24th Aug. 2021

ICBC Carbon Neutrality Green Bond
Pre-Issuance Verification Statement
Limited Assurance Procedure based on Climate Bonds Standard version 3.0

Beijing Zhongcai Green Financing Consultant Ltd.

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ScopeIndustrial and Commercial Bank of China Ltd. (“ICBC” or “the Issuer”) is
considering the issuance of a bond (the Bond) and has submitted the Bond forverification and certification against the Climate Bonds Standard (CBS).
Beijing Zhongcai Green Financing Consultant Ltd. (Zhongcai) has beencommissioned by ICBC to provide the pre-issuance verification of the Bond as
an independent third-party verifier approved by the Climate Bonds Standard
Board. The verification is performed in accordance with the CBS Version 3.0
and the assurance approach is in line with the International Standard on
Assurance Engagements 3000 (ISAE 3000): Assurance Engagements other than
Audits or Reviews of Historical Financial Information.

Work Undertaken
The work undertaken by Zhongcai to form this verification report included:- Planning and management of the verification.
- Desk review of the Bond and associated documentation provided by theIssuer.
- Assessment of evidences provided by the ICBC against the CBI standard
version 3.0.
- Internal quality control on the assurance report and conclusions.
- Provision of Zhongcai’s Limited Assurance Report.
According to the list of Nominated Projects & Assets, the Issuer intends tofinance nominated projects and assets falling under the following Sector Criteriaof the Climate Bonds Standard:- Solar (Version 2.1)
- Wind (Version 1.2)
- Low Carbon Transport (Version 2.0)
- Marine Renewables (Version 1.2)

Responsibilities of the Issuer and Zhongcai
The verification statement is based on information provided by the Issuer andthe Issuer is responsible for the integrity, accuracy and timeliness of theinformation. The verification opinions shall not be interpreted as any indication
or guarantee for relevant bond investment decisions. In no case may the opinions
hereof operate as the interpretation or guarantee for economic performance ofbonds, credit rating and actual utilization of the raised fund.
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Verification Opinion
Beijing Zhongcai Green Financing Consultant Ltd. (Zhongcai) has performed
the Pre-issuance verification of the Bond in accordance with the Climate Bonds
Standard Version 3.0 and the International Standard on Assurance Engagements
3000 (ISAE 3000): Assurance Engagements other than Audits or Reviews ofHistorical Financial Information.
The assurance procedures include documents review, interviews with the
management team of the Issuer and communications with relevant people. Basedon the limited assurance procedures conducted, nothing has come to our attention
that the Bond is not in line with the requirements of the Climate Bonds Standard
and the relevant Sector Criteria (Solar Version 2.1, Wind 1.2, Low Carbon
Transport Version 2.0 and Marine Renewables Version 1.2).

Ying CUI

Nan LIU

Huixin LIU

The verification team of Beijing Zhongcai Green Financing Consultant Ltd.
Beijing, China

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Verification Criteria & Findings
Zhongcai has assessed the Bond of ICBC and the nominated projects and assets
against criteria and requirements detailed within the Climate Bonds Standard
version 3.0:
- Part A: Pre-Issuance Requirements
1. Use of Proceeds
2. Process for Evaluation and Selection of Projects & Assets
3. Management of Proceeds
4. Reporting Prior to Issuance- Part C: Eligibility of Projects & Assets
1. Climate Bonds Initiative Solar Criteria Version 2.1
2. Climate Bonds Initiative Wind Criteria Version 1.2
3. Low Carbon Transport Criteria Version 2.0
4. Marine Renewable Energy Sector Criteria Version 1.2
Part A: Pre-Issuance Requirements
Table 1: Checklist of Pre-Issuance Climate Bonds Standard Requirements
Climate Bonds Standard Requirement

Findings

Requirement
Met

1. Use of Proceeds
1.1 The Issuer shall document the Nominated Projects& Assets which are proposed to be associated with theBond and which have been assessed as likely to be
Eligible Projects & Assets. The Issuer shall establish alist of Nominated Projects & Assets which can be kept
UpToDate during the term of the Bond.
1.2 The expected Net Proceeds of the Bond shall be
no greater than the Issuer’s total investment exposure
to the proposed Nominated Projects & Assets, or the
relevant proportion of the total Market Value of the
proposed Nominated Projects & Assets which are
owned or funded by the Issuer.
1.3 Nominated Projects & Assets shall not be
nominated to other Certified Climate Bonds,
Certified Climate Loans, Certified Climate Debt
Instruments, green bonds, green loans or other

The Issuer has provided a list of
nominated projects to be financed,
which have been assessed as likely to
be Eligible Projects & Assets.

√

The expected Net Proceeds of theBond will be no greater than theIssuer’s total investment exposure to
the proposed Nominated Projects &Assets.

√The Issuer has confirmed that
Selected Projects have never been
nominated to other Climate Bonds orthat the existing Climate Bond is not√3labelled instruments (such as social bonds or SDG
bonds) unless it is demonstrated by the Issuer that:being refinanced via another Climate
Bond.

1.3.1 Distinct portions of the Nominated Projects& Assets are being funded by different Certified
Climate Bonds, Certified Climate Loans,
Certified Climate Debt Instruments, green bond,green loans or other labelled instruments or;
1.3.2 The existing Certified Climate Bond,
Certified Climate Loan or Certified Climate Debt
Instrument is being refinanced via another
Certified Climate Bond, Certified Climate Loanor Certified Climate Debt Instrument.

2. Process for Evaluation and Selection of Projects and Assets
2.1. The Issuer shall establish, document andmaintain a decision-making process which it uses todetermine the eligibility of the Nominated Projects& Assets. The decision-making process shall
include, without limitation:
2.1.1. A statement on the climate-related
objectives of the Bond.
2.1.2 How the climate-related objectives of theBond are positioned within the context of theIssuer’s overarching objectives, strategy, policy
and/or processes relating to environmental
sustainability.
2.1.3 Issuer’s rationale for issuing the Bond.

The Issuer establishes, documents
and maintains its decision-making
process in its Green Bond
Framework, which includes all therequired statements stipulated in the
Climate Bonds Standard
Requirement in 2.1.

√

The Issuer has included related
eligibility criteria, green standards orcertifications referenced andassessment procedure in its Green
Bond Framework, as stipulated in the
Climate Bonds Standard
Requirement in 2.2.

√

2.1.4 A process to determine whether the
Nominated Projects & Assets meet the eligibility
requirements specified in Part C of the Climate
Bonds Standard.
2.2 Issuer should include under Clause 2.1 further
aspects of the decision-making process, including:
2.2.1 Related eligibility criteria, including, if
applicable, exclusion criteria or any otherprocess, applied to identify and manage potentiallymaterial environmental, social or governancerisks associated with the Nominated Projects &Assets.
2.2.2 Green standards or certifications referenced
in the selection of Nominated Projects & Assets.

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2.2.3 The issuer shall assess that all proposed
Nominated Projects & Assets to be associatedwith the Bond meet the documented objectives asstated under Clause 2.1.1 and are likely to conformto the relevant eligibility requirements under Part
C of the Climate Bonds Standard.

3. Management of Proceeds
3.1 The systems, policies and processes to be used for
management of the Net Proceeds shall be documented
by the Issuer and disclosed to the Verifier, and shall
include arrangements for the following activities:
3.1.1 The Net Proceeds of the Bond can be credited
to a sub- account, moved to a sub-portfolio, or
otherwise tracked by the Issuer in an appropriatemanner and documented.
3.1.2 The balance of unallocated Net Proceeds
can be managed as per the requirements inClause 7.3.
3.1.3 The earmarking process can be used to
manage and account for funding to theNominated Projects & Assets and enables
estimation of the share of the Net Proceeds being
used for financing and refinancing.

The Issuer has documented the
management of the Net Proceeds in
its Green Bond Framework and therelevant documents are disclosed to
the Verifier.
According to the Issuer’s Green
Bond Framework, a Green Bond subaccount is created for managing andtracking the Net Proceeds of the
Bond.

√

√

This is disclosed in the Green Bond
Framework as required in Clause 7.3.

√

The earmarking process isappropriately managed.
The Issuer has transparently
communicated to the Verifier theestimated share of refinancing and it
is shown in the ANNEX.

√

The Issuer has prepared and will
disclose its Green Bond Framework.

√

The Issuer has confirmed that theBond issued under its Green Bond
Framework is aligned with thefollowing criteria:
ICMA Green Bond Principles
China Green Bond Endorsed
Project Catalogue (2021 Edition)
CBI Climate Bonds Standard√

4. Reporting Prior To Issuance
4.1 The Issuer shall prepare a Green Bond Frameworkand make it publicly available prior to Issuance or at
the time of Issuance. The Green Bond Framework shall
include, without limitation:
4.1.1 Confirmation that the Bonds issued under
the Green Bond Framework are aligned with the
Climate Bonds Standard. This may include
statements of alignment with other applicablestandards, such as the EU Green Bond Standard,
the ASEAN Green Bond Standard, Chinese
domestic regulations, Japanese Green Bond
Guidelines, etc.

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4.1.2 A summary of the expected use ofproceeds, as defined under Clause 1.1, and the
expected contribution of the relevant sectors or
sub-sectors to the rapid transition required toachieve the goals of the Paris Climate
Agreement.
4.1.3 A description of the decision-making
process, as defined under Clause 2.1, withparticular reference to the requirements in Clause
2.1.2.
4.1.4 Information on the methodology andassumptions to be used for: confirming, whererequired by relevant Sector Eligibility Criteria,
the characteristics or performance of NominatedProjects & Assets required to conform to therelevant eligibility requirements under Part C of
the Climate Bonds Standard; and any otheradditional impact metrics that the issuer willdefine.
4.1.5 A summary of the approach to the
management of unallocated Net Proceeds inaccordance with Clause 3.1.
4.1.6 The intended approach to providing Update
Reports to reaffirm conformance with the Climate
Bonds Standard while the Bond remains
outstanding.
4.1.7 The list of proposed Nominated Projects &Assets associated with the Bond and the investmentareas, as provided in Clause 9.1, into which theNominated Projects & Assets fall. Where there arelimits on the amount of detail that can be madeavailable about specific Nominated Projects &Assets, information shall be presented on theinvestment areas which the Nominated Projects &Assets fall into, provided in Clause 9.1, and theIssuer shall provide an explanation of why details
on Nominated Projects & Assets is limited.
4.1.8 Where a proportion of the Net Proceeds areused for refinancing, an estimate of the share of
the Net Proceeds used for financing andrefinancing, and the relevant Nominated Projects

The
Framework
includesa
description of the Eligible Projects, as
defined under Clause 1.1, and the
expected contribution to the rapidtransition required to achieve thegoals of the Paris Climate Agreement.
The
Framework
includesa
description of the decision-making
process, as defined under Clause 2.1,
with particular reference to therequirements in Clause 2.1.2.
The Issuer has disclosed in the Green
Bond Framework the methodology
and assumptions to be used for
confirming the characteristics or
performance of Nominated Projects &Assets required to conform to therelevant eligibility requirements
under Part C of the Climate Bonds
Standard.
A summary of the approach to the
management of unallocated Net
Proceeds is included in the
Framework.

√

√

√

√

The Issuer will publish a Green Bond
Report annually to provide updates.

√

The issuer will disclose investmentareas of Nominated Projects & Assets
associated with the Bond in its Annual
Green Bond Report. But because ofconfidentiality a full list may not be
published.

√

The
Issuerhas
transparently
communicated to the Verifier theestimated share of refinancing and it
is shown in the ANNEX.

√

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& Assets or investment areas which may be
refinanced. This may also include the expectedlook-back period for refinanced NominatedProjects & Assets.
4.2 The Issuer shall include in the Disclosure
Documentation:
4.2.1 The investment areas, as provided in Clause
9.1, into which the Nominated Projects & Assets
fall.

4.2.2 The intended types of temporary investment
instruments for the management of unallocated
Net Proceeds in accordance with Clause 7.3.
4.2.3 The Verifier engaged by the Issuer for the
mandatory verification engagements.

4.2.4 The intended approach to providing Update
Reports to reaffirm conformance with the
Climate Bonds Standard while the Bond remains
outstanding, including the location of the
published documents.
4.2.5 The CBI Disclaimer provided in theCertification Agreement.

√
The selected Projects falls in the“Solar”, “Wind”, “Low carbon
transport” and “Marine renewable”,
classification of Climate Bonds
Taxonomy.

√

This is disclosed in the Green Bond
Framework√

The Issuer has commissioned Beijing
Zhongcai Green Financing Consultant
Ltd. as an independent third-party
Verifier approved by the Climate
Bonds Standards Board to perform thePre-Issuance Verification of the
Bond.

√

The Issuer will publish a Green Bond
Report annually on its website toprovide updates.

√

The Issuer has confirmed in theCertification Agreement that the CBIDisclaimer is going to be included inbond offer document.

√

7Part C: Eligibility of Projects & Assets
Technical criteria for Selected Projects & Assets:
1. Solar Criteria Version 2.1
CBI REQUIREMENTSFACTUAL FINDINGS
1. Technical Criteria for Eligible Projects and Assets: Solar
Eligible Project & Assets relating to solar energy
generation shall be projects or assets that operate or are
under construction to operate in one or more of thefollowing activities:
Onshore solar electricity- Onshore solar electricity generation facilities
generation facilities and- Wholly dedicated transmission infrastructure andonshore solar thermalother supporting infrastructure for onshore solar
facilities are eligible
electricity generation facilities including inverters,
activities.
transformers, energy storage systems and control
systems.
- Onshore solar thermal facilities such as solar hot
water systems.

2. Wind Criteria Version 1.2
CBI REQUIREMENTSFACTUAL FINDINGS
2. Technical Criteria for Eligible Projects and Assets: Wind
In general terms, wind energy assets relate to:-

The establishment, acquisition, expansion, and/or ongoing management of a specified onshore
wind energy facility.

-

The establishment, acquisition, expansion and/or ongoing management of related inputs andinfrastructure to support these facilities.

Onshore wind energy
generation facilities meet theCriteria requirements.

These assets are eligible for inclusion in a Certified
Climate Bond if they meet:-

The Mitigation requirement

3. Low Carbon Transport Criteria Version 2.0
CBI REQUIREMENTSFACTUAL FINDINGS
3. Technical Criteria for Eligible Projects and Assets: Low Carbon Transport

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Construction and development, purchase, and/or operationof zero direct emissions urban rail transit lines, forexample:-Construction of metro or tramway lines-

Leasing of metro or subway lines-

Network operators operating an urban rail transit
network

Eligible Green Projects
falling in this sub- category
are eligible for Certification
under Low Carbon Transport(Version 2.0).

4. Marine Renewable Energy Sector Criteria Version 1.2
4.1. Disclosure component:
In the interests of transparency and disclosure, Issuers of Certified Climate
Bonds are required to publicly disclose the following in respect to the assets anduse of proceeds incorporated in the issuance:
A dedicated website has
https://doggerbank.com/.

been

createdCBI REQUIREMENTS
1
Project location and size, including descriptionof marine and coastal ecosystem in proximity
to planned installations, noting for example
whether located in marine protected areas orvulnerable marine ecosystems

for

the

Selected

Project:

The Dogger Bank Offshore
Development Zone, located between
125 and 290km off the east coast ofYorkshire, extends overapproximately 8660km²and water
depths range from 18m to 63m.

2

Projected lifespan of the asset/project

35 years

3

Key stakeholders involved, including otherusers of the area and surrounding area (sea,land or air depending on what is applicable) of
the facility(ies)The engagement of key stakeholders
is described in the Environmental
Statement (ES) Report.

4

Description of project activities including
details on installation, operation anddecommissioning activities

Whole description of the project
activities is included in the ES
Report.

5

Expected/current facility capacity andgeneration during and after the life of the bondAs reported on the project website,
the project will have an installedcapacity of up to 3.6GW.

6

Details of where the energy generated is being
fed into, and estimated impact on grid mix

The facilities are connected to asingle Offshore Substation Platform
through 66kV inter-array cables. The
Platform connects to the onshore
substation through a single 320kV
9export cable. The electricity willsubsequently be converted to HighVoltage Alternating Current andconnected to the grid via a 400 kV
HVAC cable at the existing National
Grid Electricity Transmission Creyke
Beck substation.
The expected impact on the National
Grid is ca. 3.6 GW/ca. 75GW (5%).
7

Projected avoided GHG emissions compared
to fossil fuel counterfactual (in kgCO2e) using
recognised conversion factors

Expected avoided GHG emissions
calculated with UK electricity
conversion factor (in kg CO2e): 1.27
m tons CO2 annually.

8

The planning standards, environmental
regulations and other regulations that the
project has been required to comply with

The project has been required tocomply with the Planning Act 2008of the Parliament of the United
Kingdom, the Environmental Impact
Assessment Regulations and otherregulations.

4.2. Mitigation Component:
Offshore wind energy generation facilities pass the mitigation component whenin compliance with the requirement that Fossil fuel back up can only be used forrestart capability and monitoring, operating or resilience measures in the eventof no power in the system.
4.3. Adaptation & Resilience Requirements:
Checklist for evaluating the Issuer’s Adaptation & Resilience performance inrespect of a marine renewable energy facility:
Item

Proof given

Overallassessment

Section 1: The issuer understands the climate related risks and vulnerabilities to the asset/ site

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1.1

Processes are in place (as part of both the asset design andongoing management) to assess key risks to the assets from achanging climate and its impact on marine conditions
These key risks should include the following, plus any others
felt to be of concern for the operation of these assets. The risks
should be identified and interpreted in terms of the impact on theasset and the related effects for the business – e.g. impact on
operating feasibility and schedules and potential system outages,
impact on maintenance requirements etc.
For all facilities•

Sea level rise and storm surge•

Extreme precipitation and flooding•

Increase in geophysical hazards such as earthquakes,
tsunamis, volcanic eruptions and landslides•

Changes in wind and storm patterns and intensity•

Changes in ocean temperature, currents and salinity levels

An Environmental Impact
Assessments (EIA) process has
been conducted to ensure thatenvironmental factors are
considered throughout the project
and the decision-making process,and that any potential
environmental impacts are
identified and assessed. As a resultof this assessment process,potential measures to avoid or
minimise any adverse impacts can

The issuer understands what level of climate change would mean

be identified.

the asset/site is no longer viable, and understands under which

Conclusions of the EIA process

climate change scenarios this would happen.

has been documented in the

These processes and assessments use climate information,modelling and scenarios based on peer reviewed methodologies

Good

project Environmental Statement(ES) report.

and literature and considering the variability in modelledscenarios.
If a project does not have any climate related risks or vulnerabilities
evidence must be given to show how this was determined.
Section 2: The issuer understands the improvements and impacts in the larger context (spatially and temporally) beyond theasset/ site. (i.e. the impacts of their own assets and activities on the broader ecosystem and stakeholders in that ecosystem)
2.1 Processes are in place (as part of both the asset design, ongoing
operation and decommissioning) to assess the improvements andimpacts the asset has on the resilience of other stakeholders in thesystem in which it operates
These assessments address:••

Any ways in which renewable energy facilities
might affect, both positively and negatively, theThe Environmental Statement (ES)climate resilience of other marine users orreport covers all relevant

relevant/local stakeholders/communities

impacts in the larger context.

Good

Any ways in which renewable energy facilities
improve the adaptation capacity of other marine
users or relevant/local stakeholders/communities.

e.g. Any potential impacts on other marine stakeholders of ahighly dense concentration of renewable energy facilities or
associated transmission lines?
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e.g. Any potential impacts that renewable energy facilities may
have on coastal resilience by taking strength out of the wind,
waves, tidal flows, tidal range or by altering sedimentation
processes?
If a project does not have any impacts beyond the asset/site
evidence must be given to show how this was determined.
Section 3: The issuer has designed and implemented strategies to mitigate and adapt to these climate risks andvulnerabilities
3.1 An adaptation plan has been designed and is being implemented
to address the risks identified in assessments outlined above.
All risks identified are being addressed in the design andmanagement of the asset.
The issuer has designed or amended asset maintenance plans toensure that scheduled maintenance is sufficient to cope with the

The project has adopted a strategic

ongoing impacts of climate change and a plan has beenplanning process called Zone

established to govern how they approach emergency maintenanceAppraisal and Planning (ZAP)

needs arising from sudden climate change impacts (e.g. extreme

process to mitigate and adapt tostorms)these climate risks and

The issuer has remotely controlled or automated shutdown

vulnerabilities.

procedures, training, capacity and governance arrangements in

The ZAP process assists

place to manage the impacts of exceptional events (such as

developers in making informed

extreme storms, winds etc.)

decisions on the location of theirGood

The issuer has monitoring and reporting systems and processes to projects offshore by providing amechanism for the early
identify high risk scenarios.
The issuer has contingency plans to address disruptions to

consideration of environmental,

operations or loss of the asset and any resulting environmental

planning and engineeringor social damage.

constraints.

The issuer has processes for feeding risk assessments back into

The information collected in thedecision making

ZAP process is included in the

The issuer has a budget allocated to implementing the adaptation

Zonal Characterisation Document

plan and has a named member of staff responsible for its
implementation.
The issuer complies with any existing broader or higherlevel adaption plans, such as NAPAs.
3.2

Inspections are carried out regularly and there is a maintenanceAccording to the Environmental

regime in place for future inspections with evidence that this isStatement of the project, the ZAP

adhered to.

process of the project willcontinue throughout thedevelopment phase. The outcomeGoodof the initial ZAP and project
development processes will inform
subsequent ZAP and project
development phases.

12Section 4: Issuer is pursuing strategies that promote resilience and adaptation across the area in which it operates andbeyond
4.1

Issuer is involved in stakeholder engagement and

The ZAP process adopted by ZAP

collaboration (e.g. policy development, consultation,is advocated by Marine

collaboration and active engagement with other marine

Management Organisation, whichusers)

is the government’s principal

e.g. Engaging in hazard response planning for the area, or

regulator for most activities inrecovery planning and operations after severe events

English waters.

e.g. Pursuing potential climate resilience benefits for the local area

The information and designthat could be delivered by the marine renewable energy facility,

decisions presented within thesuch as a tidal lagoon providing additional storm surge protection

project’s Environmental Statement

for local towns

have been informed through ane.g. Alterations made to day-to-day operating procedures

extensive programme ofin response to stakeholder engagement

consultation, including theGoodprovision of Preliminary
Environmental Information.
Section 5: Issuer is delivering positive impacts (or no harm) in terms of key sustainability indicators
5.1

The asset or project does not put in jeopardy endangered or atrisk species or habitats or unduly impact ecosystem services.
Where there are possible negative impacts to habitats, species,
biodiversity, or ecosystem services, mitigation measures are
implemented to offset the negative impacts.
E.g. Noise and vibration generated by marine renewable energy
arrays may disrupt animals, such as marine mammals, fish, birds,
turtles, and invertebrates that rely on sound for navigation andother essential functions. The potential for collision-related injury
or mortality of marine animals is a key parameter for impact
assessment, particularly for tidal energy projects. Alteration ofwater circulation, sediment transport, and other physical flows
by marine renewable energy devices as well as introduction of
new electromagnetic fields (e.g. via suspended or seafloor
cables) may negatively impact habitat quality. This might beespecially relevant for tidal barrage, but should be considered forall marine renewable arrays.
N.B. In many jurisdictions this will be well covered byexisting regulatory or licensing requirements, and thosecan be referenced here if they provide sufficient evidence
to cover this requirement.

5.2

The Environmental Statement of
the project has demonstrated theassessment outcomes of:-Marine and coastal
ornithology-

Marine and intertidal ecology-

Fish and shellfish ecology-

Marine mammals-

Seascape-

Landscape-Terrestrial ecology

Goodwhich shows the project does not
put in jeopardy endangered or atrisk species or habitats or unduly
impact ecosystem services.
For example, the discharge ofsewage waste will be collected,
treated and discharged to sea inaccordance with the requirementsof MARPOL

Waste is responsibly dealt with, including appropriate disposal

The Environmental Statementof construction waste and oil- based lubricants, including

covers all relevant issues in terms

recycling options where possible. Also, reuse or recycling whereof waste disposal. In addition topossible of equipment after decommissioning.

ensuring that all working practices

Good

13

N.B. In many jurisdictions this will be well covered by

and vessels adhere to theexisting regulatory or licensing requirements, and thoserequirements of the MARPOL

can be referenced here if they provide sufficient evidence

Convention Regulations, control

to cover this requirement.

measures to be included within a
Project Environmental
Management and Monitoring Plan
(EMMP) will be put in place inorder to minimise the risk of a spill
as far as possible.

5.3

The issuer has recognised and listed the potential risks for

According to the Environmental

accidental site contamination either from leakage ofStatement, the risk ofhydraulic fluid (or any other potential pollutant) or fromcontamination as a result of

wreckage/debris on the sea bed. Demonstrable steps haveaccidental spillage of material or

been taken to minimise these risks and plans have beendischarges of waste water ismade for clean-up should a site contamination event

assessed as low due tooccur.

environmental protection andcontrol measures which will be
implemented.
Examples of steps include:-

All use of chemicals and theactivity that requires themwill consider ways in which a
potential pathway from theactivity could lead todischarge of the chemical toGood

the sea. Where possible
control measures will be
implemented to remove thispathway;-

All vessels should carry spill
kits for dealing with spills on
vessel decks;-

All vessel personal should betrained in and be familiar
with the Project EMMP;-

The discharge of sewage
waste will be collected,
treated and discharged to sea
in accordance with therequirements of MARPOL.

5.4

Decommissioning of the plant is planned in a way that considers
the environmental impacts
N.B. In many jurisdictions this will be well covered by

The Environmental Statement
provides details of the

Good

14

existing regulatory or licensing requirements, and thosedecommissioning scenarios for thecan be referenced here if they provide sufficient evidence

plant. The environmental impact

to cover this requirement.

predicted for the worst casescenario of decommissioning isminor adverse significance.

5.5

Issuer has plans and processes in place to effectively manage and

The Environmental Statement

minimise conflict with other users of the marine and coastal space includes an analysis of possible
N.B. In some jurisdictions this will be well covered by

impact on other marine users,

existing regulatory or licensing requirements, national or

including users of other renewableregional marine plans and/ or marine spatial plans, and theenergy projects; carbon capture

application of or conformity with these regulations orand storage; oil and gas activity;

plans can be referenced here if they provide sufficientunderground coal gasification;evidence to cover this requirement.

aggregate extraction;Goodand subsea cables and pipelines.
The project area is crossed by, andis close to, telecommunications
cables and pipelines. A separation
distance will be maintained toallow for necessary operationand maintenance activity.

15

Annex. List of the Nominated Projects (Confidential)
Project
Type

Solar
Power

Project Location

Loan Balance

Shengping, Anda,
Suihua,Heilongjiang,
China

178,000,000

Currency Planned
Proportion
Powerof
Generation Refinancing
Capacity

USD

400MW

100%

100%

Solar
Power

Dubai, United
Arab Emirates

242,000,000

USD

700MW
CSP and
250MW
PV

Wind
Power

Puyang, Henan,
China

248,000,000

USD

500MW

100%

MarineRenewables

North Sea, UK

23,000,000

USD

1,200MW

None

Low
CarbonTransport

Changsha,
Hunan, China

966,000,000

USD

100%

Low
CarbonTransport

Chengdu, China

804,000,000

USD

100%

Low
CarbonTransport

Guangzhou,
China774,000,000

USD

100%

Low
CarbonTransport

Beijing, China

727,000,000

USD

100%

Low
CarbonTransport

Shengzhen, China

697,000,000

USD

100%

Total Loan Balance

4,659,000,000

USD-

Expected Net Proceeds of theBond

No greater than
3,000,000,000

USD-16