;(b) applies highly efficient CHP (combined heat and power) technology as referred to in Directive 2012/27/
EU of the European Parliament and of the Council;(c) uses carbon capture and storage technology. Where the CO2 that would otherwise be emitted fromthe electricity generation process is captured for the purpose of underground storage, the CO2 istransported and stored underground in accordance with the technical screening criteria set out in
Sections 5.11 and 5.12, respectively, of this Annex.

4.9. Transmission and distribution of electricity
The activity complies with one of the following criteria:
1. The transmission and distribution infrastructure or equipment is in an electricity system that complies with at least
one of the following criteria:(a) the system is the interconnected European system, i.e. the interconnected control areas of Member
States, Norway, Switzerland and the United Kingdom, and its subordinated systems;(b) more than 67% of newly enabled generation capacity in the system is below the generation thresholdvalue of 100 gCO2e/kWh measured on a life cycle basis in accordance with electricity generation criteria,
over a rolling five-year period;(c) the average system grid emissions factor, calculated as the total annual emissions from power generation
connected to the system, divided by the total annual net electricity production in that system, is below
the threshold value of 100 gCO2e/kWh measured on a life cycle basis in accordance with electricity
generation criteria, over a rolling five-year period;
Infrastructure dedicated to creating a direct connection or expanding an existing direct connection between asubstation or network and a power production plant that is more greenhouse gas intensive than 100 gCO2e/kWhmeasured on a life cycle basis is not compliant.
Installation of metering infrastructure that does not meet the requirements of smart metering systems of Article 20
of Directive (EU) 2019/944 is not compliant.
2. The activity is one of the following:(a) construction and operation of direct connection, or expansion of existing direct connection, of low
carbon electricity generation below the threshold of 100 gCO2e/kWh measured on a life cycle basis to a
substation or network;(b) construction and operation of electric vehicle (EV) charging stations and supporting electric
infrastructure for the electrification of transport, subject to compliance with the technical screening
criteria under the transport Section of this Annex;
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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX(c) installation of transmission and distribution transformers that comply with the Tier 2 (1 July 2021)
requirements set out in Annex I to the Commission Regulation (EU) No 548/2014 and, for medium powertransformers with highest voltage for equipment not exceeding 36 kV, with AAA0 level requirements on
no-load losses set out in standard EN 50588-1.
(d) construction/installation and operation of equipment and infrastructure where the main objective is anincrease of the generation or use of renewable electricity generation;(e) installation of equipment to increase the controllability and observability of the electricity system and toenable the development and integration of renewable energy sources, including:(I) sensors and measurement tools (including meteorological sensors for forecasting renewable production);(II) communication and control (including advanced software and control rooms, automation of substations or
feeders, and voltage control capabilities to adapt to more decentralised renewable infeed).

(f) installation of equipment such as, but not limited to future smart metering systems or those replacing
smart metering systems in line with Article 19(6) of Directive (EU) 2019/944 of the European Parliamentand of the Council, which meet the requirements of Article 20 of Directive (EU) 2019/944, able to carryinformation to users for remotely acting on consumption, including customer data hubs;(g) construction/installation of equipment to allow for exchange of specifically renewable electricity
between users;(h) construction and operation of interconnectors between transmission systems, provided that one of thesystems is compliant.
For the purposes of this Section, the following specifications apply:(a) the rolling five-year period used in determining compliance with the thresholds is based on fiveconsecutive historical years, including the year for which the most recent data are available;(b) a ‘system’ means the power control area of the transmission or distribution network where theinfrastructure or equipment is installed;(c) transmission systems may include generation capacity connected to subordinated distribution systems;(d) distribution systems subordinated to a transmission system that is deemed to be on a trajectory to fulldecarbonisation may also be deemed to be on a trajectory to full decarbonisation;(e) to determine compliance, it is possible to consider a system covering multiple control areas which
are interconnected and with significant energy exchanges between them, in which case the weighted
average emissions factor across all included control areas is used, and individual subordinatedtransmission or distribution systems within that system is not required to demonstrate complianceseparately;(f) it is possible for a system to become non-compliant after having previously been compliant. In systems
that become non-compliant, no new transmission and distribution activities are compliant from thatmoment onward, until the system complies again with the threshold (except for those activities that arealways compliant, see above). Activities in subordinated systems may still be compliant, where thosesubordinated systems meet the criteria of this Section;(g) a direct connection or expansion of an existing direct connection to production plants includes
infrastructure that is indispensable to carry the associated electricity from the power generating facility
to a substation or to the network.

4.10. Storage of electricity
The activity is the construction and operation of electricity storage including pumped hydropower storage.
Where the activity includes chemical energy storage, the medium of storage (such as hydrogen or ammonia) complies
with the criteria for manufacturing of the corresponding product specified in Sections 3.7 to 3.17 of this Annex. In
case of using hydrogen as electricity storage, where hydrogen meets the technical screening criteria specified in
Section 3.10 of this Annex, re-electrification of hydrogen is also considered part of the activity.

41
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

4.11. Storage of thermal energy
The activity stores thermal energy, including Underground Thermal Energy Storage (UTES) or Aquifer Thermal
Energy Storage (ATES).

4.13. Manufacture of biogas and biofuels for use in transport and of bioliquids
1. Agricultural biomass used for the manufacture of biogas or biofuels for use in transport and for the manufactureof bioliquids complies with the criteria laid down in Article 29, paragraphs 2 to 5, of Directive (EU) 2018/2001.
Forest biomass used for the manufacture of biogas or biofuels for use in transport and for the manufacture of
bioliquids complies with the criteria laid down in Article 29, paragraphs 6 and 7, of that Directive.
Food-and feed crops are not used for the manufacture of biofuels for use in transport and for the manufacture of
bioliquids.
2. The greenhouse gas emission savings from the manufacture of biofuels and biogas for use in transport and fromthe manufacture of bioliquids are at least 65 % in relation to the GHG saving methodology and the relative fossil
fuel comparator set out in Annex V to Directive (EU) 2018/2001.
3. Where the manufacture of biogas relies on anaerobic digestion of organic material, the production of the digestatemeets the criteria in Sections 5.6 and criteria 1 and 2 of Section 5.7 of this Annex, as applicable.
4. Where the CO2 that otherwise would be emitted from the manufacturing process is captured for the purpose ofunderground storage, the CO2 is transported and stored underground in accordance with the technical screening
criteria set out in Sections 5.11 and 5.12 of this Annex.

4.14. Transmission and distribution networks for renewable and low-carbon gases
1. The activity consists in one of the following:(a) construction or operation of new transmission and distribution networks dedicated to hydrogen or otherlow-carbon gases;(b) conversion/repurposing of existing natural gas networks to 100% hydrogen;(c) retrofit of gas transmission and distribution networks that enables the integration of hydrogen and otherlow-carbon gases in the network, including any gas transmission or distribution network activity thatenables the increase of the blend of hydrogen or other low carbon gasses in the gas system;
2. The activity includes leak detection and repair of existing gas pipelines and other network elements to reduce
methane leakage.

4.15. District heating/cooling distribution
The activity complies with one of the following criteria:(a) for construction and operation of pipelines and associated infrastructure for distributing heating andcooling, the system meets the definition of efficient district heating and cooling systems laid down in
Article 2, point 41, of Directive 2012/27/EU;(b) for refurbishment of pipelines and associated infrastructure for distributing heating and cooling,
the investment that makes the system meet the definition of efficient district heating or cooling laid
down in Article 2, point 41, of Directive 2012/27/EU starts within a three year period as underpinned
by a contractual obligation or an equivalent in case of operators in charge of both generation and the
network;(c) the activity is the following:(I) modification to lower temperature regimes;(II) advanced pilot systems (control and energy management systems, Internet of Things).

42
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

5.1. Construction, extension and operation of water collection, treatment and supply
systems
The water supply system complies with one of the following criteria:(a) the net average energy consumption for abstraction and treatment equals to or is lower than 0.5 kWhper cubic meter produced water supply. Net energy consumption may take into account measuresdecreasing energy consumption, such as source control (pollutant load inputs), and, as appropriate,energy generation (such as hydraulic, solar and wind energy);(b) the leakage level is either calculated using the Infrastructure Leakage Index (ILI) rating method and thethreshold value equals to or is lower than 1.5, or is calculated using another appropriate method and thethreshold value is established in accordance with Article 4 of Directive (EU) 2020/2184 of the European
Parliament and of the Council. That calculation is to be applied across the extent of water supply(distribution) network where the works are carried out, i.e. at water supply zone level, district meteredarea(s) (DMAs) or pressure managed area(s) (PMAs).

5.2. Renewal of water collection, treatment and supply systems
The renewal of the water supply system leads to improved energy efficiency in one of the following ways:(a) by decreasing the net average energy consumption of the system by at least 20% compared to ownbaseline performance averaged for three years, including abstraction and treatment, measured in kWh
per cubic meter produced water supply;(b) by closing the gap by at least 20% either between the current leakage level averaged over three years,
calculated using the Infrastructure Leakage Index (ILI) rating method and an ILI of 1.5, or between thecurrent leakage level averaged over three years, calculated using another appropriate method, andthe threshold value established in accordance with Article 4 of Directive (EU) 2020/2184. The current
leakage level averaged over three years is calculated across the extent of water supply (distribution)
network where the works are carried out, i.e. for the renewed water supply (distribution) network at
district metered area(s) (DMAs) or pressure managed area(s) (PMAs).

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

5.3. Construction, extension and operation of waste water collection and treatment
1. The net energy consumption of the waste water treatment plant equals to or is lower than:(a) 35 kWh per population equivalent (p.e.) per annum for treatment plant capacity below 10 000 p.e.;(b) 25 kWh per population equivalent (p.e.) per annum for treatment plant capacity between 10 000 and
100 000 p.e.;(c) 20 kWh per population equivalent (p.e.) per annum for treatment plant capacity above 100 000 p.e.
Net energy consumption of the operation of the waste water treatment plant may take into account measuresdecreasing energy consumption relating to source control (reduction of storm water or pollutant load inputs), and,as appropriate, energy generation within the system (such as hydraulic, solar, thermal and wind energy).
2. For the construction and extension of a waste water treatment plant or a waste water treatment plant with acollection system, which are substituting more GHG-intensive treatment systems (such as septic tanks, anaerobic
lagoons), an assessment of the direct GHG emissions is performed. The results are disclosed to investors andclients on demand.

5.4. Renewal of waste water collection and treatment
1. The renewal of a collection system improves energy efficiency by decreasing the average energy consumption
by 20% compared to own baseline performance averaged over three years, demonstrated on an annual basis.
That decrease of energy consumption can be accounted for at the level of the project (i.e. the collection system
renewal) or, across the downstream waste water agglomeration (i.e. including the downstream collection system,
treatment plant or discharge of waste water).
2. The renewal of a waste water treatment plant improves energy efficiency by decreasing the average energy
consumption of the system by at least 20% compared to own baseline performance averaged over three years,
demonstrated on an annual basis.
3. For the purposes of points 1 and 2, the net energy consumption of the system is calculated in kWh per populationequivalent per annum of the waste water collected or effluent treated, taking into account measures decreasingenergy consumption relating to source control (reduction of storm water or pollutant load inputs) and, as
appropriate, energy generation within the system (such as hydraulic, solar, thermal and wind energy).
4. For the purpose of point 1 and 2, the operator demonstrates that there are no material changes relating to external
conditions, including modifications to discharge authorisation(s) or changes in load to the agglomeration thatwould lead to a reduction of energy consumption, independent of efficiency measures taken.

5.5 Collection and transport of non-hazardous waste in source segregated fractions
All separately collected and transported non-hazardous waste that is segregated at source is intended for preparation
for reuse or recycling operations.

5.6. Anaerobic digestion of sewage sludge
1. A monitoring and contingency plan is in place in order to minimise methane leakage at the facility.
2. The produced biogas is used directly for the generation of electricity or heat, or upgraded to bio-methane forinjection in the natural gas grid, or used as vehicle fuel or as feedstock in chemical industry.

5.7. Anaerobic digestion of bio-waste
1. A monitoring and contingency plan is in place in order to minimise methane leakage at the facility.
2. The produced biogas is used directly for the generation of electricity or heat, or upgraded to bio-methane forinjection in the natural gas grid, or used as vehicle fuel or as feedstock in chemical industry.
3. The bio-waste that is used for anaerobic digestion is source segregated and collected separately.

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

4. The produced digestate is used as fertiliser or soil improver, either directly or after composting or any othertreatment.
5. In the dedicated bio-waste treatment plants, the share of food and feed crops used as input feedstock, measured
in weight, as an annual average, is less than or equal to 10% of the input feedstock.

5.9. Material recovery from non-hazardous waste
The activity converts at least 50 %, in terms of weight, of the processed separately collected non-hazardous waste
into secondary raw materials that are suitable for the substitution of virgin materials in production processes.

5.11 Transport of CO2
1. The CO2 transported from the installation where it is captured to the injection point does not lead to CO2 leakages
above 0.5 % of the mass of CO2 transported.
2. The CO2 is delivered to a permanent CO2 storage site that meets the criteria for underground geological storageof CO2 set out in Section 5.12 of this Annex; or to other transport modalities, which lead to permanent CO2
storage site that meet those criteria.
3. Appropriate leak detection systems are applied and a monitoring plan is in place, with the report verified by anindependent third party.
4. The activity may include the installation of assets that increase the flexibility and improve the management ofan existing network.

5.12. Underground permanent geological storage of CO2
1. Characterisation and assessment of the potential storage complex and surrounding area, or exploration within themeaning of Article 3, point (8), of Directive 2009/31/EC of the European Parliament and of the Council is carriedout in order to establish whether the geological formation is suitable for use as a CO2 storage site.
2. For operation of underground geological CO2 storage sites, including closure and postclosure obligations:(a) appropriate leakage detection systems are implemented to prevent release during operation;(b) a monitoring plan of the injection facilities, the storage complex, and, where appropriate, thesurrounding environment is in place, with the regular reports checked by the competent national
authority.
3. For the exploration and operation of storage sites within the Union, the activity complies with Directive 2009/31/
EC. For the exploration and operation of storage sites in third countries, the activity complies with ISO 27914:2017
for geological storage of CO2.

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

6.1. Passenger interurban rail transport
The activity complies with one of the following criteria:(a) the trains and passenger coaches have zero direct (tailpipe) CO2 emissions;(b) the trains and passenger coaches have zero direct (tailpipe) CO2 emission when operated on a trackwith necessary infrastructure, and use a conventional engine where such infrastructure is not available(bimode).

6.2 Freight rail transport
1. The activity complies with one or both of the following criteria:(a) the trains and wagons have zero direct tailpipe CO2 emission;(b) the trains and wagons have zero direct tailpipe CO2 emission when operated on a track with necessary
infrastructure, and use a conventional engine where such infrastructure is not available (bimode).
2. The trains and wagons are not dedicated to the transport of fossil fuels.

6.3 Urban and suburban transport, road passenger transport
The activity complies with the one of following criteria:(a) the activity provides urban or suburban passenger transport and its direct (tailpipe) CO2 emissions are
zero;(b) until 31 December 2025, the activity provides interurban passenger road transport using vehicles
designated as categories M2 and M3228 that have a type of bodywork classified as ‘CA’ (single-deckvehicle), ‘CB’ (double-deck vehicle), ‘CC’ (singledeck articulated vehicle) or ‘CD’ (double-deck articulated
vehicle), and comply with the latest EURO VI standard, i.e. both with the requirements of Regulation(EC) No 595/2009 and, from the time of the entry into force of amendments to that Regulation, in thoseamending acts, even before they become applicable, and with the latest step of the Euro VI standard set
out in Table 1 of Appendix 9 to Annex I to Regulation (EU) No 582/2011 where the provisions governingthat step have entered into force but have not yet become applicable for this type of vehicle. Where suchstandard is not available, the direct CO2 emissions of the vehicles are zero.

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

6.5 Transport by motorbikes, passenger cars and light commercial vehicles
The activity complies with the following criteria:(a) for vehicles of category M1 and N1, both falling under the scope of Regulation (EC) No 715/2007:(I) until 31 December 2025, specific emissions of CO2, as defined in Article 3(1), point (h), of Regulation (EU)2019/631, are lower than 50gCO2/km (low- and zero-emission light-duty vehicles);(II) from 1 January 2026, specific emissions of CO2, as defined in Article 3(1), point (h), of Regulation (EU) 2019/631,
are zero.

(b) for vehicles of category L, the tailpipe CO2 emissions equal to 0g CO2e/km calculated in accordance withthe emission test laid down in Regulation (EU) 168/2013.

6.6 Freight transport services by road contribution to climate mitigation
1. The activity complies with one of the following criteria:(a) vehicles of category N1 have zero direct (tailpipe) CO2 emissions;(b) vehicles of category N2 and N3 with a technically permissible maximum laden mass not exceeding 7,5
tonnes are ‘zero-emission heavy-duty vehicles’ as defined in Article 3, point (11), of Regulation (EU)2019/1242;(c) vehicles of category N2 and N3 with a technically permissible maximum laden mass exceeding 7,5 tonnes
are one of the following:(I) ‘zero-emission heavy-duty vehicles’, as defined in Article 3, point (11), of Regulation (EU) 2019/1242;(II) where technologically and economically not feasible to comply with the criterion in point (i), ‘low-emission
heavy-duty vehicles’ as defined in Article 3, point (12), of that Regulation.

2. Vehicles are not dedicated to the transport of fossil fuels

6.10 Sea and coastal freight water transport, vessels for port operations and auxiliary
activities
1. The activity complies with one or more of the following criteria:(a) the vessels have zero direct (tailpipe) CO2 emissions;(b) until 31 December 2025, hybrid and dual fuel vessels derive at least 25 % of their energy from zero direct(tailpipe) CO2 emission fuels or plug-in power for their normal operation at sea and in ports;(c) where technologically and economically not feasible to comply with the criterion in point (a), until 31
December 2025, and only where it can be proved that the vessels are used exclusively for operating
coastal and short sea services designed to enable modal shift of freight currently transported by land
to sea, the vessels have direct (tailpipe) CO2 emissions, calculated using the International Maritime
Organization (IMO) Energy Efficiency Design Index (EEDI) , 50 % lower than the average reference CO2
emissions value defined for heavy duty vehicles (vehicle sub group 5- LH) in accordance with Article 11 ofRegulation 2019/1242;(d) where technologically and economically not feasible to comply with the criterion in point (a), until 31
December 2025, the vessels have an attained Energy Efficiency Design Index (EEDI) value 10 % below
the EEDI requirements applicable on 1 April 2022 if the vessels are able to run on zero direct (tailpipe)
CO2 emission fuels or on fuels from renewable sources.
2. Vessels are not dedicated to the transport of fossil fuels.

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

6.11 Sea and coastal passenger water transport
The activity complies with one or more of the following criteria:(a) the vessels have zero direct (tailpipe) CO2 emissions;(b) where technologically and economically not feasible to comply with the criterion in point (a), until
31 December 2025, hybrid and dual fuel vessels derive at least 25% of their energy from zero direct(tailpipe) CO2 emission fuels or plug-in power for their normal operation at sea and in ports;(c) where technologically and economically not feasible to comply with the criterion in point (a), until 31
December 2025, the vessels have an attained Energy Efficiency Design Index (EEDI) value 10% below
the EEDI requirements applicable on 1 April 2022, if the vessels are able to run on zero direct (tailpipe)
emission fuels or on fuels from renewable sources.

6.12 Retrofitting of sea and coastal freight and passenger water transport
1. Until 31 December 2025, the retrofitting activity reduces fuel consumption of the vessel by at least 10 % expressedin grams of fuel per deadweight tons per nautical mile, as demonstrated by computational fluid dynamics (CFD),
tank tests or similar engineering calculations.
2. Vessels are not dedicated to the transport of fossil fuels.

6.14 Infrastructure for rail transport
1. The activity complies with one of the following criteria:(a) the infrastructure (as defined in Annex II.2 to Directive (EU) 2016/797 of the European Parliament and of
the Council) is either:(I) electrified trackside infrastructure and associated subsystems: infrastructure, energy, on-board control-commandand signalling, and trackside controlcommand and signalling subsystems as defined in Annex II.2 to Directive(EU)2016/797;(II) new and existing trackside infrastructure and associated subsystems where there is a plan for electrification as
regards line tracks, and, to the extent necessary for electric train operations, as regards sidings, or where theinfrastructure will be fit for use by zero tailpipe CO2 emission trains within 10 years from the beginning of theactivity: infrastructure, energy, on-board control-command and signalling, and trackside control-command andsignalling subsystems as defined in Annex II.2 to Directive (EU)2016/797;(III) until 2030, existing trackside infrastructure and associated subsystems that are not part of the TEN-T network
and its indicative extensions to third countries, nor any nationally, supranationally or internationally defined
network of major rail lines: infrastructure, energy, on-board control-command and signalling, and tracksidecontrol-command and signalling subsystems as defined in Annex II.2 to Directive (EU) 2016/797;(b) the infrastructure and installations are dedicated to transhipping freight between the modes: terminal
infrastructure and superstructures for loading, unloading and transhipment of goods;(c) infrastructure and installations are dedicated to the transfer of passengers from rail to rail or from othermodes to rail.
2. The infrastructure is not dedicated to the transport or storage of fossil fuels.

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
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III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

6.15. Infrastructure enabling low-carbon road transport and public transport
1. The activity complies with one or more of the following criteria:(a) the infrastructure is dedicated to the operation of vehicles with zero tailpipe CO2 emissions: electriccharging points, electricity grid connection upgrades, hydrogen fuelling stations or electric road systems(ERS);(b) the infrastructure and installations are dedicated to transhipping freight between the modes: terminal
infrastructure and superstructures for loading, unloading and transhipment of goods;(c) the infrastructure and installations are dedicated to urban and suburban public passenger transport,
including associated signalling systems for metro, tram and rail systems.
2. The infrastructure is not dedicated to the transport or storage of fossil fuels.

6.16. Infrastructure enabling low carbon water transport
1. The activity complies with one or more of the following criteria:(a) the infrastructure is dedicated to the operation of vessels with zero direct (tailpipe) CO2 emissions:electricity charging, hydrogen-based refuelling;(b) the infrastructure is dedicated to the provision of shore-side electrical power to vessels at berth;(c) the infrastructure is dedicated to the performance of the port’s own operations with zero direct (tailpipe)
CO2 emissions;(d) the infrastructure and installations are dedicated to transhipping freight between the modes: terminal
infrastructure and superstructures for loading, unloading and transhipment of goods.
2. The infrastructure is not dedicated to the transport or storage of fossil fuels.

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

7.1. Construction of new buildings
1. The Primary Energy Demand (PED), defining the energy performance of the building resulting from the construction,is at least 10 % lower than the threshold set for the nearly zero-energy building (NZEB) requirements in national
measures implementing Directive 2010/31/EU of the European Parliament and of the Council. The energy
performance is certified using an as built Energy Performance Certificate (EPC).
2. For buildings larger than 5000 m2, upon completion, the building resulting from the construction undergoes
testing for air-tightness and thermal integrity, and any deviation in the levels of performance set at the design
stage or defects in the building envelope are disclosed to investors and clients. As an alternative; where robust
and traceable quality control processes are in place during the construction process this is acceptable as analternative to thermal integrity testing.
3. For buildings larger than 5000 m2 , the life-cycle Global Warming Potential (GWP)286 of the building resulting
from the construction has been calculated for each stage in the life cycle and is disclosed to investors and clientson demand.

7.2. Renovation of existing buildings
The building renovation complies with the applicable requirements for major renovations.
Alternatively, it leads to a reduction of primary energy demand (PED) of at least 30%.

7.3. Installation, maintenance and repair of energy efficiency equipment
The activity consists in one of the following individual measures provided that they comply with minimum requirements
set for individual components and systems in the applicable national measures implementing Directive 2010/31/
EU and, where applicable, are rated in the highest two populated classes of energy efficiency in accordance with
Regulation (EU) 2017/1369 and delegated acts adopted under that Regulation:(a) addition of insulation to existing envelope components, such as external walls (including green walls), roofs(including green roofs), lofts, basements and ground floors (including measures to ensure air-tightness,measures to reduce the effects of thermal bridges and scaffolding) and products for the application of theinsulation to the building envelope (including mechanical fixings and adhesive);(b) replacement of existing windows with new energy efficient windows;(c) replacement of existing external doors with new energy efficient doors;(d) installation and replacement of energy efficient light sources;

50
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX(e) installation, replacement, maintenance and repair of heating, ventilation and airconditioning (HVAC)
and water heating systems, including equipment related to district heating services, with highly efficienttechnologies;(f) installation of low water and energy using kitchen and sanitary water fittings which comply with technicalspecifications set out in Appendix E to this Annex and, in case of shower solutions, mixer showers, shower
outlets and taps, have a max water flow of 6 L/min or less attested by an existing label in the Union market.

7.4. I nstallation, maintenance and repair of charging stations for electric vehicles inbuildings (and parking spaces attached to buildings)
Installation, maintenance or repair of charging stations for electric vehicles.

7.5 Instruments and devices for measuring, regulation and controlling energy
performance of buildings
The activity consists in one of the following individual measures:(a) installation, maintenance and repair of zoned thermostats, smart thermostat systems and sensing
equipment, including. motion and day light control;(b) installation, maintenance and repair of building automation and control systems, building energy
management systems (BEMS), lighting control systems and energy management systems (EMS);(c) installation, maintenance and repair of smart meters for gas, heat, cool and electricity;(d) installation, maintenance and repair of façade and roofing elements with a solar shading or solar control
function, including those that support the growing of vegetation.

7.6. Installation, maintenance and repair of renewable energy technologies
The activity consists in one of the following individual measures, if installed on-site as technical building systems:(a) installation, maintenance and repair of solar photovoltaic systems and the ancillary technical equipment;(b) installation, maintenance and repair of solar hot water panels and the ancillary technical equipment;(c) installation, maintenance, repair and upgrade of heat pumps contributing to the targets for renewableenergy in heat and cool in accordance with Directive (EU) 2018/2001 and the ancillary technicalequipment;(d) installation, maintenance and repair of wind turbines and the ancillary technical equipment;(e) installation, maintenance and repair of solar transpired collectors and the ancillary technical equipment;(f) installation, maintenance and repair of thermal or electric energy storage units and the ancillary technicalequipment;(g) installation, maintenance and repair of high efficiency micro CHP (combined heat and power) plant;(h) installation, maintenance and repair of heat exchanger/recovery systems.

7.7 Acquisition and ownership of buildings
1. For buildings built before 31 December 2020, the building has at least an Energy Performance Certificate (EPC)
class A. As an alternative, the building is within the top 15% of the national or regional building stock expressed as
operational Primary Energy Demand (PED) and demonstrated by adequate evidence, which at least compares theperformance of the relevant asset to the performance of the national or regional stock built before 31 December
2020 and at least distinguishes between residential and non-residential buildings.
2. For buildings built after 31 December 2020, the building meets the criteria specified in Section 7.1 of this Annex
that are relevant at the time of the acquisition.
3. Where the building is a large non-residential building (with an effective rated output for heating systems, systems
for combined space heating and ventilation, air-conditioning systems or systems for combined air-conditioning
and ventilation of over 290 kW) it is efficiently operated through energy performance monitoring and assessment.

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
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III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

8.1. Data processing, hosting and related activities
1. The activity has implemented all relevant practices listed as ‘expected practices’ in the most recent version of theEuropean Code of Conduct on Data Centre Energy Efficiency (307), or in CEN-CENELEC document CLC TR5060099-1 ‘Data centre facilities and infrastructures - Part 99-1: Recommended practices for energy management’ (308).
The implementation of those practices is verified by an independent third-party and audited at least every three years.
2. Where an expected practice is not considered relevant due to physical, logistical, planning or other constraints, anexplanation of why the expected practice is not applicable or practical is provided. Alternative best practices fromthe European Code of Conduct on Data Centre Energy Efficiency or other equivalent sources may be identified
as direct replacements if they result in similar energy savings.
3. The global warming potential (GWP) of refrigerants used in the data centre cooling system does not exceed 675.

52
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

D. NUCLEAR ENERGY ELIGIBLE ACTIVITIES AND CRITERIA (COMPLEMENTARY
DELEGATED ACT OF THE EU TAXONOMY)1
4.26. P re-commercial stages of advanced technologies to produce energy from
nuclear processes with minimal waste from the fuel cycle
General criteria pertaining to substantial contribution to climate change mitigation and Do nosignificant harm (‘DNSH’)
1. The project related to the economic activity (‘the project’) is located in a Member State which complies with allof the following:(a) the Member State has fully transposed Council Directive 2009/71/Euratom and Council Directive
2011/70/Euratom;(b) the Member State complies with the Treaty establishing the European Atomic Energy Community(‘Euratom Treaty’) and with legislation adopted on its basis, in particular, Directive 2009/71/Euratom,
Directive 2011/70/Euratom and Council Directive 2013/59/Euratom , as well as applicable Union
environmental law adopted under Article 192 TFEU, in particular Directive 2011/92/EU of the European
Parliament and of the Council and Directive 2000/60/EC of the European Parliament and of the Council;(c) the Member State has in place, as of the approval date of the project, a radioactive waste management
fund and a nuclear decommissioning fund which can be combined;(d) the Member State has demonstrated that it will have resources available at the end of the estimateduseful life of the nuclear power plant corresponding to the estimated cost of radioactive waste
management and decommissioning in compliance with Commission Recommendation 2006/851/
Euratom;(e) the Member State has operational final disposal facilities for all very low-, low- and intermediate-level
radioactive waste, notified to the Commission under Article 41 Euratom Treaty or Article 1(4) of Council
Regulation (Euratom) No 2587/1999, and included in the national programme updated under Directive
2011/ 70/Euratom;(f) the Member State has a documented plan with detailed steps to have in operation, by 2050, a disposal
facility for high-level radioactive waste describing all of the following:(I) concepts or plans and technical solutions for spent fuel and radioactive waste management from generation todisposal;(II) concepts or plans for the post-closure period of a disposal facility’s lifetime, including the period during whichappropriate controls are retained and the means to be employed to preserve knowledge of that facility in thelonger term;(III) the responsibilities for the plan implementation and the key performance indicators to monitor its progress;(IV) cost assessments and financing schemes. For the purposes of point (f), Member States may use plans drawn up
as part of the national programme required by Articles 11 and 12 of Directive 2011/70/Euratom.

2. The project is part of a Union financed research programme or the project has been notified to the Commissionin accordance with Article 41 of the Euratom Treaty or with Article 1(4) of Council Regulation (Euratom) No
2587/1999, where either of these provisions is applicable, the Commission has given its opinion on it in accordancewith Article 43 of the Euratom Treaty, and all the issues raised in the opinion, with relevance for the applicationof Article 10(2) and Article 17 of Regulation (EU) 2020/852, and of the technical screening criteria laid down inthis Section have been satisfactorily addressed.
3. The Member State concerned has committed to report to the Commission every five years for each project on
all of the following:(a) the adequacy of the accumulated resources referred to in point 1(c);(b) actual progress in the implementation of the plan referred to in point 1(f).
On the basis of the reports, the Commission shall review the adequacy of the accumulated resources of the radioactive
waste management fund and the nuclear decommissioning fund referred to in point 1(c) and the progress in theimplementation of the documented plan referred to in point 1(f) and it may address an opinion to the Member State
concerned.
1

Full text available here: Publications Office (europa.eu).

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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

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III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
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V. EXTERNALVERIFICATION

VI. APPENDIX

4. The activity complies with national legislation that transposes the legislation referred to in point 1(a) and (b),including as regards the evaluation, in particular through stress tests, of the resilience of the nuclear power plants
located on the territory of the Union against extreme natural hazards, including earthquakes. Accordingly, theactivity takes place on the territory of a Member State where the operator of a nuclear installation:(a) has submitted a demonstration of nuclear safety, whose scope and level of detail is commensurate withthe potential magnitude and nature of the hazard relevant for the nuclear installation and its site (Article
6, point (b), of Directive 2009/71/Euratom);(b) has taken defence-in-depth measures to ensure, inter alia, that the impact of extreme external naturaland unintended man-made hazards is minimised (Article 8b(1), point (a) of Directive 2009/71/Euratom);(c) has performed an appropriate site and installation-specific assessment when the operator concerned
applies for a licence to construct or operate a nuclear power plant (Article 8c(a) of Directive 2009/71/
Euratom).
5. The activity fulfils the requirements of Directive 2009/71/Euratom, supported by the latest international guidancefrom the International Atomic Energy Agency (‘IAEA’) and the Western European Nuclear Regulator’s Association(‘WENRA’), contributing to increasing the resilience and the ability of new and existing nuclear power plants tocope with extreme natural hazards, including floods and extreme weather conditions.
6. Radioactive waste as referred to in point 1(e) and (f), is disposed of in the Member State in which it was generated,
unless there is an agreement between the Member State concerned and the Member State of destination, asestablished in Directive 2011/70/Euratom. In that case, the Member State of destination has radioactive waste
management and disposal programmes and a suitable disposal facility in operation in compliance with therequirements of Directive 2011/70/Euratom.

Additional criteria pertaining to substantial contribution to climate change mitigation
The activity aims at generating or generates electricity using nuclear energy. Life-cycle greenhouse gas (GHG)
emissions from the generation of electricity from nuclear energy are below the threshold of 100 g CO2e/kWh.
Life-cycle GHG emission savings are calculated using Commission Recommendation 2013/179/EU or, alternatively,
using ISO 14067:2018 or ISO 14064-1:2018.
Quantified life-cycle GHG emissions are verified by an independent third party.

4.27. C onstruction and safe operation of new nuclear power plants, for the generationof electricity or heat, including for hydrogen production, using best-available
technologies
General criteria pertaining to substantial contribution to climate change mitigation and Do nosignificant harm (‘DNSH’)
1. The project related to the economic activity (‘the project’) is located in a Member State which complies with allof the following:(a) the Member State has fully transposed Council Directive 2009/71/Euratom and Council Directive
2011/70/ Euratom;(b) the Member State complies with the Euratom Treaty and with legislation adopted on its basis, inparticular, Directive 2009/71/Euratom, Directive 2011/70/Euratom and Directive 2013/59/Euratom, as
well as applicable Union environmental law adopted under Article 192 TFEU, in particular Directive
2011/92/EU and Directive 2000/60/EC;(c) the Member State has in place, as of the approval date of the project, a radioactive waste management
fund and a nuclear decommissioning fund which can be combined;(d) the Member State has demonstrated that it will have resources available at the end of the estimateduseful life of the nuclear power plant corresponding to the estimated cost of radioactive waste
management and decommissioning in compliance with Recommendation 2006/851/Euratom;(e) the Member State has operational final disposal facilities for all very low-, low- and intermediate-level
radioactive waste, notified to the Commission under Article 41 of the Euratom Treaty or under Article
1(4) of Council Regulation 2587/1999 and included in the national programme updated under Council
Directive 2011/70/Euratom;
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GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
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III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX(f) the Member State has a documented plan with detailed steps to have in operation, by 2050, a disposal
facility for high-level radioactive waste describing all of the following:(I) concepts or plans and technical solutions for spent fuel and radioactive waste management from generation todisposal;(II) concepts or plans for the post-closure period of a disposal facility’s lifetime, including the period during whichappropriate controls are retained and the means to be employed to preserve knowledge of that facility in thelonger term;(III) the responsibilities for the plan implementation and the key performance indicators to monitor its progress;(IV) cost assessments and financing schemes.

For the purposes of point (f), Member States may use the plans drawn up as part of the national programme required
by Articles 11 and 12 of Directive 2011/70/Euratom.
2. The project fully applies the best-available technology and from 2025 accident-tolerant fuel. The technology iscertified and approved by the national safety regulator.
3. The project has been notified to the Commission in accordance with Article 41 of the Euratom Treaty or with Article
1(4) of Council Regulation 2587/1999, where either of these provisions is applicable, the Commission has given
its opinion on it in accordance with Article 43 of the Euratom Treaty, and all the issues raised in the opinion, with
relevance for the application of Article 10(2) and Article 17 of Regulation (EU) 2020/852, and of the technicalscreening criteria laid down in this Section, have been satisfactorily addressed.
4. The Member State concerned has committed to report to the Commission every five years for each project on
all of the following:(a) the adequacy of the accumulated resources referred to in point 1(c);(b) actual progress in the implementation of the plan referred to in point 1(f). On the basis of the reports,
the Commission shall review the adequacy of the accumulated resources of the radioactive waste
management fund and the nuclear decommissioning fund referred to in point 1(c) and the progress in
the implementation of the documented plan referred to in point 1(f) and it may address an opinion to theMember State concerned.
5. The Commission shall review, as of 2025 and at least every 10 years, the technical parameters corresponding
to the best-available technology on the basis of the assessment by the European Nuclear Safety Regulators’Group (‘ENSREG’).
6. The activity complies with national legislation that transposes the legislation referred to in point 1(a) and (b),including as regards the evaluation, in particular through stress-tests, of the resilience of the nuclear power plants
located on the territory of the Union against extreme natural hazards, including earthquakes. Accordingly, theactivity takes place on the territory of a Member State where the operator of a nuclear installation:(a) has submitted a demonstration of nuclear safety, whose scope and level of detail is commensurate withthe potential magnitude and nature of the hazard relevant for the nuclear installation and its site (Article
6, point (b), of Directive 2009/71/Euratom);(b) has taken defence-in-depth measures to ensure, inter alia, that the impact of extreme external naturaland unintended man-made hazards is minimised (Article 8b(1), point (a), of Directive 2009/71/Euratom);(c) has performed an appropriate site and installation-specific assessment when the operator concerned
applies for a licence to construct or operate a nuclear power plant (Article 8c(a) of Directive 2009/71/
Euratom).
7. The activity fulfils the requirements of Directive 2009/71/Euratom, supported by the latest international guidancefrom the IAEA and WENRA, contributing to increasing the resilience and the ability of new and existing nuclear
power plants to cope with extreme natural hazards, including floods and extreme weather conditions.
8. Radioactive waste as referred to in point 1(e) and (f) is disposed of in the Member State in which it was generated,
unless there is an agreement between the Member State concerned and the Member State of destination, asestablished in Directive 2011/70/Euratom. In that case, the Member State of destination has radioactive waste
management and disposal programmes and a suitable disposal facility in operation in compliance with therequirements of Directive 2011/70/Euratom.

55
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

Additional criteria pertaining to substantial contribution to climate change mitigation
The activity generates electricity using nuclear energy. Life-cycle greenhouse gas (GHG) emissions from the generationof electricity from nuclear energy are below the threshold of 100 g CO2e/kWh.
Life-cycle GHG emission savings are calculated using Recommendation 2013/179/EU or, alternatively, using ISO
14067:2018 or ISO 14064-1:2018.
Quantified life-cycle GHG emissions are verified by an independent third party

4.28. Electricity generation from nuclear energy in existing installations
General criteria pertaining to substantial contribution to climate change mitigation and Do nosignificant harm (‘DNSH’)
1. The project related to the economic activity (‘the project’) is located in a Member State which complies with allof the following:(a) the Member State has fully transposed Council Directive 2009/71/Euratom and Council Directive
2011/70/Euratom;(b) the Member State complies with the Euratom Treaty and with legislation adopted on its basis, inparticular, Directive 2009/71/Euratom, Directive 2011/70/Euratom and Directive 2013/59/Euratom, andwith applicable Union environmental law adopted under Article 192 TFEU, in particular Directive 2011/92/
EU and Directive 2000/60/EC;(c) the Member State has in place, as of the approval date of the project, a radioactive waste management
fund and a nuclear decommissioning fund which can be combined;(d) the Member State has demonstrated that it will have resources available at the end of the estimateduseful life of the nuclear power plant corresponding to the estimated cost of radioactive waste
management and decommissioning in compliance with Recommendation 2006/851/Euratom;(e) the Member State has operational final disposal facilities for all very low-, low- and intermediate-level
radioactive waste, notified to the Commission under Article 41 of the Euratom Treaty or under Article
1(4) of Council Regulation 2587/1999 and included in the national programme updated under Council
Directive 2011/70/Euratom;(f) for projects authorised after 2025, the Member State has a documented plan with detailed steps to havein operation, by 2050, a disposal facility for high-level radioactive waste describing all of the following:(I) concepts or plans and technical solutions for spent fuel and radioactive waste management from generation todisposal;(II) concepts or plans for the post-closure period of a disposal facility’s lifetime, including the period during whichappropriate controls are retained and the means to be employed to preserve knowledge of that facility in thelonger term;(III) the responsibilities for the plan implementation and the key performance indicators to monitor its progress;(IV) cost assessments and financing schemes.

For the purposes of point (f), Member States may use the plans drawn up as part of the national programme required
by Articles 11 and 12 of Directive 2011/70/Euratom.
2. The upgraded project implements any reasonably practicable safety improvement and from 2025 makes use of
accident-tolerant fuel. The technology is certified and approved by the national safety regulator.
3. The project has been notified to the Commission in accordance with Article 41 of the Euratom Treaty or with Article
1(4) of Council Regulation 2587/1999, where either of these provisions is applicable, the Commission has given
its opinion on it in accordance with Article 43 of the Euratom Treaty, and all the issues raised in the opinion, with
relevance for the application of Article 10(2) and Article 17 of Regulation (EU) 2020/852, and of the technicalscreening criteria laid down in this Section, have been satisfactorily addressed.
4. The Member State concerned has committed to report to the Commission every five years for each project on
all of the following:(a) the adequacy of the accumulated resources referred to in point 1(c);(b) actual progress in the implementation of the plan referred to in point 1(f).
On the basis of the reports, the Commission shall review the adequacy of the accumulated resources of the radioactive
56
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

waste management fund and the nuclear decommissioning fund referred to in point 1(c) and the progress in theimplementation of the documented plan referred to in point 1(f) and it may address an opinion to the Member State
concerned.
5. The activity complies with national legislation that transposes the legislation referred to in point 1(a) and (b),including as regards the evaluation, in particular through stress-tests, of the resilience of the Union nuclear
power plants against extreme natural hazards, including earthquakes. Accordingly, the activity takes place on
the territory of a Member State where the operator of a nuclear installation:(a) has submitted a demonstration of nuclear safety, whose scope and level of detail is commensurate withthe potential magnitude and nature of the hazard relevant for the nuclear installation and its site (Article
6, point (b), of Directive 2009/71/Euratom);(b) has taken defence-in-depth measures to ensure, inter alia, that the impact of extreme external naturaland unintended man-made hazards is minimised (Article 8b(1), point (a), of Directive 2009/71/Euratom);(c) has performed an appropriate site and installation-specific assessment when the operator concerned
applies for a licence to construct or operate a nuclear power plant (Article 8c(a) of Directive 2009/71/
Euratom).
6. The activity fulfils the requirements of Directive 2009/71/Euratom, supported by the latest international guidancefrom the IAEA and WENRA, contributing to increasing the resilience and the ability of new and existing nuclear
power plants to cope with extreme natural hazards, including floods and extreme weather conditions.
7. Radioactive waste referred to in point 1(e) and (f) is disposed of in the Member State in which it was generated,
unless there is an agreement between the Member State concerned and the Member State of destination, asestablished in Directive 2011/70/Euratom. In that case, the Member State of destination has radioactive waste
management and disposal programmes and a suitable disposal facility in operation in compliance with therequirements of Directive 2011/70/Euratom.

Additional criteria pertaining to substantial contribution to climate change mitigation
The activity generates electricity using nuclear energy. Life-cycle greenhouse gas (GHG) emissions from the generationof electricity from nuclear energy are below the threshold of 100 g CO2e/kWh.
Life-cycle GHG emission savings are calculated using Recommendation 2013/179/EU or, alternatively, using ISO
14067:2018 or ISO 14064-1:2018.
Quantified life-cycle GHG emissions are verified by an independent third party.

57
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

E. RELEVANT SIGNIFICANT CONTRIBUTION CRITERIA REFERENCED (DELEGATEDACT – TRANSITION TO A CIRCULAR ECONOMY)1
5.4 Sale of second-hand goods
1. The economic activity consists of selling a second-hand product that had been used for its intended purposeby a customer (physical person or legal person), potentially after its prior cleaning, repair, refurbishment or
remanufacturing.
2. The sold product is covered by a sales contract where relevant and in accordance with provisions as regards
conformity of the product, liability of the seller (including the option of a shorter liability or limitation period
for second hand products), burden of proof, remedies for lack of conformity, the modalities for the exercise of
those remedies, repair or replacement of the goods, and commercial guarantees.
3. Where the product has been repaired, refurbished or remanufactured before reselling, the activity implements a
waste management plan that ensures that the product’s materials and components that have not been reused in
the same product, are reused elsewhere, or where reuse is not possible (for example due to damage, degradationor hazardous substances), are recycled, or, only where reuse and recycling are not viable, are disposed of. For
remanufacturing, the waste management plan is accessible to the public.
4. Where the economic activity involves delivery of packaged products to customers (physical person or legal person)
including when the activity is operated as an e-commerce, the primary and secondary packaging of the productcomplies with one of the following criteria:(a) the packaging is made of at least 65% recycled material. Where the packaging is made from paperor cardboard, the remaining primary raw material are certified by the Forest Stewardship Council(FSC), the Programme for the Endorsement of Forest Certification Schemes (PEFC International), or
equivalent recognised schemes. Coatings with plastics or metals are not used. For plastic packaging only
monomaterials without coatings are used, halogen-containing polymers are not used. A declaration ofcompliance is provided specifying the material composition of the packaging and the shares of recycled
and primary raw material;(b) the packaging has been designed to be reusable within a reuse system176 . The system for reuse isestablished in a way that ensures the possibility of reuse in a closed-loop or open-loop system.
1

Full text available here: Annex II to the Environmental Delegated Act.
58
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

F. ESG GOVERNANCE OVERVIEWBoard of Directors
Stategy and CRS
Committee

Risk
Committee

Compensation
Committee

Authorises, guides
and monitors

Informs and advises

Executive Committee

Main cross-business ESG strategy and risk sterring bodies
CSR
Committee

Group Risk
Committee

Group-level Individual
Rick Committee

Group Societal
Project Committee

Climate Strategy
Operational Monitoring
Committee

Scientific Committee

59
GREEN BOND FRAMEWORK 2023 EDITION

VI. APPENDIX

I. ABOUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

G. EXCLUSION LIST OF CONTROVERSIAL ACTIVITIES (BASED ON NAF CODES)SECTION A: Agriculture, Sylviculture and Fishing
01.15Z

Cultivation of tobacco

SECTION B: Mining
05.10Z

Hard Coal Mining

05.20Z

Lignite Mining

06.10Z

Crude Oil Extraction

06.20Z

Natural Gas Extraction

SECTION C: Manufacturing12.00Z

Manufacturing of Tobacco goods

19.10Z

Coking19.20ZOil Refining

25.40Z

Weapons and ammunition manufacturing30.40Z

Construction of military combat vehicles

46.17B

Other intermediaries in basic food, liquor and tobacco

46.35Z

Wholesale trade (Business to Business) of tobacco made products

46.39BNon specialized wholesale trade of basic food, liquor and tobacco

47.26Z

Retail trade of tobacco made products by specialized shops

84.22Z

Defense92.00Z

Gambling Organization

60
GREEN BOND FRAMEWORK 2023 EDITIONI. ABOAUT CRÉDITAGRICOLE GROUP

II. CRÉDIT AGRICOLEGROUP’S COMMITMENT
TO SUSTAINABILITY

III. RATIONALE FOR THE UPDATEOF CRÉDIT AGRICOLE’S GREEN
BOND FRAMEWORK

IV. CRÉDIT AGRICOLE’S
GREEN BOND
FRAMEWORK

V. EXTERNALVERIFICATION

VI. APPENDIX

H. A LONG-TERM COMMITMENT
For more than 20 years, Crédit Agricole has proven its involvement through its various commitments

Signatory:• United Nations Global Compact since 2003;• Business for Inclusive Growth (B4IG) since 2019;• Principles for Responsible Investment since 2006;• Principles for responsible banking and collective
commitment to climate action since 2019;• Parenthood Charter since 2019, renewed in 2022;• Poseidon Principles since 2019;• Corporate diversity charter since 2008;• Responsible purchasing charter since 2010;• Tobacco Free Finance Pledge since 2020;• Charter for the energy efficiency of commercial
buildings since 2013;• Principles for sustainable insurance since 2021;• Finance for Biodiversity Pledge since 2021;• Science-Based Targets since 2016;• Net-Zero Banking Alliance, Net-Zero Asset Owner
Alliance, Net-Zero Asset Managers Initiative since2021 and Net-Zero Insurance Alliance in 2022;• RE100 since 2016;• One Planet Sovereign Wealth Fund Asset Manager
Initiative since 2019;• Women’s Empowerment Principles in 2022

• Manifesto for the Inclusion of People with
Disabilities in Economic Life since 2019;

Participant:• Call for carbon pricing at the initiative of the World • Climate Action 100 + since 2017;
Bank group in 2014;• AIGCC (Asia Investor Group on Climate Change)• Montreal Carbon Pledge since 2015;
since 2020;• Paris Appeal on Climate Change since 2015;• Task Force on Climate Financial Disclosure since
2017;

I.

• Taskforce on Nature-related Financial Disclosures(TNFD) since 2022.

Co-founder member:• Equator Principles since 2003;• French Business Climate Pledge since 2015;• Green Bonds Principles since 2014;• BBCA Association (Low carbon building) since2015;• Portfolio Decarbonization Coalition since 2014;• Mainstreaming Climate Action Within Financial
Institutions since 2015;• Catalytic Finance Initiative since 2015;• IIRC (International Integrated Reporting Council)
since 2016;• Finance for Tomorrow since 2017.

Other positions:• Statement on modern slavery since 2017.

61
GREEN BOND FRAMEWORK 2023 EDITIONDISCLAIMER
The information and opinions contained in this Green Bond Framework are provided as at the date of this document
and are subject to change without notice. Crédit Agricole does not assume any responsibility or obligation to updateor revise any such statements, regardless of whether those statements are affected by the results of new information,
future events or otherwise.
This document is not intended to be and should not be construed as providing legal or financial advice. It does notconstitute or form part of, and should not be construed as, 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 other legal documentation,and investors should not subscribe for any securities unless they receive such a prospectus, 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 topurchase or subscribe for securities in the United States or in any other jurisdictions. Notably, any securities referredto herein have not been, 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 ina transaction not subject to, the registration requirements of the Securities Act. Credit Agricole does not intend toregister any portion of any offering in the United States or to conduct a public offering of securities in the United States.
This document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country wheresuch distribution or use would be contrary to law or regulation. Persons who might come into possession of it mustinquire as to the existence of any restrictions applicable to them and comply with them.
This Green Bond Framework may contain forward-looking information and prospective statements that are nothistorical facts. None of the future projections, expectations, estimates or prospects in this Green Bond Framework
should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guaranteethat the assumptions on which such future projections, expectations, estimates or prospects have been prepared arecorrect or exhaustive or, in the case of the assumptions, fully stated in the Gren Bond Framework. Crédit Agricole
undertakes no obligation to update, modify or amend this Green Bond Framework or the statements contained hereinto reflect actual changes in assumptions or changes in factors or to otherwise notify any addressee if any information,
projection, forecast or estimate set forth herein evolves or subsequently becomes inaccurate. Forward looking
information and statements are subject to various risks and uncertainties, many of which are difficult to predict andgenerally beyond the control of Crédit Agricole that could cause actual results and developments to differ materiallyfrom those expressed in, or implied or projected by, the forward looking information and statements. These risks anduncertainties 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 be made by Crédit Agricole. Crédit Agricole undertakes noobligation to publicly update its forward looking statements, whether as a result of new information, future events,
or otherwise. You are cautioned not to place undue reliance on the forward-looking statements contained herein,
which are made only as of the date of this document. The information contained in this Green Bond Framework
does not purport to be comprehensive and has not been independently verified by any independent third party.

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