Green BondIMPACT REPORTJUNE 2016

Email:Tel:Web:
Address:

debtsecurities@worldbank.org+1 (202) 477 2880
http://treasury.worldbank.org/greenbonds
Investor Relations, Capital Markets Department
1225 Connecticut Avenue NW, Washington, DC20433, USA.

World Bank Green Bond Highlights:
 Green Bonds: 125 World Bank (IBRD) Green Bonds issued in
18 currencies totaling US$9.1 billion, of which US$5.7 billion
was outstanding as of June 30, 2016.
 Eligible Green Bond Projects: 90 Green Bond eligible projects
with commitments totaling US$15.9 billion. Disbursements
have commenced for 84 Green Bond eligible projects in 24
countries with commitments totaling US$14.1 billion. A totalof US$6.6 billion in Green Bond proceeds has been allocatedto support the financing of disbursements to these projects.
 Examples of Impact Resultso US$2.4 billion commitments to 10 renewable energy
projects is expected to result in 2,359 MW of renewableenergy capacity1 – equivalent to the total installed capacityof Latvia in 2014. 2

o US$3.9 billion has been committed to improve public
transportation in in emerging countries. In 13 of theseprojects with IBRD commitments totaling US$2.3 billion,
public transport ridership will increase by 2.3 million
passengers per day

1

This represents the expected total renewable energy capacity installed or rehabilitated from the 10 projects
supported by the World Bank. 1,197 MW is the pro rated share based on the percentage of total project cost that isfinanced by World Bank loans.

2

Source: US. Energy Information Administration Agency – International Energy Statistics.

1

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

World Bank Green Bondeligible projects span the world and cover multiple sectors
Some IBRD project examples include:

Forestry

Energy Efficiency

A project to improve forest
management in China will
result in 132,600 hectares offorests restored orre/afforested and a 20%
increase in vegetative coverplus improve species diversity.
It will also train 216,000
farmers in forest management.

A project that improves energy
efficiency in the industrial,commercial and municipal
sectors in Ukraine will resultin energy saving of nearly
7 million MWh per year –the equivalent of 517,000
homes’ energy use for a year.1

Renewable Energy

Transport

A geothermal energy project in
A public transport project inIndonesia will add 150 MW
Ecuador will increaseof renewable energy by 2018.
passengers by 369,000 people
The project avoids 1.1 million
per day and reduce travel time
tons of CO2 eq. annually –by 40%. It will provide
equivalent to taking 232,000
affordable, safe, reliable
passenger vehicles off thetransportation for all with1
road each year.
special focus on the disabled.

Climate Resilient
Infrastructure
A project to increase resilienceof communities to the impactsof climate change in China will
benefit 6.6 million people andprovide 9,500 km2 of flood
protection in rural andurban areas.

1

Water
A project to improvesustainable water managementin Brazil will benefit 2.6 million
people and provide 164,000
people with improved
sanitation improving quality oflife and environmental
preservation and conservation.

Calculated using the Environmental Protection Agency (EPA) Greenhouse Gas Equivalency Calculator at
http://www.epa.gov/cleanenergy/energy-resources/calculator.html#results.

Our commitment to help countries address
climate change creates sustainable investment
opportunities
Foreword by Arunma Oteh, World Bank Vice President
and Treasurer
Climate change poses a fundamental threat toeconomic development across the world. A report wepublished in November 2015 found that if left
unattended, climate change could push an additional
100 million people into poverty by 2030. Moreover,
the world’s poorest people are likely to suffer
disproportionately, because they live in countries thatare the least prepared and the least able to deal withthe consequences of climate change.
Our Green Bond program supports projects that will
significantly reduce CO2 equivalent emissions, increaseenergy savings and power generation from renewablesources, improve water management, and restore
forests across many parts of the world.
The World Bank Group has been a pioneer in the green
bond market, issuing our first green bond in 2008. The
transaction was developed based on demand from
Scandinavian pension funds for a highly-rated, fixedincome product whose proceeds would be used tosupport climate-related projects.
Since then, the World Bank’s global issuances to both
institutional and retail investors have reached US$9.1
billion through 125 transactions. The documentation ofits green bond process, use of a second opinion fromthe Center for International Climate andEnvironmental Research (Cicero) at the University ofOslo, and issuance in 18 different currencies have
paved the way for the development of the market.
More broadly, the World Bank has been a strong
advocate for the green bond market, working withboth investors and issuers to increase awareness about
its potential, and publishing several guides and articles
for those interested in supporting and learning aboutclimate finance and investing for impact through green
bonds.
In addition, we are pioneering efforts to harmonize
green bond impact reporting across multilateral
institutions as an important tool for investors toevaluate the non-financial benefits of theirinvestments.
To that end, we are pleased to share this second WorldBank Green Bond Impact Report with the objective of3

providing transparency and easily accessible
information about the use of green bond proceeds andthe expected impact of Green Bond Eligible Projects.
The indicators presented in this report have been
selected from a host of development results expected
for the eligible projects. They illustrate the type andscale of expected results in a variety of sectors andcountry contexts, and also reflect individual country
challenges.
However, these projects must also be seen in thecontext of the World Bank’s Climate Change Action
Plan going forward. The plan, adopted earlier this yearby the World Bank, charts out a blueprint for helping
countries deliver on climate action, particularly in thecritical years leading to 2020, when the Paris
Agreement is due to come into effect.
The climate agreements reached in Paris last year
marked a turning point on the road to combatting
climate change. Rather than a top-down approach of
setting goals, individual countries submitted their own
plans for actions that they intend to take to reducegreenhouse gases.
The World Bank Group helped some countries draw up
their plans, and is now working with a range of them tolink the plans with our own country work programs.
A quick review of the plans finds that amongdeveloping and middle-income countries, energy is themost frequently mentioned area for climate action.
Agriculture, forestry and land use, and transport are
the next-most mentioned areas for action, followed bywater management, and risk management. Thesepriority areas will inform the World Bank’s work thiscoming year.
As the World Bank, we have a responsibility to ourclients to help them both recognize and respond to therisks that climate change poses. We also have thecapability to leverage the public and private financenecessary to help our clients shift to a cleaner growthtrajectory.
Our work in the green bond market is among the key
ways we are working to beat climate change.

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

World Bank Country Partnership Framework
The comparative advantage of the World Bank Group (WBG) is its ability to address complex problems on a global
scale. This ability comes from the powerful combination of country depth and global breadth, public and private
sector instruments and relationships, multisector knowledge, and the ability to mobilize and leverage finance.
Before developing a new partnership strategy with a client country, the Bank completes a comprehensive
diagnostic study (called a Systematic Country Diagnostic), which identifies the barriers to eliminating extreme
poverty and boosting shared prosperity in the country. In collaboration with partners, experts from the WorldBank’s Global Practices and Cross-Cutting Solution Areas work with country-based staff and its sister institutions,
IFC and MIGA, to prioritize the Bank’s program of financial, analytical, advisory, and convening support for thecountry, based on its comparative advantage and the client’s priorities. This support comes together in the Country
Partnership Framework.

WBG staff also work on global challenges, including gender, jobs, climate change, fragility, forced displacement,
and others. Cross-Cutting Solution teams drive coordination across the Bank Group, its regions, and technicalpractices. On climate change, for example, the Bank Group engages at the global level on carbon pricing anddialogue about climate; and it helps countries to assess policy and investment choices to meet their country-levelcommitments.
The World Bank is accountable to its shareholders and the public through a set of feedback and accountability
mechanisms, including the Corporate Scorecard, and regular opportunities to discuss progress on operations with
its Board of Executive Directors. It continues to refine a set of indicators to track progress on client results and theeffectiveness of its operations to demonstrate progress.

4

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

All of the work at the World Bank is anchored in two goals: ending extreme poverty and promoting sharedprosperity in a sustainable manner. Reaching these ambitious goals requires the World Bank to deliver the world’s
best ideas, knowledge, and experience in development. Country-based teams are the chief interface with clientsand are responsible for developing country and regional strategies. They foster selectivity in country programs,
ensure that these programs account for the relevant country's individual context and political economy, andintegrate public and private sector solutions.
The country-based teams work with client countries to identify, assess and appraise individual projects andprograms including conducting feasibility studies that assess the environmental, social and financial sustainability ofthe proposed projects.
Every project is presented to the Board of Executive Directors, a resident Board with 25 chairs representing its
member countries, for approval. Each project must be consist with the agreed Country Partnership Framework anddemonstrate how it contributes to achieving the twin goals of the World Bank to reduce poverty and promoteshared prosperity in a sustainable manner.
Government agencies report the projects’ progress and the World Bank monitors the agreed milestones towards
achieving the project’s objectives including a formal review at least twice a year. The World Bank also conducts areview of the lessons learned at the conclusion and each project is also subject to an independent evaluation.
From the pool of approved projects, a subset of illustrative projects that meet the World Banks Green Bondeligibility criteria are selected for inclusion in the program. To demonstrate the breadth of the World Bank’s work
helping countries address the climate challenge, projects are selected from different countries and sectors. Thereare currently 90 projects that have been included in the projects and disbursements have commenced in 84 ofthese projects.

5

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

World Bank Group Climate Action Plan
In December 2015, the World Bank Group adopted a Climate Change Action Plan to help developing countries turnthe promises made at the historic Paris Climate Agreement into reality. The plan lays out a clear roadmap, with
ambitious targets, for helping countries mitigate for and adapt to the impact of a changing climate.
As per the plan, the Bank Group will incorporate climate change considerations across all of its work, and expand its
commitments in six high-impact areas: renewable energy and energy efficiency, transportation, boosting theresilience of cities, climate-smart land use, strengthening the competitiveness of the green sector, and extending
disaster preparedness.
Among the specific goals to be met by the World Bank Group under the Action Plan by 2020 are:
•
•
•

•
•
•
•

6

Adding 30 gigawatts to the world’s renewable energy capacity, a doubling of current World Bank
contributions, and mobilizing $25 billion of commercial funding for clean energy.
Investing $1 billion over five years to promote energy efficiency and resilient building in urban areas andquadruple funding over five years to make transport systems more resilient.
Developing climate-smart agriculture investment plans for at least 40 countries, with 100 percent ofagriculture lending to be climate-smart by 2020. Priority areas will include the use of climate resilient seeds,
high-efficiency irrigation, livestock productivity, and risk management.
Supporting sustainable forest management strategies in more than 50 countries.
Bringing early warning systems for natural disasters to 100 million people in 15 countries, and extending social
protection systems to 50 million people to help them adapt to a changing climate.
Implementing large-scale national and trans-boundary programs to promote water efficiency across sectors,
and improving water management.
Scaling up country-level support and global advocacy work to reform fossil fuel subsidies and putting a priceon carbon pollution.

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

World Bank Green Bonds
Green Bond issuances
As of June 30, 2016, the World Bank (International Bank for Reconstruction and Development, IBRD) has issued 125 Green
Bonds in 18 currencies raising the equivalent of US$9.1 billion of funding supporting the transition to low-carbon andclimate resilient growth. 25 green bonds totaling US$ 2.9 billion had matured by Jun 30, 2016 of which US$1.6 billion has
been replaced with new green bonds. In addition, US$0.3 billion of green bonds have been repurchased or called andthese amounts have also been rolled-over. World Bank Green Bonds totaling US$5.7 billion were outstanding as of June30, 2016. The total amount of matured green bonds that may be replaced with new green bonds in future is US$1.3 billion.
World Bank Green Bond Issuance by Maturity

World Bank Green Bond Issuances by Currency
EUR
10%

SEK
13%

AUD
8% BRL6%

RUB COP NOK1%
MXN 1% 1%

Other
13%

1%
NZD
2%

Other *
2%
ZAR
2%

USD
50%

TRY
3%

* HUF, PLN, MYR, CAD, INR and JPY
Use of proceeds reporting
Currently, there are 84 Green Bond eligible projects supported by Green Bond proceeds. The total committed amount forthese projects is US$14.4 billion. By June 30, 2016, US$7.1 billion had been disbursed to these projects and US$0.2 billion has
been subsequently repaid, leaving a total of US$6.9 billion outstanding financing supported by US$5.7 billion Green Bond
proceeds.3
There are six additional projects with a total committed amount of US$1.6 billion that have been identified as Green Bondeligible. Allocations will begin once these projects start disbursing.
The current pipeline of undisbursed commitments to Green Bond eligible projects is US$8.8 billion.
Use of Proceeds Summary
Amounts in US$ billion

3

Green bond proceeds from new issuance

Cumulative
Balance: Opening
8.4

Allocations supporting eligible project disbursements
Repayments from green bond eligible projects
Roll-over of green bond redemptions
FX translation adjustmentsa/Unallocated green bond proceeds

a/

0.7

Cumulative
Balance: Closing
9.1

(5.6)
0.1

(1.5)
0.1

(7.1)
0.2

(1.8)
(0.2)

(0.2)
(0.0)

(1.9)
(0.2)

1.0

(0.9)

0.1

(1.8)
6.5

(1.5)
(1.3)
(0.8)

(3.3)
(1.3)
5.7

Activity-

Green Bond redemptionsof which: portion not replaced with new green bonds
Green Bonds outstanding

Notes:
a/ EUR denominated green bonds and eligible project amounts converted to US$ equivalents using spot exchange rate on Jun 30, 2016
Amounts may not add up due to rounding.
3

7

The balance of US$1.3 billion that was originally supported with green bonds that have subsequently matured and not been replacedwith new green bonds is supported by proceeds from the World Bank’s core bond program that supports sustainable development.
THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

Commitments by Sector
Amounts in Eq. US$ billion(may not add up due to rounding)Renewable Energy and Energy
Efficiency
Transport
Water, Wastewater, and Solid
Waste Management
Agriculture, Land Use andForestry
Resilient Infrastructure, Built
Environment and Other
Total

Committed

1/

Mitigation

Adaptation

Total

Allocated &2/
Outstanding

5.3

0.0

5.3

3.2

5.0

0.0

5.0

1.6

0.1

1.2

1.3

0.8

0.5

1.3

1.8

0.6

0.3

0.6

0.9

0.7

11.2

3.1

14.4

6.9

78%

22%

100%

Water and
Waste
Mgmt.
9%
Agriculture, Forestry
Transport
35%

and Ecosystems
13%

Resilient Infrastructure
and Other
6%

Renewable Energy
and Energy Efficiency
37%

Notes:
1/ Committed amount net of cancellations for eligible projects for which the loans are disbursing.
2/ Green Bond proceeds allocated to support financing for disbursements to eligible projects net of loan repayments. Not adjusted for matured
bonds that were not replaced with new green bonds.
Amounts may not add up due to rounding

Renewable energy development amounts to 15% of projects eligible for support from the World Bank’s Green Bonds. Theenergy sector contributes about 40% of global CO2 emissions. Despite improvements in some countries, the global CO2
emission factor for energy generation has hardly changed over the last 20 years, making the transition to a more sustainable
4energy mix is critical for climate change mitigation.
Energy efficiency is the low cost option to reduce emissions and unnecessary expenditures. At the same time, a projected
2.4 billion people are expected to migrate to urban areas by midcentury and cities already account for two-thirds of global
5energy demand thus contributing to 70% of GHG emissions. Harnessing the “hidden fuel” of energy efficiency offers many
opportunities to help cities achieve energy security, energy savings, improved municipal services, increased
6competitiveness, and reduced costs and emissions. 22% of World Bank Green Bond eligible projects is dedicated to energy
efficiency improvements.
Transport contributes about 15% of global greenhouse gas emissions (IPCC). With motorization on the rise, that share is7
expected to grow dramatically, making this a critical sector to reform in order to address climate change. Transport
improvements that shift to low-emission modes also generate 'co-benefits' in terms of reducing congestion, local air
8pollution, oil dependency and transport safety risks. 34% of the Green Bond eligible projects focuses on transportation
efficiency and urban mass transit solutions.
Water stress is an increasing challenge facing the world, driven by population and economic growth, land use changes,
9
increased climate variability and change, and declining groundwater supplies and water quality. Improved water resourcesmanagement and climate-smart water infrastructure help countries manage this risk. 9% of the World Bank’s Green Bondeligible projects focuses on water, wastewater and waste management issues.
Agriculture is vulnerable to climate change and it is, with associated deforestation, the largest contributor to greenhousegases. Climate smart agriculture has the potential to deliver a “triple win” of increased productivity, enhanced resilience,10
and carbon sequestration. 12% of the World Bank’s Green Bond eligible projects illustrate measures in livestock,agriculture, and land, forest and ecosystem management aimed at mitigating and/or adapting to climate change.

4
5
6
7
8
9
10

8

https://openknowledge.worldbank.org/handle/10986/17143
http://www.worldbank.org/en/region/eap/publication/energizing-green-cities-in-southeast-asia
http://www.worldbank.org/en/news/feature/2014/12/08/building-energy-efficient-cities-new-guidance-notes-for-mayors
http://www.worldbank.org/en/topic/transport/overview#1
http://siteresources.worldbank.org/INTTRANSPORT/Resources/336291-1227561426235/5611053-1229359963828/TP40-Final.pdf
http://www.worldbank.org/en/topic/waterresourcesmanagement/overview#1
http://www.worldbank.org/content/dam/Worldbank/document/CSA_Brochure_web_WB.pdf

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

Commitments by Region
Amounts in Eq. US$ billion(may not add up due to rounding)Committed

East Asia & Pacific (EAP)

5.2

1/

Allocated &2/
Outstanding

ECA
16%

2.2

Europe & Central Asia (ECA)

2.3

1.1

Latin America & Caribbean (LAC)

3.6

2.3

Middle East & North Africa (MNA)

0.8

0.2

South Asia (SAR)

2.5

1.0

Total

14.4

6.9

MNA
6%
LAC
25%

EAP
36%
SAR
17%

Notes:
1/ Committed amount net of cancellations for eligible projects for which the loans are disbursing.
2/ Green Bond proceeds supporting financing for disbursements to eligible projects net of loan repayments. Not adjusted for matured bonds thatwere not replaced with new green bonds.
Amounts may not add up due to rounding

Green Bond eligible projects
All World Bank bonds support sustainable development, focusing on poverty reduction and inclusive growth. They fit wellwithin all investor mandates, especially those investment strategies that incorporate Environmental, Social and Governancefactors into the decision-making process. The World Bank’s Green Bonds are a subset of its sustainable investment
opportunities focused specifically on climate change issues that directly impact developing countries and address the global
climate challenge.
Green Bond eligible projects promote the transition to low-carbon and carbon resilient growth in client countries targetingclimate change mitigation and adaptation. The World Bank’s eligibility criteria underwent an independent review by theCenter for International Climate and Environmental Research at the University of Oslo (CICERO).
Examples of climate change mitigation projects:
 Solar and wind installations
 Funding for new technologies that permit significant reductions in greenhouse gas emissions
 Rehabilitation of power plants and transmission facilities to reduce greenhouse gas emissions
 Greater efficiency in transportation, including fuel switching and mass transport Waste management (methane emission) and construction of energy-efficient buildings
 Carbon reduction through reforestation and avoided deforestation
Examples of climate change adaptation projects:
 Protection against flooding (including reforestation and watershed management)
 Food security improvement and implementing stress-resilient agricultural systems (which slow down
deforestation)
 Sustainable forest management and avoided deforestation.
Green Bond eligible projects are identified through a two-stage process.
1. All projects supported by the World Bank go through a rigorous review and approval process to ensure that they meetcountries’ development priorities. The process includes: (i) early screening to identifying potential environmental orsocial impacts and designing policies and concrete actions to mitigate any such impacts; and (ii) approval by the Board of
Executive Directors – a resident Board with 25 chairs representing member countries.
2. Environmental specialists then screen approved World Bank projects to identify those that meet the World Bank’s Green
Bond eligibility criteria.
For more information about the World Bank Green Bond implementation guidelines and the eligibility criteria, see
http://treasury.worldbank.org/cmd/pdf/ImplementationGuidelines.pdf.
9THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

It’s worth noting that the World Bank’s activities that help
client countries mitigate and adapt to the effects of climatechange are much broader than the subset of Green Bondeligible projects discussed herein. Since the World Bank began
tracking commitments with climate change adaptation andmitigation co-benefits at a portfolio level in FY11, over one
third of all World Bank commitments have included climatechange co-benefits. Of these about 30% (representing 10% of
total commitments over the period) have been included in theWorld Bank’s Green Bond program.

Impact reporting
The World Bank is committed to transparent reporting of climate financing including reporting the impacts of the projects
included in its Green Bond program. Detailed information for all World Bank financed projects is available on the main WorldBank website http://www.worldbank.org/projects. In addition, project summaries and impact indicators for Green Bondeligible projects are summarized on the investor website at:
http://treasury.worldbank.org/cmd/htm/MoreGreenProjects.html.
The following section lists the 84 Green Bond eligible projects supported by Green Bonds as of June 30, 2016. The projects
are organized by major sector. Selected results indicators, World Bank loan amount, share of loan amount to total project
costs, and the amount of Green Bond proceeds that have been allocated to support disbursements to each project are
disclosed. Annex 1 describes in more detail the reporting approach and should be read in conjunction with this report.
Interpreting reported results
The intention of impact reporting is to help develop a more detailed understanding of the climate and environmental impacts
that can be expected or projected to result from Green Bond eligible projects. Several key results indicators have been
selected and where possible quantified, but it is important to appreciate the inherent limitations of data reported therein.
The main considerations to adequately interpret results are:

Scope of results: reporting is based on “ex-ante” estimates of climate and environmental impacts at the time of projectappraisal and mostly for direct project effects, except as indicated where the results have been updated for actual results
at the time of project completion.



Uncertainty: an important consideration in estimating impact indicators and projecting impacts is that they are based onassumptions. While technical experts aim to make sound and conservative assumptions that are reasonable based on theinformation available at the time, the actual environmental impact of the projects generally diverge from initialprojections. In general, behavioral changes or shifts in baseline conditions can cause deviations from projections.

Comparability: Caution should be taken in comparing projects, sectors, or whole portfolios because baselines (and baseyears) and calculation methods may vary significantly. In addition, the cost structures between countries will also vary,so that developing cost-efficiency calculations (such as results per dollar invested) could, for example, place smaller
countries with limited economies of scale at a disadvantage and will not take into consideration country-specific context.

Omissions and qualitative results: because the selected projects aim to provide social and developmental benefits aswell as climate environmental ones, they will have impacts across a much wider range of indicators than captured below.
Therefore, exclusively focusing on the reported indicators will leave out other important development impacts. Where
quantitative data is unavailable, qualitative indicators have been included to illustrate the type and direction of a few
other beneficial impacts. To get a better understanding of the developmental impacts of projects and the broader
country context, please view the full project documentation available on the World Bank website.
http://www.worldbank.org/projects.

10

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

List of World Bank Green Bond Eligible Projects by Main Sector
Target Impacts and Committed and Allocated amounts
A. Renewable Energy and Energy Efficiency
Results should be read in conjunction with Annex 1 which describes the reporting approach.

Link to more
information#

Project name (number | year/s loans
A/M
approved) and description/aBelarus - Biomass District Heating(P146194 | FY14): increase energy
efficiency in district heating systems
Mand replace natural gas with woodbiomass as a renewable energy source.
China - Beijing Rooftop Solar
Photovoltaic Scale-Up (Sunshine
Schools) Project (P125022 | FY13):
M
promote renewable energy in 1000
schools and other educational
institutions.
China - Eco-Farming Project (P096556| FY09): promote sustainable farming
systems and reduce greenhouse gas
Memissions (from methane and burning
coal and firewood) benefiting ruralcommunities with biogas systems.
China - Energy Efficiency Financing(P084874 | FY08, FY12): promoteenergy conservation in China’s
industrial sector supportingM
intermediary loans for energy
efficiency projects in medium andlarge-sized manufacturing companies.
China - Energy Efficiency Financing II
Project (P113766 | FY10): promoteenergy conservation in China’sMindustrial sector through intermediaryloans to energy efficiency projects.
China - Green Energy Schemes for
Low-carbon City in Shanghai (P127035| FY13): promote greener cityM
development with energy efficiency
and renewable energy installations incommercial and government buildings.

1

2

3

4

5

6

11

Project life

Target results

20

20Annualenergy/csavings
MWh236,000na

Annualenergyproduced
MWh1,660,000

100,000

Renewable
capacity
added
MW

106

100

Annual GHG
emissionsavoidedtons of CO2 eq.

/bOther results

Committed IBRD Allocated/d/e/f
US$ milshare
US$ mil

420,000

Cumulative over 5 years:● 1,180,000 MWh energy savings
from efficiency investments.
● 2,100,000 tons of CO2 eq.
emissions reduced.

90.0

100%

18.3

89,590● 10 to 15 % of the schools’ annual
power use provided by renewablesources.
● 650,000 students in 1,000 schools
benefit.

120.0

50%

14.9

119.8

27%

119.8

300.0

45%

300.0

20

na

~

~

900,000● 400,000 - 500,000 rural
households benefit with cleaner
biogas-based cooking and heating
systems.

20

21,807,900

nana

6,490,000● 2,666,000 tons of coal eq. (tce)annual energy savings (assuming
150 subprojects)

20

20,200,000

na

na

6,100,000

100.0

66%

72.3

20

621,700~~

165,000

100.0

41%

21.0

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

Link to more
information#

Project name (number | year/s loans
A/M
approved) and description/aChina - Jiangxi Shihutang Navigation& Hydropower (P101988 | FY09):
maximize inland waterway transportBothcapacity as a low-carbon alternative toland transport and generatehydropower.
China - Liaoning Third Medium Cities
Infrastructure (P099224 | FY08):
improve the energy efficiency andMenvironmental performance of heating
and gas services.
China - Shandong Energy Efficiency(P114069 | FY11): improve the energy
efficiency and environmental
performance of the industrial sector
M
and finance renewable energy
production from biomass (corn andwheat stalk).
China - Urumqi District Heating
Project (P120664 | FY11): promoteenergy efficiency in district heating byM
replacing dispersed boilers in urban
areas with an integrated district
heating network.
India - Power System Development
Project IV (P101653 | FY09): expand
transmission infrastructure resulting indecreased CO2 emissions throughMefficiency gains and transferring
surplus hydro energy to power deficit
regions.
India - Rampur Hydropower Project(P095114 | FY08): scale-up access torenewable energy throughM
construction of a run-of-the-riverhydroelectric scheme.
Indonesia - Indonesia Geothermal
Energy (P113078 | FY12): increaseMpower generation from renewablegeothermal resources.

7

8

9

10

11

12

13

12

Project life

Target results

20

Annualenergy/csavings
MWhnaAnnualenergyproducedMWh472,000

Renewable
capacity
added
MW

120

Annual GHG
emissionsavoidedtons of CO2 eq.

/bOther results

Committed IBRD Allocated/d/e/f
US$ milshare
US$ mil

450,000● 4,400 hectares of crop land
protected from flooding.
● RMB 26.6 million reduction in
annual flood losses.

100.0

31%

100.0

191.0

51%

117.1

20

2,757,200

na

na

~

● 8,935 tons of sulphur dioxide
avoided per annum.
● 11,659 tons of total suspended
particles (local pollutant) avoided
per annum.

15

3,247,500

165,00030~● 397,000 tce energy savings.

150.0

47%

56.3

20

1,229,400

na

na

415,500● 1,626 MW of inefficient coal-fired
boilers replaced by combined heatand power district heating network.

99.1

29%

99.1

● Reduced transmission losses
equivalent to between 526-993
MW.
● 107,000 circuit kilometers ofincreased transmission capacity.
● 68,000 GWh power exchange
growth between regions.

400.0

16%

400.0

400.0

60%

400.0

175.0

30%

67.6

20

8,699,000

na

na

~

30

na

1,770,000

412

1,407,700

30

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016na

1,210,000

150

1,100,000● 33,000,000 tons of CO2 eq.
cumulative emission reductions ofover 30 years.

Link to more
information#

Project name (number | year/s loans
A/M
approved) and description/aProject life

Target results
Annualenergy/csavings
MWh

Annualenergyproduced
MWhRenewable
capacityaddedMW

Annual GHG
emissionsavoidedtons of CO2 eq.

14

Jamaica - Energy Security andEfficiency Enhancement Project(P112780 | FY11): increase energy
efficiency and security by promoting
greater participation of renewableenergy and gas-based generation in
the energy mix.

M

na

na

~

~

~

15

Mexico - Efficient Lighting andAppliances Project (P106424 | FY11):
promote the efficient use of energy
and to mitigate climate change byincreasing the use of energy efficienttechnologies in the residential sector.

M

52,000,000

na

na

664,000

16

Mexico - Integrated Energy Services(P088996 | FY08): increase energy
access for poor communities using
renewable energy (mainly solar andMsome wind generators) and to develop
a sustainable market for providing
energy services in remote rural areas.

17

Mexico - Sustainable Rural
Development (and Add Financing)(P106261 | FY09, FY13): increase theuse of energy efficient, waste
management and renewable energy
technologies in agribusiness.

M

Moldova - District Heating Efficiency
Improvement (P132443 | FY15):
improve quality and reliability ofMheating services by improving theoperational efficiency and viability of a
new district heating company.
Montenegro - Energy Efficiency (andAdditional Financing) (P107992 |FY09, FY14): improve energy efficiency
Mand environmental quality in 27
buildings used for health andeducation services.

18

19

13

20

10

30

25

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016na

20,49396,70030,0005,800

32,130

na

na

6.2

~

na

na

/b

Other results● Gas and renewable energy use
increased above its baseline of 42
MW of the total energy matrix (atproject inception).
● $9/MWh reduction (from$21/MWh to $12/MWh) in cost ofelectricity generation.
Cumulative over 5 years:● Exchange 45.8 million light bulbs
and 1.9 million refrigerators and air
conditioners.
● 3.32 million tons of CO2 eq.
emissions reduced.
● 50-60% electricity saved inresidential households.
● 10,000,000 MWh in cumulative
energy savings.

Committed IBRD Allocated/d/e/f
US$ milshare
US$ mil

15.0

100%

11.2

250.6

35%

250.6

241,000● 4,400 rural households receive
electricity from renewable sources.
● Larger long-term national impact
with replication throughout rural
areas.

12.0

18%

12.0

283,900

Cumulative over 7 years:●143,450 MWh saved from energy
efficiency investments.
● 224,908 MWh produced byrenewable (biomass) energy.
● 1,987,500 tons of CO2 eq.
emission avoided.

96.8

48%

68.4

22,800● 34% reduction in heating system
breakdowns by year 5.
● 109,000 people with access tomore energy efficient cooking andheating.

40.5

66%

3.7

12,200

Cumulative over 5 years andtargeting 27 buildings:● 150,000 MWh in lifetime energy
savings.
● 60,750 metric tons of CO2 eq.
lifetime emissions reduced.

12.4

100%

10.0

Link to more
information#

Project name (number | year/s loans
A/M
approved) and description/aMorocco - Clean and Efficient Energy
Project (P143689 | FY15): develop thefirst utility sized photovoltaic plant to M
more reliably supply solar power toremote regions.
Morocco – Noor Ouarzazate
Concentrated Solar Power (P131256 |FY12, FY15): replace fossil fuel-based
Melectricity with renewable energy
using concentrated solar power
technology.

20

21Peru - Second Rural Electrification(P117864 | FY11): provide electricity
to remote communities by extending
the conventional electricity grid andfinancing solar photovoltaic systems.

22

Tunisia - Energy Efficiency (P104266 |FY09): support industrial energy
efficiency and co-generation
investments by providing financing
through intermediaries.
Turkey - Private Sector Renewable
Energy and Energy Efficiency Project(P112578 | FY09, FY12): enhancerenewable energy access (smallhydroelectric and geothermal) andenergy efficiency in industries (ironand steel, cement, ceramics, chemicals
and textiles).
Turkey - Renewable Energy
Integration (P144534 | FY14): assist inmeeting increased power demand bystrengthening the transmission systemand facilitating large-scale renewableenergy generation.
Turkey - SME Energy Efficiency(P122178 | FY13): improve energy
efficiency in small and medium
enterprises in energy-intensive
industries by scaling-up commercialbank lending for energy efficiency
investments.

23

24

25

26

14

Project life

Target results
Annualenergy/csavings
MWh

Annualenergyproduced
MWhRenewable
capacityaddedMW

Annual GHG
emissionsavoidedtons of CO2 eq.

25

na

~

75

78,00030

na

1,638,000

410

522,000/b

Other results● 412,000 people benefit fromelectricity and associated economic
opportunities of which 50% areexpected to be female.

● 42,500 rural households
electrified, of which 20,000 served
by solar photovoltaic systems from
regulated electricity distribution
companies.
● 174,000 people benefited.

Committed IBRD Allocated/d/e/f
US$ milshare
US$ mil

125.0

79%

2.4

341.8

15%

52.5

50.0

60%

30.9

34.4

91%

31.2

M

20

na

~

~

~

M

20

580,000

na

na

126,000

M

20

4,065,000

3,451,000

950

3,507,000● Reach 28% of country’s total
generation to be from renewableenergy.

919.3

61%

831.6

M

20

na

na

na

690,000● 1,734,000 MWh per year of windenergy handled by the substations
funded under project.

242.5

63%

48.5

30,900

Cumulative over 5 years:● 154,500 tons of CO2 eq. emissions
reduced annually for all SME loans.
● 307,000 MWh in electricity
savings by the end of project
implementation.

201.0

67%

79.7

M

20

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

61,400nanaLink to more
information#

Project name (number | year/s loans
A/M
approved) and description/aUkraine - District Heating Energy
Efficiency (P132741 | FY14): improveM
energy efficiency and quality of service
of District Heating companies.

27

Ukraine - Energy Efficiency (P096586 |FY11): improve energy efficiency inorder to meet energy intensityMreduction targets, decreasedependence on imported gas, anddecrease the cost of energy supply.
Uzbekistan - Advanced Electricity
Metering Project (P122773 | FY12):
improve energy efficiency byMmeasuring energy consumption andwaste through advanced metering andbilling systems.

28

29

/b

Project life

Target results
Annualenergy/csavings
MWh

Annualenergyproduced
MWhRenewable
capacityaddedMW

Annual GHG
emissionsavoidedtons of CO2 eq.

20524,000

na

na

261,800● 721,400 consumers served by theparticipating companies.

265.5

87%

2.7

1,000,000● Create jobs directly and indirectly
through increased costcompetitiveness as a result of lower
energy intensity.

200.0

100%

160.5

~

● 1.2 million advanced meters
installed.
● Improve billing and collection
rates by 8% and 10%, respectively.

180.0

73%

0.6

15

na

6,978,000

na

na

na

Subtotal for Renewable Energy and Energy EfficiencynanaOther results

2,359

Committed IBRD Allocated/d/e/f
US$ milshare
US$ mil

5,331.7

3,383.0

Cumulative loan repayments(188.6)

Total allocated and outstanding for Renewable Energy and Energy Efficiency

3,194.3

Notes:
na – Indicator is not applicable for this project.
~
Indicator is not measured/reported for this project.
Amounts may not add up due to rounding.

Refer to annex 1 for more information about the basis for reporting.
aColumn indicates whether the project aims to mitigate climate change (“M”), help client countries adapt to the effects of climate change (“A”), or both.

bTarget results are expected impacts based on estimates developed at the time of project approval and materializing at the end of the project implementation period (5 years in most cases). The
indicators shown are normally a subset of the development impacts contained in project documentation available in the World Bank project website (see http://www.worldbank.org/projects).
Results reported are based on the total project cost, with the percent shown next to the loan amount corresponding to the proportion of the total project cost that is financed by World Bank loans.
Actual impacts may be different from these estimates and do not represent the actual results in a specific year. Quantitative estimates are intended to be indicative of the scale of impacts andqualitative results aim to inform about the nature of changes that will be achieved as a result of projects included in the Green Bond program once they are completed and at full capacity.

cAnnual energy savings include reduced energy use for both power and heat, where applicable.

d

The committed amount is the Green Bond eligible portion of the World Bank loan net of cancellations reported in equivalent US$ millions. Loans denominated in othercurrencies are converted to US$ equivalents using the spot exchange rate on the report date (June 30, 2016).

e

The percentage shows the percentage of the total project cost that is financed by World Bank loans. When a project is co-financed, this share could be used to apportion
total results to the World Bank.

f

The allocated amount is the amount of Green Bond proceeds allocated to support the financing of disbursements to the project reported in equivalent US$ millions. Loansdenominated in other currencies are converted to US$ equivalents using the spot exchange rate on the report date (June 30, 2016).

15

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

B. Transport
#

30

31

32

33

34

35

36

37

16

Link to more
information

Project name (number | year/s loans
approved) and description

A/M Target results● 60 new trains and upgradedinfrastructure to shorten travel times.
Brazil - Greening Rio de Janeiro Urban● Bicycle and parking facilities in selectRail Transit – Additional Financing
stations.
(P111996 | FY12): provide a moreM
● 70,200 additional passengers served
efficient and cleaner suburban rail
per day.
transportation system.
● 34,000 tons of CO2 eq. reduced
annually by project end.
● 50% reduction of road fatalities in theBrazil - Sao Paulo State Sustainable
100 most critical spots.
Transport (P127723 | FY13): improve● Increase waterway transportation.
transport efficiency and safety, increase
Both ● Expanded automatic station network to
the share of waterway transport, andmonitor climate risk.
improve resilience to climate change● Increased number of municipalities
and natural disasters.
with disaster risk mapping.
● 5% reduction in fuel consumed per
China - Changzhi Urban Transport
kilometer traveled in the project(P124978 | FY12): improve transport
corridors.
Mmobility and accessibility while reducing● Reduced number of traffic accidents.
emissions.
● Reduced travel times during peakhours.
● 3 million additional passengers per
China - HaJia Railway (P117341 | FY14):
year.
provide additional railway capacity and● Reduced passenger travel time.
M
reduce transport time for passengers● 15 million people benefit including
and freight.
rural poor.
● Reduced pollution from railways.
China - Heilongjiang Cold Weather● 38.8 million more bus rides annually
Smart Public Transportation System
due to increased efficiency of bus service.
(P133114 | FY14): upgrade the quality,
M ● 20 - 30% reduction in fuel use.
safety and efficiency of public transport● 22 - 25 km of improved transport
service.
corridors developed.
● 460,000 people to benefit from
China - Hubei Xiangyang Urban
reduced travel times and greater accessTransport (P119071 | FY12): improve
M to the city center.
mobility, safety, and efficiency in urban● 30% reduction in fatalities and severetransportation.
accidents.
● 490,000 residents benefited.
China - Jiaozuo Green Transport and● Reduced traffic fatalities.
Safety Improvement (P132277 | FY14):● 17 km in green corridors exclusively
improve transport safety and efficiency
dedicated to pedestrians and cyclists.
M
along the selected transport corridors● 241,000 non-motorized trips per year
and promote non-motorized trips withinin the green corridors.
the pilot green corridor.
● 32,400 additional bus passengers per
year.
● Reduced travel time on public
China - Nanchang Urban Rail (P132154 |transport by 25 minutes or more.
FY13): provide an effective urban mass
● Increase ridership by 200,000 people
rapid transit system for a rapidly
M per year.
expanding city to reduce pollution,● 100% of stations to become wheeltraffic congestion, and commuting
chair and sight impaired accessible.
times.
● 506,000 people benefit.

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

Committed IBRD
US$ milshare

Allocated
US$ mil

600.0

73%

355.7

300.0

70%

199.7

100.0

50%

22.9

300.0

5%

17.1

154.0

46%

22.6

100.0

47%

46.3

100.0

50%

14.2

250.0

10%

65.7

#

Link to more
information

Project name (number | year/s loans
approved) and description

A/M Target results

Committed IBRD
US$ milshare

Allocated
US$ mil38

China - Qinghai Xining Urban Transport
Project (P127867 | FY14): provide more
efficient, safer and cleaner
transportation.

M● 20% decreased travel time.
● 264,000 additional passengers daily.
● Improved accessibility to 190,000 jobs.
● Reduced vehicle pollution.

39

China - Tianjin Urban Transport
Improvement Project (P148129 | FY16):
leverage the existing metro system andMto promote walking and biking in theurban core, in order to make transport
greener and safer.

● 2.8 million trips benefit from
improvements each day.
● 85,000 new metro users.
● 50 km of roads rehabilitated, 111
metro stations improved and 5 new bus
terminals completed.
● 6,500 tons of CO2 emissions reduced
annually.

100.0

45%

0.3

40

China - Urumqi Urban Transport Project
II (P148527 | FY16): improve mobility in M
selected transport corridors.

● 645,000 people benefit from directaccess to BRT corridors.
● 51.7 km of BRT routes operated.
● 45% of commuters using smart cards.

140.0

26%

0.4

41

China - Wuhan Second Urban Transport(P112838 | FY10): improve efficiency,
coverage and safety of public transport M
systems in an environmentally friendly
way.

100.0

16%

61.9

42

China - Xi'an Sustainable Urban
Transport (P092631 | FY08): protect
health and cultural relics by reducing
pollution from transportation andincrease transport accessibility andmobility.

150.0

36%

150.0

43

China - Xinjiang Yining Urban Transport
Improvement Project (P126454 | FY12):
provide improved access, safety, andM
efficiency in public transportation in anenvironmentally sustainable manner.

100.0

48%

63.2

44

China - Yunnan Honghe Prefecture
Diannan Center Urban Transport(P101525 | FY14): improve the safety,
accessibility, and efficiency oftransportation in core urban areas bybuilding new infrastructure, staff
training and education campaigns.

M

150.0

43%

2.4

45

Colombia - National Urban Transit
Program (P117947 | FY10, FY12):
reduce carbon emissions and improve
public transportation efficiency andsafety.

M

587.9

47%

329.5

17

M

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

● 459,000 tons of CO2 eq. emissions
reduced annually.
● Establish facilities for pedestrians andcyclists.
● Improved air quality.
● 4% increase in share of public
transportation.
● Double area of bus terminals.
● Nearly 50% increase in average speedof public transportation.
● 26.7 km of new bicycle routes.
● Adopt a motor vehicle emissions
control plan.
● Implement air quality monitoring.
● Reduced peak-hour travel times in two
integrated corridors.
● 25% increased bus ridership to reach
263,000 passengers per day and 60,000
additional people with access in selected
new development areas● Reduced traffic accident fatalities.
● Reduced average travel time for public
transport users.
● Double access to transport services toreach 742,000 people.
● Increased ridership to 153,400 trips perday.
● Reduced the number of transport
related fatalities.
● Reduced average travel time for low
income riders.
● Reduced accidents and pollution(including greenhouse gases) associatedwith bus transport services.
● Increased access to the disabled andother commuters with special needs.

30.3

48%

3.7

Link to more
information#

Project name (number | year/s loans
approved) and description

Committed IBRD
US$ milshare

A/M Target results

46

Ecuador - Manta Public Services
Improvement Project (P143996 | FY14):
improve transport services and theMquality and sustainability of water andsanitation.

47

Ecuador - Quito Metro Line One(P144489 | FY15): improve urban
mobility and serve the growing demandfor public transport.

M

48

India - Eastern Dedicated Freight
Corridor - II (P131765 | FY14): increase
the capacity and quality of freight rail
service.

M

49

India - Sustainable Urban Transport(P110371 | FY10): improve government
capacity to manage climate friendly
urban transport solutions focusing on
public and non-motorized transport.

M

50

Mexico - Urban Transport
Transformation (P107159 | FY10):
reduce carbon emissions and transformpublic transportation efficiency.

51

Philippines - Cebu Bus Rapid Transit(BRT) Project (P119343 | FY15): improve
the quality, safety, and environmental
M
performance of urban public
transportation.

● 71,000 residents benefit from water
investments.
● Improved mobility and accessibility ofstreet network including pedestrian
facilities and cycling paths.
By 2018:● 369,000 passengers per day.
● 65,000 tones of CO2 emissions reduced
per year.
● $14 million in annual fuel savings.
● 40% reduction in average travel time.
● 1,800 jobs created.
● 1,133 kms of new freight-only rail.
● Axle-load limit raised from 23 to 25
tons increasing speeds.
● 12.8 million tons of CO2 eq. emissions
reduced over a 30 year period.
● 12,800 tons of CO2 eq. emissions
reduced annually over 10 years.
● 1,960,000 tons of CO2 eq. emissions
reduced annually when city subprojects
are fully operational.
● 18 integrated mass transit corridors of
15km each.
● 222,000 passengers per day.
● 200,000 more commuters using public
transportation.
● 115,000 tons of CO2 eq. reduced
annually by 2020, increasing to 192,000
tons of CO2 eq. reduced annually by
2025.

M

Subtotal for Transport

100.0

87%

5.0

205.0

12%

113.9

1,100.0

67%

63.8

105.2

32%

47.9

150.0

6%

26.2

116.0

51%

12.3

5,038.4

1,624.6

Cumulative loan repayments(13.2)

Total allocated and outstanding for Transport

1,611.4

Amounts may not add up due to rounding.

18

Allocated
US$ mil

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

C. Water, Wastewater and Waste Management
#

52

53

54

55

56

57

58

59

19

Link to more
information

Project name (number | year/s loans
approved) and description

A/M Target results

Brazil - Federal Integrated Water Sector(P112073 | FY12): improve water
resource management including
assessing how climate change impacts
water availability, and improvecoordination and capacity of key federal
institutions in the water sector.

● 13 state water agencies and 4 federal river
basin water agencies trained to increase
management capacity.
A ● Increased water use efficiency and proper
management of solid waste.
● Improved quality of water service in bothurban and rural areas.
● 3 dumps closed.
Brazil - Integrated Solid Waste &● 9,000 tons per day of waste disposed in
Carbon Finance (P106702 | FY11):
environmentally sustainable sanitary landfills.
improve treatment and final disposal of M ● 7 municipalities made investments tomunicipal solid waste and reduce
improve recycling and composting activities.
methane emissions.
(Updated for actual results at projectcompletion)● 2.6 million people benefit.
Brazil - Espirito Santo Integrated● 70% State with disaster warning system.
Sustainable Water Management Project● 1,590 tons of BOD (Biochemical Oxygen(P130682 | FY14): improve sustainable Both
Demand) removed a year.
water resources management and● 164,000 people with improved sanitation.
increase access to sanitation.
● 2,000 hectares reforested.
China - Bengbu Integrated Environment
Improvement (P096925 | FY08):
improve effectiveness and resilience of● 95% flood protection of Bengbu’s city landurban water supply, treatment services
area.
Aand flood prevention and control● 11% pollution discharge reduction.
systems through improved● 3 months of water supply reserves.
infrastructure and watershedmanagement.
● 15% increase in main crop yields.
China - Water Conservation II (P114138● RMB 200 increase in per capita annual| FY12): improve agriculture water
A agricultural income.
management and increase agriculture● Reverse the trend of declining water tablewater productivity.
in groundwater irrigated areas.
China - Xining Flood and Watershed● 2,000,000 tons of untreated wastewater
Mgmt (P101829 | FY09): improveflowing into rivers avoided annually.
sustainable utilization of land and waterA ● 900,000 tons of soil loss avoided annually.
resources by improved flood control● 400,000 people benefit from reduced
management, wastewater collection andvulnerability to flood events.
treatment, and watershed management.
● 11,577 hectares of damaged irrigation
Dominican Republic - Emergency
rebuilt.
Recovery and Disaster Risk
● 152 km transmission lines restored toManagement (P109932 | FY08, FY12):
A “disaster-resistant” standards.
provide infrastructure recovery and● Santiago waste water operation restored.
strengthen risk management capacity in● 200MW of damaged hydropower facilities
tropical storm affected areas.
restored and dam safety standards improved.
India - Andhra Pradesh Water Sector
Improvement (P100954 | FY10):● Improved irrigation service delivery on a
improve irrigation services on asustainable basis.
sustainable basis and strengthen theA● Increased cropping intensity, crop diversity,
State’s institutional capacity for multiand productivity of crops, livestock, and fish.
sectoral development and of its water
resources.

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

Committed IBRD
US$ milshare

Allocated
US$ mil

107.3

75%

8.3

16.7

31%

16.7

81.1

70%

0.2

99.9

45%

99.9

80.0

50%

56.7

100.0

53%

100.0

100.0

100%

97.3

450.6

46%

230.3

Link to more
information#

Project name (number | year/s loans
approved) and description

Indonesia - Water Resources andIrrigation Management Program 2(P114348 | FY11): improve
infrastructure and government capacity
for river basin water resource andirrigation management.

60

Committed IBRD
US$ milshare

A/M Target results

61

Morocco - Solid Waste Sector DPL(P104937 | FY09): enhance thegovernance of the solid waste sector.

62

Tunisia - Second Water Sector
Investment (P095847 | FY09): promotebetter water management throughefficiency improvements in irrigationand increased capacity for watershedmanagement.

● Increased crop productivity by providing
more efficient and reliable irrigation water.
A● 500,000 farmer households from provinces
involving 12 river basins benefited.
● Regulatory reforms leading to solid waste
management programs in 11 municipalities.
● 735,000 tons of CO2 eq. emissions reducedM
annually (methane gas capture).
● 30% of waste disposed in sanitary landfills
and 21 dumpsites closed or rehabilitated.
● 24,436 hectares rehabilitated withirrigation and drainage systems.
● 21,128 households supplied with newAdrinking water.
(Updated for actual results at projectcompletion)

150.0

74%

71.7

111.5

100%

111.5

16.2

19%

16.2

Subtotal for Water, Wastewater and Waste Management 1,313.4

808.9

Cumulative loan repayments(34.3)

Total allocated and outstanding for Water, Wastewater and Waste Management

774.6

Amounts may not add up due to rounding.

20

Allocated
US$ mil

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

D. Agriculture, Land Use, Forests and Ecological Resources#

Link to more
information

Project name (number | year/s loans
approved) and description

A/M Target results

Committed IBRD Allocated
US$ milshare US$ mil

63

Armenia - Second Community
Agriculture Resource Management andCompetitiveness Project (P133705 |FY14): improve pasture-based livestock
management in targeted alpine
grasslands areas.

A● At least 10,000 pasture users benefit
through their membership in Pasture
Users’ Cooperatives.
● 110,000 hectares of land managed withsustainable practices.

64

China - Guangdong Agricultural
Pollution Control (P127775 | FY14):
promote waste management in livestockand crop production (including methane M
capture and use) and improve soil
nutrient, fertilizer, and pesticide use.

● 45,000 tons of annual pollution load towaterways reduced.
● 500 tons of annual nutrient load towaterways reduced.
● 18,800 hectares with improved soil
nutrient, fertilizer and pesticide use.

100.0

48%

17.1

65

China - Hebei Rural Renewable Energy
Development Project (P132873 | FY15):
demonstrate sustainable biogas
Mproduction and utilization to reduce
environmental pollution and supply
clean energy.

By 2020:● 42,000,000 m3 of biogas used annually.
● 58,780 tons of CO2 emissions reduced
annually.
● 96,100 rural resident households withaccess to biogas supply.
● Additional biogas used as fuel for
public transportation.

71.5

47%

7.3

66

China - Hunan Forest Restoration andDevelopment (P125021 | FY13):
increase resilience of forests.

● 58,900 hectares of ecological forest
plantation areas reforested andBothrehabilitated.
● 26,130 households benefited.

80.0

69%

66.0

67

China - Integrated Forestry
Development (P105872 | FY11):
increase forest cover to create windbreaks, farmland shelter belts, andconservation schemes, and to train
farmers in forest and environmental
management.

● 132,600 hectares of forests restored orre/afforested.
● 20% increase in vegetative cover plus
Both improved species diversity in degraded
forests rehabilitated.
● 216,000 farmers trained in forest
management.

100.0

50%

99.4

68

China - Integrated Modern Agriculture
Development (P125496 | FY14):
develop sustainable and climate resilient
agricultural production systems byA
investing in improved irrigation anddrainage systems and practices that
address climate risk.

● Reduced water use per ton of rice,wheat and maize produced in target
regions.
● 94,000 hectares of farmland servedwith improved irrigation and drainage
services.
● 38,500 hectares of leveled land andimproved soil conditions.

200.0

64%

49.3

69

China - Ningxia Desertification Control
and Ecological Protection (P121289 |FY12): control desertification and land
● 30,000 hectares restored ordegradation by stabilizing moving sands, Both re/afforested.
re-vegetating degraded steppe lands
and planting shelter belts.

80.0

70%

17.7

70

Indonesia - Coral Reef Rehabilitationand Management Program- Coral
Triangle Initiative (P127813 | FY14):
protect and sustainably manage uniquecoral ecosystems in selected districts
and provinces.

3.8

89%

1.1

21

A

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

● Reduce destructive fishing in selectedareas.
● 1,140 direct beneficiaries in fishingcommunities.
● 1.4 million hectares of marine areas
brought under biodiversity protection.

23.0

54%

0.1

#

71

72

73

74

75

76

77

Link to more
information

Project name (number | year/s loans
approved) and description

Committed IBRD Allocated
US$ milshare US$ mil

A/M Target results

Mexico - Forests and Climate Change(P123760 | FY12): support ruralcommunities' sustainable managementof forests, and generate additionalBothincome from forest products andservices and to reduce emissions fromdeforestation and forest degradation.
Morocco - Large Scale Irrigation
Modernization (P150930 | FY16):
expand agriculture through the adoptionof irrigation techniques that make more A
efficient use of water resources, whilebuilding better ties between farmers
and markets.
Peru - Peru National Agriculture
Innovation Program (P131013 | FY14):
strengthen the national agricultural
innovation system and integrate climate A
change criteria into project such as
adaptive research, seed improvements
and skills development, among others.
Philippines - Rural Development(P132317 | FY15): improve theresilience of small-scale farmers andfishermen to climate change by helpingAthem recover and increase incomegenerating activities and strengthening
the conservation of coastal and marine
resources.

● 10% increase in areas under improved
forest management (equivalent to1,630,000 additional hectares).
● Support 2 pilot areas to reduce carbon
emissions from deforestation and forest
degradation.
● 4,000 forest communities benefited.

350.0

45%

215.4

● 9,274 farmers benefit.
● 100% of area with access to water on
demand in peak period.
● 20,700 hectares with improved
irrigation technologies.

150.0

80%

1.1

● 20,000 small and medium farmers
adopting new technologies.
● 61 new technologies demonstrated on
farms.

13.0

31%

1.7

● Increase incomes of about 1.9 million
farmers and fishermen and the value of
their products.

501.3

75%

81.9

40.0

33%

6.2

33.5

73%

24.1

49.0

89%

28.1

● Improved forest fire detection andRussian Federation - Forest Fire
suppression systems.
Response (P123923 | FY13): improve● Improved capabilities of fire brigades.
forest fire prevention and management Both ● 75,500,000 tons of CO2 eq. emissions
and to enhance sustainable forest
avoided over 25 years.
management.
● Raise public awareness and education
standards in forestry issues in general.
Tunisia - Fourth Northwest● Reduced erosion and forest
Mountainous and Forested Areas
degradation.
Development (P119140 | FY11): better● Build climate change awareness andprotect and manage natural resources
A disseminate climate-appropriate
through conservation of soil and water
practices to reinforce livelihood andresulting from improved agriculture andagro-system resilience.
pasture practices and to improve access● 318,000 people benefited.
to potable water for rural communities.
Uruguay - Sustainable Management of● 2,700 hectares of agricultural land with
Natural Resources and Climate Change
reduced methane emissions.
(P124181 | FY12): improve farm
● Improved water use in irrigation andenvironmental management and reduce Both
livestock production systems.
greenhouse gas emissions by promoting● Improved pasture management andimproved agriculture and livestock
other productivity measures.
management.
Subtotal for Agriculture, Land Use, Forests and Ecological Resources

Amounts may not add up due to rounding.

22

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

1,795.1

616.5

Cumulative loan repayments(0.6)

Total allocated and outstanding for all sectors

615.9

E. Resilient Infrastructure, Built Environment and Other#

Link to more
information

Project name (number | year/s loans
approved) and description

78

Belize - Climate Resilient Infrastructure(P127338 | FY15): enhance theresilience of road infrastructure against
flood risks and the impacts of climatechange.

79

China - Fujian Fishing Ports Project(P129791 | FY14): reduce thevulnerability of fishing communities toextreme weather events.

80

81

82

83

84

China - Huai River Basin FloodManagement and Drainage
Improvement (P098078 | FY11):
increase resilience of communities tothe impacts of climate change,
particularly flooding.
Macedonia & Serbia - South East
Europe and Caucasus Catastrophe Risk
Insurance Facility (P110910 | FY11):
increase access to catastrophe risk
insurance through facilitating the
growth of insurance markets.

Committed
US$ mil

IBRD
share

Allocated
US$ mil

30.0

100%

0.9

60.0

58%

1.2

● 9,500 km2 of flood protection (in rural
A and urban areas).
● 6,600,000 people benefited.

200.0

33%

179.4

● Increased catastrophe insurance coverage
from 2% to 15% for homeowners, farmers,
A
enterprises, and government entities
holding catastrophe insurance policies.

10.0

100%

10.0

501.3

100%

501.3

60.0

43%

4.3

15.0

16%

0.0

A/M Target results● 30 km of roads rehabilitated and 12
bridges and culverts improved.
● 50% reduction in road interruption due toAflooding.
● 170,000 people living near the road
networks directly benefit.
● 11,000 fishermen and their families (total
64,000 people) benefit.
A ● 3,000 fishing vessels protected in ports.
● Improved effectiveness of early warningand emergency systems.

Climate-informed public policies, including:● 642,000 hectares reforested.
Mexico - Climate Change Development● 6,000,000 tons of CO2 eq. emissions
Policy Loan (P110849 | FY08):
reduced annually due to reforestation.
Bothmainstream climate change● Domestic carbon pricing strategy
considerations into public policy.
developed.
● City and state climate action plansdeveloped.
Russian Federation ● >70% accuracy of forecasts for the main
Hydrometeorological Services
administrative centers of Russia.
Modernization (P127676 | FY14):● > 85-90% accuracy of seasonal river flowAenhance capacity to deliver reliable andforecasts in Volga river basin reservoirs.
timely weather, hydrological and climate● Increased number of sectoral data users
information.
data.
Timor-Leste - Road Climate Resilience● Improved drainage conditions along 110
Project (P125032 | FY14): rehabilitate
km road corridor.
A
and improve the climate resilience of a
● 30% reduction in major road damage
road corridor.
events.
Subtotal for Resilient Infrastructure, Built Environment and Other
Cumulative loan repayments
Total allocated and outstanding for Resilient Infrastructure, Built Environment and Other

Amounts may not add up due to rounding.

23

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

876.3

697.1
697.1

Annex 1 – Reporting Approach
Detailed information is available for every project on the World Bank website (http://www.worldbank.org/projects).
The impact indicators summarized in this report focus on results considered by the World Bank’s investor relations
team to be of interest to Green Bond investors, based on dialogue with investors. They were selected from among
other development results expected from the eligible projects. The indicators are intended to illustrate the typeand scale of expected results in a variety of sectors and country contexts. To better reflect individual country
challenges, demands, and resources, the report focuses on presenting a diversity of countries, projects and sectors
rather than cumulative impacts. Because of the limited comparability between projects, sectors and countries (see“Interpreting reported results” on page 6 and “No aggregation of GHG estimates” below), impact results are notaggregated, with the exception of renewable energy capacity added which is deemed to be broadly comparable.
This impact report is split between the five main sectors represented in the World Bank’s Green Bond eligible
projects. Where projects cover multiple sectors, the project is included in the main sector only, but target results
will include all components of the project.
1. Renewable energy and energy
efficiency:

2. Transport
3. Water, wastewater and solid
waste management
4. Agriculture, land use andforestry
5. Resilient infrastructure, built
environment and other

Many World Bank projects in this category include both arenewable energy and energy efficiency component, so combining
the sectors avoids redundancy. The reporting framework adopted
identifies four core indicators for energy efficiency and renewableenergy projects; where information covering the proposed core
indicators is publically available, this is included. 11 However, forsome projects quantitative estimates for these indicators are either
not available or not applicable. A few other indicators that areconsidered relevant for Green Bond investors are also provided.

Projects categorized in the remaining sectors are moreheterogeneous. The report provides project specific indictors
based on available information that provides an indication of thescale of results.

The following summarizes key assumptions and approaches used in preparing this report.

24



Ex ante projections: Quantitative estimates for target results represent ex ante projections developed during
project design mostly for direct project impacts once projects are at normal operating capacity. The target
results include expected results for projects still in the preparation, construction and/or implementation phase.
The impact report thus serves as an illustration of expected results made possible through Green Bond eligible
projects, but it is not intended to and does not provide actual results achieved in a specific year or reporting
period. Target results have been updated with actual results at project completion when the final projectcommitment is materially different to the original authorized amount. Where the amounts are based on actual
results this is noted in the preceding tables.



Length of time projects are on report: Impact reporting will be provided for projects for so long as they are partof the Green Bond program. This means that projects are added to the impact report once Green Bond
proceeds have been allocated to support the financing of disbursements to the project, and removed once theclient has repaid the respective loan. Projects may also be removed from future reports if the World Bank

11

This impact report has been prepared following an approached developed in collaboration with 11 other International FinanceInstitutions (IFIs) to encourage greater harmonization in impact reporting. Core indicators for other sectors have not been
recommended as part of initial efforts to work towards a harmonized approach for impact reporting. See “Working Towards a
Harmonized Framework for Impact Reporting,” December 2015.
http://treasury.worldbank.org/cmd/pdf/InformationonImpactReporting.pdf

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

decides to remove a project from its Green Bond program.12 If a project is removed from the Green Bond
program, any Green Bond proceeds previously allocated to support the financing of disbursements to thatproject will be credited back to the Special Account for Green Bond proceeds and allocated to support thefinancing of disbursements to other Green Bond eligible projects as part of the routine allocation process.

25



Reporting for co-financed projects: The World Bank often co-finances projects with the client country and/or
other lenders. The results for the individual project are based on the total project including all financiers. The
World Bank’s share of the total financing is included for each project. Where results are aggregated (forexample total renewable energy capacity installed), the pro-rated share based on the World Bank’s share offinancing the total project cost is also included.

Partial project eligibility: Some projects may have portions that are Green Bond eligible while others are not. In
cases where a project is partially Green Bond eligible, the committed amount reported reflects only that portion
that is Green Bond eligible. Allocations to support disbursements to such projects are made on a pro rata basis.

No aggregation of GHG estimates: When reported in the World Bank Project Appraisal Reports and/or
Implementation Status Reports, the GHG emission reductions for projects are reported in tons of CO2
equivalent. The World Bank is undertaking an effort in conjunction with other International Finance Institutions
to harmonize the approaches for GHG accounting.13 At the same time, it is working to develop internallyconsistent GHG accounting methodologies for investment projects across relevant sectors. Given these ongoing developments in GHG accounting, the basis for estimating CO2 equivalent emission reductions may vary
between World Bank projects. Therefore, the World Bank does not recommend aggregating the results ofdifferent projects in its portfolio.

All reported results are from publically available sources: Reporting is based on publically available impacts forthe projects disclosed in Project Appraisal Reports and Implementation Status Reports. In order to facilitatecomparability of the reported results, the reporting units have been converted where such conversion is basedon a standard conversion factor.

12

As part of the World Bank’s due diligence in monitoring projects included in its Green Bond program, it may elect to remove a
project. Possible reasons for removing a project from a Green Bond program include, but are not limited to, cancellation of the
project or significant implementation delays.

13

For more information on the harmonization framework see
http://www.worldbank.org/content/dam/Worldbank/document/IFI_Framework_for_Harmonized_Approach%20to_Greenhouse_G
as_Accounting.pdf.

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

Annex 2 – List of Abbreviations
AUD
BRL
CAD
CCAP
CICEROCO2
CO2 eq.
COP
ECA
EAP
EUR
FY
GHG
GWh
HUF
IBRD
INDC
INR
JPY
km
km2
KWh
LAC
MNA
MW
MWh
MXN
MYR
NDC
NOK
NZD
PLN
RMB
RUB
SAR
SEK
SME
tce
TRY
USD
WBG
ZAR
26

Australian Dollars
Brazilian Real
Canadian Dollars
Climate Change Action Plan
Center for International Climate and Environmental Research at the University of Oslo
Carbon dioxide
Carbon dioxide equivalent
Colombian Pesos
Europe and Central Asia region
East Asia and Pacific region
Euro
Fiscal year running from July 1st to Jun 30th
Greenhouse gas
Gigawatt hours (equal to 1,000 MWh or 1,000,000 KWh)
Hungarian Forints
World Bank (International Bank for Reconstruction and Development)
Intended Nationally Determined Contributions
Indian Rupees
Japanese Yen
kilometers
Square kilometers
Kilowatt hours
Latin America and Caribbean region
Middle East and North Africa region
Megawatts
Megawatt hours
Mexican Peso
Malaysian Ringgits
Nationally Determined Contributions
Norwegian Kroner
New Zealand Dollars
Polish Zloty
Chinese Renminbi
Russian Ruble
South Asia region
Swedish Kronor
Small and medium sized enterprises
Tons of coal equivalent
Turkish Lira
United States Dollars
World Bank GroupSouth African Rand

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016

Acknowledgements and Disclaimers
This document has been prepared by the World Bank (International Bank for Reconstruction and Development,
IBRD) for information purposes only, and the World Bank makes no representation, warranty or assurance of any
kind, express or implied, as to the accuracy or completeness of any of the information contained herein. It isprepared by staff based on reviews of the underlying project documentation. In the event of a discrepancy between
the report and the underlying source (project or bond documentation, or other source) the latter prevails.
No Offer or Solicitation Regarding Securities. This document may include information relating to certain World Bank
securities. Any such information is provided only for general informational purposes and does not constitute anoffer to sell or a solicitation of an offer to buy any World Bank securities. All information relating to securities should
be read in conjunction with the appropriate prospectus and any applicable supplement and Final Terms thereto,
including the description of the risks with respect to an investment in such securities, which may be substantial andinclude the loss of principal. The securities mentioned herein may not be eligible for sale in certain jurisdictions or tocertain persons.
Each recipient of this report is deemed to acknowledge that this is a proprietary document of the World Bank and byreceipt hereof agrees not to disclose it, or permit disclosure of it, to third parties without attributing the source or
the prior written consent of the World Bank. All content are the property of the World Bank.
All photos, graphics and content © World Bank.

27

THE WORLD BANK GREEN BOND | IMPACT REPORT JUNE 2016