IMPACT REPORT 2018

Investor Relations
Capital Markets Department
The World Bank Treasury
1818 H Street NW
Washington, DC 20433
USA
E debtsecurities@worldbank.org
T +1 (202) 477 2880
W treasury.worldbank.org/capitalmarkets

TABLE OF CONTENTSINTRODUCTION | 5
10 YEARS OF GREEN BONDS | 6
PROJECT SUMMARY | 8
PROJECT IMPACT HIGHLIGHTS | 11
WORLD BANK GREEN BOND PROCESS | 12
ELIGIBLE PROJECTS BY SECTOR | 15
ANNEX 1: IMPACT REPORTING APPROACH | 36
ANNEX 2: WORLD BANK PROJECT CYCLE | 38
ANNEX 3: LIST OF ABBREVIATIONS | 40
DISCLAIMER | 41

We need bold action on climatechange. It comes down to asimple choice: we continue withbusiness as usual and hope forthe best. Or we act now and builda resilient future. Our generation
may not be able to solve all the
problems related to climatechange, but we can do our partto leave a better planet for the
next generation.
Kristalina Georgieva
Chief Executive Officer
The World Bank

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

4

INTRODUCTION

10 YEARS OF GREEN BONDS:FROM EVOLUTION TO REVOLUTION
Ten years ago, a group of Swedish pension funds– through Skandinaviska Enskila Banken (SEB)– looked for opportunities that support climatefriendly solutions. They wanted high quality, liquid
products that would not carry additional projectrisk. They wanted information about how theirinvestments would achieve impact. They approached
the World Bank and we worked together to design a
new product. The green bond was born.
Issued in November 2008, the bond created theblueprint for today’s green bond market. It was thefirst to define the criteria for projects eligible for green
bond support; include a recognized climate research
institution, CICERO, as a second opinion provider;and add impact reporting as an integral part of theprocess. The market has since expanded from early
issuances by other multilaterals to bonds issued in awide range of markets, currencies and structures byprivate companies, banks, utilities and governments.
The World Bank’s first green bond received strong
support from the market and interest from others,
including climate policymakers, Ceres and the
Climate Bond Initiative. They raised awareness forthe challenges of climate change and demonstrated
the potential for institutional investors to support
climate-smart
investments
throughliquidinstruments without giving up financial returns.
It formed the basis for the green bond principles
coordinated by ICMA, the International CapitalMarkets Association. It highlighted the social valueof fixed income investments and need for a sharper
focus on transparency.
The simple concept behind green bonds is now
being applied to other labeled bonds. More and moreinvestors recognize their power to support initiatives
their stakeholders care about, and the ability to do
so without giving up return. They are demanding
more and better data, to understand the impact of
their investments. Issuers are responding: they are
engaging with investors to show how their bonds
present opportunities to achieve financial and social
returns and are increasingly focused on refining
impact measurement and reporting.

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

Green bonds have sparked a revolution in thinking
about sustainability, purpose and potential for liquidbond investments to achieve a positive impact. The
Sustainable Development Goals (SDGs) are a helpful
framework for investors and issuers to focus onareas beyond climate. The World Bank has started
to engage investors around specific SDGs througha series of bonds to raise awareness for specificdevelopment challenges through its sustainable
development bonds. Other issuers are following.
As we mark ten years of green bonds, we are proudof the role we played in sparking a sustainability
revolution in the market. We are also deeply gratefulfor the support and vision of investors and partners
in the market who are driving innovation andsustainable solution. Investors in World Bank green
bonds have helped global energy savings equivalent
to Chile’s power consumption in 2015; supported
reforestation projects in Mexico that have resulted
in CO2 emission reductions equivalent of 1.5 million
barrels of oil consumed, and prevented 4,800,000
tons annually of untreated wastewater fromfollowing into rivers in China.
The challenge now is to ensure that we harness therevolution and momentum towards achieving the
SDGs. In the future, for every investment, investors
will be asking “how is this making a positive impact
to society?” and will expect solid impact data as a
response. There’s a long way to go. But recognizing
the urgency for action and the power of investment,
collaboration, data and innovation will get us there.

George Richardson
Director, Capital Markets
The World Bank Treasury
Heike Reichelt
Head of Investor Relations and New Products
The World Bank Treasury

5

2008

THE FIRST green bondWorld Bank issued the first labelled Green Bond formainstream institutional investors

2009

2010

2011

2012

World BankGreen Bond
Symposium on
green bondprocess andimportanceof impact
reporting

World Bank
first Green
Bond
Investor
Newsletter

NIKKO
AM/World
Bank Green
Bond fundlaunched

Inaugural
Green Bond2013

Concept of"Climate
Finance"establishedunder theUNFCCCUN Green
ClimateFundestablished

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

G20, IMF, OECD
all formallyrecognize
potential ofGreen Bond
marketOECD and IEA
recommend
governments
to consider
Green Bonds
to financeclimatechangesolutions

2014
World Bank
convenes IFI
workinggroup onimpactreportingharmonization
with AfDB, EIB
and IFC

First
Corporate
Green BondFirst
Municipality
Green Bond

Green Bonds
formally
recognized
as UN "Climate
Action" under
UNFCCC Nazca
Platform6

10 years ofgreen bonds
From Evolution to Revolution

2015

2016

2017

2018

World Bank
advises firstGreen Sukukand first
sovereign
Green Bondfrom emerging
markets

World Bank
Guide forPublicSectorIssuers on
Green Bond
proceeds
management& reportingFirstsovereign
Green Bond

USD 100bn of
cumulative
Green Bond
Issuance

IFC Guidancefor Green
Sovereignissuers

First Green
CoveredBondFirst Green
SchuldscheinFirst GreenSukuk

USD 500bn of
cumulative
Green Bondissuance

COP21 Paris
Agreement
signed andUN Sustainable
Development
Goals
launchedChina
launches G20
Green FinanceStudy GroupFirst
sovereign
Green Bondfrom Emerging
MarketS

Financial
Stability Board
launches Task
Force onClimate-Related
Financial
Disclosures(TCFD),
recommends
Green Bonds

First Green
Commercial
Paper

First
harmonizedtemplates forGreen Bond
impactreportingpublished

EuropeanCommission
launches
Sustainable
Finance
Action Plan

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

7

PROJECT SUMMARY
The mission of the World Bank (International Bank for Reconstruction and Development, IBRD) is to end
extreme poverty and promote shared prosperity in a sustainable manner. Tackling climate change playsa critical role in achieving these goals. Through World Bank Green Bonds, investors make an impact by
supporting the financing of a wide range of projects across many sectors that are addressing climatechange around the world.

ISSUANCE
In the past 10 years, the World Bank has issued 147 green bonds in 20 currencies for approximately
US$11 billion in funding to support the transition to low-carbon and climate resilient growth. As of June 30,
2018, US$4.8 billion of Green Bonds were outstanding.

COMMITMENTS AND DISBURSEMENTS
At the end of the fiscal year 2018, there were 91 eligible projects and a total of US$15.4 billion in commitments.
Of these commitments, US$8.5 billion in Green Bond proceeds were allocated and disbursed to support
projects in 28 countries and another US$6.8 billion had yet to be disbursed.

of June 30, 2018, Renewable Energy and Energy Efficiency and Clean
By Sector AsTransportation
projects represented the largest sectors in the Green Bondeligible project portfolio. Together, these sectors made up approximately 69% ofGreen Bond commitments.

Amounts in Eq. US$ billion

Renewable Energy and Energy Efficiency
Clean Transportation
Water and Wastewater
Solid Waste Management
Agriculture, Land Use, Forests, and Ecological Resources
Resilient Infrastructure, Built Environment and Other
Total
Percentage
Notes:
a/ Committed amount net ofcancellations for eligible projects for which
the loans are disbursing.
b/ Green Bond proceeds allocated tosupport financing of disbursements toeligible projects net of loan repayments.
Not adjusted for matured bonds thatwere not replaced with new green bonds.

Allocated andOutstandingb/

Committeda/(may not add up due to rounding)

Mitigation
6.1
5.0
0.1
0.1
0.5
0.3
12.0
78%

Adaptation
0.1
0.2
1.2
0
1.2
0.7
3.4
22%

9%

Resilient Infrastructure,
Build Environment and Other

10%

Total
6.1
5.2
1.3
0.1
1.8
0.9
15.4
100%

3.7
2.2
0.8
0.1
0.9
0.7
8.5

1%

44%

Solid Waste
Management

Renewable
Energy andEnergyEffciency

Water and
Wastewater

11%

Agriculture,
Land Use,
Forests andEcological
Resources

25%

Clean
Transportation

THE WORLD BANK GREEN BOND IMPACT REPORT 20188

of June 30, 2018, the East Asia and Pacific Region, at 38%, was the largest
By Region Asregional
exposure by share of commitments in the Green Bond eligible project
portfolio.

Amounts in Eq. US$ billion(may not add up due to rounding)Committeda/

Allocated &Outstandingb/

East Asia & Pacific (EAP)

5.9

3.0

Europe & Central Asia (ECA)

1.9

1.3

Latin America & Caribbean (LAC)

3.9

2.6

Middle East & North Africa (MNA)

0.9

0.3

South Asia (SAR)

2.8

1.4

Total

15.4

8.5

Notes:
a/ Committed amount net of cancellations for eligible projects for which the loans are disbursing.
b/ Green Bond proceeds supporting financing of disbursements to eligible projects net of loan repayments.
Not adjusted for matured bonds that were not replaced with new green bonds.

ECA
13%

EAP
38%

MNA
6%
LAC
25%

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

SAR
18%

9

THE WORLD BANK GREEN BOND IMPACT REPORT 201810

PROJECT IMPACT HIGHLIGHTS
91
5WORLD BANK PROJECTS ELIGIBLE
FOR GREEN BOND FINANCING

16

ADDITIONAL PROJECTS COMPLETEDIN FY18 FOR A TOTAL OF

30

RENEWABLE ENERGY & ENERGY EFFICIENCY PROJECTS COMPLETED (3 IN FY18)

EQUIVALENT TO

THE TOTAL ELECTRICITYCONSUMED IN 2015 IN CHILEABOUT 50,644 TONS OF
CO2 EQUIVALENT AVOIDED

6,580 GWh

EQUIVALENT TO

THE TOTAL POWER GENERATED BY
1,240 WIND TURBINES RUNNING FOR
ONE YEAR IN THE US

2,094 MW

EQUIVALENT TO

CO2 EMISSION FROM 780 TONS OF
BURNED COAL AVOIDED EVERY YEAR

68,050 GWh

IN ANNUAL ENERGY SAVINGSANNUAL ENERGY PRODUCEDFROM RENEWABLE RESOURCES

RENEWABLE CAPACITY FROMSOLAR, WIND, AND HYDROTECHNOLOGIES

24,400RURAL HOUSEHOLDS ARE ELECTRIFIED BYSOLAR VOLTAIC SYSTEMS IN MEXICO & PERU

8WATER, WASTEWATER & SOLID WASTE MANAGEMENT PROJECTS COMPLETED (1 IN FY18)

442,650 HECTARES

4,800,000 TONSWITH NEW, REHABILITATED OR RESTOREDIRRIGATION SERVICES IN THE DOMINICANREPUBLIC, TUNISIA & INDONESIA

4

OF UNTREATED WASTEWATERPREVENTED FROM FLOWING INTO
RIVERS ANNUALLY IN CHINA

IN BRAZIL & MOROCCO
CLOSED OR REHABILITATEDAGRICULTURE, LAND USE, FORESTS, ECOLOGICAL RESOURCES, RESILIENTINFRASTRUCTURE & BUILT ENVIRONMENT PROJECTS COMPLETED

774,600 HECTARES

6,000,000 TONS

6,600,000 PEOPLE

15% INCREASE

OF FOREST RESTORED OR
REFORESTED IN CHINA & MEXICOOF CO2 EMISSIONS REDUCED DUE TO
REFORESTATION IN MEXICOBENEFITED FROM FLOOD PROTECTION
IN CHINA

2

28 WASTE DUMPSEQUIVALENT TO

1.2 MILLION CARSOFF THE ROAD
FOR ONE YEARIN CATASTROPHE INSURANCE
COVERAGE IN MACEDONIA & SERBIACLEAN TRANSPORTATION PROJECTS COMPLETED (1 IN FY18)

25% DECREASE

IN TRAVEL TIME FOR 4 MILLION
PUBLIC TRANSPORT PASSENGERS

40% INCREASE

IN ANNUAL PASSENGER-TRIPSA FLEET OF+ 52,000 BICYCLESBOTH IN XI’AN, CHINA

IMPLEMENTED
ADDITIONAL+ 60,000 PEOPLE

BOTH IN XINJIANG, CHINA

WITH ACCESS TO QUALITYURBAN TRANSPORT SERVICES

Sources: US Environmental Protection Agency Greenhouse Gas Equivalencies Calculator, CIA World Factbook

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

11

WORLD BANK GREEN BOND PROCESSGreen Bond Eligible Projects
All World Bank bonds support sustainable
development because the net proceeds fromthe sale of the bonds are used by the WorldBank (IBRD) to support financing of sustainable
development projects and programs in IBRD’s
member countries. They fit well within all investor
mandates, especially investment strategies thatincorporate environmental, social and governancefactors. The World Bank Green Bonds are a subset
of its sustainable investment opportunities. Green
Bond eligible projects promote the transition to
low-carbon and/or climate resilient growth inWorld Bank client countries targeting climatechange mitigation and adaptation. The WorldBank’s eligibility criteria were independently
reviewed by the Center for International Climate
and Environmental Research at the University ofOslo (CICERO).

Two-Stage Process to Identify
Green Bond Eligible Projects
1.

All projects supported by the World Bankgo through a rigorous review and approval
process to ensure that they meet countries’
development priorities. The process includes:(i) early screening to identifying potential
environmental or social impacts and designingpolicies 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 Bondeligibility criteria.
For more information about the World BankGreen Bond implementation guidelines and theeligibility criteria, see http://pubdocs.worldbank.
org/en/217301525116707964/Green-BondImplementation-Guidelines.pdf.

CLIMATE CHANGE PROJECT EXAMPLESMITIGATIONSOLAR AND WIND INSTALLATIONSFUNDING FOR NEW TECHNOLOGIES THAT PERMITSIGNIFICANT REDUCTIONS IN GREENHOUSE GASEMISSIONSREHABILITATION OF POWER PLANTS AND
TRANSMISSION FACILITIES TO REDUCE
GREENHOUSE GAS EMISSIONSGREATER EFFICIENCY IN TRANSPORTATION,
INCLUDING FUEL SWITCHING AND MASS
TRANSPORT

ADAPTATIONPROTECTION AGAINST FLOODING (INCLUDINGREFORESTATION AND WATERSHEDMANAGEMENT)
FOOD SECURITY IMPROVEMENT AND
IMPLEMENTING STRESS-RESILIENTAGRICULTURAL SYSTEMS (WHICH SLOWDOWN DEFORESTATION)SUSTAINABLE FOREST MANAGEMENT AND
AVOIDED DEFORESTATIONWASTE MANAGEMENT (METHANE EMISSION) AND
CONSTRUCTION OF ENERGY-EFFICIENT BUILDINGSCARBON REDUCTION THROUGH REFORESTATION
AND AVOIDED DEFORESTATION

THE WORLD BANK GREEN BOND IMPACT REPORT 201812

IMPACT REPORTING
The World Bank is committed to transparent
reporting of its green and climate-related
financing, including the projects that are part ofits Green Bond program. Detailed information for
all World Bank financed projects is available on theWorld Bank website http://projects.worldbank.
org. Project summaries and impact indicators
for Green Bond eligible projects are summarizedon the investor website at: http://treasury.
worldbank.org/en/about/unit/treasury/ibrd/ibrdgreen-bonds.

•

Uncertainty: An important consideration inestimating impact indicators and projecting
results is that they are based on assumptions.
While technical experts aim to make soundand conservative assumptions that arereasonable based on the information available
at the time, the actual environmental impactof the projects generally diverge from initialprojections. In general, behavioral changes
or shifts in baseline conditions can cause
deviations from projections.

The following section lists the 91 World Bankeligible projects supported by the financing ofWorld Bank Green Bonds as of June 30, 2018. The
projects are organized by sector. Selected results
indicators, World Bank loan amount, share of loan
amount to total project costs, and the amountof Green Bond proceeds that have been allocatedto support disbursements to each project are
disclosed. Annex 1 describes the reporting
approach and should be read in conjunction withthis report.

•

Comparability: Caution should be taken
in comparing projects, sectors, or whole
portfolios because baselines (and baseyears) and calculation methods may varysignificantly. In addition, the cost structures
between countries will also vary, so thatdeveloping cost-efficiency calculations (suchas results per dollar invested) could, forexample, place smaller countries with limited
economies of scale at a disadvantage and will
not take into consideration country-specificcontext.

•

Omissions and qualitative results: Because
the selected projects aim to provide social anddevelopmental benefits as well as climate andenvironmental ones, they will have impacts
across a much wider range of indicators
than captured in the next section. Therefore,
exclusively focusing on the reported indicators
will leave out other important development
impacts. Where quantitative data isunavailable, qualitative indicators have been
included to illustrate other beneficial impacts.

Interpreting Reported Results
The intention of impact reporting is to help
investors develop a more detailed understandingof the climate and environmental impacts thatcan be expected or projected to result fromGreen Bond eligible projects. Several key results
indicators have been selected and where possible
quantified, but it is important to appreciate theinherent limitations of data reported. The main
considerations to adequately interpret results are:•Scope of results: Reporting is based on “exante” estimates of climate and environmental
impacts at the time of project appraisal andmostly for direct project effects, except as
indicated where the results have been updated
for actual results at the time of projectcompletion.

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

To better understand the developmental impacts
of projects and the broader country context, pleaseview the full project documentation available
on the World Bank website at http://projects.
worldbank.org/.

13

THE WORLD BANK GREEN BOND IMPACT REPORT 201814

ELIGIBLE PROJECTS BY SECTOR
Target Results and Committed and Allocated Amounts
RENEWABLE ENERGY AND ENERGY EFFICIENCY
CLEAN TRANSPORTATIONWATER AND WASTEWATERSOLID WASTE MANAGEMENTAGRICULTURE, LAND USE, FORESTS, AND ECOLOGICAL RESOURCESRESILIENT INFRASTRUCTURE, BUILT ENVIRONMENT, AND OTHER

Results should be read in conjunction with Annex 1, which describes the reporting approach.

THE WORLD BANK GREEN BOND IMPACT REPORT 201815

China - Beijing Rooftop Solar
Photovoltaic Scale- Up (Sunshine
Schools) Project (P125022 | FY13):
promote renewable energy in 1000
schools and other educational
institutions.

China - Eco-Farming Project(P096556 | FY09): promotesustainable farming systems andreduce greenhouse gas emissions(from methane and burning coaland firewood) benefiting ruralcommunities with biogas systems.

China - Energy Efficiency
Financing (P084874 | FY08, FY12):
promote energy conservation in
China’s industrial sector supportingintermediary loans for energy
efficiency projects in medium
and large-sized manufacturing
companies.

China – Financing for Air Pollution
Control (P154669 | FY16):
reduce air pollutants and carbon
emissions through lending forenergy efficiency and clean energy,
with a focus on the Jing-Jin-Ji andneighboring regions.

China - Energy Efficiency
Financing II Project (P113766| FY10): promote energy
conservation in China’s industrial
sector through intermediary loans
to energy efficiency projects.

China - Green Energy Schemesfor Low-carbon City in Shanghai(P127035 | FY13): promote
greener city development withenergy efficiency and renewableenergy installations in commercial
and government buildings.

3

4

5

6

7

A/M /a2

THE WORLD BANK GREEN BOND IMPACT REPORT 2018
M

M

M

M

M

M

Project Life
20

20

20

20

20

20

621,700

20,200,000

3,125,000

21,807,900

na

na

236,000

~

na

na

~

100,000

1,660,000

na

~

100

106

~

na

165,000

4,930,000

2,460,000

6,490,000

900,000

89,590420,000

Annual GHG
Emissions
AvoidedTons of
CO2 Eq.

Updated for actual results at
project completion.

● 3,600 tons of particulate
emissions (local air pollutant)reduced by EE and RE
subprojects financed.

● 2,666,000 tons of coal eq.
(tce) annual energy savings(assuming 150 subprojects).
Updated for actual results at
project completion.

● 400,000 - 500,000 rural
households benefit withcleaner biogas-based
cooking and heating
systems.
Updated for actual results at
project completion.

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

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

Other Results

100.0

45.5

567.0

300.0

119.8

105.0

90.0

Committed
US$ mil /d20

Renewable
Capacity
Added
MW

41%

66%

100%

45%

27%

50%

100%

/e

M

AnnualEnergyProduced
MWh

IBRD share

Belarus - Biomass District Heating(P146194 | FY14): increaseenergy efficiency in district heating
systems and replace natural gas
with wood biomass as a renewableenergy source.

Link to More
Information

AnnualEnergySavings
MWh /c

75.6

45.5

107.4

300.0

119.8

24.9

46.2

Allocated
US$ mil /f

1#

Project Name
(Number | Year/s Loans
Approved)and Description

Target Results /b

RENEWABLE ENERGY AND ENERGY EFFICIENCY

16

China - Liaoning Third Medium
Cities Infrastructure (P099224| FY08): improve the energy
efficiency and environmental
performance of heating and gas
services.

China - Shandong Energy
Efficiency (P114069 | FY11):
improve the energy efficiency andenvironmental performance of
the industrial sector and financerenewable energy production frombiomass (corn and wheat stalk).

China - Urumqi District Heating
Project (P120664 | FY11): promoteenergy efficiency in district heatingby replacing dispersed boilers inurban areas with an integrated
district heating network.

India - Grid-Connected Rooftop
Solar Program (P155007 | FY15):
increase solar rooftop capacity tothe power grid and incentivize themarket for rooftop solar power by
way of low cost financing.

10

11

12

A/M /a9

THE WORLD BANK GREEN BOND IMPACT REPORT 2018
M

M

M

M

Project Life
25

20

15

20

1,229,400

3,247,500

2,757,200

na

647,200

na

165,000

na

472,000

250

na

30

na

120

● 4,400 hectares of crop
land protected from flooding.
● RMB 26.6 million reduction
in annual flood losses.
Updated for actual results at
project completion.

Other Results

1,200,000

415,500● The 250 MW of capacity ofrooftop solar photovoltaics
expected to be gridconnected by 5 yearsn withat least another 150 MW tobe connected in subsequent
years.
● 13 million tons CO2 eq. in
cumulative savings over the
project's 25 year life.
● Market development forrooftop photovoltaic systems
in different business models.

● 1,626 MW of inefficientcoal-fired boilers replaced by
combined heat and power
district heating network.
Updated for actual results at
project completion.

~ ● 318,000 TCE energy
savings.

~ ● 8,935 tons of sulphur
dioxide avoided per annum.
● 11,659 tons of totalsuspended particles (local
pollutant) avoided perannum.
Updated for actual results at
project completion.

450,000

Annual GHG
Emissions
AvoidedTons of
CO2 Eq.

500.0

99.1

144.7

165.0

100.0

Committed
US$ mil /d20

Renewable
Capacity
Added
MW

55%

29%

47%

51%

31%

/e

Both

AnnualEnergyProduced
MWh

IBRD share

China - Jiangxi Shihutang
Navigation & Hydropower(P101988 | FY09): maximize
inland waterway transport capacity
as a low-carbon alternative toland transport and generatehydropower.

Link to More
Information

AnnualEnergySavings
MWh /c

43.0

99.1

116.6

165.0

100.0

Allocated
US$ mil /f

8#

Project Name
(Number | Year/s Loans
Approved)and Description

Target Results /b

RENEWABLE ENERGY AND ENERGY EFFICIENCY

17

India - Rampur Hydropower Project(P095114 | FY08): scale-up accessto renewable energy throughconstruction of a run-of-the-riverhydroelectric scheme.

Indonesia - Indonesia Geothermal
Energy (P113078 | FY12): increase
power generation from renewablegeothermal resources.

Jamaica - Energy Security andEfficiency Enhancement Project(P112780 | FY11): increaseenergy efficiency and security bypromoting greater participation ofrenewable energy and gas-based
generation in the energy mix.

Mexico - Efficient Lighting andAppliances Project (P106424 |FY11): promote the efficient useof energy and to mitigate climatechange by increasing the use ofenergy efficient technologies in theresidential sector.

15

16

17

A/M /a14

THE WORLD BANK GREEN BOND IMPACT REPORT 2018
M

M

M

M

Project Life
5

N/A

30

30

2,000,000

na

na

na

8,699,000

na~

1,210,000

1,770,000

na

na

~

150

412

na

Other Results● 33,000,000 tons of CO2
eq. cumulative emission
reductions of over 30 years.

Updated for actual results at
project completion.

664,000

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.
Updated for actual results at
project completion.

~ ● 623 MW of new electricity
generating capacity
including three wind farms,
two solar farms, and onehydro plant.
● 600 GWh from renewable
resources annually.
Updated for actual results at
project completion.

1,100,000

1,407,700~ ● Reduced transmission
losses equivalent to between
526-993MW.
● 107,000 circuit km ofincreased capacity.
● 68,000 GWh power
exchange growth between
regions.
Updated for actual results at
project completion.

Annual GHG
Emissions
AvoidedTons of
CO2 Eq.

250.6

14.5

175.0

400.0

400.0

Committed
US$ mil /d20

Renewable
Capacity
Added
MW

35%

100%

30%

60%

16%

/e

M

AnnualEnergyProduced
MWh

IBRD share

India - Power System Development
ProjectIV (P101653 | FY09):
expand transmission infrastructure
resulting in decreased CO2
emissions through efficiency gains
and transferring surplus hydroenergy to power deficit regions.

Link to More
Information

AnnualEnergySavings
MWh /c

250.6

14.5

129.0

400.0

400.0

Allocated
US$ mil /f

13#

Project Name
(Number | Year/s Loans
Approved)and Description

Target Results /b

RENEWABLE ENERGY AND ENERGY EFFICIENCY

18

Mexico – Municipal Energy
Efficiency Project (P149872 |FY16): promote energy efficiency
in street lighting, water use andbuildings in 23 municipalities.

Mexico - Sustainable Rural
Development (and Add Financing)(P106261 | FY09, FY13):
increase the use of energy
efficient, waste management andrenewable energy technologies inagribusiness.

Moldova - District Heating
Efficiency Improvement (P132443| FY15): improve quality andreliability of heating services byimproving the operational efficiency
and viability of a new district
heating company.

Montenegro - Energy Efficiency(and Additional Financing)(P107992 | FY09, FY14):
improve energy efficiency andenvironmental quality in 27
buildings used for health andeducation services.

Morocco - Clean and Efficient
Energy Project (P143689 | FY15):
develop the first utility sized
photovoltaic plant to more reliably
supply solar power to remoteregions.

20

21

22

23

A/M/a

19

THE WORLD BANK GREEN BOND IMPACT REPORT 2018
M

M

M

M

M

Project Life
25

25

30

10

8

na

30,00096,70020,493

127,590

na

~

na

na

32,130

5,800

5,800

75

na

na

~

6

6

78,00012,20022,800283,900

57,926

241,000

Annual GHG
Emissions
AvoidedTons of
CO2 Eq.

● 412,000 people benefit
from electricity andassociated economic
opportunities of which 50%
are expected to be female.

Cumulative over 5 years andtargeting 27 buildings:● 150,000 MWh in lifetime
energy savings.
● 60,750 metric tons of
CO2 eq. lifetime emissions
reduced.
Updated for actual results at
project completion.

● 34% reduction in heating
system breakdowns by year5.
● 109,000 people withaccess to more energy
efficient cooking and heating.

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

● 463,405 tons CO2
emissions reductions
annually.
● 1,020,714 MWh projected
lifetime savings.
● 28 sub-projects designed.

● 4,400 rural households
receive electricity fromrenewable sources.
● Larger long-term national
impact with replication
throughout rural areas.
Update for actual results at
project completion.

Other Results

125.0

13.7

40.5

96.8

100.0

12.0

Committed
US$ mil /d20

Renewable
Capacity
Added
MW

79%

100%

66%

48%

64%

18%

/e

M

AnnualEnergyProduced
MWh

IBRD share

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

Link to More
Information

AnnualEnergySavings
MWh /c

34.2

13.1

22.1

77.9

0.3

12.0

Allocated
US$ mil /f

18#

Project Name
(Number | Year/s Loans
Approved)and Description

Target Results /b

RENEWABLE ENERGY AND ENERGY EFFICIENCY

19

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

Tunisia - Energy Efficiency(P104266 | FY09): support
industrial energy efficiency andco-generation investments byproviding financing throughintermediaries.

Turkey - Private Sector Renewable
Energy and Energy Efficiency
Project (P112578 | FY09, FY12):
enhance renewable energy
access (small hydroelectric andgeothermal) and energy efficiency
in industries (iron and steel,cement, ceramics, chemicals andtextiles).

Turkey - Renewable Energy
Integration (P144534 | FY14):
assist in meeting increased power
demand by strengthening thetransmission system and facilitatinglarge-scale renewable energy
generation.

Turkey - SME Energy Efficiency(P122178 | FY13): improveenergy efficiency in small andmedium enterprises in energyintensive industries by scalingup commercial bank lending forenergy efficiency investments.

26

27

28

29

A/M /a25

THE WORLD BANK GREEN BOND IMPACT REPORT 2018
M

M

M

M

M

Project Life
20

20

20

20

20

1,500,000

na

3,023,800

580,000

na

na

na

na

3,728,000

na~

1,638,000

na

na

933

na

~

410

44,000690,000

3,214,000

126,000~

522,000

Annual GHG
Emissions
AvoidedTons of
CO2 Eq.

Cumulative over 5 years:● 154,500 tons of CO2 eq.
emissions reduced for all
SME loans.
● 300,000 MWh inelectricity savings
by the end of project
implementation.

● 1,734,000 MWh per yearof wind energy handled
by the substations funded
under project.

● Reach 31% of country’s
total generation to be fromrenewable energy.
Project completed andactual results met expected
targets.

Updated for actual results
at project completion.

● 42,500 rural households
electrified, of which
20,000 are served bysolar photovoltaic systems
from regulated electricity
distribution companies.
● 174,000 people benefited.
Updated for actual results
at project completion.

Other Results

67.0

268.2

934.5

34.5

43.8

369.5

Committed
US$ mil /d30

Renewable
Capacity
Added
MW

22%

63%

61%

91%

60%

15%

/e

M

AnnualEnergyProduced
MWh

IBRD share

Morocco – Noor Ouarzazate
Concentrated Solar Power(P131256 | FY12, FY15): replacefossil fuel- based electricity
with renewable energy using
concentrated solar power
technology.

Link to More
Information

AnnualEnergySavings
MWh /c

67.0

55.5

934.5

34.5

43.8

57.2

Allocated
US$ mil /f

24#

Project Name
(Number | Year/s Loans
Approved)and Description

Target Results /b

RENEWABLE ENERGY AND ENERGY EFFICIENCY

20

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

Uzbekistan - Advanced Electricity
Metering Project (P122773 |FY12): improve energy efficiency
by measuring energy consumption
and waste through advanced
metering and billing systems.

32

M

M

na

15

● Create jobs directly andindirectly through increased
cost competitiveness asa result of lower energy
intensity.
Project completed andactual results met expected
targets.

~ ● 1.2 million advanced
meters installed.
● Improve billing andcollection rates by 8% and10%, respectively.

1,000,000● 721,400 consumers
served by the participatingcompanies.

73%

100%

84%

4,002.1

1.2

200.0

11.5

(283.3)

6,105.0

1.2

200.0

222.1

3,718.8

Subtotal for Renewable Energy and Energy Efficiencnana

261,800

Cumulative Loan Repayments

na

na

na

Total Allocated and Outstanding for Renewable Energy and Energy Efficiency

na7,721,157

na

Other Results

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.
______________________________a Column indicates whether the project aims to mitigate climate change (“M”), help client countries adapt to the effects of climate change (“A”), or both.
b Target 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 (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 Bankloans. 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 ofimpacts and qualitative 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 atfull capacity.
c Annual 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 other currencies areconverted to US$ equivalents using the spot exchange rate on the report date (June 30, 2018).
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 theWorld 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. Loans denominated inother currencies are converted to US$ equivalents using the spot exchange rate on the report date (June 30, 2018).

Ukraine - Energy Efficiency(P096586 | FY11): improveenergy efficiency in order to meetenergy intensity reduction targets,decrease dependence on imported
gas, and decrease the cost ofenergy supply.

A/M /a31

Project Life
524,000

Annual GHG
Emissions
AvoidedTons of
CO2 Eq.
Committed
US$ mil /d20

Renewable
Capacity
Added
MW
/e

M

AnnualEnergyProduced
MWh

IBRD share

Ukraine - District Heating Energy
Efficiency (P132741 | FY14):
improve energy efficiency andquality of service of District Heatingcompanies.

Link to More
Information

AnnualEnergySavings
MWh /c
Allocated
US$ mil /f30#

Project Name
(Number | Year/s Loans
Approved)and Description

Target Results /b

RENEWABLE ENERGY AND ENERGY EFFICIENCY

21

Brazil - Sao Paulo State
Sustainable Transport (P127723| FY13): improve transport
efficiency and safety, increase
share of waterway transport,
and improve resilience toclimate change and natural
disasters.

China - Changzhi Urban
Transport (P124978 | FY12):
improve transport mobility andaccessibility while reducing
emissions.

China - HaJia Railway (P117341| FY14): provide additional
railway capacity and reducetransport time for passengers
and freight.

China - Heilongjiang Cold
Weather Smart Public
Transportation System(P133114 | FY14): upgrade thequality, safety and efficiency of
public transport service.

35

36

37

A/M /aTHE WORLD BANK GREEN BOND IMPACT REPORT 2018
M

M

M

Both

25

30

25

30

30

Project LifeM

● 38.8 million morebus rides annually
due to increased
efficiency of bus
service.

● 3 million
additional
passengers per
year.

● 50% reductionof road fatalities
in the 100 mostcritical spots.

● 700,000
passengers perday (40% increasesince 2009)

Pass/km and/or
passengers● 7 million
additional
freight volume
per year.

● 30% increaseof exported
biofueltransported bywaterway● 6 million
tons/year
freight in the
Tiete-Parana
waterway(400% increase)

Ton/Km and/or
tons● 34,000
tons of CO2
eq. reduced
annually

GHG
emissions
reduced/avoided● 20-30% reduction infuel use.
● 22-25 km of improved
transport corridors
developed.
● 320 new cleaner-fuelvehicles procured.

● Reduced passenger
and freight travel time.
● 15 million people benefit
including rural poor.
● Reduced pollution
from shift to electricrailways from road and airtransport.

● 10% reduction infuel consumption perpassenger-km on project
corridors.
● 56% reduction in traffic
fatalities.
● Reduced travel times
during peakhours.
● 50 new electric buses
in use.

● 750 km of roads
rehabilitated.
● 40 new automati
stations to monitor climate
risk.
● 39 additional
municipalities withdisaster risk mapping.

● 100 new trainsdelivered and in operation● Upgraded infrastructure● Shorter travel andwaiting times.
● Bicycle parking facilities
in select stations.

Other results

200.0

300.0

100.0

300.0

600.0

Committed
US$ mil

34

Project Name
(Number | Year/s Loans
Approved)and Description

46%

5%

50%

70%

73%

IBRD share

Brazil - Greening Rio de Janeiro
Urban Rail Transit – Additional
Financing (P111996 | FY12):
provide a more efficient andcleaner suburban rail system.

Link to More
Information

23.5

54.3

66.0

200.5

392.1

Allocated
US$ mil33#

Target Results

CLEAN TRANSPORTATION

22

China - Jiaozuo Green
Transport and Safety
Improvement (P132277 | FY14):
improve transport safety andefficiency along the selectedtransport corridors and promote
non-motorized trips within thepilot green corridor.

China - Nanchang Urban Rail(P132154 | FY13): provide
an effective urban mass rapidtransit system for a rapidly
expanding city to reduce
pollution, traffic congestion, andcommuting times.

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

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

China - Urumqi Urban Transport
Project II (P148527 | FY16):
improve mobility in selectedtransport corridors and reduce
pollution from cars with a bus
rapid transit (BRT) system.

40

41

42

43

A/M /a39

THE WORLD BANK GREEN BOND IMPACT REPORT 2018
M

M

M

M

M

Project Life
30

20

30

30

30

25

● 645,000 people
benefit from directaccess to BRT
corridors andgreener/more
efficient transport.

● 85,000 new
metro users perday.
● 135,000 new
non-motorized trips
per day."● 264,000
additional
passengers perday.

● 200,000
passenger-trips
per day.

● 241,500 nonmotorized trips per
year in the green
corridor.
● 32,400 additional
bus passengers
per year.

● 460,000
beneficiaries of
reduced travel
times and greater
access to the city
center.

Ton/Km and/or
tons● 6,500 tons of
CO2 emissions
reducedannually.

GHG
emissions
reduced/avoided● 51.7 km of BRT routes
operated.
● 45% of commuters
using smart cards.
● 450% increase inaverage passenger
boardings per bus/km
during peak hours● 2.8 million trips benefit
from improvements eachday.
● 50 km of roads
rehabilitated, 111 metro
stations improved and
5 new bus terminals
completed.

● 20% decrease in traveltime.
● Improved accessibility
to 189,400 jobs.
● Reduced vehicle
pollution.

● Reduced travel timeon public transport by 25
minutes or more.
● 100% of stations tobecome wheel-chair andsight impaired accessible.
● 90% integration offacilities for bus/rail/biketransfer● 490,000 beneficiaries.
● Reduced traffic
fatalities.
● 17 km in green corridors
exclusively dedicated topedestrians and cyclists.

● 40 new and higher
quality buses in operation● 30% reduction in
fatalities and severe
accidents.

Other results

45%

26%

140.0

48%

10%

50%

47%

100.0

120.0

250.0

100.0

100.0

Committed
US$ milM

Pass/km and/or
passengers

IBRD share

China - Hubei Xiangyang
Urban Transport (P119071| FY12): improve mobility,
safety, and efficiency in urban
transportation.

Project Name
(Number | Year/s Loans
Approved)and Description

25.5

11.1

5.1

117.0

20.2

65.9

Allocated
US$ mil

38#

Link to More
Information

Target Results

CLEAN TRANSPORTATION

23

China - Xi'an Sustainable Urban
Transport (P092631 | FY08):
improve transport accessibility
and mobility and enhance airquality monitoring of the urban
transport system

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

China - Yunnan Honghe
Prefecture Diannan Center
Urban Transport (P101525| FY14): improve the safety,
accessibility, and efficiencyof transportation in coreurban areas by building new
infrastructure, staff training andeducation campaigns.

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

46

47

48

A/M /aTHE WORLD BANK GREEN BOND IMPACT REPORT 2018
M

M

M

M

15

25

30

25

20

Project LifeM

● 742,000 people
gaining access tourban transport
service.
● 38 million
additional
passenger trips
annually.

● 105.5 million
passenger-trip
per year (40%increase).
● 60,000 additional
people with accessto quality urban
trasnport services.

● 52,000 public
bicycles with 70
million users.

Pass/km and/or
passengers

Ton/Km and/or
tons

● 10%
reductionof PM10concentrationlevel.

● 459,000
tons of CO2
eq. emissions
reducedannually.

GHG
emissions
reduced/avoided● Reduced average
travel time for low income
riders.
● Reduced accidents
and pollution (including
greenhouse gases)
associated with bus
transport services.
● 50 km of rehabilitatedpedestrian public space.

● Reduced average travel
time for public transport
users.
● Reduced the number oftransport related fatalities.

● Reduced peak-hour
travel times in two
integrated corridors.
● Reduced traffic accident
fatalities.
Updated for actual results
at project completion.

● Doubled area of bus
terminals.
● 275% increase inaverage speed of public
transportation from 12 to
45 km/ hr.
● Air quality monitoring
system/facility
implemented.
● 31,000 vehicles withemissions tested.
Updated for actual results
at project completion.

● Establish facilities forpedestrians and cyclists.
● 35% modal share of
public transportation on
target corridors.

Other results

493.9

150.0

100.0

150.0

100.0

Committed
US$ mil

45

Project Name
(Number | Year/s Loans
Approved)and Description

25%

43%

48%

36%

16%

IBRD share

China - Wuhan Second Urban
Transport (P112838 | FY10):
improve efficiency, coverageand safety of public transportsystems in an environmentally
sustainable, integrated and safe
way.

Link to More
Information

383.8

9.0

94.0

150.0

99.0

Allocated
US$ mil44#

Target Results

CLEAN TRANSPORTATION

24

Ecuador - Quito Metro LineOne (P144489 | FY15): improveurban mobility and serve thegrowing demand for public
transport.

India - Eastern DedicatedFreight Corridor - II (P131765| FY14): increase the capacityand quality of freight rail service.

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

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

Peru – Lima Metro Line 2
Project (P145610 | FY15):
Construction of a 35 km subway
line and related infrastructure
improving transportation in theeast-west axis of the LimaCallao Metropolitan area.

51

52

53

54

A/M /a50

THE WORLD BANK GREEN BOND IMPACT REPORT 2018
M

M

M

M

M

Project Life
17

13

30

22

30

30

● 360,000
passengers perday.
● 100,000
additional jobs
reachable by public
transportation
within 60 minutes.

● 296,000
passengers perday.

● 505 average
daily cyclist traffic(20% increase).
● 3,150 average
daily pedestrian
traffic (25%increase).

● 22 tons offreight traffic
annually.

Ton/Km and/or
tons● 340,000
tons of CO2
eq. emissions
reducedannually whencity subprojects
are fully
operational.

● 128,000
tons of CO2
eq. emissions
reducedannually over
10 years.

● 400,000
tons of CO2
eq. reduced
annually.

● 58,170 tons of
CO2 emissions
reduced per
year.

GHG
emissions
reduced/avoided● 34% reduction in travel
time per trip.
● Benefits 1.6 million
people for improved
access to jobs.

● 9.3 integrated masstransit corridors of 15km
each.
● 12 new light trains.

● 68 new safe sidewalks
and cycle tracks.
● 40% public transport
trip mode share.

● 1,133 kms of new
freight-only rail.
● Axle-load limit raised
from 23 to 25 tons
increasing speeds.

● US$14 million in annual
fuel savings.
● 40% reduction in
average travel time.
● 1,800 jobs created.

● 71,000 residents benefit
from water connection
investments.
● Improved mobility
and accessibility ofstreet network including
pedestrian facilities andcycling paths.

Other results

300.0

150.0

105.2

910.0

205.0

100.0

Committed
US$ milM

Pass/km and/or
passengers

5%

6%

32%

67%

12%

87%

IBRD share

Ecuador - Manta PublicServices Improvement Project(P143996 | FY14): improvetransport services and thequality and sustainability ofwater and sanitation.

Project Name
(Number | Year/s Loans
Approved)and Description

40.0

52.0

81.8

123.0

146.9

32.2

Allocated
US$ mil49#

Link to More
Information

Target Results

CLEAN TRANSPORTATION

25

A/M /a25

Project LifeM

● 275,000
additional
passengers
using public
transportation.

Pass/km and/or
passengers
51%

2,205.1

12.3(53.2)

5,190.1

116.0

2,151.9

Subtotal for Transport● 25% reduction ofannual accidents in city.

Other results

Cumulative Loan Repayments● 50%
reduction in
CO2 emissions
per personkm in project
corridor.

GHG
emissions
reduced/avoidedTotal Allocated and Outstanding for Transport

Ton/Km and/or
tons

Committed
US$ mil

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

Project Name
(Number | Year/s Loans
Approved)and Description

IBRD share

Amounts may not add up due to rounding.

Link to More
Information

Allocated
US$ mil55#

Target Results

CLEAN TRANSPORTATION

THE WORLD BANK GREEN BOND IMPACT REPORT 201826

Brazil - Espirito Santo
Integrated Sustainable
Water Management
Project (P130682 | FY14):
improve sustainable water
resources management
and increase access tosanitation.

China - Bengbu
Integrated Environment
Improvement (P096925| FY08): improve
effectiveness andresilience of urban watersupply, treatment services
and flood prevention andcontrol systems throughimproved infrastructure
and watershedmanagement.

China - Water
Conservation II(P114138 | FY12):
improve agriculture
water management andincrease agriculture waterproductivity.

58

59

A/M /a57

THE WORLD BANK GREEN BOND IMPACT REPORT 2018
A

A

Both

Project Life
30

25

25

30

● 22.67 million
cubic meters
reduction inwater withdrawal.
● 16.52 million
cubic meters
reduction in
groundwater
overdraft.
● 5.80 million
cubic meters
reduction in
groundwater
withdrawal.

~

~

~

na

● 60 km ofwastewater
networks
completed.

~

~

na

~

● 1,590
tons of BOD(Biochemical
OxygenDemand)removed a
year.

~

na

~

~

~

Annualamountofsludgethat isreused● 15% increase in main
crop yields.
● RMB 200 increase in percapita annual agricultural
income.
● Reverse the trend of
declining water table ingroundwater irrigated areas.
Updated for actual results at
project completion.

● 85.5% flood protectionof Bengbu’s city landarea (131.84 km of storm
drainage networks).
● Pollution reduction
reached 13%● 3 months of water supply
reserves.
Updated for actual results at
project completion.

● 2.6 million people benefit.
● 70% of State with disasterwarning system.
● 32,897 new household
sewer connections.
● 164,000 people withimproved sanitation.
● 2,000 hectares reforested.

● 14 water resourcesmanagement institutions
supported by the project.
● Increased water use
efficiency and proper
management of solid waste.
● Improved quality of water
service in both urban andrural areas.

Other results

76.7

99.9

81.1

63.8

Committed
US$ milA

Annual watersavings

Annualamount of
raw/untreatedsewagesludge treated& disposed of

50%

45%

70%

75%

IBRD share

Brazil - Federal Integrated
Water Sector (P112073| FY12): improve water
resource management
including assessing how
climate change impacts
water availability, andimprove coordination andcapacity of key federal
institutions in the watersector.

Link to More
Information

Annualamount ofwastewater
treated/reused/avoided

76.7

99.9

2.4

16.3

Allocated
US$ mil

56#

Project Name
(Number | Year/s Loans
Approved)and Description

Target Results

WATER AND WASTEWATER

27

Dominican Republic Emergency Recovery
and Disaster Risk
Management (P109932| FY08, FY12): provide
infrastructure recovery
and strengthen risk
management capacity intropical storm affectedareas.

India - Andhra
Pradesh Water Sector
Improvement (P100954 |FY10): improve irrigation
services on a sustainablebasis and strengthen
the State’s institutional
capacity for multisectoraldevelopment and of its
water resources.

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

62

63

A/M /a61

THE WORLD BANK GREEN BOND IMPACT REPORT 2018
30

25

A

30

A

A

Project Life
30

na

~

~

~

na

~

~

● 4,800,000
tons ofuntreated
wastewaterflowing intorivers avoided
annually.

na

~

na

na

na

~

na

na

● Increased crop
productivity by providing
more efficient and reliable
irrigation water.
● 500,000 farmer
households from provinces
involving 12 river basins
benefited.
● 381,000 hectares
provided with new irrigation
or drainage services.
Project completed.

● Improved irrigation service
delivery on a sustainablebasis.
● Increased cropping
intensity, crop diversity,and productivity of crops,
livestock, and fish.
● 895,455 hectares
provided with new irrigation
or drainage services.

● 37,218 hectares ofdamaged irrigation rebuilt.
● 152 km transmission
lines restored to “disasterresistant” standards.
● Santiago waste water
operation restored.
● 252 MW of damagedhydropower facilities
restored and dam safety
standards improved.
Updated for actual results at
project completion.

● 1,100,000 tons of soil loss
avoided annually.
● 434,440 people benefit
from reduced vulnerability toflood events.
Updated for actual results at
project completion.

Other results

150.0

450.6

99.9

100.0

Committed
US$ milA

Annual watersavings

74%

46%

100%

53%

IBRD share

China - Xining Floodand Watershed Mgmt
(P101829 | FY09):
improve sustainableutilization of land
and water resources
by improved flood
control management,
wastewater collection andtreatment, and watershedmanagement.

Link to More
Information

Annualamountofsludgethat isreusedTarget Results
Annualamount of
raw/untreatedsewagesludge treated& disposed of

124.7

353.2

99.9

100.0

Allocated
US$ mil

60#

Project Name
(Number | Year/s Loans
Approved)and Description

Annualamount ofwastewater
treated/reused/avoided

WATER AND WASTEWATER

28

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

Amounts may not add up due to rounding.

29A

Vietnam – Can Tho Urban
Development andResilience (P152851 |FY16): reduce flood riskin the urban core area,
improve its connectivity
to new urban growthareas, and improve thecity’s capacity to manage
disaster risk.

66

30

A

Tunisia - Second Water
Sector Investment(P095847 | FY09):
promote better water
management throughefficiency improvements
in irrigation and increased
capacity for watershedmanagement.

A/M /a65

Project Life
14

na

~

~

832.8

897.6

5.3

17.0

2.2

(64.8)

39%

30%

92%

Cumulative Loan Repayments

1,319.1

17.0

55.0

Subtotal for Water, Wastewater, and Waste Management● 24,436 hectares
rehabilitated with irrigationand drainage systems.
● 21,128 households
supplied with new drinking
water.
Updated for actual results at
project completion.

● 50% reduction in
pollutant load (nitrogen) towaterways.
● 344,000 of direct
beneficiaries.
● 7,300 new household
sewer connections.

125.0

na

na

~

● 2,675 hectares in urban
core land area protectedfrom floods.
● 25-30% reduction in travel
time between urban core
and Cai Rang center.
● 420,000 people as direct
beneficiaries.

nana● 1,250 cubic
meters of trash
removed fromriver banks.

Total Allocated and Outstanding for Water, Wastewater, and Waste Managementna~● 30,000
cubic metersof municipal
wastewatercollected andtreated daily.

Other results

Committed
US$ milA

Annual watersavings

IBRD share

Lebanon - Lake Qaraoun
Pollution Prevention(P147854 | FY16): reduce
the quantity of untreatedmunicipal sewage
discharged into the
Litani River and address
pollution around Qaraoun
Lake.

Link to More
Information

Annualamountofsludgethat isreusedTarget Results
Annualamount of
raw/untreatedsewagesludge treated& disposed of
Allocated
US$ mil64#

Project Name
(Number | Year/s Loans
Approved)and Description

Annualamount ofwastewater
treated/reused/avoided

WATER AND WASTEWATER

29

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

Amounts may not add up due to rounding.

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

A/M
M

26

19

Project Life

M

na

100%

14%

2,205.1

117.1

16.7

2,151.9

5,190.1

117.1

16.7

Total Allocated and Outstanding for Solid Waste Management

Subtotal for Solid Waste Management● 24,436 hectares
rehabilitated withirrigation and drainage
systems.
● 21,128 households
supplied with new
drinking water.
Updated for actual
results at projectcompletion.

● 3 dumps closed.
● 7 municipalities madeinvestments to improverecycling and composting
activities.
Updated for actual
results at projectcompletion.

Other results(53.2)

na● 50 million tons ofmethane regenerated
annually.

Annual GHG
emissions reduced

Cumulative Loan Repayments● 9,000 tons per day
of waste disposedin environmentally
sustainable sanitary
landfills.

Waste prevented,
minimized, reused or
recycled

Committed
US$ mil

68

Project Name
(Number | Year/s Loans
Approved)and Description

IBRD share

Brazil - Integrated Solid Waste& Carbon Finance (P106702 |FY11): improve treatment andfinal disposal of municipal solid
waste and reduce methane
emissions.

Link for More
Information

Allocated
US$ mil67#

Target Results

SOLID WASTE MANAGEMENT

30

AGRICULTURE, LAND USE, FORESTS, AND ECOLOGICAL RESOURCES
Target Results

25● At least 10,000 pasture users
benefit through their membership in
Pasture Users’ Cooperatives.
● 110,000 hectares of land managedwith sustainable practices.

23.0

54%

5.0

70

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

M

25

● 45,000 tons of annual pollution
load to waterways reduced.
● 5,000 tons of annual nutrient load
to waterways reduced.
● 28,000 hectares with improved soil
nutrient, fertilizer and pesticide use.

100.0

48%

44.5

71

China - Hebei Rural Renewable
Energy Development Project(P132873 | FY15): demonstratesustainable biogas production andutilization to reduce environmental
pollution and supply clean energy.

M25

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

71.5

47%

7.6

72

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

Both

26

● 58,900 hectares of ecologicalforest plantation areas reforested andrehabilitated.
● 26,130 households benefited.

80.0

69%

80.0

73

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.

Both

25

● 132,600 hectares of forests
restored or re/afforested.
● 20% increase in vegetative coverplus improved species diversity indegraded forests rehabilitated.
● 324,000 farmers trained in forest
management.
Updated for actual results at projectcompletion.

99.1

50%

99.1

74

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

A

25● 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
and improved soil conditions.

200.0

64%

129.4

75

China - Ningxia Desertification
Control and Ecological Protection(P121289 | FY12): control
desertification and land degradation
by stabilizing moving sands, revegetating degraded steppe lands
and planting shelter belts.

Both

30

● 30,000 hectares restored or re/afforested.

80.0

70%

35.3

76

Indonesia - Coral Reef Rehabilitationand Management Program- Coral
Triangle Initiative (P127813 | FY14):
protect and sustainably manage
unique coral ecosystems in selecteddistricts and provinces.

A

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

3.8

89%

1.3

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

Results

Allocated
US$ milA

Project Name
(Number | Year/s Loans Approved)and Description

IBRD share

Project Life

Armenia - Second Community
Agriculture Resource Management
and Competitiveness Project(P133705 | FY14): improve pasturebased livestock management intargeted alpine grasslands areas.

Link for More
Information

Committed
US$ mil

A/M

69

#

31

AGRICULTURE, LAND USE, FORESTS, AND ECOLOGICAL RESOURCES
Target Results

A/M

Project Life

Committed
US$ mil

IBRD share

Allocated
US$ mil77

Mexico - Forests and Climate
Change (P123760 | FY12): support
rural communities' sustainable
management of forests, andgenerate additional income fromforest products and services and to
reduce emissions from deforestationand forest degradation.

Both

13

● 10% increase in areas underimproved forest management(equivalent to 1,630,000 additional
hectares).
● Support 2 pilot areas to reducecarbon emissions from deforestationand forest degradation.
● 4,000 forest communities
benefited. (3,202 by end of 2016 –value is yearly results)

350.0

45%

286.4

78

Morocco - Large Scale Irrigation
Modernization (P150930 | FY16):
expand agriculture through the
adoption of irrigation techniques thatmake more efficient use of water
resources, while building better ties
between farmers and markets.

A25● 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%

5.9

79

Peru - Peru National Agriculture
Innovation Program (P131013 |FY14): strengthen the national
agricultural innovation system andintegrate climate change criteria into
project such as adaptive research,seed improvements and skills
development, among others.

A

10● 20,000 small and medium farmers
adopting new technologies.
● 61 new technologies demonstrated
on farms.

13.0

31%

2.6

80

Philippines - Rural Development(P132317 | FY15): improve theresilience of small-scale farmers
and fishermen to climate change byhelping them recover and increase
income-generating activities andstrengthening the conservation ofcoastal and marine resources.

A

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

501.3

75%

148.2

81

Russian Federation - Forest Fire
Response (P123923 | FY13):
improve forest fire prevention andmanagement and to enhancesustainable forest management.

Both

18

● Improve forest fire detection andsuppression systems.
● Improve capabilities of firebrigades.
● Avoid 75,500,000 tons of CO2 eq.
emissions over 25 years.
● Raise public awareness andeducation standards in forestry
issues in general.

40.0

33%

16.2

82

Tunisia - Fourth Northwest
Mountainous and Forested Areas
Development (P119140 | FY11):
better protect and manage natural
resources through conservationof soil and water resulting from
improved agriculture and pasturepractices and to improve access topotable water for rural communities.

A

21● Reduce erosion and forest
degradation.
● Build climate change awarenessand disseminate climate-appropriate
practices to reinforce livelihood andagro-system resilience.
● 318,000 people benefit

33.5

73%

32.4

#

Link to More
Information

Project Name
(Number | Year/s Loans Approved)and Description

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

Results

32

AGRICULTURE, LAND USE, FORESTS, AND ECOLOGICAL RESOURCES
Target Results

21● 2,700 (actual has been higher at
3,029) hectares of agricultural landwith reduced methane emissions.
● Improve water use in irrigation andlivestock production systems.
● Improve pasture management andother productivity measures.

49.0

Subtotal for Agriculture, Land Use, Forests, and Ecological Resources

1,794.1

Allocated
US$ mil

Both

IBRD share

Uruguay - Sustainable Managementof Natural Resources and Climate
Change (P124181 | FY12): improve
farm environmental management
and reduce greenhouse gas
emissions by promoting improved
agriculture and livestock
management.

Results

Committed
US$ mil

Project Name
(Number | Year/s Loans Approved)and Description

Project Life

83

Link to More
Information

A/M

#

89%

42.6

936.5

Cumulative Loan Repayments(4.1)

Total Allocated and Outstanding for Agriculture, Land Use, Forests, and Ecological Resources

932.4

Amounts may not add up due to rounding.

THE WORLD BANK GREEN BOND IMPACT REPORT 201833

RESILIENT INFRASTRUCTURE, BUILT ENVIRONMENT, AND OTHER
Target Results
A/M

Project
Life

Committed
US$ mil

IBRD
share

Allocated
US$ mil84

Belize - Climate Resilient
Infrastructure (P127338 | FY15):
enhance the resilience of roadinfrastructure against flood risks
and the impacts of climate change.

A25● 30 km of roads rehabilitated and 12
bridges and culverts improved.
● 50% reduction in road interruption due
to flooding.
● 170,000 people living near the road
networks directly benefit.

30.0

100%

1.6

85

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

A

27● 11,000 fishermen and their families(total 64,000 people) benefit.
● 3,000 fishing vessels protected in ports.
● Improved effectiveness of early warningand emergency systems.

60.0

58%

4.2

86

China - Huai River Basin FloodManagement and Drainage
Improvement (P098078 | FY11):
increase resilience of communities
to the impacts of climate change,
particularly flooding.

A25● 9,500 km2 of flood protection (in ruraland urban areas).
● 6,600,000 people benefited.
Updated for actual results at projectcompletion.

200.0

33%

200.0

87

Jamaica - Disaster Vulnerability
Reduction (P146965 | FY16):
enhance the country’s resilience todisaster and climate risk.

A

29● Protection of infrastructure (e.g.,
bridges, storm drains, roads) from floods
directly benefitting about 247,000 people.
● Increase the government’s capacity tobetter prepare for and respond to natural
disasters.

30.0

100%

1.2

88

Macedonia & Serbia - South East
Europe and Caucasus Catastrophe
Risk Insurance Facility (P110910| FY11): increase access tocatastrophe risk insurance throughfacilitating the growth of insurance
markets.

A

22● Increased catastrophe insurance
coverage from 2% to 15% forhomeowners, farmers, enterprises, andgovernment entities holding catastrophe
insurance policies.
Updated for actual results at projectcompletion.

10.0

100%

10.0

89

Mexico - Climate Change
Development Policy Loan
(P110849 | FY08): mainstream
climate change considerations into
public policy.

Both

10

Climate-informed public policies,
including:● 642,000 hectares reforested.
● 6,000,000 tons of CO2 eq. emissions
reduced annually due to reforestation.
● Domestic carbon pricing strategy
developed.
● City and state climate action plansdeveloped.
Updated for actual results at projectcompletion.

501.3

100%

501.3

90

Russian Federation Hydrometeorological Services
Modernization (P127676 | FY14):
enhance capacity to deliver reliable
and timely weather, hydrologicaland climate information.

A

18● >70% accuracy of forecasts for themain administrative centers of Russia.
● > 85-90% accuracy of seasonalriver flow forecasts in Volga river basin
reservoirs.
● Increased number of sectoral data
users data.

60.0

43%

16.1

91

Timor-Leste - Road Climate
Resilience Project (P125032 |FY14): rehabilitate and improvethe climate resilience of a roadcorridor.

A

28● Improved drainage conditions along
110 km road corridor.
● 30% reduction in major road damage
events.

15.0

16%

0.0

#

Project Name
(Number | Year/s Loans
Approved)and Description

Results

Subtotal for Resilient Infrastructure, Built Environment, and Other

906.3

734.3

Cumulative Loan Repayments(0.3)

Total Allocated and Outstanding for Resilient Infrastructure, Built Environment, and Other

734.0

Amounts may not add up due to rounding.

THE WORLD BANK GREEN BOND IMPACT REPORT 201834

THE WORLD BANK GREEN BOND IMPACT REPORT 201835

ANNEX 1:
IMPACT REPORTING APPROACH
When the World Bank issued its first Green Bond
Impact Report in 2015, the initial reporting templateand set of indicators presented were the productof engagement with investors, which benefitted
from the efforts of multilateral development banks
to harmonize metrics for GHG accounting andreporting on climate finance activities. The WorldBank led a collaborative initiative with other issuers
to create the first harmonized template with core
indicators for the Renewable Energy and Energy
Efficiency sectors that was published in March2015. It has since evolved and been adopted bymany other issuers. This consultative process ofdeveloping harmonized impact reporting templates
has advanced under the auspices of the Green Bond
Principles and its working groups and continues to
evolve to cover other indicators and relevant sectors.

The indicators for this report have been selectedamong other expected development results and areintended to illustrate the type and scale of expected
results in a variety of sectors and country contexts.
To better reflect individual country challenges,
demands, and resources, the report focuses onpresenting a diverse set of countries, projects andsectors rather than cumulative impacts. Because of
the limited comparability between projects, sectors
and countries (see “Interpreting Reported Results”
in “World Bank Green Bond Process” section and“No aggregation of GHG estimates” on the adjacentpage), impact results are not aggregated, with the
exception of “renewable energy capacity added”,
which is deemed to be broadly comparable.

World Bank Green Bond Eligible Projects: Six Sectors
This impact report is organized according to the six sectors represented in the World Bank’s Green Bond eligible projects
portfolio. 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 andEnergyEfficiency

3

2
Clean
Transportation

4
Water and
Wastewater

5

Agriculture,
Land Use,
Forests, andEcological
Resources

Solid Waste
Management

6

Resilient
Infrastructure,
Built
Environment,
and Other

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

The reporting frameworks adopted identify
core indicators for the following sectors: (1)Renewable Energy and Energy Efficiency; (2) Clean
Transportation; (3) Water and Wastewater; and(4) Solid Waste Management. Where information
covering the proposed core indicators is publicly
available, it is included.a/ However, for some projects
quantitative estimates for these indicators areeither not available or not applicable. A few otherindicators that are considered relevant for Green
Bond investors are also provided.
Projects categorized in the remaining sectors are
more heterogeneous. The report provides project
specific indictors based on available information on
the scale of results.
Notes:
a/ This impact report has been prepared following anapproached developed in collaboration with 11 other International
Finance Institutions (IFIs) to encourage greater harmonizationin impact reporting. Core indicators for other sectors were
not recommended as part of initial efforts to work towards a
harmonized approach for impact reporting. See the 2017 Joint
Report on Multilateral Development Banks’ Climate Finance at
http://pubdocs.worldbank.org/en/540921538149778203/2017joint-report-on-mdbs-climate-finance.pdf.

36

Key Assumptions andApproach•

Reporting for co-financed projects: The WorldBank often co-finances projects with the client
country and/or other lenders. The results for theindividual project are based on the total project
including all financiers. The World Bank’s shareof the total financing is included for each project.

•

Partial project eligibility: In cases where a
project is only partially Green Bond eligible, thecommitted 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 “Project Appraisal”,“Implementation Status and Results”, and/or “Implementation Completion and Results”
reports, the GHG emission reductions for
projects are reported in tons of CO2 equivalent.
The World Bank is undertaking an effort inconjunction with other International FinanceInstitutions to harmonize the approaches for
GHG accounting.2 At the same time, the WorldBank is working to develop internally consistent
GHG accounting methodologies for investment
projects across relevant sectors. Given theseon-going developments in GHG accounting, thebasis for estimating CO2 equivalent emission
reductions may vary between World Bank
projects. Therefore, the World Bank does notrecommend aggregating the results of different
projects in its Green Bond portfolio.

•

All reported results are from publicly available
sources: Reporting is based on publicly available
impacts for the projects disclosed in “Project
Appraisal”, “Implementation Status and Results”,
and “Implementation Completion and Results”
reports. To facilitate comparability of thereported results, the reporting units have been
converted where such conversion is based on astandard conversion factor.

The following key assumptions and approach wereused in preparing this report.

••

Ex-ante projections: Quantitative estimates
for target results represent ex-ante projections
developed during project design mostly fordirect project impacts once projects areat 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 madepossible 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 withactual results at project completion when the
final project commitment is materially different
to the original authorized amount. Where theamounts are based on actual results this isnoted in the preceding tables.
Length of time projects are on report: Impact
reporting will be provided for projects for so longas they are part of the World Bank 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 oncethe client has repaid the respective loan. Projects
may also be removed from future reports if theWorld Bank decides to remove a project fromits Green Bond program.1 If a project is removed
from the Green Bond program, any Green Bond
proceeds previously allocated to support thefinancing of disbursements to that project willbe credited back to the Special Account forGreen Bond proceeds and allocated to support
the financing of disbursements to other Green
Bond eligible projects as part of the routine
allocation process.

1
As part of the World Bank’s due diligence inmonitoring 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.

THE WORLD BANK GREEN BOND IMPACT REPORT 20182
For more information on the harmonization framework, see http://pubdocs.worldbank.org/
en/540921538149778203/2017-joint-report-on-mdbs-climatefinance.pdf.

37

ANNEX 2:WORLD BANK PROJECT CYCLE
The World Bank project cycle (see diagram 1) consists of six stages: Identification, Preparation, Appraisal,
Negotiation/Approval, Implementation/Support, and Completion/Evaluation (see below for the detailed
descriptions).
Projects that are reviewed for eligibility under the World Bank Green Bond program are selected from among all
projects approved by the World Bank Board of Directors (see diagram 2). They therefore represent a subset of
the World Bank’s lending portfolio. As of June 30, 2018, there were 91 projects in the Green Bond program.

1

Project Identification2

Project Preparation

3

The World Bank works with a borrowing country’s government on a Country Partnership Frameworkthat identifies the country’s priorities for reducing poverty and improving living standards. Within thosepriorities, the World Bank and the government agree on a project concept, which is outlined in a Project
Concept Note. The Project Information Document outlines the project’s scope, and the Integrated
Safeguards Data Sheet identifies potential environmental and social issues.
The borrower leads project preparation, with the World Bank generally taking an advisory role. If
necessary, the borrower prepares an Environmental Assessment Report that describes the project’s
likely environmental impact and steps to mitigate possible harm. If there are major issues, the borrower
prepares an Environmental Action Plan. An analysis of a project’s potentially adverse effects on
indigenous peoples may also be undertaken, and any issues are addressed in the Indigenous Peoples
Plan.

Project Appraisal

The government and the World Bank review the identification and preparation documents and confirm
the expected project outcomes, intended beneficiaries and evaluation tools, as well as the project’s
readiness for implementation. The Project Information Document is updated and released when the
project is approved for funding.

4

Project Approval

5

Project Implementation

6

Project Completion and Evaluation

The project team prepares the Project Appraisal Document (for investment project financing) or the
Program Document (for development policy financing), along with other financial and legal documents,
for submission to the World Bank’s Board of Executive Directors for approval. When approval is obtained
and the legal documents are signed, the implementation phase begins.

The borrower implements the project with technical assistance and support from the World Bank as
needed. Twice a year, the government and the World Bank prepare a review of project progress, theImplementation Status and Results Report.
When a project is completed and closed, a World Bank operations team prepares an Implementation
Completion and Results Report. The final outcomes are compared to expected results. The team also
assesses how well the project complied with the Bank’s operations policies, and accounts for the use of
Bank resources.
The World Bank’s Independent Evaluation Group (IEG) assesses the performance of roughly one projectout of four projects a year, measuring outcomes against the original objectives, sustainability of results
and institutional development impact. IEG may produce Impact Evaluation Reports to assess the
economic worth of projects and the long-term effects on people and the environment.

THE WORLD BANK GREEN BOND IMPACT REPORT 2018

38

1

3

cts

n

lo

ca

d

le

Al

Ne g ot tio n /B o a r d i a ro v a l
App

Pr

ark
te

oje

4

/

a is

io
at
nt
m e ortI m pleSu pp

Ear m

5

al

2

pr

6

Ap

Com
Eva pletlua iotio n/
n

Identification

eria
rit
yC
lit

Defi
ne
Eli
gi
bi

t
pac
Im
t
or
ep

on
ati
ar
ep
Pr

Mon
ito
ra
nd
R

DIAGRAM 1: WORLD BANK PROJECT CYCLE

Pr

oc

eed

s

S el

ec

li
tE

gi

b

DIAGRAM 2: WORLD BANK GREEN BOND SELECTION PROCESS
Project Identification& Preparation

World Bank
Project Portfolio

Green Bond Eligible
Projects

World Bank
Expertise &AdviceProceeds fromGreen Bond
Issuance

Allocation ofGreen Bond
Proceeds

Special
Account

SystematicCountry
Diagnostic

Country
Partnership
Framework

Monitoring& ReportingCountry’s
Development
Goals
Project
Disbursements

World Bank projects meeting Green Bond eligibility criteria
All other World Bank projects

THE WORLD BANK GREEN BOND IMPACT REPORT 201839

ANNEX 3:
LIST OF ABBREVIATIONS
CO2Carbon dioxideeq.

Equivalent

GHG

Greenhouse gas

GWh

Gigawatt hours (equal to 1,000 MWh or 1,000,000 KWh)

IBRDWorld Bank (International Bank for Reconstruction and Development)

Km

Kilometers

Km

Square kilometers

KWh

Kilowatt hours

m3

Cubic meters

MW

Megawatts

MWh

Megawatt hours

RMB

Chinese renminbi

SME

Small and medium sized enterprises

TCE

Tons of coal equivalent

2

THE WORLD BANK GREEN BOND IMPACT REPORT 201840

DISCLAIMER
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 ofany kind, express or implied, as to the accuracy or completeness of any of the information contained herein. It
is prepared 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 notconstitute an offer 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 and include the loss of principal. The securities mentioned herein may not be eligible for salein certain jurisdictions or to certain persons.
Each recipient of this report is deemed to acknowledge that this is a proprietary document of the World Bankand by receipt hereof agrees not to disclose it, or permit disclosure of it, to third parties without attributing thesource or the prior written consent of the World Bank. All content are the property of the World Bank.
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THE WORLD BANK GREEN BOND IMPACT REPORT 201841

Investor Relations
Capital Markets Department
The World Bank Treasury
1818 H Street NW
Washington, DC 20433
USA
E debtsecurities@worldbank.org
T +1 (202) 477 2880
W treasury.worldbank.org/capitalmarkets