Second Opinion
INPEX CORPORATIONINPEXCORPORATION

August 6, 2021

Green

Framework

Bond

ESG Division
Chief Analyst: May Shinohara

Rating and Investment Information, Inc. (R&I) has confirmed the alignment of the Green Bond Framework
established by INPEX CORPORATION dated July 30, 2021 with the “Green Bond Principles 2021 (GBP
2021),” as well as the Ministry of the Environment’s “Green Bond Guidelines, 2020 Edition.” This opinion isbased on the following views.

■ Overview of the Opinion(1) Use of Proceeds
The green bond proceeds will be used for development, construction, operations and renovation
projects related to renewable energy in Japan and overseas. This is a renewable energy project thathas high potential for reduction in CO2 emissions, and the development plan takes into accountpotential negative impacts on the environment and society. The eligible projects are expected tohave clear environmental benefits and fall under the category of “renewable energy” according to
the project categories under the Green Bond Principles.

(2) Process for Project Evaluation and Selection
With the aim of contributing to the realization of a net zero carbon society by 2050, INPEXCORPORATION mentioned in its Basic Management Policy that they would enhance andemphasize renewable energy initiatives. This green bond is positioned as a means to raise funds forachieving the goal. The eligible projects are approved through an appropriate internal decision
making process: the Finance & Accounting Division selects candidate projects based on theeligibility criteria and approves eligible projects in consultation with the Renewable Energy & New
Business Division and the Corporate Strategy & Planning Division. R&I has judged that the process
for project evaluation and selection is rational.
(3) Management of Proceeds
The Finance & Accounting Division will review the balance of unallocated funds quarterly and makesure that the total amount used for the eligible projects will not fall below the amount of the issued
green bond until all of the funds have been allocated. Unallocated funds are managed in cash or
cash equivalents. The allocation of proceeds will be periodically reported to the director in charge of
the Finance & Accounting Division. The management of proceeds is appropriately defined, and R&I
has judged that it is rational.
(4) Reporting
Until the proceeds are fully allocated, the allocation of proceeds and impacts will be reported toinvestors every year on an individual bond basis. R&I has confirmed, through interviews, the impact
assessment method and preconditions of the eligible projects for which the proceeds will be used,and judged them as good. The reporting is rational in terms of frequency and contents.

Rating and Investment Information, Inc.

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(Contact) Customer Service Department, Sales and Marketing Division: Terrace Square, 3-22, Kandanishiki-cho, Chiyoda-ku, Tokyo 101-0054, Japan TEL 03-6273-7471
Second Opinions are R&I's opinions on the alignment of a framework, formulated by companies etc. to raise funds for the purpose of environmental conservation and social
contribution, with the principles etc. compiled by public organizations or private organizations related to the relevant financing as of the date of assessment and are not statements offact. Further, R&I does not state its opinions about any matters other than the alignment, certify outcomes, give advice regarding investment decisions or financial matters, orendorse the merits of any investment subject to the financing. R&I does not undertake any independent verification of the accuracy or other aspects of the related information whenissuing a Second Opinion and makes no related representations or warranties. R&I is not liable in any way for any damage arising in relation to Second Opinions. As a general rule,R&I issues a Second Opinion for a fee paid by the issuer. For details, please refer to the end of this document.

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Second Opinion

Outline of the Issuer
The largest oil and natural gas development company in Japan. The Company is a key player inensuring stable supply of energy, and the national government owns a 18.9% stake in the Company andalso has the Golden Share of the Company, which allows the owner to exercise its veto power undercertain conditions. Playing a very important role in the government environmental policy, the Company
receives tangible and intangible support from the government. The Company can be positioned as aninternationally influential midsize resource development company because of its production amount andreserves.
They established and announced "Business Development Strategy—Towards a Net Zero Carbon
Society by 2050” in January, 2021. As the Basic Management Policy, they mentioned that they would
challenge the transformation of energy structure toward realizing a net zero carbon society by 2050 inaccordance with the Paris Agreement while fulfilling their responsibility of responding to domestic andoverseas energy demand and for the development and stable supply of energy for a long term.

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1. Use of Proceeds(1) Eligible Projects


INPEX CORPORATION has established the following eligibility criteria in the Green Bond Framework.
The green bond proceeds will be allocated to new investment and refinancing associated with projects
satisfying the eligibility criteria.

The green bond proceeds will be used for development, construction, operation and renovation projects
related to renewable energy in Japan and overseas.

Eligible Criteria
Project category underGreen Bond Principles

Eligible projects

Development, construction, operation and renovation projects related to renewableenergy, such as wind, geothermal and solar power

Renewable energy

Images of wind and geothermal power generation business(2) Environmental Benefits

Under the influence of the Special Report on Global Warming of 1.5°C 1by the Intergovernmental Panelon Climate Change (IPCC), more and more national, local governments and companies have pledged toachieve carbon neutrality as their long-term global goal conforming to the Paris Agreement since 2019,
and the movement is becoming a global trend. Japan also declared to achieve carbon neutrality by 2050
in October 2020, and the Green Growth Strategy of December of the same year states that Japan will
increase the share of renewable energy to 50 to 60% of the total power generation by 2050. According to
the International Energy Agency (IEA), countries and regions pledging to achieve carbon neutrality by
2050 cover around 70%2 of global GDP and CO2 emissions as of April 2021.

The "Net Zero by 2050: A Roadmap for the Global Energy Sector,"2 which was released by IEA in May

1IPCC stands for the Intergovernmental Panel on Climate Change. IPCC is an organization established in 1988 by theUnited Nations Environment Programme (UNEP) and the World Meteorological Organization (WMO), and the objective of
the organization is to comprehensively assess anthropogenic climate change, its impacts, adaptation and mitigation
measures from scientific, technical and socioeconomic perspectives. In December 2018, IPCC announced "the Special
Report on Global Warming of 1.5°C," stating that in order to maintain the global temperature increase below 1.5°C andachieve the global goal agreed upon in the Paris Agreement, the CO2 emissions all over the world must be reduced to net
zero by 2050.
2In the "Net Zero by 2050: A Roadmap for the Global Energy Sector,” IEA provides a roadmap for reducing worldwide
CO2 emissions to net zero by 2050. This is an ambitious report which had integrated both “World Energy Outlook” and3/10

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2021, envisions a future scenario toward net zero emissions in which renewable energy will account for
2/3 of the world's primary energy supply in 2050. Increasing the introduction of renewable energy as
major power sources was indicated as one of measures to achieve worldwide transformation of energy
system.
This is a renewable energy project that has high potential for reduction in CO2 emissions, and thedevelopment plan takes into account potential negative impacts on the environment and society. The
eligible projects are expected to have clear environmental benefits and fall under the category of“renewable energy” according to the project categories under the Green Bond Principles.

(3) Consideration for Negative Environmental and Social Impacts
The eligible projects are considered to potentially have negative impacts on the society and environment,such as air quality, water quality, waste, soil, water streams, scenery and landscape, noise and vibration,
offensive odors, and ecosystems.



INPEX CORPORATION conducts environmental and social impact assessments in accordance with thelaws and regulations of the country in which the project is carried out. In addition to that, the Company
has established and been operating guidelines for the implementation of environmental and social
impact assessments while referring to the IFC Performance Standards, the World Bank Group
Environmental, Health and Safety (EHS) Guidelines, the Japan Bank for International Cooperation
Guidelines for Confirmation of Environmental and Social Considerations, etc. When the Company
participates in a project as an operator, they investigate the environmental and social impacts in theregion where the project is carried out in accordance with the guidelines, as well as labor issues andhuman rights aspects, and thereby identify, avoid, mitigate and monitor risks. Even when the Company
participates in a project as a non-operator, they confirm that the requirements specified in the guidelines
are appropriately observed.



As regards projects in overseas, the Company reports items for considerations in the environmental andsocial monitoring report, such as involuntary resettlement of residents, avoiding impacts on indigenous
peoples, and local employment and local agreements. Projects in Japan are also carried out underagreements reached with local communities through explanations to local residents, etc. Power stations
will be constructed after ensuring compliance with environmental laws and regulations on forest landdevelopment and environmental conservation.



R&I has judged that due considerations have been given to environmental and social impacts in all
eligible projects.

The green bond proceeds will be used for development, construction, operations and renovation
projects related to renewable energy in Japan and overseas. This is a renewable energy project that has
high potential for reduction in CO2 emissions, and the development plan takes into account potential
negative impacts on the environment and society. The eligible projects are expected to have clear
environmental benefits and fall under the category of “renewable energy” according to the project
categories under the Green Bond Principles.

“Energy Technology Perspectives” of IEA for the first time. It indicates how to promote the transformation of energy supply
structure in a backcasting manner while assuming scenario toward net zero emission by 2050.

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2. Process for Project Evaluation and Selection(1) Incorporation into Comprehensive Objectives, Strategies and so onThe management philosophy of INPEX CORPORATION is “We are committed to contributing to thecreation of a brighter future for society through our efforts to develop, produce and deliver energy in asustainable way.”

They established and announced "Business Development Strategy—Towards a Net Zero Carbon
Society by 2050” in January, 2021. As the Basic Management Policy, they mentioned that they would
challenge the transformation of energy structure toward realizing a net zero carbon society by 2050 inaccordance with the Paris Agreement while fulfilling their responsibility of responding to domestic andoverseas energy demand and for the development and stable supply of energy for a long term.



In the Business Development Strategy, the Company showed the following five business pillars as wellas their established targets to reduce CO2 emissions from their own company to net zero by 2050: (1)Reduce CO2 emissions from upstream operations (promotion of CCUS), (2) Develop hydrogen business,(3) Enhance and emphasize renewable energy initiatives, (4) Promote carbon recycling and cultivate
new business opportunities, and (5) Promote CO2 absorption through forest conservation. The Company
says they can make the most of their strengths in promoting any of the business pillars: technologies,
resources and human resources in oil and natural gas development.



In (3) enhancing and emphasizing renewable energy initiatives, the Company will actively push ahead
with geothermal power generation business by utilizing oil and natural gas development technologies,
and offshore wind power generation by making use of the experience they have accumulated throughconstructions and operations of offshore facilities at overseas sites.

■"Five Business Pillars" (Basic Management Policy Towards a Net Zero Carbon Society by 2050)[Source: Excerpt from "Business Development Strategy—Towards a Net Zero Carbon Society by 2050"]

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The diagram below outlines the major milestones of the five business initiatives toward 2050. While
promoting the expansion of renewable energy projects step by step, the Company will proceed withmeasures for the existing upstream operations, hydrogen and CCUS strategies to accelerate thetransition to clean energy.

All of the eligible green bond projects are renewable energy projects in Japan and overseas, and areclearly positioned in the strategies outlined in the Business Development Strategy and in the milestonesof the initiatives.

"Business Milestones" (Basic Management Policy Towards a Net Zero Carbon Society by 2050)[Source: Excerpt from "Business Development Strategy—Towards a Net Zero Carbon Society by 2050"](2) Criteria for Project Evaluation and SelectionWith the aim of contributing to the realization of a net zero carbon society by 2050, INPEXCORPORATION mentioned in its Basic Management Policy that they would enhance and emphasize
renewable energy initiatives. This green bond, which will be used for the renewable energy projects, ispositioned as a means to raise funds for achieving the goal. The purpose is also described in the Green
Bond Framework and disclosed to investors.

The Company plans to take measures to reduce environmental and social risks in the eligible projects asfollows and describes them in the Green Bond Framework.
[Reducing Environmental and Social Risks]
Environmental load
In order to minimize the impact on the environment and local communities, our company conducts
environmental and social impact assessments before starting a project in accordance with laws andregulations of the country where the project is carried out and our guidelines specifying
requirements on environmental and social impact assessments. In addition, while the project is inprogress, we monitor the impact and promote the environmental management based on the results.

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Since fiscal 2018, we have been promoting company-wide environmental management based on
the Corporate Environmental Management Plan, which summarizes environmental management
activities throughout the company.
Local communities
We believe that building relationships of trust with the local communities in which we run business isessential for us to maintain our social license to operate. Therefore, we are working to build andmaintain relationships of trust with stakeholders through open and transparent dialogues. "INPEXGroup Human Rights Policy" sets out our commitment to recognize and respect the human rights ofpeople, including indigenous peoples, in the communities in which we run business. In order tominimize the negative impact of our business activities on local communities, we assess the impact
and take various measures in advance. We also believe that we absolutely need the cooperation of
local industries and residents to promote our projects. Through our business activities, we willcontribute to the economic and social development of local communities and to the creation ofsustainable and prosperous local communities as a member of the global society.

(3) Process for Project Evaluation and SelectionThe eligible projects are approved through an appropriate internal decision making process: the Finance& Accounting Division selects candidate projects based on the eligibility criteria and approves eligible
projects in consultation with the Renewable Energy & New Business Division and the Corporate Strategy& Planning Division.

With the aim of contributing to the realization of a net zero carbon society by 2050, INPEXCORPORATION mentioned in its Basic Management Policy that they would enhance and emphasize
renewable energy initiatives. This green bond is positioned as a means to raise funds for achieving thegoal. The eligible projects are approved through an appropriate internal decision making process: theFinance & Accounting Division selects candidate projects based on the eligibility criteria and approves
eligible projects in consultation with the Renewable Energy & New Business Division and the Corporate
Strategy & Planning Division. R&I has judged that the process for project evaluation and selection isrational.

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3. Management of Proceeds


The Finance & Accounting Division will review the balance of unallocated funds quarterly and make surethat the total amount used for the eligible projects will not fall below the amount of the issued green bonduntil all of the funds have been allocated. Unallocated funds are managed in cash or cash equivalents.
The allocation of proceeds will be periodically reported to the director in charge of the Finance &Accounting Division. The management method of proceeds will be described in the Green Bond
Framework and disclosed to investors.

The Finance & Accounting Division will review the balance of unallocated funds quarterly and make surethat the total amount used for the eligible projects will not fall below the amount of the issued green bonduntil all of the funds have been allocated. Unallocated funds are managed in cash or cash equivalents.
The allocation of proceeds will be periodically reported to the director in charge of the Finance &Accounting Division. The management of proceeds is appropriately defined, and R&I has judged that it
is rational.

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4. Reporting(1) Overview of DisclosureReporting is conducted on an individual bond basis and discloses the followings.

Items

TimingDisclosure

To be disclosed annually
until the proceeds are
fully allocated.

To be disclosed in the
integrated reports which
are published annually,sustainability reports, oron the website.

Items to be disclosed are:

Allocation ofproceeds

・allocated amount,・balance of unallocated proceeds, and・of the proceeds, approximate amount (orpercentage)
of
money
used
for
refinancing.

Environmental
Benefits

The following indicators will be disclosed
to the extent reasonably practicable andwithin the scope of the confidentiality.
・Facility capacity (MW)・ Annual reduction in CO2 emissions(t-CO2/y)(2) Indicators to Show Environmental Benefits and Calculation Method, etc.
Impact reporting will be conducted on an individual bond basis until the proceeds are fully allocated.

The key reporting items regarding renewable energy which are recommended by the International
Capital Market Association (ICMA) will be disclosed to the extent reasonably practicable and within thescope of confidentiality.



R&I has confirmed, through interviews, the impact assessment method and preconditions of the eligible
projects for which the proceeds will be used, and judged them as good.

Until the proceeds are fully allocated, the allocation of proceeds and impacts will be reported to investors
every year on an individual bond basis. R&I has confirmed, through interviews, the impact assessment
method and preconditions of the eligible projects for which the proceeds will be used, and judged themas good. The reporting is rational in terms of frequency and contents.

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Second Opinion[Disclaimer]
Second Opinion is not the Credit Rating Business, but one of the Ancillary Businesses (businesses excluding Credit Rating Service
but are ancillary to Credit Rating Activities) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on
Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be
implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities, as well as
measures to prevent such business from being misperceived as the Credit Rating Business.
Second Opinions are R&I's opinions on the alignment of a framework, formulated by companies etc. to raise funds for the purposeof environmental conservation and social contribution, with the principles etc. compiled by public organizations or privateorganizations related to the relevant financing as of the date of assessment. Second Opinions do not address any matters otherthan the alignment (including but not limited to the alignment of a bond issue with the framework and the implementation status of the
project subject to financing). Second Opinions do not certify the outcomes and other qualities of the projects subject to the financing.
Hence, R&I will not be held responsible for the effectiveness of the projects, including their outcomes. Second Opinions are not, in
any sense, statements of current, future, or historical fact and should not be interpreted as such, and Second Opinions are not arecommendation to purchase, sell, or hold any particular securities and do not constitute any form of advice regarding investment
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issues Second Opinions based on the assumption that each investor will investigate and evaluate the securities which they plan topurchase, sell, or hold for themselves. All investment decisions shall be made at the responsibility of the individual investor.
The information used when R&I issues Second Opinions is information that R&I has determined, at its own discretion, to be reliable.
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As a general rule, R&I issues a Second Opinion for a fee paid by the issuer.
Japanese is the official language of this material and if there are any inconsistencies or discrepancies between the information
written in Japanese and the information written in languages other than Japanese the information written in Japanese will takeprecedence.
[Expertise and Third-Party Characteristics]
R&I has launched the R&I Green Bond Assessment business in 2016, and since then, R&I has accumulated knowledge throughnumerous evaluations. Since 2017, R&I has been participating as an observer in the Green Bond Principles and Social Bond
Principles, which have their own secretariat at the International Capital Market Association (ICMA). It also has been registered since
2018 as an Issuance Supporter (external review entity) of the Financial Support Programme for Green Bond Issuance, a project by
the Ministry of the Environment.
The R&I assessment method and results can be found on the R&I website (https://www.r-i.co.jp/en/rating/esg/index.html).
There is no capital or personal relationship between R&I and the fundraiser that could create a conflict of interest.

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Green Bond / Green Bond Programme
Independent External Review Form

Section 1.

Basic Information

Issuer name: INPEX CORPORATIONGreen Bond ISIN or Issuer Green Bond Framework Name, if applicable:
INPEX CORPORATION Green Bond Framework

Independent External Review provider’s name: Rating and Investment Information, Inc. (R&I)
Completion date of this form: August 6, 2021
Publication date of review publication: August 6, 2021

Section 2.

Review overview

SCOPE OF REVIEWThe following may be used or adapted, where appropriate, to summarise the scope of the review.

The review assessed the following elements and confirmed their alignment with the GBPs:☒☒

Use of Proceeds
Management of Proceeds☒☒

Process for Project Evaluation and Selection
Reporting

ROLE(S) OF INDEPENDENT EXTERNAL REVIEW PROVIDER☒

Second Party Opinion☐

Certification☐

Verification☐

Scoring/Rating☐

Other (please specify):

Note: In case of multiple reviews / different providers, please provide separate forms for each review.
Latest update: June 2018

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EXECUTIVE SUMMARY OF REVIEW and/or LINK TO FULL REVIEW (if applicable)<Scoring/Rating: R&I Green Bond Assessment>
Rating and Investment Information, Inc. (R&I) has confirmed the alignment of the Green Bond Framework
established by INPEX CORPORATION dated July 30, 2021 with the “Green Bond Principles 2021 (GBP
2021),” as well as the Ministry of the Environment’s “Green Bond Guidelines, 2020 Edition.”

For details, please refer to the report above.

Section 3.

Detailed review

Reviewers are encouraged to provide the information below to the extent possible and use the comment section to
explain the scope of their review.

1. USE OF PROCEEDS
Overall comment on section (if applicable):
For details, please refer to “1. Use of Proceeds” in the report above.

Use of proceeds categories as per GBP:☒

Renewable energy☐

Energy efficiency☐

Pollution prevention and control☐

Environmentally sustainable managementof living natural resources and land use☐

Terrestrial and aquatic biodiversity
conservation☐

Clean transportation☐

Sustainable water and wastewater
management☐

Climate change adaptation☐

Eco‐efficient and/or circular economy
adapted products, production technologies
and processes☐

Green buildings (Environmentally
Responsible Building)☐Unknown at issuance but currently expected
to conform with GBP categories, or othereligible areas not yet stated in GBPs☐

Other (please specify):

If applicable please specify the environmental taxonomy, if other than GBPs:

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2. PROCESS FOR PROJECT EVALUATION AND SELECTION
Overall comment on section (if applicable):
For details, please refer to “2. Process for Project Evaluation and Selection” in the report above.

Evaluation and selection☒☒☒

Credentials on the issuer’s environmental
sustainability objectives
Defined and transparent criteria for
projects eligible for Green Bond proceeds
Summary criteria for project evaluationand selection publicly available☒☒☐

Documented process to determine thatprojects fit within defined categories
Documented process to identify and manage
potential ESG risks associated with the project
Other (please specify):

Information on Responsibilities and Accountability☒☐

Evaluation / Selection criteria subject toexternal advice or verification
Other (please specify):☒

In‐house assessment

3. MANAGEMENT OF PROCEEDS
Overall comment on section (if applicable):
For details, please refer to “3. Management of Proceeds” in the report above.

Tracking of proceeds:☒

Green Bond proceeds segregated or tracked by the issuer in an appropriate manner☒Disclosure of intended types of temporary investment instruments for unallocated proceeds☐

Other (please specify):

Additional disclosure:☐

Allocations to future investments only☒☐

Allocation to individual disbursements☐

Allocations to both existing and future
investments
Allocation to a portfolio of disbursements☐

Disclosure of portfolio balance of
unallocated proceeds☐

Other (please specify):

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4. REPORTING
Overall comment on section (if applicable):
For details, please refer to “4. Reporting” in the report above.

Use of proceeds reporting:☐

Project‐by‐project☒

On a project portfolio basis☒

Linkage to individual bond(s)☐Other (please specify):☐

Green Bond financed share of total investment☐

Semi‐annual

Information reported:☒ Allocated amounts☒ Other (please specify):
The following matters will be disclosed.
・Allocated amount・Balance and management of unallocated fund・The amount (or percentage) of money allocatedfor refinancing out of the proceeds

Frequency:☒ Annual☐ Other (please specify):

Impact reporting:☐

Project‐by‐project☒

On a project portfolio basis☒

Linkage to individual bond(s)☐Other (please specify):☐

Semi‐annual

Frequency:☒ Annual☐ Other (please specify):

Information reported (expected or ex‐post):☒ GHG Emissions / Savings☐

Energy Savings☐ Decrease in water use☒

Other ESG indicators (please specify):
The following indicators will be disclosed to the extent
reasonably practicable and within the scope of theconfidentiality.
・Facility capacity (MW)・Annual reduction in CO2 emissions (t-CO2/y)Page 4 of 6

Means of Disclosure☐

Information published in financial report☒

Information published in sustainability report☐

Information published in ad hoc
documents☒

Other (please specify):
They will be disclosed in company integrated
report or on its website.

☐

Reporting reviewed (if yes, please specify which parts of the reporting are subject to external review):
Allocation of proceeds

Where appropriate, please specify name and date of publication in the useful links section.

USEFUL LINKS (e.g. to review provider methodology or credentials, to issuer’s documentation, etc.)
1. The evaluation methodology and services
https://www.r‐i.co.jp/en/rating/products/esg/index.html
2. Evaluation performance(1) Green Financehttps://www.r‐i.co.jp/en/rating/esg/greenfinance/index.html(2) Sustainability Financehttps://www.r‐i.co.jp/en/rating/esg/sustainabilityfinance/index.html(3) Social Financehttps://www.r‐i.co.jp/en/rating/esg/socialfinance/index.html

SPECIFY OTHER EXTERNAL REVIEWS AVAILABLE, IF APPROPRIATE
Type(s) of Review provided:☒

Second Party Opinion☐

Certification☐

Verification☒

Scoring/Rating☐

Other (please specify):

Review provider(s):Date of publication:

DNV GL
R&I

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ABOUT ROLE(S) OF INDEPENDENT REVIEW PROVIDERS AS DEFINED BY THE GBP
1. Second Party Opinion: An institution with environmental expertise, that is independent from theissuer may issue a Second Party Opinion. The institution should be independent from the issuer’s
adviser for its Green Bond framework, or appropriate procedures, such as information barriers, will
have been implemented within the institution to ensure the independence of the Second Party
Opinion. It normally entails an assessment of the alignment with the Green Bond Principles. In
particular, it can include an assessment of the issuer’s overarching objectives, strategy, policy and/or
processes relating to environmental sustainability, and an evaluation of the environmental features of
the type of projects intended for the Use of Proceeds.
2. Verification: An issuer can obtain independent verification against a designated set of criteria, typicallypertaining to business processes and/or environmental criteria. Verification may focus on alignment
with internal or external standards or claims made by the issuer. Also, evaluation of theenvironmentally sustainable features of underlying assets may be termed verification and mayreference external criteria. Assurance or attestation regarding an issuer’s internal tracking method foruse of proceeds, allocation of funds from Green Bond proceeds, statement of environmental impact oralignment of reporting with the GBP, may also be termed verification.
3. Certification: An issuer can have its Green Bond or associated Green Bond framework or Use ofProceeds certified against a recognised external green standard or label. A standard or label defines
specific criteria, and alignment with such criteria is normally tested by qualified, accredited third
parties, which may verify consistency with the certification criteria.
4. Green Bond Scoring/Rating: An issuer can have its Green Bond, associated Green Bond framework or
a key feature such as Use of Proceeds evaluated or assessed by qualified third parties, such as
specialised research providers or rating agencies, according to an established scoring/rating
methodology. The output may include a focus on environmental performance data, the process
relative to the GBP, or another benchmark, such as a 2‐degree climate change scenario. Suchscoring/rating is distinct from credit ratings, which may nonetheless reflect material environmental
risks.

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