ONE

General Information
The issuance of green bonds represents a further interpretation of the ICBC’s green development strategy,
which would help ICBC to achieve the common goal of “carbon peaking and carbon neutrality” and maximise
the combined value of shareholder, stakeholder and social responsibility. The green bonds will help ICBC Group
deepen its development strategy in areas such as sustainable development and climate change mitigation.

Vision and objective
Industrial and Commercial Bank of China Limited (hereinafter referred to as“ICBC”) values service as our foundation and insists on creating value throughproviding comprehensive financial products and services to over 9.2 million
corporate clients and 690 million retail customers worldwide. ICBC has been
consciously integrating the social responsibilities into its development
strategy, operation and management activities in the aspects including
supporting the prevention and battle against epidemic, developing inclusive

services to over

9.2
690

millioncorporate clients andmillionretail customers worldwide

finance, contributing to poverty eradication and rural revitalisation, promoting
green finance, and backing social and public welfare undertakings, whichhave been widely praised.

Green FinanceAt present, ecological and environmental protection and climate change have become a common challenge facedby the whole world, resulting in a broad consensus formed in the international community. The PRC government hasannounced the strategic goals of achieving carbon emissions peak by 2030 and carbon neutrality by 2060, and has madespecial emphasis on green development in the 14th Five-Year Plan. As the development of green finance represents animportant process in the construction of an ecological civilisation, being designated as a global systemically importantbank, ICBC has always adhered to the business objective of using green finance tools to promote the development

ICBC always focuses on its main business, sticks to the mission of serving the real economy, and co-existing, sharing
the hardships and growing together with the real economy for mutual prosperity; always adheres to the risk-based
approach, firmly holds the bottom line, and constantly improves its ability to control and resolve risks; always adheresto the compliance and obedience of the operating rules for commercial banks, and is committed to building a "centuryold institution"; always devotes to making progress amidst stability and strives for innovation and advancements,
continues to deepen the key strategy of development, actively develops financial technology, and accelerates digitaltransformation; always maintains professionalism and dedication, explores specialised business models, and forges"craftsmen in large banking".

of real economy, actively practised the concept of sustainable development, firmly embedded the concept of green
development into corporate operation and management, strived to integrate green development into financial services
and its own operations, insisted on fulfilling its economic and social responsibilities, and is committed to promoting
synergies between environmental protection and economic development, employment creation and poverty
eradication through financial means.

Green Bonds
Firstly, regarding underwriting and investment, in order to guide the flow of social capital into the green industries, ICBC
has vigorously carried out underwriting and investment in green bonds. ICBC underwrites and invests in a wide range

ICBC has strengthened exchanges

During the reporting period, ICBC has energetically contributed in theof green bonds, including green finance bond, ultra-short-term financing bond, medium-term note, asset-backed noteand cooperation with internationalsustainable development of international corporate governance, leveraging

and corporate bond. In addition, ICBC has successfully offered “climate change” and “Yangtze River protection” themedorganisations in various areas basedon the Belt and Road Inter-bank Regular Cooperation Mechanism (BRBR

green finance bonds through its over-the-counter sales channel, effectively cultivated social and public awareness inon the guiding principles andMechanism) to carry out international exchanges and cooperation withresponsible investment, and facilitated the expansion of the social impact of green finance.

objectives of the Paris Agreement toregard to green finance;

help jointly boost the transition to a
low-carbon economy worldwide.

actively participated in activities organised by the United Nations Environment
Programme Finance Initiative (UNEP FI);
jointly promoted cooperation under the Green Investment Principles (GIP) for
Belt and Road;
steadily facilitated the implementation of the framework established by the
Task Force on Climate-Related Financial Disclosures (TCFD);
researched and published the “Belt and Road Green Finance (Investment)

During the reporting period, the Bank

During the reporting period, ICBC has(as lead underwriter) has underwritten

investeda total of

10
18.043

RMB

green bonds,

billion in its

21.689RMB

million in its

non-RMB green bond portfolio,
with a balance equivalent towith a balance ofbillion207

US$green bond portfolio,

raising a total of
RMB

1.259

Invested an amount equivalent to

US$

364

millionbillionIndex”.

22020 Annual Green Bond ReportIndustrial and Commercial Bank of China Limited3

Secondly, regarding issuance of green bonds, ICBC has been actively implementing our nation’s green development
concepts and sustainable development strategies to help contribute to the development of the green bond market.

During the reporting period, the “Guangdong-Hong Kong-Macao
Greater Bay Area” themed green bond issued by ICBC Hong Kong
Branch in 2019 was awarded “the Deals of the Year 2020 Asia
Pacific” by The Banker and “Hong Kong Sustainability FinanceAward 2020 – Outstanding Award for Green Bond Issuer – Largest
Single Green Bond (Banking Industry)” by the Hong Kong Quality
Assurance Agency (HKQAA).

As of the end of the reporting
period, a total amount equivalent to

9.83
10
US$

billion of green

bonds had been issued, and a total of

Basic information
As of the end of the reporting period, ICBC has issued five green

with an aggregate

bonds through its Luxembourg Branch, London Branch, ICBC

issuance amountAsia, Singapore Branch and Hong Kong Branch, respectively, withequivalent toan aggregate issuance amount equivalent to US$9.83 billion,

9.83

all of which were highly recognised over-subscribed by global
investors.

billioninternational awards wereawarded for these green bonds

Details of ICBC’s overseas green bond issuance as of the end of the reporting period

Green Loans

As of the end of the reporting period,

ICBC continues to strengthen the management of the domestic

industries, such as energy conservationindustry (green) loan policy and effectively promotes thegreen adjustment of investment and financing structure. Greenfinance requirements have been embedded in all aspects ofthe due diligence, project evaluation, credit rating, review andapproval, contract signing, fund disbursement and post-lending(investment) management process, adhering to the various
bottom line and red line constraints.

the balance of green loans lent to green
and environmental protection, clean
production, clean energy, ecologicalenvironment, green infrastructure
upgrading and green services, calculated
based on the new principles of the
China Banking and Insurance Regulatory

billionICBC actively advocates the concept of green and environmental

During the reporting period, ICBC has put

protection, endeavours to promote green office, establishes theinto operationconservation and emission reduction have been increased andclose attentions have been paid to energy management andcontrol, in addition to optimisation of operation practices of12

new mobile office applications

relating to official documents, meetingsand printing approval;

major and energy-consuming equipment and further exploration

continued to promote paperlessof energy-saving opportunities through technological upgrading

meetings and training, and conducted

and equipment revamping. Greening and environmental
protection activities are conducted in an effort to improve theecological environment in a practical manner and to fulfil social
responsibilities. Policies regarding energy conservation and445

emission reduction are fulfilled, and the initiative of becoming a“green bank” is moving progressively.

42020 Annual Green Bond Reportsaving3

million sheets of paper

London Branchadequately performed, commitments to energy conservation andpaperless meetings acrossthe bank,

environmental protection are actively implemented, works inrelation to carbon emission trading exchange in Beijing are

Luxembourg Branch

1,845.719

Green Operation

strengthens the awareness of conservation. Efforts in energy

28 September 2017

Issuer’s rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondIssue format

Reg S

ISIN

XS1691909334

XS1692890343

XS1691909177

Type of issuanceThree-year Euro floatingrate

Three-year US dollar
floating -rate

Five-year US dollar
fixed-rateIssuance amount

EUR 1,100,000,000

US$ 450,000,000

US$ 400,000,000

Use of proceeds

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

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

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

Certification

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

Listing

Luxembourg Green Exchange LGX (Luxembourg Stock Exchange)

Issue date

5 June 2018

Issuer’s rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondIssue format

Reg S

Commission (CBIRC) amounted to
RMB

concept of diligence and thriftiness in business operation, andIssue date

Industrial and Commercial Bank of China Limited

5

XS1830984628

XS1830985278

XS1831163396

Issue rating

A1 (Moody’s)Type of issuanceThree-year US dollar
floating-rate

Five-year US dollar floatingrate

Three-year Euro floatingrate

Issue type

Senior unsecured bondIssuance amountIssue format

Reg S

US$ 500,000,000

US$ 500,000,000

EUR 500,000,000
ISIN

XS1982691070

XS1982691153

XS1982690858

XS1982691237

Use of proceeds

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

Type of issuanceThree-year US dollar
floating-rate

Five-year US dollar
floating-rate

Three-year Euro fixedrate

Three-year
Renminbi fixed-rateIssuance amount

US$ 900,000,000

US$ 600,000,000

EUR 500,000,000

CNH 1,000,000,000

Use of proceeds

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

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

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

Listing

Singapore Exchange

Issue date

9 September 2019

Issuer’s rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondIssue format

Reg S

ISIN

XS2052134652

XS2052134223

XS2052134496

HK0000525359

HK0000525334

Type of issuanceThree-year US
dollar fixed-rate

Three-year US
dollar floatingrate

Five-year US
dollar floatingrate

Two-year HK
dollar fixed-rate

One-yearRenminbi
fixed-rateIssuance amountUS$
500,000,000

US$1,000,000,000

US$1,000,000,000

HKD
4,000,000,000

CNY
1,000,000,000

Use of proceeds

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

Second opinion

External auditor’sopinionCertification

External assurance by Beijing Zhongcai Green Financing Consultant Ltd. in accordance with
China’s green bond standards
Labelled by CBI as “Climate Bonds” on 28 May 2018; awarded the Post-Issuance Certification by
CBI on 4 June 2019

Listing

London Stock Exchange

Issue date

13 June 2018

Issuer’s rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondIssue format

Reg S

ISIN

XS1839369300

XS1839372601

HK0000425899

Type of issuanceThree-year US dollar
floating-rate

Five-year US dollar floatingrate

Two-year HK dollar fixedrate

Issuance amount

US$ 200,000,000

US$ 200,000,000

HKD 2,600,000,000

Use of proceeds

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

Hong Kong Branch

ICBC Asia
Singapore
Branch6“Dark Green” shading by the Center for International Climate Research (CICERO) in Oslo inaccordance with the green bond principles

Singapore Branch

London Branch

ISIN

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

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

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

Certification

Awarded the Pre-issuance Stage Certificate by the HKQAA on 28 May 2018; awarded the Postissuance Stage Certificate by the HKQAA on 5 July 2019

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

ListingHong Kong Stock Exchange

Issue date

16 April 2019

Certification

Awarded the Pre-issuance Stage Certificate by the HKQAAfrom August to September 2019; awarded
the Post-issuance Stage Certificate by the HKQAA on 14 September 2020

Issuer’s rating

A1 (Moody’s)Listing

Hong Kong Stock Exchange

2020 Annual Green Bond ReportIndustrial and Commercial Bank of China Limited

7

Awards

2018 Green bonds issued by London Branch

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

10

Received from CBI

major awards with details as follow:

The “Largest Emerging Markets Certified Climate

2017 Green bonds issued by
Luxembourg Branch

Bond in 2018” award6 .

Received from Finance Asia
2019 Green bonds issued bySingapore Branch

The “Best Environmental, Socialand Governance Deal” (Best ESG
Deal) award1 for 2017.

Received from IFR Asia

Awarded by The AssetAwarded by The Asset

The “Best Issuer for“Best Financial Institutions

Sustainable Finance”

Group Bond” (Best FIG Bond)7

The “Best Socially Responsible Investing Bond” (Best SRI Bond) award2 for 2017. The
comments of which include “ICBC has created a precedent for other Chinese issuers in the integration ofdomestic and foreign green standards” and “while meeting the green standards of China and the world,
the green framework of ICBC has dispelled the doubts of overseas investors over definitions related tothe domestic green market”.

2019 Green bonds issued by Hong Kong BranchAwarded by The Banker

Received from Environmental FinanceAwarded by The Asset

The “Best Green Bond"3

The “Deals of the Year 2020 Asia Pacific”8

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

Received in the Hong Kong Sustainability Finance Award 2020
held by the Hong Kong Quality Assurance Agency
Granted by GlobalCapital

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

1.https://www.financeasia.com/News/441270,winners-emfinanceasiaems-achievement-awards-part-2.aspx
2.http://www.ifrasia.com/sri-bond/21320981.article
3.https://www.theasset.com/awards/regional-deals-2017-fixed-income
4.https://www.environmental-finance.com/content/awards/green-bond-awards-2018/winners/award-for-innovation-use-of-proceeds-icbc.html
5.http://www.globalcapital.com/article/b19tcwdcbrq2ks/sri-award-winners-2018-revealed

82020 Annual Green Bond Report

Largest Single Green Bond (Banking Industry)”6.https://cbi19.climatebonds.net/past-events/2019
7.https://www.theasset.com/awards/country-awards-2019-deals-north-asia
8.https://www.thebanker.com/Awards/Deals-of-the-Year/Deals-of-the-Year-2020-Asia-Pacific?ct=true

Industrial and Commercial Bank of China Limited

9

TWO

Management of Proceeds

Categories and examples of Eligible Green Assets
Eligible Green Asset

Description andCategory

ExamplesRenewable Energy

Governance Framework

Generation and transmission of energy from renewable energy sources

Renewable energy sources include offshore and onshore wind, solar, tidal,
ICBC has established the Green Bond Framework (hereinafterhydropower subject to conditions, biomass and geothermalreferred to as the “Framework”), under which funds raised by ICBC
through green bonds will be used for financing or refinancing
Eligible Green Assets that make contribution to low-carbon
environmental protection, sustainable economic development
and climate change. Please refer to the right table for the
categories and examples of Eligible Green Assets.

Low Carbon and Low
Emission Transportation
Low carbon or emission transportation assets, systems, infrastructure, components
and services excluding any infrastructure or rolling stock assets used for the

In any case, the Eligible Green Assets shall exclude the following
industrial categories:

transport of fossil fuel products
Examples include rail tram, metro, bus rapid transit systems and electric vehicles

Fossil fuel related assets
 Large-scale hydropower plants

Energy Efficiency

Nuclear and nuclear-related assets

Development of products or technology that increase energy efficiency
Examples include LED lights, improved chillers, improved lighting technology,
and reduced power usage in manufacturing operations

Note: Eligible assets in each category shall at least meet the relevant standards asrecognised in the respective country. In case of no official or recognised standards
from the respective country, corresponding international standards shall apply.

Improved efficiency in the delivery of bulk energy services
Examples include district heating/cooling systems, smart grids, energy storage
system and technology that reduce energy losses

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

102020 Annual Green Bond ReportIndustrial and Commercial Bank of China Limited

11

Green Assets Evaluation and Selection

External assessment and certification

External assessment and certification

Asset & Liability
Management Department

1

2

Eligible Green Assets will
firstly be identified andproposed by ICBC business
units globally, including its
subsidiaries and branches.

They will subsequently bereviewed and screened bya dedicated Green Bond
Working Group at ICBC Head
Office which comprises
representatives of:International Banking
Department

Certificationon

Certification
standard

Certifying
agencyStatus of certification(excerpts)

The Green Bond
Principles of theInternational CapitalMarket Association(ICMA)

Center forInternational Climate
Research (CICERO))“Based on an overall assessmentof the activities that will befinanced by the green bond andthe governance of the framework,
ICBC’s Green Bond Framework isawarded the Dark Green shading.”

Credit and Investment
Management Department
Finance & Accounting
Department
Corporate Strategy
and Investor Relations
Department
Urban Finance ResearchInstitute
Other related departments“We are of the view that:
Prior to the issuance, the Green Bond Working Group will
review all proposed Eligible Green Assets to determine theircompliance with the ICBC Green Bond Framework and form
the “Eligible Green Asset Lists. The Green Bond Working
Group consists of a group of experts with environmental
protection experience and knowledge, who has a right toveto over the final decision of the asset selection. The assetsthat are vetoed shall be excluded from the Eligible Green
Asset List.

Deposit, Use andManagement ofProceeds

122020 Annual Green Bond Report

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

Proceeds raised by the five green bonds issued by ICBC havebeen transferred in full to the head office through Luxembourg

Branch, London Branch, Hong Kong Branch and Singapore Branch,respectively, and are all used to support the existing Eligible Green
Assets.

ICBC’sGreen Bond
Framework

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

Beijing Zhongcai
Green Financing
Consultant Ltd.

1. The direction of the use ofproceeds and the categories ofassets for application in the Green
Bond Framework are in line withthe standards of The Green Bond
Principles 2017 of the International
Capital Market Association (ICMA);
and in line with the Catalogueof Projects Supported by Green
Bonds (2015 Edition).
2. The Green Bond Frameworkhas established a scientific assets
evaluation and selection process,capable of selecting Eligible
Green Assets if it is implemented
effectively.
3. The Green Bond Framework hasdeveloped a comprehensive planfor the follow-up management ofproceeds, capable of ensuring thatthe proceeds are used for Eligible
Green Assets if it is implemented
effectively.
4. The Green Bond Frameworkhas established a clear plan forthe disclosure of green bondinformation. If it is effectively
implemented, it can ensure
effective disclosure of green bondinformation.”

Industrial and Commercial Bank of China Limited

13

THREE
Certificationon

Certification
standard

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

Use of Proceeds
ICBC has issued five overseas green bonds with an aggregate issuanceamount equivalent to US$9.83 billion. As of the end of the reporting
period, the 3-year EUR1.1 billion green bond and the 3-year US$450

Climate Bonds Standard

Climate Bonds
Initiative (CBI)“On 11 October 2018, in view of theapplication documents and verification
reports provided by the applicant, theClimate Bonds Standard Committee
agrees to grant “Post-issuance
Certification” to the “Belt and Road”
climate bond, equivalent to US$2.15
billion, issued under the EMTN of theapplicant ICBC Luxembourg Branch in
September 2017.”

million green bond issued by Luxembourg Branch in 2017, the 2-year

Total issue size by the 5 bonds

9.83

US$

billion

HKD2.6 billion green bond issued by ICBC Asia in 2018 and the 1-year
RMB1 billion green bond issued by Hong Kong Branch in 2019 hadalready matured, resulting in a total balance of ICBC’s existing overseas
green bonds equivalent to US$7.62 billion. The proceeds were mainly
used to support refinancing in the renewable energy industry, low carbon
and low emission transportation industry and sustainable water resources

Green bondsof London
branchGreen bondsof ICBC Asia

Climate Bonds Standard

Green Finance
Certification Scheme
requirements

Climate Bonds
Initiative (CBI)

Hong Kong Quality
Assurance Agency(HKQAA)“On 28 May 2018, in view of theapplication documents provided by theapplicant, the Climate Bonds Standard
Committee agrees to grant “Climate
Bond Certified” to the green bond issued
by ICBC London Branch.”“Hong Kong Quality Assurance Agency
has confirmed that the three-year
floating-rate US dollar green bond,the five-year floating-rate US dollar
green bond and the two-year fixedrate HK dollar green bond to be issued
by Industrial and Commercial Bank of
China (Asia) Limited are in line withthe requirements of the Green Finance
Certification Scheme and are applicableto the pre-issuance phase and the postissuance phase.”management industry, details of which are set out in the table below.

Use of proceeds of existing overseas green bonds as of the end of the reporting period

Luxembourg Branch

Green bondsof Hong Kongbranch14

Green Finance
Certification Scheme
requirements

2020 Annual Green Bond Report

Hong Kong Quality
Assurance Agency(HKQAA)“Hong Kong Quality Assurance Agency
has confirmed that the three-year
floating-rate US dollar green bond, thethree-year fixed-rate US dollar greenbond, the five-year floating-rate US
dollar green bond, the two-year fixedrate HK dollar green bond and the oneyear fixed-rate Renminbi green bond to
be issued by ICBC Hong Kong branch
are in line with the requirements of theGreen Finance Certification Scheme andare applicable to the pre-issuance phaseand the post-issuance phase.”

Proceeds

Amount offunds used

Idle funds

US$

US$

US$

0.4

0.4
billionbillion

US$

US$

US$

billionbillionbillionLondon Branch

1.6
billion

1.6

0

0

Industrial and Commercial Bank of China Limited

15

Amount offunds used

Proceeds

US$

ICBC Asia

Singapore
BranchIdle funds

US$

US$

0.4

0.4
billionbillion

US$

US$

US$

billionbillionbillion

2.2

0

2.2

billion0

11

solar power generation projects

718with a projectvalue ofUS$

an allocatedfunding of

15

523

US$

millionmillion

6.739

railway transportation projects

US$with a projectvalue of

3.341

an allocatedfunding of

US$Hong Kong
Branch3.02
billionUS$US$billionbillion

3.02

0billionbillionUS$

9

metro transit projects

6.291

US$

billionwith a projectvalue of2.15

an allocatedfunding ofUS$

Breakdown by Asset Category2

As of the end of the reporting period, asset categories funded by ICBC’surban water conservation project

existing overseas green bond included wind power generation, solar
power generation, railway transportation, metro transit and urban water
conservation.

with a projectvalue of25
an allocatedfunding of

16

2020 Annual Green Bond Reportan allocatedfunding ofwind power generation projects

2.215

with a projectvalue of

US$

1.564

US$

billion42

million42

millionUS$US$billionbillionIndustrial and Commercial Bank of China Limited17

Breakdown of allocation of proceeds raised by existing overseas green bonds by eachgreen asset category at the end of the reporting period

IssuerAsset
Categories

No. of Project value
projects (US$ million)

Amount ofproceeds
allocated(US$ million)

Proceeds from green
bonds as a percentage
of project value(%)

Wind power

1

152

152

100.00

Solar power

2

153

132

86.27

Railwaytransportation

1

644

116

18.01

4

949

400

42.15

13

1354

751

55.47

Renewable energy
Luxembourg
BranchLow carbon and low
emission transportation
Total
Wind power
generation
LondonBranchSolar power
generation

3

283

109

38.52

Railwaytransportation

3

2051

740

36.08

19

3688

1600

43.38

Total
ICBC Asia

Low carbon and low
emission transportation

IssuerHong Kong
BranchLow carbon and low
emission transportation

No. of Project value
projects (US$ million)

Amount ofproceeds
allocated(US$ million)

Proceeds from green
bonds as a percentage
of project value(%)

Metro transit

9

6291

2150

34.18

Railwaytransportation

6

1353

596

44.05

23

7966

3020

37.91

Total

Notes: 1. All amounts are translated to US dollar.
2. Project value refers to the loan balance from ICBC for that project.

Assets funded by existing overseas green bond as of the end of the reporting period were located in a number ofcountries and regions both within and outside of China. For the geographical distribution of the assets, please refer toRenewable energy

Low carbon and low
emission transportation

Asset
Categories

Railwaytransportation

1

954

400

41.93

1

954

400

41.93

Wind power
generation

6

463

463

100.00

Solar power
generation

3

206

206

100.00Railwaytransportation

4

1737

1489

85.72

Total

the table below.

Breakdown of allocation of proceeds raised by existing overseas green bonds by region at
the end of the reporting period

IssuerLuxembourg
BranchNo. of projects

Project value(US$ million)

Amount ofproceeds
allocated(US$ million)

East

2

153

132

Northwest

1

152

152

Southwest

1

644

116

4

949

400

United Kingdom

1

54

50

Pakistan

1

75

55

Northwest

9

1016

530

Northeast

2

218

100

North

1

114

64

East

1

88

32

Central South

3

1402

539

Southwest

1

721

230

19

3688

1600

Countries and regions

Within China

Renewable energy
Singapore
BranchTotal
Low carbon and low
emission transportation
Sustainable water
resources management

Urban water
conservation

2

42

42

100.00

15

2448

2200

89.87

Wind power
generation

5

246

198

80.49

Solar power
generation

3

76

76

100.00

Total

Hong Kong
BranchRenewable energy

Outside China

LondonBranchWithin China

Total

18

2020 Annual Green Bond ReportIndustrial and Commercial Bank of China Limited

19

Issuer

ICBC Asia

Countries and regions

Within China

Northwest

Total

No. of projects

Project value(US$ million)

Amount ofproceeds
allocated(US$ million)

1

954

400

1

954

400

FOUR

Environmental Impacts

As of the end of the reporting period, the green assets supported by the proceeds from ICBC’s existing overseas
green bonds have contributed to an annual carbon emission reduction of

Pakistan

1

70

70

Egypt

1

27

27

East

3

590

538

South

1

672

566

Central

2

166

166

Southwest

2

230

230

Northwest

5

693

603

15

2448

2200

23

7966

3020

23

7966

3020

Outside China

Singapore
BranchWithin China

Total
Hong Kong
BranchWithin China

South

Total

Notes: 1. All amounts are translated to US dollar.
2. Project value refers to the loan balance from ICBC for that project.

increased water supply capacity of

26,122,395 tons, an annual

450,000 cubic metres and an annual wastewater treatment capacity

35,640,700cubic metres. In particular, the total annual carbon emission reduction from renewableenergy projects and low carbon and low emission transportation projects were 9,610,541 tons and16,511,854 tons, respectively; and the annual increased water supply capacity and annual wastewater
treatment capacity from sustainable water resources management projects were 450,000 cubic metres and
35,640,700 cubic metres, respectively.
ofEnvironmental impacts
IssuerAsset category

Key impact indicators
Total installed capacity (MW): 400
Wind power
generation

CO2 emission reduction (tons): 752,100

RenewableenergyLuxembourg
BranchAnnual generation capacity (MWh): 920,000

Total installed capacity (MW): 180
Solar power
generation

Annual generation capacity (MWh): 209,300
CO2 emission reduction (tons): 171,103
Annual number of passengers transported (10,000 people): 1,179

Low carbon andlow emission
transportation

Railwaytransportation

Annual volume of goods transported (10,000 tons): 1,270
CO2 emission reduction (tons): 818,798

Total: CO2 emission reduction (tons)

Total installed capacity (MW): 2,934

Major Pollution Incident or Other Environmental Breach
There was no major pollution incident or any other environmental breach occurred in thegreen assets supported by the proceeds from ICBC’s existing overseas green bonds as ofthe end of the reporting period.

1,742,001

Wind power
generation

LondonBranchAnnual generation capacity (MWh): 7,197,754
CO2 emission reduction (tons): 4,693,508

RenewableenergyTotal installed capacity (MW): 550
Solar power
generation

Annual generation capacity (MWh): 818,595
CO2 emission reduction (tons): 626,225

Low carbon andlow emission
transportation

Railwaytransportation

Total: CO2 emission reduction (tons)

20

2020 Annual Green Bond Report

Annual number of passengers transported (10,000 people): 4,312
CO2 emission reduction (tons): 1,591,813
6,911,546

Industrial and Commercial Bank of China Limited21

Issuer

ICBC Asia

Type of project
Low carbon andlow emission
transportation

Key impact indicators
Railwaytransportation

Total: CO2 emission reduction (tons)

Annual number of passengers transported (10,000 people): 956

FIVE

Disclosure and Reporting

CO2 emission reduction (tons): 224,593
224,593
Total installed capacity (MW): 1,851

Wind power
generation

CO2 emission reduction (tons): 1,641,207

RenewableenergyAnnual generation capacity (MWh): 296,488
CO2 emission reduction (tons): 211,246

Low carbon andlow emission
transportation
Sustainable
water resourcesmanagement

Total:

Total installed capacity (MW): 260
Solar power
generation

Singapore
BranchAnnual generation capacity (MWh): 2,129,486

Railwaytransportation
Urban water
conservation

ICBC commits to publish an annual green bond report (“the “Annual Green
Bond Report”), which will provide information on the allocation of proceedsfrom green bonds and the environmental impacts.
This report is an annual report covering the period from 1 January 2020 to 31
December 2020. Some of the contents may go beyond this period.
The Annual Green Bond Report will be publicly available via annual updates

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

on ICBC’s official global website www.icbc-ltd.com. In addition, ICBC will makeCO2 emission reduction (tons): 4,493,255

disclosure through other channels where feasible, such as annual reports andAnnual increased water supply capacity (CBM): 450,000

icbc-ltd.com.

corporate social responsibility reports, which will also be published on www.

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

CO2 emission reduction (tons)

6,345,708

Annual increased water supply
capacity (CBM)

450,000

Annual wastewater treatment
capacity (CBM)

35,640,700

ICBC has engaged an independent third party to provide external assurance
for this report.

Total installed capacity (MW): 349
Wind power
generation

CO2 emission reduction (tons): 1,383,862

RenewableenergyTotal installed capacity (MW): 140
Solar power
generation

Hong Kong
BranchAnnual generation capacity (MWh): 1,785,629

Annual generation capacity (MWh): 169,406
CO2 emission reduction (tons): 131,290
Annual number of passengers transported (10,000 people): 94,127

Metro transit
Low carbon andlow emission
transportation

CO2 emission reduction (tons): 7,043,261
Railwaytransportation

Total: CO2 emission reduction (tons)

Annual number of passengers transported (10,000 people): 6,853
CO2 emission reduction (tons): 2,340,134
10,898,547

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

222020 Annual Green Bond ReportIndustrial and Commercial Bank of China Limited

23