22023 GREEN BOND REPORT

1

Industrial and Commercial Bank of China Limited

3

OVERVIEW

发行绿色债券的愿景和目标

Vision and Objective for Issuing Green Bonds
Industrial and Commercial Bank of China Limited (the “Bank”) was established on 1 January 1984. On 28 October 2005, theBank was wholly restructured into a joint-stock limited company. On 27 October 2006, the Bank was successfully listed on
both the Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited.
The Bank has devoted itself to building a world-class and modern financial enterprise with Chinese characteristics.
The Bank has a high-quality customer base, a diversified business structure, strong innovation capabilities and market
competitiveness. The Bank regards service as the very foundation to seek further development and adheres to creating
value through services while providing abundant financial products and superior financial services to over 12.05 million
corporate customers and 740 million personal customers around the world. It has served the high-quality developmentof the economy and society with its own high-quality development. The Bank has been consciously integrating social
responsibilities into its development strategy, operation and management activities, gaining wide recognition in the
aspects of serving the manufacturing industry, promoting inclusive finance, backing rural revitalization, developing green
finance and participating 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 it prospers, suffers and grows.

Taking a risk-based approach and never overstepping the bottom line, it constantly
enhances its capability of controlling and mitigating risks.

The Bank was ranked
first place among the Top
1000 World Banks by The
Bankerand first place in thelist of commercial banksof the Global 500 in
Fortune for the eleventh
consecutive year

as well as first place
among the Top 500
Banking Brands of Brand
Finance for the eighthconsecutive year

The Bank is committed to the strategic goal of becoming a green bank with good international reputation, and the businessphilosophy of serving the domestic real economy with green finance. In the process of business development, the Bank has
always adhered to integrating economic responsibility with social responsibility, pursuing innovation-driven development,
and fostering new development advantages on all fronts. The Bank attached greater importance to the development ofgreen finance and support for ecological civilization in the Group’s development plan, in a bid to enhance the adaptation,competitiveness and inclusiveness of its services for green development. The plan made clear that “the Bank will lead theway in practicing green development” and promoted the “building of green finance and ESG system” as a specific measure.
In its strategic development plan for the “14th Five-Year Plan” period, the Bank put forward the mission of “adapting to
the times, staying ahead of competitors and benefiting the public”, and emphasize the need to comply with the new trendof energy revolution, clean production and circular economy, accelerate the innovative development of green finance, andimprove the services for ecological civilization.

Besides, the Bank remains steadfast in understanding and following the business rules ofcommercial banks to strive to be a long-lasting and ever-prosperous bank.

It also stays committed to seeking progress with innovation while maintaining stability,
continuously enhances the key development strategies, actively develops the FinTech andaccelerates the digital transformation.

The Bank unswervingly delivers specialized services, and pioneers a specialized businessmodel, thus making it “a craftsman in large banking”.

The 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; it also helps the Bank to deepen its development
strategy in areas such as sustainable development and combating climate change.

42023 GREEN BOND REPORTBusiness Development of Green FinanceDuring the reporting period, the Bank persisted in promoting green finance from a strategic perspective, continuously
deepened the green finance system, and structured a green finance development mode with the Bank’s characteristics
from multiple dimensions such as governance structure, policy and system, product innovation, risk management,
performance, brand promotion, international cooperation, and forward-looking research. The Bank’s green industry
investment and financing grew rapidly, the scale of domestic green loans was ahead of peers, and the growth rate of green
loans has been higher than the average of total loans for many years. Investment innovation in such products as green
bonds, wealth management and funds has been quickened. Investment and financing environment and social risks havebeen effectively prevented and controlled. Outstanding achievements have been made in the aspects of prospective study
in green finance and external cooperation.

Green Bonds

1

The first area being the issuance of green bonds

Regarding domestic green bond issuanceduring the reporting period, the Bank successfully issued green finance bonds that totaled
RMB60 billion in the domestic interbank bond market, making it the biggest issuer of the year
in the interbank market. Particularly, the second tranche of RMB30 billion became the single
largest issuance of green finance bonds for the Bank, and the third tranche of RMB20 billion
was issued by way of quotation, which was a first in the market.

With respect to overseas green bond issuanceas at the end of the reporting period, the Bank has issued an aggregate of nine overseas green
bonds, with a total amount equivalent to USD19.9 billion, and has accumulated 17 international
awards for the issued green bonds. During the reporting period, the Bank has successfully
issued “carbon neutrality” themed overseas green bonds in multiple currencies that totaled anequivalent of USD2.2 billion through four of its overseas branches (Hong Kong Branch, Dubai
Branch, Singapore Branch and Sydney Branch), covering three currencies (USD, CNH and AUD)
and concurrently listed on three exchanges (Hong Kong, Singapore and Dubai). In addition,
the Bank has also successfully issued “Belt and Road” themed green bonds in multiple
currencies that totaled an equivalent of USD2.03 billion through four of its overseas branches(Hong Kong Branch, Singapore Branch, Luxembourg Branch and Dubai Branch), covering
three currencies (USD, EUR and CNH) and concurrently listed on four exchanges (Hong Kong,
Singapore, Luxembourg and Dubai). The above two bonds were included as part of the official
achievements of the Third Belt and Road Forum for International Cooperation and the Sixth
Hongqiao International Economic Forum, respectively.

2

The second area being the underwriting and investment of green bonds.

During the reporting period, the Bank actively pushed forward the implementation of various ESG bond projects in line withthe financing needs of customers from all industries and regions for green transformation and energy supply guarantee,
effectively fulfilling its social responsibility. The Bank underwrote 95 ESG bonds, including green bonds, sustainability
bonds and social bonds, and underwrote a total of RMB450,090 million, with RMB112,875 million underwritten as thelead underwriter. During the reporting period, the Bank actively engaged in RMB-denominated green bond investment
to provide green financing support for key areas in the building of ecological civilization. New investment made in RMBdenominated green bonds amounted to RMB90.4 billion, and the balance of the green bonds reached RMB273.2 billion
as at the end of the year, representing a year-on-year increase of 33.5%. The Bank made prudent investment in foreign
currency green bonds, steadily improving its market influence. New investment made in foreign currency green bonds
amounted to USD429 million, with a balance of USD1.27 billion as at the end of the year, representing a year-on-yearincrease of 36.27%.

Industrial and Commercial Bank of China Limited

Green Credit

5

During the reporting period, the Bank stepped up support for green productinnovation, built a comprehensive carbon finance service system, flexibly utilized
franchise rights, pollution discharge rights, charging rights, new energy subsidy
confirmation and other collateral loans, innovated guarantee methods, andactively expanded credit support for enterprises under the premise of effective
risk control. The Bank’s total domestic green loans hit a record high.

As at the end of the reporting period
the balance of green loans under
the NFRA criteria amounted tonearly RMB

5.4

maintaining a leading position
among peers in terms of bothscale and growthtrillion

Prospective Study and Cooperation &Communication on Green Finance.
Regarding prospective study
during the reporting period, the Bank continuously tracked international anddomestic systems related to economic transformation and green finance, theNational Conference on Ecological Environment Protection, and COP28 (the28th Conference of the Parties to the United Nations Framework Convention
on Climate Change) and other important conferences, and conducted in-depth
research on key areas such as ecological cooperation, carbon governance,transformation finance, green bond, information disclosure, and carbon market
tools. It provided suggestions for global green finance governance, improvementof the green finance system, green transformation of the banking industry, andgreen finance practices, and gave full play to the role of research in empowering
practice and creating value.

Regarding cooperation & communication
during the reporting period, the Bank organized or participated in domestic
and overseas activities with the theme of green finance and other relevant
activities, including activities of the BRICS Business Council, and the China
Development Forum. In various activities, representatives of the Bank conducted
in-depth discussions and communications with guests, experts and scholars
from domestic and foreign government departments, industry associations,financial institutions, research institutes and enterprises, to jointly analyze thedevelopment trends and other issues in the field of green finance and share thebest practices and governance experience in green finance.

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

62023 GREEN BOND REPORT

Industrial and Commercial Bank of China Limited

Basic Information of Green Bonds

As at the end of the reporting period
the Bank has issued an aggregate of nine
overseas green bonds, with a total amountequivalent to USD

19.9

The overseas green bonds have beenhighly recognized and over-subscribedby global investors in the pastbillionthe total balance of existing overseas green
bonds amounted to an equivalent of USD

114.9

Table 1billionDetails of ICBC’s existing overseas green bond as at the end of the reporting period

2019

Issued by Hong Kong Branch

Issue date

9 September 2019

Issuer rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondFormat

Reg S

ISIN

XS2052134496

Type of issuance

Five-year USD floating-rateIssuance amountUSD 1,000,000,000

Use of proceeds

For the purpose of providing financing or refinancing for eligible green assets in the Guangdong-Hong KongMacau Greater Bay Area as described in the Green Bond Framework of the Bank, covering areas including
renewable energy and clean transportation

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

External auditor’sopinionBeijing Zhongcai Green Financing Consultant Ltd. issued the external auditor’s opinion in accordance with
China’s green bond standards

Certification

Awarded the Pre-issuance Stage Green Finance Certificate issued by the Hong Kong Quality Assurance
Agency (HKQAA) between August-September 2019; awarded the Post-issuance Stage Green Finance
Certificate issued by the Hong Kong Quality Assurance Agency (HKQAA) on 19 April 2024

ListingHong Kong Stock Exchange

2021

Joint issuance of carbon neutrality themed green bonds by multiple branchesIssue date21 October 2021

Issuer rating

A1 (Moody’s)Issue rating

A1 (Moody’s)

2019

Issued by Singapore Branch

Issue date

16 April 2019

Issuer rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondFormat

Reg S

ISIN

XS1982691153

Type of issuance

Five-year USD floating-rateIssuance amountUSD 600,000,000

Use of proceeds

For the purpose of providing financing or refinancing for eligible green assets with significant carbon
emission reduction benefits as described in the Green Bond Framework of the Bank, covering areas including
renewable energy and clean transportation

Use of proceeds

For the purpose of providing financing or refinancing for eligible green assets as described in the Green
Bond Framework of the Bank, covering areas including renewable energy and clean transportation

Second opinion

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

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

External auditor’sopinionBeijing Zhongcai Green Financing Consultant Ltd. issued the external auditor’s opinion in accordance with
China’s green bond standards

Listing

Singapore Stock ExchangeIssue type

Senior unsecured bondFormatIssuing branch
ISIN

Type of issuanceIssuance amount

Reg S
Hong Kong Branch

Singapore Branch

Luxembourg Branch

London Branch

XS2381043350

XS2384565508

XS2384014705

XS2384533563

Five-year USD fixedrate

Three-year USD fixedrate

Five-year EUR fixedrateLong Four-year GBP
fixed-rate

USD 1,000,000,000

USD 1,050,000,000

EUR 500,000,000

GBP 250,000,000External auditor’sopinionBeijing Zhongcai Green Financing Consultant Ltd. issued the external auditor’s opinion in accordance with
China’s Green Bond Endorsed Project Catalogue and China’s carbon neutrality bond standards

Certification

Awarded the Pre-issuance Stage Green Finance Certificate issued by the Hong Kong Quality Assurance
Agency (HKQAA) on 20 August 2021; labelled by The Climate Bonds Initiative as a “climate bond” on 30
August 2021; awarded the Post-issuance Stage Green Finance Certificate issued by the Hong Kong Quality
Assurance Agency (HKQAA) on 19 April 2024

Listing

Singapore Stock Exchange, Hong Kong Stock Exchange, Luxembourg Stock Exchange (Euro MTF Market),London Stock Exchange (International Securities Market and Sustainable Bond Market), Chongwa (Macao)
Financial Asset Exchange

782023 GREEN BOND REPORT

Industrial and Commercial Bank of China Limited

2022

Joint issuance of carbon neutrality themed green bonds by multiple branches

2023

Joint issuance of Belt and Road themed green bonds by multiple branches

Issue date

24 May 2022

Issue date18 October 2023

Issuer rating

A1 (Moody’s)Issuer rating

A1/A (Moody/S&P)

Issue rating

A1 (Moody’s)Issue rating

A1 (Moody’s)Issue type

Senior unsecured bondIssue type

Senior unsecured bondFormatReg S

FormatReg S

Issuing branch

Hong Kong Branch

Hong Kong Branch

Singapore Branch

London Branch

Dubai Branch

ISIN

XS2446005907

HK0000824497

XS2484328021

XS2446008083

HK0000853959

Issuing branch

Hong Kong Branch

Singapore Branch

Luxembourg Branch

Dubai Branch

ISIN

XS2706176547

XS2699256710

XS2706208506

HK0000958584

Three-year USD
floating-rate

Three-year EUR fixedrate

Two-year CNH fixedrate

USD
1,000,000,000

EUR
300,000,000

CNH
1,600,000,000

Type of issuanceThree-year USD
fixed-rate

Two-year HKD
fixed-rate

Three-year USD
floating-rate

Three-year EUR
fixed-rate

Two-year CNH
fixed-rate

Type of issuanceThree-year USD fixedrate

Issuance amountUSD 1,200,000,000

HKD 2,000,000,000

USD 600,000,000

EUR 300,000,000

CNH 2,000,000,000

Issuance amountUSD
500,000,000

Use of proceeds

For the purpose of providing financing or refinancing for eligible green assets with significant carbon
emission reduction benefits as described in the Green Bond Framework of the Bank, covering areas including
renewable energy and clean transportation

Use of proceeds

For the purpose of providing financing or refinancing for eligible green assets within the Belt and Road
regions with significant carbon emission reduction benefits as described in the Green Bond Framework of theBank, covering areas including renewable energy and clean transportation

Second opinion

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

Second opinion

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

External auditor’sopinionBeijing Zhongcai Green Financing Consultant Ltd. issued the external auditor’s opinion in accordance with
China’s Green Bond Endorsed Project Catalogue and China’s carbon neutrality bond standards

External auditor’sopinionBeijing Zhongcai Green Financing Consultant Ltd. issued the external auditor’s opinion in accordance with
China’s Green Bond Endorsed Project Catalogue and China’s green bond principles

Certification

Awarded the Pre-issuance Stage Green Finance Certificate issued by the Hong Kong Quality Assurance
Agency (HKQAA) on 15 February 2022; awarded the Post-issuance Stage Green Finance Certificate issued by
the Hong Kong Quality Assurance Agency (HKQAA) on 19 April 2024

Certification

Awarded the Pre-issuance Stage Green and Sustainable Finance Certificate issued by the Hong Kong Quality
Assurance Agency (HKQAA) on 28 September 2023

ListingHong Kong Stock Exchange, Singapore Stock Exchange, London Stock Exchange (International Securities
Market and Sustainable Bond Market), NASDAQ Dubai Exchange

ListingHong Kong Stock Exchange, Singapore Stock Exchange, Luxembourg Stock Exchange, NASDAQ Dubai
Exchange

As at the end of the reporting period, the Bank has
2023

Joint issuance of carbon neutrality themed green bonds by multiple branchesIssue date

11 January 2023

Issuer rating

Issuance amount

Table 2Reg S

Details of ICBC’s existing domestic green bond as at the end of the reporting

Full name of thebond

Industrial andCommercial Bankof China Limited
2023 Green
Finance Bond
(Tranche 3)

Industrial andCommercial Bankof China Limited
2023 Green
Finance Bond
(Tranche 2)

Industrial andCommercial Bankof China Limited
2023 Green
Finance Bond

Industrial andCommercial Bankof China Limited
2022 Green
Finance Bond
(Tranche 1)

Industrial andCommercial Bankof China Limited
2021 Green
Finance Bond
(Tranche 1)

Hong Kong Branch

Singapore Branch

Dubai Branch

Sydney Branch

XS2549908684

HK0000898921

XS2546508461

AU3FN0074522

Three-year USD fixedrate

Two-year CNH fixedrate

Three-year USD
floating-rate

Three-year AUD floating
rate

Abbreviatedname of the bond

23 ICBC Green
Finance Bond 03

23 ICBC Green
Finance Bond 02

23 ICBC Green
Finance Bond

22 ICBC Green
Finance Bond 01

21 ICBC Green
Finance Bond 01

USD 900,000,000

CNH 2,500,000,000

USD 600,000,000

AUD 500,000,000

Issue date

2023/11/24

2023/11/21

2023/6/15

2022/6/8

2021/9/24

Bond maturity

3 years

3 years

3 years

3 years

3 years

Issuance amountRMB 20 billion

RMB 30 billion

RMB 10 billion

RMB 10 billion

RMB 10 billion

Use of proceeds

Invest in wind
power generation,
pumped storage
and urban railtransit projects

Invest in wind
power generation,
photovoltaic
generation, pumped
storage and urban
rail transit projects

Invest in wind
power generation,
photovoltaic
generation andurban rail transit
projects

Invest in wind
power generationand photovoltaic
generation projects

Invest in wind
power generation
and urban railtransit projects

External auditor’sopinionLianhe Equator
Environmental
Impact Assessment
Co., Ltd. hasissued the green
assessment
certification report

Lianhe Equator
Environmental
Impact Assessment
Co., Ltd. hasissued the green
assessment
certification report

Lianhe Equator
Environmental
Impact Assessment
Co., Ltd. hasissued the green
assessment
certification report

Lianhe Equator
Environmental
Impact Assessment
Co., Ltd. hasissued the green
assessment
certification report

Lianhe Equator
Environmental
Impact Assessment
Co., Ltd. hasissued the green
assessment
certification reportUse of proceeds

For the purpose of providing financing or refinancing for eligible green assets with significant carbon
emission reduction benefits as described in the Green Bond Framework of the Bank, covering areas including
renewable energy and clean transportation

Second opinion

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

External auditor’sopinionBeijing Zhongcai Green Financing Consultant Ltd. issued the external auditor’s opinion in accordance with
China’s Green Bond Endorsed Project Catalogue and China’s green bond principles

Certification

Awarded the Pre-issuance Stage Green and Sustainable Finance Certificate issued by the Hong Kong Quality
Assurance Agency (HKQAA) on 10 October 2022

Listingbillion.

Senior unsecured bondFormat

Type of issuanceexisting domestic green bonds, with a total amount ofA1 (Moody’s)Issue type

ISIN

80

A1/A (Moody/S&P)

Issue rating

Issuing branch

RMB

5Hong Kong Stock Exchange, Singapore Stock Exchange, NASDAQ Dubai Exchange

9102023 GREEN BOND REPORT

Industrial and Commercial Bank of China Limited

Particulars of Bond Awards

As at the end of the reporting period, an aggregate ofoverseas green bonds, with details as follows:

17

2018

Green bonds issued by London BranchReceived from CBI
major international awards were received for the Bank’s

2017

The “Largest Emerging Markets Certified
Climate Bond in 2018” award6

Green bonds issued by
Luxembourg BranchReceived from Finance Asia

2019

The “Best Environmental, Social andGovernance Deal”(Best ESG Deal)award1 for 20171

Green bonds issued by Singapore BranchAwarded by The AssetAwarded by The Asset“Best Financial Institutions
Group Bond”(Best FIG Bond)7

The “Best Issuer for
Sustainable Finance”

Awarded by The Asset
Received from IFR Asia
3

The “Best Green Bond"

The “Best Socially Responsible Investing Bond”(Best SRI Bond) award2 for 2017

Received from Environmental Finance

The “Award for Innovation in the Useof Proceeds from Green Bonds"4for 2018

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 overdefinition related to the domestic green market”

Granted by GlobalCapital

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

2019Green 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)”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

11

12

2023 GREEN BOND REPORT

2021

Industrial and Commercial Bank of China Limited

Carbon Neutrality Green Bond issued by Hong Kong Branch,Singapore Branch,Macau Branch, Luxembourg Branch, London BranchAwarded by The Asset
Received from HKQAA

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

The "Outstanding Award for Green andSustainable Bond Issuer (Global Commercial
Banking Industry) - Largest Single Carbon
Neutrality Themed Green Bond "2023

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

The "Financial
Institutions Best Green
Bond" for 2021

Received from the Hong Kong Quality Assurance Agency (HKQAA)

the “Outstanding Award for Green and Sustainable Bond
Issuer (Banking Industry) - Largest Amount of Carbon
Neutrality Themed Green Bonds”

2022

Carbon Neutrality Green Bond issued by Hong Kong Branch,Singapore Branch, London Branch, Dubai BranchReceived from the Hong Kong Quality Assurance Agency (HKQAA)

the “Outstanding Award for Green and Sustainable Bond Issuer (Banking Industry) Largest Amount of Carbon Neutrality Themed Green Bonds”

Received from the Hong Kong Quality Assurance Agency (HKQAA)

the “Outstanding Award for Green and Sustainable Bond
Issuer (Banking Industry) - Largest Single Carbon Neutrality
Themed Green Bond”

Received from the Hong Kong Quality
Assurance Agency (HKQAA)

the “Outstanding Award for Greenand Sustainable Bond Issuer (Banking
Industry) - Largest Single Carbon
Neutrality Themed Green Bond”

13

14

2023 GREEN BOND REPORT

Industrial and Commercial Bank of China Limited

15

MANAGEMENTM
A N AG E M E NOF
T OF
发行绿色债券的愿景和目标
PROCEEDS

2

Governance Framework
The Bank has established the “Green Bond Framework” (hereinafter referred to as the “Framework”), under which funds
raised through green bonds will be used to provide financing or refinancing for eligible green assets that make contribution
to low carbon environmental protection, sustainable economic development, and climate change. Please refer to Table 2
for the categories and examples of eligible green assets.

Table 2In any case, eligible green
assets shall exclude
the following industry
categories:derive from sources that compete with food production
grow in areas with rich biodiversity (currently or in the past)reduce the effectiveness of the soil carbon pool

Categories and examples of eligible green assets

ICBC
Eligible Green Assets Category

Description and Examples

ICBC
Eligible Green Assets Category- Sources of renewable energy include offshore and onshore wind energy,- Examples include LED lights, performance-enhanced chillers, and lighting

solar energy, tidal energy, large hydropower (life cycle emissions below 100g
CO2e/kWh or power density above 5 W/m2), and biomass energy (lifecycle
emissions below 100g CO2e/kWh)

Renewable Energy

improvement technologies

Energy Efficiency

Construction, maintenance, research and development of zero direct emission(e.g. electric and hydrogen driven) transportation facilities, excluding any
infrastructure or railway-based transportation used for the transportation offossil fuel or mining productsImproving the transmission efficiency of bulk energy- Examples include smart grids and energy storageWater collection, treatment and recycling technologies and related
infrastructure- Examples include water pipes and collection facilities to collect water or- Examples include rapid transit, rail transit, bus rapid transit (BRT) systems andrainwater for recycling, and wastewater treatment plant facilities

electric vehicles

Production and manufacture of key assets, systems and components
dedicated for zero direct emission vehicles and vessels

Description and Examples
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)Generation and transmission of renewable energy

Clean Transportation

Fossil fuel-related assets
Nuclear energy and nuclear-related assets
Biomass energy/feedstock, including those that:

Sustainable Water Resourceand Wastewater Management

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

162023 GREEN BOND REPORT

Industrial and Commercial Bank of China Limited

External Assessment and Certification

Project Evaluation and Selection
Green assets are identified by the Bank’s business lines (including domestic and overseas branches and subsidiaries) and will
be reviewed by the “Dedicated Green Bond Working Group” at the Bank head office which comprises representatives from:Asset & Liability
Management
Department

Credit andInvestment
Management
Department

Corporate Finance
Department

Modern FinanceResearch
Institute (Officefor Deepening
Reform)Table 3

CertifiedProject

The members of the Dedicated Green Bond Working
Group shall include experts with environmental
experience and knowledge and shall have a rightto veto. Assets that are vetoed by them shall be
excluded from the “Eligible Green Assets List”.

ICBC Green Bond Framework

Other relevant
departments

Certification
Standard

Prior to the issuance, the Dedicated Green Bond
Working Group will review all proposed green assets
to determine their compliance with the Bank’s Green
Bond Framework for approval as “eligible green
assets” and formulate an “Eligible Green Assets List”(to include each “eligible green asset” and ultimately
form the “Eligible Green Assets List”). For refinancing
projects, the Dedicated Green Bond Working Groupwill prioritize the screening of newer projects.

External Assessment and Certification of ICBC Green Bond Framework

The Dedicated Green Bond Working Group willconduct annual review on the proceeds as well as
the allocation of proceeds according to the “Eligible
Green Assets List” to determine if any adjustments
were necessary (for example whether a project
was amortized, prepaid, sold or otherwise become
ineligible), and facilitate ongoing reporting. The
Dedicated Green Bond Working Group will decide
whether any update of the “Eligible Green Assets
List” is necessary (such as replacement, deletion, or
addition of assets) to ensure the use of proceeds
complies with the green bond requirement.

Certification
AgencySustainalytics

Proceeds raised from the green bonds issued by the Bank have been transferred to the head office through theissuing branches, and all of them are used to support the existing eligible green assets.

Beijing Zhongcai Green Financing
Consultant Ltd.

“Assessment Conclusion:
1. The green asset categories under theGreen Bond Framework are all in line with thecriteria of the Green Bonds Endorsed Project
Catalogue (2021 Edition). The selection ofprojects is subject to the description/condition
under the green project categories listed in theGreen Bonds Endorsed Project Catalogue (2021
Edition).

Status of
Certification(Excerpts)

Deposit, Use and Management of Proceeds

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

Green Bond Endorsed Project Catalogue (2021
Edition) issued jointly by the People’s Bank of
China (PBoC), the National Development andReform Commission (NDRC) and the China
Securities Regulatory Commission (CSRC),
the “Announcement on Matters Concerning
the Issuance of Green Finance Bonds in theInterbank Bond Market” (PBoC Announcement[2015] No.39) and “Circular of the PBoC on
Matters Concerning Tighter Supervision and
Administration of Green Finance Bonds in the
Duration” (Yin Fa [2018] No.29)“Sustainalytics is confident that the Green Bond
Framework of ICBC is robust, transparent, andin alignment with the four core components of
the Green Bond Principles (2021 version).”

2. The Green Bond Framework establishes ascientific process for project evaluation andselection, which will effectively select eligible
green assets.
3. The Green Bond Framework has formulated asound plan for the management of subsequent
use of proceeds, which effectively ensures thatthe proceeds are used for eligible green assets.
4. The Green Bond Framework has establisheda clear scheme for green bond disclosure,which will effectively ensure effective disclosureof green bond information.”

17

18

2023 GREEN BOND REPORT

3

Industrial and Commercial Bank of China Limited

USE OF PROCEEDS发行绿色债券的愿景和目标

As at the end of the reporting period, the total balance of the Bank’s existing overseas green bonds was equivalent to

11.49

USD

billion. The proceeds were mainly used to support refinancing in the renewable energy industry,

clean transportation industry and sustainable water resource and wastewater management industry. Please refer to Table 4for details on the use of proceeds.
Table 4Use of proceeds of existing overseas green bonds as at the end of the reporting period

Amount of Proceeds(100 million USD)

2019 Singapore Branch2019 Hong Kong Branch2021 Joint issuance ofcarbon neutrality
themed green bondsby multiple branches

6.0
10.0

29.8

Amount of proceeds utilized(100 million USD)

6.0
10.0

29.8

Idle Proceeds(100 million USD)

Amount of Proceeds(100 million USD)

Amount of proceeds utilized(100 million USD)

Idle Proceeds(100 million USD)

02022 Joint issuance ofcarbon neutrality
themed green bondsby multiple branches

26.8

26.8

0

0

January 2023 Joint issuance ofcarbon neutrality
themed green bondsby multiple branches

22.0

22.0

0

0

October 2023 Joint issuance of Beltand Road themed
green bonds bymultiple branches

20.3

20.3

0

19

20

2023 GREEN BOND REPORT

Industrial and Commercial Bank of China Limited

Assets funded by the existing overseas green bonds as at 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 6 for details on geographical distribution of assets.

Category and Breakdown
As at the end of the reporting period, asset categories funded by the Bank’s existing overseas green bond included wind
power generation, solar power generation, railway transportation, urban rail transit and urban water conservation, of

43 wind power generation projects with a project value of USD3.119 billion and allocated proceedsof USD3.098 billion; 8 solar power generation projects with a project value of USD971 million and allocatedproceeds of USD971 million; 1 railway transportation project with a project amount of USD346 million and allocatedproceeds of USD199 million; 17 urban rail transit projects with a project amount of USD8.127 billion and allocatedproceeds of USD7.170 billion; and 1 urban water conservation project with a project amount of USD53 million andallocated proceeds of USD53 million. Please refer to table 5 for the allocation of proceeds raised from existing overseas
which there aregreen bonds by asset category at the end of the reporting period.
Table 5

Issuer2019 –
Hong Kong Branch

Proceeds raised
from green
bonds as apercentage of
project value (%)

2.65

2.65

100.00

Solar Power Generation

2

0.84

0.84

100.00

Sustainable
Water Resourceand Wastewater
Management

Urban Water
Conservation

1

0.53

0.53

100.00Clean Transportation

Railway Transportation

1

3.46

1.99

57.51

1

3.46

1.99

57.51

Wind Power Generation

4

2.70

2.70

100.00

Solar Power Generation

3

0.45

0.45

100.00Urban Rail Transit

6

8.80

6.85

77.81

Renewable Energy

Clean Transportation
Total
2021 -

Amount ofproceeds
allocated(100 million
USD)

6

Total

13

11.95

10.00

83.66

Wind Power Generation

1

0.74

0.74

100.00

Solar Power Generation

1

1.37

1.37

100.00Urban Rail Transit

5

32.00

27.69

86.54

7

34.11

29.80

87.37

Renewable Energy

Jointly issued bymultiple branches
Total

2022 Jointly issued bymultiple branches
Total

January 2023 Jointly issued bymultiple branches

Clean Transportation

Renewable Energy

Wind Power Generation

13

6.94

6.94

100.00Clean Transportation

Urban Rail Transit

3

19.87

19.86

99.93

16

26.82

26.80

99.94

17

11.81

11.59

98.18

Renewable Energy

Wind Power Generation

Clean Transportation

Urban Rail Transit

TotalWind Power Generation
October 2023 Jointly issued bymultiple branches

Renewable Energy

Generation
Clean Transportation

Total

Solar PowerUrban Rail Transit

2

10.41

10.41

100.00

19

22.22

22.00

99.03

2

6.35

6.35

100.00

2

7.06

7.06

100.00

1

10.19

6.89

67.62

5

23.60

20.30

86.02

Notes:1. All amounts are translated to US dollar.
             2. Project value refers to the balance of the project’s loan with the Bank.

IssuerCountry and region
Overseas2019 Singapore Branch

Total

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

Domestic

Domestic

Overseas2021 Jointly issued by multiple
branches

Domestic

Domestic

Total
January 2023 Jointly issued by multiple
branches
Total

October 2023 Jointly issued by multiple
branches

0.35

0.35

1

0.26

0.26

Central China

2

0.75

0.75

Southwestern China

1

0.53

0.53

Northwestern China

5

5.58

4.11

South China

Overseas
Total

10

7.47

6.00

13

11.95

10.00

13

11.95

10.00

United Kingdom

1

0.74

0.74

Central China

1

0.02

0.02

South China

2

17.45

13.14

North China

1

7.71

7.71

Northeast China

1

1.37

1.37

Southwestern China

1

6.82

6.82

7

34.11

29.80

East China

8

10.49

10.49

North China

1

6.84

6.84

Southwestern China

1

6.51

6.50

Northwestern China

6

2.97

2.97

16

26.82

26.80

North China

8

9.08

9.08

South China

4

3.45

3.23

19

22.22

22.00

North China

2

3.58

3.58

Northwestern China

1

1.30

1.30

United Arab Emirates

1

5.76

5.76

5

23.60

20.30

South China
Domestic

Amount of proceeds
allocated (100 million USD)

1

East China
Overseas

Project value (100million USD)

Pakistan

Total

2022 Jointly issued by multiple
branches

Number of
projects

East China

Total

Wind Power Generation
Renewable Energy
2019 –
Singapore Branch

Number Project valueof(100 million
project
USD)

Table 62019 - Hong Kong Branch

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

Asset category

21

7

1

9.69

12.96

9.69

9.66

Notes:1. All amounts are translated to US dollar.
             2. Project value refers to the balance of the project’s loan with the Bank.

Major Pollution Incident or Other
Environmental Breach
As at the end of the reporting period, there was no major pollution incident, nor any other environmental breach occurredin relation to the green assets that were supported by the proceeds from the Bank’s existing overseas green bonds.

222023 GREEN BOND REPORT

Industrial and Commercial Bank of China Limited

23

ENVIRONMENTALE
N V I R O N M E N TA L
绿色债券环境效益I M PA C T OF
IMPACTSS OTHEF THE
发行绿色债券的愿景和目标
GREEN BONDS

4

Table 7

Environmental impacts

As at the end of the reporting period
Issuerthe green assets supported by the proceeds

raised from the Bank’s existing overseas green
bonds have contributed to an annual carbon
emission reduction of

35,644,166

tons

annual increased water supply capacity of

450,000

cubic meters

and annual wastewater treatment capacity of

35,640,700

cubic meters

Key Impact Indicator (by project)

Key Impact Indicator (by amountof proceeds allocated)

Total installed capacity (MW):1,851

Total installed capacity (MW): 1,851

Annual generation capacity(MWh):2,129,486

Annual generation capacity(MWh):2,129,486

CO2 emission reduction (tons):1,572,768

CO2 emission reduction (tons):
1,572,768

Total installed capacity (MW):210

Total installed capacity (MW): 210

Annual generation capacity(MWh):233,020

Annual generation capacity(MWh):233,020

CO2 emission reduction (tons):173,367

CO2 emission reduction (tons):173,367

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

Annual number of passengers
transported (10,000 person trip):100

Annual number of passengers
transported (10,000 person trip):57

CO2 emission reduction (tons): 87,486

CO2 emission reduction (tons): 50,310

CO2 emission reduction (tons):

1,833,621

1,796,446

Annual water supply capacity(CBM)

450,000

450,000

35,640,700

35,640,700

Asset category

Among which, the total annual carbon emission
reduction from renewable energy projects was

21,367,636

Wind Power
Generation

tons

Renewable
Energyand the total annual carbon emission reduction
from clean transportation projects was

14,276,530

tons

2019
-Singapore
Branchwhereas the annual increased water supply
capacity from sustainable water resource

and wastewater management projects was

450,000

cubic meters

and the annual wastewater treatment

capacity from sustainable water resource

and wastewater management projects was

35,640,700

cubic meters

Solar Power
Generation

Total:

Sustainable
Water
Resource andWastewater
Management

Urban Water
Conservation

Clean
Transportation

Railway
Transportation

Annual wastewater treatment
capacity (CBM)242023 GREEN BOND REPORT

IssuerAsset category

Wind Power
Generation
Renewable
Energy
2019
-Hong
Kong
BranchSolar Power
Generation

Clean
Transportation

Urban RailTransit

Total: CO2 emission reduction (tons):

Wind Power
Generation
Renewable
Energy2021 Jointly
issued bymultiplebranches

Solar Power
Generation

Clean
Transportation

Urban RailTransit

Total: CO2 emission reduction (tons):

2022 Jointly
issued bymultiplebranches

Renewable
EnergyClean
Transportation

Wind Power
Generation

Urban RailTransit

Total: CO2 emission reduction (tons):

Industrial and Commercial Bank of China Limited

Key Impact Indicator (by project)

Key Impact Indicator (by amountof proceeds allocated)

Total installed capacity (MW):299

Total installed capacity (MW):299

Annual generation capacity(MWh):1,698,659

CO2 emission reduction (tons):
1,263,802

Annual generation capacity(MWh):1,698,659

CO2 emission reduction (tons):
1,263,802

Total installed capacity (MW):140

Total installed capacity (MW):140

Annual generation capacity(MWh):169,406

Annual generation capacity(MWh):169,406

CO2 emission reduction (tons): 126,038

CO2 emission reduction (tons): 126,038

Annual number of passengers
transported (10,000 person trip):56,532

Annual number of passengers
transported (10,000 person trip):43,986

CO2 emission reduction (tons):
3,963,663
5,353,503

4,473,850
Total installed capacity (MW): 1,200

CO2 emission reduction (tons): 64,000

CO2 emission reduction (tons):
64,000Total installed capacity (MW):400

Total installed capacity (MW): 400

Annual generation capacity(MWh):670,000

Annual generation capacity(MWh):670,000

Annual number of passengers
transported (10,000 person trip):90,048

Annual number of passengers
transported (10,000 person trip):
77,931CO2 emission reduction (tons):
498,480

CO2 emission reduction (tons): ：6,758,802
7,321,282

Annual generation capacity(MWh):200,000

CO2 emission reduction (tons):
498,480

CO2 emission reduction (tons): ：5,849,321
6,411,801

Total installed capacity (MW): 1,699

Total installed capacity (MW): 1,699

CO2 emission reduction (tons):
3,030,093

CO2 emission reduction (tons):
3,030,093

Annual generation capacity(MWh):407,271

Annual number of passengers
transported (10,000 person trip):47,105
CO2 emission reduction (tons): ：3,306,667
6,336,760

January2023 –
Jointly
issued bymultiplebranches

Asset category

Renewable
EnergyClean
Transportation

Annual generation capacity(MWh):407,271

Annual number of passengers
transported (10,000 person trip):47,072
CO2 emission reduction (tons): ：3,304,373
6,334,466

Wind Power
Generation

Urban RailTransit

Total: CO2 emission reduction (tons):

Wind Power
Generation

CO2 emission reduction (tons):
3,084,010

Total installed capacity (MW): 1,200

Annual generation capacity(MWh):200,000

IssuerOctober
2023 –
Jointly
issued bymultiplebranches

Renewable
EnergyClean
Transportation

Key Impact Indicator (by project)

Key Impact Indicator (by amountof proceeds allocated)

Total installed capacity (MW): 3,208

Total installed capacity (MW): 3,149

CO2 emission reduction (tons):
6,655,048

CO2 emission reduction (tons):6,533,694

Annual generation capacity(MWh):894,496

Annual number of passengers
transported (10,000 person trip):20,239
CO2 emission reduction (tons): ：570,245
7,225,292

Urban RailTransit

Total: CO2 emission reduction (tons):

Annual generation capacity(MWh):878,185

Annual number of passengers
transported (10,000 person trip):20,239
CO2 emission reduction (tons): ：570,245
7,103,939

Total installed capacity (MW): 2,500

Total installed capacity (MW): 2,500

CO2 emission reduction (tons):
5,008,943

CO2 emission reduction (tons):
5,008,943

Annual generation capacity(MWh):6,732,450

Total installed capacity (MW): 1,950
Solar Power
Generation

25

Annual generation capacity(MWh):5,575,983

CO2 emission reduction (tons):
3,096,450

Annual number of passengers
transported (10,000 person trip):42,048
CO2 emission reduction (tons): ：2,097,354
10,202,747

Annual generation capacity(MWh):6,732,450

Total installed capacity (MW): 1,950
Annual generation capacity(MWh):5,575,983

CO2 emission reduction (tons):
3,096,450

Annual number of passengers
transported (10,000 person trip):28,434
CO2 emission reduction (tons): ：1,418,271
9,523,664

Notes ：
1. For renewable energy projects, impacts are calculated based on the EIB methodologies for CO2 assessment: 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 indices for the railway sector of
China published by the UIC and IEA (https://uic.org/IMG/pdf/handbook_iea-uic_2017_web3.pdf) and the EIB methodologies forCO2 assessment.

262023 GREEN BOND REPORTDISCLOSUREDI S C LO S U RAND
E AND
披露与报告
发行绿色债券的愿景和目标
REPORTING

5

The Bank commits to publishing the Annual Green Bond Report, providing informationon the allocation of proceeds from green bonds and their environmental impacts.
This report is an annual report covering the period from 1 January 2023 to 31 December
2023, with some content extending beyond this timeframe.
The Annual Green Bond Report will be updated annually and published on the Bank’s
official global website at www.icbc-ltd.com. In addition, the Bank will disclose relevant
information through other feasible channels, such as annual reports and corporate social
responsibility reports, which will also be published on the Bank’s official global website
at www.icbc-ltd.com.
The Bank has engaged an independent third party to provide external assurance for thisreport.