An exception may be made for dedicated funding or subsidiaries dedicated to the energy transition (e.g., the deployment of renewable energy).  Dedicated funding (for example via the use of proceeds bonds) must be explicitly earmarked and must not be used for other activities.
Green bonds emitted by companies with coal expansion plans should never be tolerated. For companies emitting green bonds, active in the coal sector but with no expansion plans, financing can occur if the issuer’s definition of green is rigorously verified. A Second Party Opinion on the issuer’s framework alone does not guarantee the sustainable attributes of these debt instruments. It is recommended to have a public framework that clearly defines the projects that may be financed and to verify the compatibility of the overall strategy of the issuer with such commitments.