22022 Industrial and Commercial Bank of China Limited Green Bond Report1
Vision andObjective for
Issuing Green
Bonds

Overview

Management of Proceeds

Use of Proceeds

Environmental Impacts of Green Bonds

Disclosure and Reporting

OVERVIEW

Industrial and Commercial Bank of China (hereafter “ICBC”,“the Bank” or “we”)
was established on 1st January 1984. On 28th October 2005, the Bank was wholly
restructured to a joint-stock limited company. On 27th October 2006, then Bank was
successfully listed on both Shanghai Stock Exchange and the Stock Exchange ofHong Kong Limited.
Aiming to develop into a world-class modern financial corporation with Chinesecharacteristics, the Bank has an excellent customer base, a diversified businessstructure, strong innovation capabilities and market competitiveness. The Bank
regards service as the very foundation of business, insists on creating value throughservice while providing a comprehensive range of financial products and services
to over 10 million corporate customers and 720 million personal customers aroundthe world, and serves the high-quality economic and social development with
the Bank’s own high-quality development. The Bank consciously integrates social
responsibilities with its development strategy and business management activities,
and actively devotes itself to serving the manufacturing industry, promoting
inclusive finance, backing rural revitalization, developing green finance, andparticipating in public welfare undertakings.

The Bank always keeps in mind its underlying mission of serving the real
economy with its principal business, and along with the real economy itprosper, suffers and grows.
Taking a risk-based approach, and never overstepping the bottom line, it
constantly enhances its capability of controlling and mitigating risks.
Besides, the Bank remains steadfast in understanding and following thebusiness rules of commercial banks, and commits to be a "century-old
store" with reputation and history.
It also insists on seeking progress with innovation while maintaining
stability, continuously enhances the key development strategies, actively
develops FinTech and accelerates digital transformation.

The Bank
was ranked the 1st place
among the Top 1000 World
Banks by The Banker for thetenth consecutive year

was ranked the 1st placein the list of commercial
banks of the Global 500
in Fortune for the tenthconsecutive year

took the 1st place
among the Top 500
Banking Brandsof Brand Finance for theseventh consecutive year

The Bank continues torank the 1st place in the
GYROSCOPE assessment
system among nationalcommercial banks

During the reporting period, the Bank actively participatedin the international governance of sustainable development.
The Bank carried out international exchanges and cooperation
on green finance to promote the joint construction of green
consensus, relying on the "Belt and Road" Interbank Regular
Cooperation Mechanism (BRBR)
Conducted BRICS cooperation, and discussed the formationof ESG assessment methodological framework suitable for
emerging markets and developing countries
Cooperated with China and Europe Excellent companies invarious fields jointly to initiate the establishment of the ChinaEurope Business Alliance (CEBC) to facilitate China-EU dualcarbon cooperation
Participated in the global financial governance of the Task
Force on Climate-related Financial Disclosure (TCFD), providing
reference for Chinese institutions to benchmark the TCFD
framework
Besides, the Bank continued to fulfill the duty as the leader
in the expert working group of Chinese banking industry on
supporting the achievement of Carbon Peaking and Carbon
Neutrality Goals, sharing the Bank's management practices

receives the
ESG rating of the
A gradeThe Bank unswervingly delivers specialized services, pioneers a specializedbusiness model, and forges "a craftsman in large banking".

The Bank follows the guiding principles and directions of the Paris Agreement,
strengthens international exchanges and cooperation in multiple fields, andpromotes the low-carbon transformation of the global economy jointly.

from MSCIThe issuance of green bonds helps the Bank achieve the common goal of "carbon
peaking and carbon neutrality", maximizes the combined value of shareholders,
stakeholders and social responsibility, and represents a concrete practice of the
Bank to deepen the implementation of sustainable development strategy.

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42022 Industrial and Commercial Bank of China Limited Green Bond Report

Overview

Business
Development ofGreen FinanceIssuance of green bonds

At present, protecting the ecological environment and addressing climate change
have become a common challenge for the world. A broad consensus has been
formed in the international community. The Chinese government has announced
the strategic goals of carbon peaking by 2030 and carbon neutrality by 2060, andhas made special deployments for green development in the "14th Five-Year Plan".
The development of green finance is an important part in the construction of
ecological civilization. Given that, as a global systemically important bank, the Bank
has always adhered to the business philosophy of promoting the development of
the real economy with green finance. The Bank actively practiced the concept ofsustainable development, deeply rooted green finance development in corporate
management, insisted on integrating the concept of green development into its
financial services and its own operations. Being committed to fulfill its economic
and social responsibilities, ICBC is dedicated to protecting the environment,
developing the economy, creating jobs and removing poverty all at the same timethrough financial means.

Management of Proceeds

Environmental Impacts of Green Bonds

Disclosure and Reporting

The Bank actively implemented the green development philosophy and thesustainable development strategy to help the development of the green bondmarket.

As of the end of the reporting period
The Bank issued a total of

In terms ofoverseasgreen bondissuance

Green bonds
Underwriting andinvestment of green bonds

Use of Proceeds

The Bank vigorously carried out the underwriting and investment of green bonds,
and guided social funds to flow into the green industry.

15.74

billionUS$
overseas green bonds

and won13

international awards

in total

During the reporting period
the Bank issued a total of equivalent US$2.68 billion global
multi-currency overseas green bonds with the theme of "carbon
neutrality" through four overseas branches in Hong Kong,
Singapore, London, and Dubai, and listed them simultaneouslyon the stock exchanges in Hong Kong, Singapore, London, andDubai.

As of the end of the reporting period
the Bank has cumulatively issued
RMB

During the reporting period
The Bank has
underwritten a total of67

green bondsof various types

Raising a total of

224.84

RMB

billionWhich were all
invested in clean
energy, green
development
and other fields,
effectively
supporting thedevelopment of thegreen economy.

In terms ofdomestic
green bondissuance

Green credit
During the reporting period
The Bank increased
the investment of

126.3

RMB

billionin RMB-denominated green bonds
Equivalent

416

millionUS$
in foreign currency green bonds

Offering green
financial support
to key areas of
ecological civilization
construction suchas clean energy,
energy conservationand environmental
protection, circular
economy, and lowcarbon economy.

20

billion domestic green bonds.

During the reporting period
The Bank successfully issued

10billion carbon-neutral green financial bonds
RMB
in the national interbank bond market. This bond is the first commercial bank carbon-neutral green financial bond approved by
the regulators in China and the first green bond citing the newversion of the EU-China “Sustainable Finance Common GroundTaxonomy”. It fulfills the global mainstream green bond standards
and is a benchmark product in the domestic green bond market.

The Bank continued to strengthen the management of domestic industry
investment and financing policies, thereby promoting the adjustment of green
credit in the investment and financing structures effectively. The Bank has
embedded green finance requirements into all aspects of its whole process,adhered to the bottom-line and red-line constraints.

As of the end of the reporting period
Under the CBIRC’s criteria, the bank recorded

3,978.458

billionRMB
in green loans issued to energy saving, environmental protection, clean production, clean energy,
ecological environment, green upgrading of infrastructure, green services and other green industries

with boththe scale andincrement
remained firstamongcomparable
peers

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2022 Industrial and Commercial Bank of China Limited Green Bond Report

Low-Carbon
operations

Overview

Guided by “promoting green development, advocating low-carbon, and creating agreen bank”, the Bank continues to promote the construction of a “green bank”, byadvocating “paperless” office throughout the whole bank, encouraging the active
promotion of green office, enriching the connotation of office informatization, andpracticing energy-saving and emission reduction.

During the reporting period

Use of Proceeds

Environmental Impacts of Green Bonds

Disclosure and Reporting

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

2018

Issued by London Branch

Issue Date

5th June 2018

Issuer’s rating

A1 (Moody’s)Issuerating

A1 (Moody’s)Issue type

Senior unsecured bondIssue format

Reg S

ISIN

XS1830985278

Type of Insurance

Five-year US Dollar floating-rateIssuance amount

US$ 500,000,000

Use of proceeds

For the purpose of financing or refinancing Eligible Green Assets as described in ICBC’s Green Bond
Framework, covering areas including renewable energy, low-carbon and low emission transportation,energy efficiency as well as sustainable water and wastewater management in the regions andcountries surrounding “Belt and Road”

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

External auditor’sopinionExternal Assurance by Beijing Zhongcai Green Financing Consultant Ltd.
In accordance with China’s Green Bond Standards

Certification

Labelled as "Climate Bond" by CBI on 28thMay 2018;
Awarded the Post-Issuance Certification by CBI on 4thJune 2019

Listing

London Stock Exchange

Which is approximate

The Bank has saved
approximately

98

19

tons
by holding paperlessmeetings online

millionsheets of paper
The office and mobile
platforms handled a
total of

Savingapproximately

billionpaperless transactionsof paper5.2

27,000tons

During the reporting period
The Bank established and put into operation a self-developed carbon
footprint management data statistics system, which realized digital
information reporting, standardized approval, and automated summary
during the reporting period, laying a solid foundation for the continuous
implementation of “carbon peaking and carbon neutrality” work.

In addition, the Bank actively practiced the concept of green finance in terms of green wealth management,
green funds, green leasing, green investment, and green insurance, and gave full play to its role as themain force in the industry to promote the comprehensive green transformation of economic and social
development.

Basic Informationof Green Bonds

Table 1

Management of Proceeds

As of the end of the reporting period
The total balance of the Bank’s outstanding overseas green

8.21

bonds amounts is equivalent to USD$

billion.

The Bank has issued green bonds through Luxembourg branch, London
branch, ICBC Asia, Singapore branch, Hong Kong branch, Macaubranch, and Dubai branch previously, all of these green bonds werehighly recognized and oversubscribed by global investors.

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82022 Industrial and Commercial Bank of China Limited Green Bond Report

Overview

Management of Proceeds

Use of Proceeds

Environmental Impacts of Green Bonds

Disclosure and Reporting

2018

Issued by ICBC (Asia)

2019

Issued by Singapore Branch

Issue Date

13th June 2018

Issue Date

16th April 2019

Issuer’s rating

A1 (Moody’s)Issuer’s rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issuerating

A1 (Moody’s)Issue type

Senior unsecured bondIssue type

Senior unsecured bondIssue forma

Reg S

ISIN

XS1982691153

Type of insurance

Five-year US Dollar floating-rateIssuance amount

US$ 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 as sustainable water andwastewater management

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

Listing

Singapore Stock Exchange

Issue format

ISIN

Type of Insurance

Issuance amount

Use of proceeds

Second opinion

External auditor’sopinionCertification

ListingReg S

XS1839372601

Five-year US dollar floating-rate

US$ 200,000,000

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“Dark Green” shading by the Center for international Climate Research (CICERO)in Oslo in accordance with the green bond principles

External Assurance by Beijing Zhongcai Green Financing Consultant Ltd.
In accordance with China’s Green Bond Standards

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

Hong Kong Stock Exchange

9102022 Industrial and Commercial Bank of China Limited Green Bond Report

Overview

2019

Issued by Hong Kong Branch

Issue Date

9th September 2019

Issuer’s rating

A1 (Moody’s)Issue rating

Issue type

Issue Format

Management of Proceeds

Joint issuance of multiple branches

Issue Date

21st October 2021

Issuer’s rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondIssue Format

Reg S

Senior unsecured bond

Reg S
Hong Kong Branch

Singapore Branch

Luxembourg
BranchLondon Branch

Macau Branch

XS2381043350

XS2384565508

XS2384014705

XS2384533563

MO000A3KV710

Five-year US Dollar
fixed-rate

Three-year US
Dollar fixed-rate

Five-year Euro
fixed-rate

Long Four-year
British Pound fixedrate

Two-year Macau
pataca fixed-rate

US$ 1,000,000,000

US$ 1,050,000,000

EUR 500,000,000

GBP 250,000,000

MOP 2,000,000,000

XS2052134496

Five-year USD floating-rateIssuance amountUSD 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

Disclosure and ReportingA1 (Moody’s)

ISINType of insurance

Environmental Impacts of Green Bonds

2021

Issuing Branch
ISIN

Use of Proceeds“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

Certification

Awarded the Pre-issuance Stage Certificate by the HKQAA from August-September 2019;
awarded the Post-issuance Stage Certificate by the HKQAA on 14th September, 2020

ListingHong Kong Stock Exchange.

Type ofinsurance

Issuance amount

Use of proceeds

For the purpose of financing or refinancing Eligible Green Assets with significant carbon emission
reduction benefits 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.

Second opinion

Sustainalytics issued a second opinion in accordance with the green bond principles

External
auditor’s opinion

External Assurance by Beijing Zhongcai Green Financing Consultant Ltd. In accordance with China’s
Green Bond Standards and China’s carbon neutrality bond standards.

Awarded the Pre-issuance Stage Certificate by the HKQAA on 13th August 2021; labelled by CBI as
Certification

Listing"Climate Bonds" on 30th August 2021;Awarded thePost-issuance Stage Certificate by HKQAA on 15th
May 2023

Singapore Stock Exchange, Hong Kong Stock Exchange, Luxembourg Stock Exchange (EuroMTF
Market), London Stock Exchange (International Securities Market), Chongwa (Macao) Financial Asset
Exchange (MOX)

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2022 Industrial and Commercial Bank of China Limited Green Bond Report

Overview

Issue Date

24th May 2022

Issuer’s rating

A1 (Moody’s)

2022 respectively, both of which were highly recognized and subscribed by a diverse range of institutional
investors.

Reg S

Hong Kong Branch

XS2446005907

Hong Kong Branch

HK0000824497

Singapore Branch

XS2484328021

London Branch

XS2446008083

Industrial and Commercial Bank of China Limited
2022 Green Finance Bond (Tranche 1)

The abbreviated nameof the bond

22 ICBC Green Finance Bond 01

Issue Date

2022/6/8

Bond Maturity

3 years

Issuance amount

RMB 10 billion

Use of proceeds

Allocation to wind power and photovoltaic power projects

External auditor’s opinion

A green assessment certification report issued by Lianhe Equator Environmental Impact
Assessment Company Limited

The full name of the bondIndustrial and Commercial Bank of China Limited
2021 Green Finance Bond (Tranche 1)

The abbreviated nameof the bond

21 ICBC Green Finance Bond 01

Issue Date

2021/9/24

Bond Maturity

3 years

Issuance amount

RMB 10 billion

Use of proceeds

Allocation to wind power and urban transit railway transportation projects

External auditor’s opinion

A green assessment certification report issued by Lianhe Equator Environmental Impact
Assessment Company Limited

HK0000853959

Three-year US
Dollar fixed-rate

Two-year HKD
fixed-rate

Three-year US
Dollar floating-rate

Three-year Euro
fixed-rate

Two-year CNH
fixed-rateIssuance amountUS$
1,200,000,000

HKD
2,000,000,000

US$600,000,000

EUR
300,000,000

CNH
2,000,000,000

Use of proceeds

For the purpose of financing or refinancing Eligible Green Assets with significant carbon emission
reduction benefits 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.

Second opinion

Sustainalytics issued a second opinion in accordance with the green bond principles

External
auditor’s opinion

External Assurance by Beijing Zhongcai Green Financing Consultant Ltd. In accordance with China’s
Green Bond Standards and China’s carbon neutrality bond standards.

Listing

The full name of the bondDubai BranchType ofinsurance

Certification

Details of ICBC’s domestic green bond outstanding as of the end of the reporting period

Senior unsecured bondIssue format

ISIN

Disclosure and ReportingA1 (Moody’s)Issue type

Issuing Branch

Environmental Impacts of Green Bonds

balance of RMB 20 billion. These two bonds were issued through national interbank bond market in 2021 andTable 2
Issuerating

Use of Proceeds

As of the end of the reporting period, there are two domestic green bonds outstanding in ICBC, with total

Joint issuance of multiple branches

2022Management of ProceedsthAwarded the Pre-issuance Stage Certificate by the HKQAA on 15 February 2022

Singapore Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange (International
Securities Market), and NASDAQ Dubai Exchange

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2022 Industrial and Commercial Bank of China Limited Green Bond Report

Bond Awards

Overview

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

13

2019

Management of Proceeds

Use of Proceeds

Environmental Impacts of Green Bonds

Disclosure and Reporting

Green bonds issued by Singapore Branchmajor awards with details as follows:

2017

Green bonds issued by Luxembourg BranchAwarded by The AssetAwarded by The Asset

The “Best Issuer for
Sustainable Finance”“Best Financial Institutions
Group Bond”(Best FIG Bond)7

Received from IFR Asia

The “Best Socially Responsible Investing Bond”(Best SRI Bond) award2 for 20172019

The comments of the award include “ICBC has created a
precedent for other Chinese issuers in integration of domestic
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 definition
related to the domestic green market”.

Received from Finance Asia

The “Best Environmental, Social andGovernance Deal”(Best ESG Deal)award1 for 2017

Awarded by The Asset

Received from Environmental Finance

The “Best Green Bond"3

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

Green bonds issued by Hong Kong BranchAwarded by The Banker

The “Deals of the Year 2020 Asia Pacific”8

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

The “Outstanding Award for Green Bond Issuer Largest Single Green Bond (Banking Industry)”2021

Carbon Neutrality Green Bond issued by Hong Kong Branch, Singapore
Branch,Macau Branch, Luxembourg Branch, London Branch

Granted by GlobalCapital

The “2018 Asia Pacific Green/SRI Bond Deal of the Year” award5

2018

Received from HKQAA

Awarded by The Asset

The "Outstanding Award for Green andSustainable Bond Issuer (Global Commercial
Banking Industry) and Largest Single Carbon
Neutrality Themed Green Bond "The "Financial
Institutions Best Green
Bond" for 2021

Green bonds issued by London BranchReceived from CBIThe “Largest Emerging Markets Certified
Climate Bond in 2018” award6

2022

Carbon Neutrality Green Bond issued by Hong Kong Branch,Singapore Branch, London Branch, Dubai BranchAwarded by The Asset

The "Financial Institutions Best Green Bond - Carbon Neutrality"for 2022
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
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

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2022 Industrial and Commercial Bank of China Limited Green Bond Report2

Overview

Management of Proceeds

Use of Proceeds

Environmental Impacts of Green Bonds

Disclosure and Reporting

MANAGEMENTOF PROCEEDS
Table 3   Categories and examples of Eligible green asset

Governance
Framework

ICBC has established the "Green Bond Framework" (hereinafter referred to as"the Framework"), under which funds raised through green bonds will be used toprovide financing or refinancing for eligible green assets that contribute to lowcarbon environmental protection, sustainable economic development, and climatechange. Please refer to Table 3 for the categories and examples of Eligible Green
AssetsEligible Green Asset Category

Generation and transmission of energy from renewable energy sources- Renewable energy sources include offshore and onshore wind, solar, tidal, large
Renewable Energyhydropower (life cycle emissions below 100g CO2e/kWh or power density above
5 W/m2), and biomass (lifecycle emissions below100g CO2e/kWh)Construction, maintenance, research and development of zero direct emission (e.g.
electric and hydrogen driven) transportation facilities excluding any infrastructure
or rolling stock assets used for the transportation of fossil fuel or mining products

In any case, Eligible Green Assets shall exclude the following
industry categories:
Fossil fuel-related assets

Description and Examples- Examples include metro, rail tram, bus rapid transit systems, and electric vehicles
Low Carbon and Low
Emission Transportation

Nuclear energy and nuclear-related assets

Manufacture of key assets, systems, and components dedicated for zero directemission vehicles and vessels

Products or technologies that increase energy efficiency and reduce at least 30%
energy consumption of the related asset(s), technology(ies), product(s) or system(s)Biomass energy/feedstock that

- Examples include LED lights, improved chillers, and improved lighting
technologies

will be derived from sources that compete withfood production

Energy Efficiency

Improving the efficiency in the delivery of bulk energy services- Examples include smart grids and energy storage

will be grown in areas with rich biodiversity
currently or in the past
Water collection, treatment, recycling technologies and related infrastructure

will reduce the effectiveness of carbon pools insoil.

- Examples include water pipes and collection facilities to collect water or rainwater
Sustainable Water
Management

for recycling, and wastewater treatment plant facilities.

Note: Eligible assets in each category shall at least meet the relevant standards as recognized in the respective country where the project is located. In case of no official or recognized
standards from the respective country, corresponding international standards shall apply.

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2022 Industrial and Commercial Bank of China Limited Green Bond Report

Project Evaluationand Selection

Overview

Eligible Green Assets will be identified and proposed by various business lines
within the ICBC Group (including domestic and overseas branches and subsidiaries)
and will be reviewed and screened by the "Dedicated Green Bond Working Group"at ICBC Head Office which comprises representatives of :Management of Proceeds

Use of Proceeds

Environmental Impacts of Green Bonds

Disclosure and Reporting

External
Assessment andCertification
Table 4   External Assessment and Certification of ICBC Green Bond Framework

Asset & Liability Management Department

Credit and Investment Management Department
Dedicated Green
Bond Working Group

CertificationonIndustrial and Commercial Bank of China Limited Green Bond Framework

Corporate Finance Department
Urban Finance Research Institute (Comprehensively
Deepening Reforms Leading Group Office)Certification
Standard

Other relevant departments

Prior to the issuance, the Dedicated Green Bond Working Group will review all
proposed Eligible Green Assets to determine their compliance with the ICBC Green
Bond Framework for approval as "Eligible Green Assets", and form a "Eligible Green
Asset List" (each as “Eligible Green Assets”, collectively the “Eligible Green Assets
List”). For refinancing projects, the Dedicated Green Bond Working Group willprioritize screening newer projects.

The Green Bond Principles of
the International Capital Market
Association (ICMA)

Certification
AgencySustainalytics

The Dedicated Green Bond Working Group shall have experts with environmental
experience and knowledge as its members. These experts shall have a right to vetoand the assets vetoed by them shall be excluded from the "Eligible Green Asset List".

1. The green asset categories under the Green Bond
Framework are all in line with the criteria of the Green Bonds
Endorsed Projects Catalogue (2021 Edition). The selectionof projects is subject to the description/condition under thegreen project categories listed in the Green Bonds Endorsed
Projects Catalogue (2021 Edition).

Status of
Certification(Excerpts)
Proceeds raised from the seven green bond issued by ICBC have beentransferred in full to the head office through Luxembourg branch,
London branch, Hong Kong branch, Singapore branch, Macau branch,
and Dubai branch respectively, and all are used to support the existing
Eligible Green Assets.

Beijing Zhongcai Green Finance Consulting Ltd.

“Assessment Conclusion:

Every year, the Dedicated Green Bond Working Group will conduct annual review
on the allocation of proceeds to the Eligible Green Asset List and determine if any
changes are necessary (for example, if a project has been amortized, prepaid, soldor otherwise become ineligible), and facilitate ongoing reporting. The DedicatedGreen Bond Working Group will decide any necessary update of the Eligible Green
Asset List (such as replacement, deletion, or addition of projects) to ensure theeligibility of the use of proceeds.

Deposit, Use andManagement ofProceeds

Green Bond Endorsed Projects Catalogue (2021 Edition)issued jointly by the People’s Bank of China (PBoC), theNational Development and Reform Commission (NDRC) andthe China Securities Regulatory Commission (CSRC), PBoC
Announcement No.39 [2015] for “Issuances of green financebonds in the interbank bond market”, PBoC Announcement
No.29 [2018] for “Strengthening the supervision andmanagement of green finance bonds during their duration”

Sustainalytics is confident that
the Green Bond Framework of
ICBC is robust, transparent, andin alignment with the four corecomponents of the Green Bond
Principles 2021.

2. The Green Bond Framework establishes a scientific process
for project evaluation and selection, which will effectively
select eligible green assets.
3. The Green Bond Framework has a sound plan for thesubsequent management and use of proceeds, which
effectively ensure that the proceeds are used for eligible
green assets. The Green Bond Framework establishes a clear
scheme for green bond disclosure, which will effectively
ensure effective disclosure of green bond information.”
4. The Green Bond Framework establishes a clear scheme forgreen bond disclosure, which will effectively ensure effective
disclosure of green bond information ”

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2022 Industrial and Commercial Bank of China Limited Green Bond Report3

Overview

Management of Proceeds

Use of Proceeds

Environmental Impacts of Green Bonds

Disclosure and Reporting

USE OFPROCEEDS

Use of Proceeds

As of the end of the reporting period, the total balance of the Bank’s outstanding
overseas green bonds amounts is equivalent to USD$8.21 billion. The proceeds
were mainly used to support refinancing in the renewable energy industry, lowcarbon and low-emission transportation industry, and sustainable water resource
management industry. Please refer to Table 5 for the details.

Table 5

Issued by

Proceeds

Amount of proceeds
allocated

Idle Funds

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

2018- London
Branch2018- ICBC Asia

2019- Singapore
Branch2019- Hong Kong
Branch2021- Jointly
issued by multiple
branches

2022- Jointly
issued by multiple
branches

5.0

2.0

6.0

10.0

32.3

26.8

in USD 100 millions

in USD 100 millions

in USD 100 millions

in USD 100 millions

in USD 100 millions

in USD 100 millions

5.0

2.0

6.0

10.0

32.3

26.8

in USD 100 millions

in USD 100 millions

in USD 100 millions

in USD 100 millions

in USD 100 millions

in USD 100 millions

0

0

0

0

0

0

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2022 Industrial and Commercial Bank of China Limited Green Bond Report

Breakdown by
Asset Category

Overview

As of the end of the reporting period, asset categories funded by ICBC’s existingoverseas green bond include wind power generation, solar power generation,
railway transportation, metro transit, and urban water conservation. Among them,Management of Proceeds

41wind power projects

allocated
funds of

US$

2.629
2.538

billionbillionEnvironmental Impacts of Green Bonds

Issuer2018- London
BranchBreakdown of allocation of proceeds raised by existing overseas green bondsby each green asset category at the end of the reporting period
Number of
Projects

Project
value (100million
USD)

Amount ofproceeds
allocated (100million USD)

Proceeds fromgreen bonds asa percentage of
project value (%)

1

8.10

5.00

61.76

1

8.10

5.00

61.76

1

11.26

2.00

17.77

1

11.26

2.00

17.77

Wind Power
Generation

6

5.36

4.45

82.95

Solar Power
Generation

3

1.20

1.00

83.14

Urban Water
Conservation

1

0.55

0.55

100.00

10

7.12

6.00

84.30

Wind Power
Generation

4

2.18

2.18

100.00

Solar Power
Generation

3

0.69

0.69

100.00Urban rail transit

1

10.55

7.14

67.67

8

13.41

10.00

74.57

Wind Power
Generation

2

2.56

2.56

100.00

Solar Power
Generation

2

6.14

6.14

100.00Urban rail transit

3

23.85

23.60

98.94

7

32.55

32.30

99.22

Asset Categories

Low Carbon and Low
Emission Transportation

Railway
Transportation

Total
2018- ICBC
Asia

8

solar power
generation projects

with a projectvalue of
US$

0.803

allocated
funds of

0.783

US$

Low Carbon and Low
Emission Transportation

2019- Singapore
BranchRenewable Energy

Sustainable Water
Management2

railway transportation
projectswith a projectvalue ofUS$

allocated
funds of

US$

1.935
0.7

Railway
Transportation

TotalbillionbillionTotal

billion
2019Hong Kong
BranchbillionRenewable Energy

Low Carbon and Low
Emission Transportation
Total

6

metro transit projects

with a projectvalue ofUS$
allocated
funds of

US$

4.603
4.135

billionbillion2021- Jointly
issued bymultiplebranches

Renewable Energy

Low Carbon and Low
Emission Transportation
Total

1

urban water
conservation projectwith a projectvalue of
US$

0.055

allocated
funds of

0.055

US$

billionDisclosure and Reporting

Please refer to Table 6 for the allocation of proceeds raised by the existing overseas green bonds to each asset category at theend of the reporting period.

Table 6

with a projectvalue ofUS$

Use of Proceeds

2022- Jointly
issued bymultiplebranches

Renewable Energy

Wind Power
Generation

29

16.19

16.19

100.00

Low Carbon and Low
Emission Transportation

Urban rail transit

2

11.63

10.61

91.27

31

27.82

26.80

96.35

Total

billionNote:1. All amounts are translated to US dollar (converted from local currency).
   2. Project value refers to the loan balance from the Bank for that project.

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2022 Industrial and Commercial Bank of China Limited Green Bond Report

Overview

Management of Proceeds

Use of Proceeds

Environmental Impacts of Green Bonds

Disclosure and Reporting

Assets funded by the existing overseas green bonds as of the end of the reporting period were located in a number of countries
and regions both within and outside of China. Please refer to Table 7 for details on geographical distribution of assets.

Table 7

Issuer2018- London
BranchBreakdown of allocation of proceeds raised by existing overseas green bonds
by region at the end of the reporting period
Countries and Regions

WithinChina

WithinChina

IssuerCountries and Regions

1

8.16

8.16

North

1

7.83

7.58

Northeast

1

1.73

1.73

7

32.55

32.30

North

16

11.05

10.03

East

8

11.21

11.21

Central

1

0.58

0.58

1.24

South

5

4.32

4.32

0.55

0.55

Southwest

1

0.66

0.66

4

4.14

3.22

31

27.82

26.80

10

7.12

6.00

8

13.41

10.00

8

13.41

10.00

United Kingdom

1

0.29

0.29

United ArabEmirates

1

4.41

4.41

Central

1

2.27

2.27

South

1

7.86

7.86

1

8.10

5.00

1

8.10

5.00

1

11.26

2.00

1

11.26

2.00

Pakistan

1

0.45

0.45

Egypt

1

0.24

0.24

East

1

0.30

0.30

Central2

1.44Southwest

1

Northwest

Northeast

Total

2021-Jointly
issued by multiple
branches

Within
China

Total

OutsideChina

2019- Singapore
Branch2022- Jointly
issued by multiple
branches

WithinChina

WithinChina

Total
2019- Hong Kong
BranchWithin
China

South

Total

OutsideChina
2021-Jointly
issued by multiple
branches

Number ofAmount of proceeds allocatedProject value (100 million USD)
Projects(100 million USD)

Southwest

South Central

Total

2018- ICBC Asia

Number ofAmount of proceeds allocatedProject value (100 million USD)
Projects(100 million USD)

Within
China

Total

Note: 1. All amounts are translated to US dollar (converted from local currency).
   2. Project value refers to the loan balance from the Bank for that project.

Major Pollution
Incident
or Other
Environmental
BreachThere was no major pollution incident or any other environmental
breach occurred in the green assets supported by the proceedsfrom the Bank’s existing overseas green bonds as of the end of
the reporting period.

25

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2022 Industrial and Commercial Bank of China Limited Green Bond Report

Overview

Management of Proceeds

Use of Proceeds

Disclosure and Reporting

ENVIRONMENTAL
IMPACTS OF
GREEN BONDS

4

Table 8IssuerAs of the end of the reporting period
The green assets supported by the proceeds
raised from the Bank’s existing overseas green
bonds have contributed to an annual carbon
emission reduction of

21,324,159

tons

Among them
The total annual carbon emission reduction
from renewable energy projects was

14,698,848

2018- London
BranchAssets category

Low Carbon
and Low
EmissionTransportation

Railway
Transportation

tons
Total: CO2 Emission reduction (tons):

An annual increased water supply capacity of

450,000

Environmental Impacts of Green Bonds

cubic meters

And annual wastewater treatment capacity of

35,640,700

cubic meters

And that from low-carbon and low-emission
transportation projects was

6,625,311

tons

The annual increased water supply capacity and theannual wastewater treatment capacity from the thesustainable water resource management projects were

450,000
35,640,700

Low Carbon
and Low
2018- ICBC Asia
EmissionTransportation

Railway
Transportation

Total: CO2 Emission reduction (tons):

cubic meters andWind Power
Generation

cubic meters,

respectively

2019-Singapore
BranchRenewable
EnergySolar Power
Generation

Environmental impacts
Key Impact Indicator(By Project)

Key Impact Indicator(By amount of proceeds allocated)

Annual number of passenger
transported (10,000 people):
730

Annual number of passenger
transported (10,000 people):
451

CO2 Emission reduction (tons):
1,044,659

CO2 Emission reduction (tons):
645,200

1,044,659

645,200

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

Annual number of passenger
transported (10,000 people):
170

CO2 Emission reduction (tons):
457,121

CO2 Emission reduction (tons):
81,230457,121

81,230Total installed capacity (MW):1,851

Total installed capacity (MW):1,536

Annual generation capacity (MWh): Annual generation capacity (MWh):
2,129,486
1,766,464
CO2 Emission reduction (tons):
1,572,768

CO2 Emission reduction (tons):
1,304,652

Total installed capacity (MW):260

Total installed capacity (MW):216

Annual generation capacity (MWh): Annual generation capacity (MWh):
296,488
246,490
CO2 Emission reduction (tons):
204,974

CO2 Emission reduction (tons):
170,40927

282022 Industrial and Commercial Bank of China Limited Green Bond Report

Issuer2019-Singapore
BranchAssets category

Sustainable
Water
Management

Urban Water
Conservation

CO2 emission reduction (tons)
Total

Key Impact Indicator(By Project)

Key Impact Indicator(By amount of proceeds allocated)

Annual increased in water supply
capacity (CBM):
450,000

Annual increased in water supply
capacity (CBM):
450,000

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

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

1,777,742

1,475,061

Annual water supply capacity (m3)450,000

450,000

Annual wastewater
treatment capacity (m3)35,640,700

35,640,700

Total installed capacity (MW):299

Total installed capacity (MW):299Wind Power
Generation

Renewable
Energy2019Hong Kong
BranchSolar Power
Generation

Low Carbon
and Low
Urban rail transit
EmissionTransportation

Total: CO2 Emission reduction (tons):

2021Jointly
issued bymultiplebranches

Overview

Renewable
EnergyWind Power
Generation

IssuerManagement of Proceeds

Use of Proceeds

Assets category

Renewable
EnergySolar Power
Generation

2021Jointly
issued bymultiplebranches
Low Carbon
and Low
Urban rail transit
EmissionTransportation

Total: Reduction in CO2 Emissions (in tons)

Annual generation capacity (MWh): Annual generation capacity (MWh):
1,698,659
1,698,659
CO2 Emission reduction (tons):
1,316,460

CO2 Emission reduction (tons):
1,316,460

Total installed capacity (MW):140

Total installed capacity (MW):140

Annual generation capacity (MWh): Annual generation capacity (MWh):
169,406
169,406
CO2 Emission reduction (tons):
131,290

CO2 Emission reduction (tons):
131,290

Annual number of passenger
transported (10,000 people):
17,885

Annual number of passenger
transported (10,000 people):
12,103CO2 Emission reduction (tons):
1,928,790

CO2 Emission reduction (tons):
1,305,227

3,376,540

2,752,977

Total installed capacity (MW):1,700

Total installed capacity (MW):1,700

Annual generation capacity (MWh): Annual generation capacity (MWh):
1,377,156
1,377,156
CO2 Emission reduction (tons):
939,804

CO2 Emission reduction (tons):
939,804

Renewable
EnergyWind Power
Generation

2022Jointly
issued bymultiplebranches
Low Carbon
and Low
Urban rail transit
EmissionTransportation

Total: CO2 Emission reduction (tons)

Environmental Impacts of Green Bonds

Disclosure and Reporting

Key Impact Indicator(By Project)

Key Impact Indicator(By amount of proceeds allocated)

Total installed capacity (MW):1,350

Total installed capacity (MW):1,350

Annual generation capacity (MWh): Annual generation capacity (MWh):
4,427,433
4,427,433
CO2 Emission reduction (tons):
2,241,929

CO2 Emission reduction (tons):
2,241,929

Annual number of passenger
transported (10,000 people):
52,882

Annual number of passenger
transported (10,000 people):
52,318CO2 Emission reduction (tons):
4,117,022

CO2 Emission reduction (tons):
4,073,181

7,298,755

7,254,914

Total installed capacity (MW):4,483

Total installed capacity (MW):4,483

Annual generation capacity (MWh): Annual generation capacity (MWh):
1,155,148
1,155,148
CO2 Emission reduction (tons):
8,594,305

CO2 Emission reduction (tons):
8,594,305

Annual number of passenger
transported (10,000 people):
24,238Annual number of passenger
transported (10,000 people):
22,113CO2 Emission reduction (tons):
570,245

CO2 Emission reduction (tons):
520,473

9,164,549

9,114,778

Note ：1.For renewable energy projects, impacts are calculated based on the EIB CO2 Methodology: https://www.eib.org/attachments/lucalli/eib_project_carbon_footprint_methodologies_2023_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 the EIB CO2 evaluation method.

29

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2022 Industrial and Commercial Bank of China Limited Green Bond Report

5

DISCLOSURE AND
REPORTINGICBC commits to publish an annual green bond report ("The Annual Green Bond Report"),providing information on the allocation of proceeds from green bonds and theirenvironmental benefits.
This report is an annual report covering the period from 1stJanuary 2022 to 31stDecember
2022, with some content extending beyond this timeframe.
The Annual Green Bond Report will be updated annually and published on ICBC's official
global website at www.icbc-ltd.com. In addition, ICBC will disclose relevant information
through other feasible channels such as annual reports and corporate social responsibility
reports, which will also be published on ICBC's official global website at www.icbc-ltd.com.
ICBC has engaged an independent third party to provide external assurance for this report.

Overview

Management of Proceeds

Use of Proceeds

Environmental Impacts of Green Bonds

Disclosure and Reporting31