september 2019 green bond framework investor presentation · nmp recognised by imf pima report...

AIBSeptember 2019Green Bond Framework Investor Presentation

Sustainability in Ireland

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Ireland and Sustainability

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• Ireland is committed to the transition to a low carbon, climate resilient and environmentally sustainable economy by 2050

• Ireland has a strong statutory, policy and investment framework in place in order to achieve this transition

• Ireland believes green finance, including Irish Sovereign Green Bonds (“ISGBs”) will play a key role in financing transition to a low carbon, climate resilient and environmentally sustainable economy

“ This Government fully recognises

the challenge we face in relation to Climate Action and has set out a clear strategy to address this challenge through the National Mitigation Plan and National Adaptation Framework. Our ambition to fund these strategies through the National Development Plan is clearly outlined and this includes a commitment to invest in achieving a transition to a low carbon and climate resilient

economy. ” Minister for Finance

Paschal Donohoe

Green Bond Framework

Irish National Mitigation Plan

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National Policy Position objective for 2050:• Reduction in carbon emissions of at least 80%

(compared to 1990) by 2050 across electricitygeneration, built environment and transportsectors

• An approach to carbon neutrality in theagriculture and land use sector, includingforestry, which does not compromise capacityfor sustainable food production

To ensure that progress in implementing the NMPis robust, a progress report will be published eachyear under the 2015 Act, to be included in theAnnual Transition Statement

NMP recognised by IMF PIMA Report (2017) asgood practice example of investment-relevantinformation

901 new dwelling completions in2018

7 new schools were delivered in 2018

The North-East

Ireland and Sustainability (Project Ireland 2040)

177 social housings built in 2018 1,148 new dwellings in 2018

630 new social housings built in2018

Currently 26 water and wasteprojects 426 new social housings built in 2018

1,363 new dwelling completions in 2018

Project Ireland 2040 is the Government’s long-term overarching strategy to make Ireland a better country for all of its people and Ireland’s Climate Action Policy


Currently 25 water and wasteprojects


8 healthcare projects will bedelivered in 2019


Currently 15 water and wasteprojects

6,924 new dwelling completions in2018

11 healthcare projects will bedelivered in the in 2019

627 new social housings built in 2018 Currently 15 water and waste

projects

Dublin

The Mid-East

The Midlands

The South-East

The South-West

The Mid-West

The West

The North-West

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Sustainability at AIB

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AIBs Aspiration in ESG

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With 2.7 million customers and almost 10,000 employees, AIB is inextricably linked to the fabric

of the economies in which we operate

Funding the providers and purchasers of

housing and home

Facilitating access to the digital

economy for all via the provision of

basic bank accounts

Backing the wealth- and job-creators

within our economy

AIB will continue to report on our progress tointernational best practice standards and wewill foster a culture of accountability andresponsibility for our actions and outcomes.

Most importantly, in all that we do, we will beguided by our Purpose:

We know that we have a meaningful contribution to make in addressing many of the pressing current and emerging societal issues we face

Advancing the transition to a low-

carbon environment

Sustainability Governance at AIB

Board of Directors

Sustainable Business Advisory Committee

CEO and Executive Committee

Sustainability Implementation Group (SIG)

Office of Sustainable Business

AIB’s Board of Directors established a number of Board Committees and Board AdvisoryCommittees to oversee specific areas of the Group’s operations while the Board retainsultimate responsibility, ensuring a robust approach

The Sustainable Business Advisory Committee is chaired by a Non-Executive Director. Itsmembership includes Non-Executive Directors and members of Senior Management, includingthe Chief Executive Officer, the Chief People Officer and the Chief Customer & Strategic AffairsOfficer. The Head of the Office of Sustainable Business is also in attendance. SBAC meets aminimum of four times every year and met eight times during 2018

The Sustainability Implementation Group (SIG) supports SBAC in the implementation of AIB’ssustainability strategy. SIG’s membership is drawn from senior officials across all areas of thebank, including the Office of Sustainable Business, Risk, Treasury, Data & Analytics, EnergyClimate & Infrastructure, and Corporate, Institutional & Business Banking

AIB’s Office of Sustainable Business (OSB) works across the bank to provide direction and focusfor our sustainability agenda. The OSB also supports our CEO and the executive committee onthe development and execution of this agenda.

The Executive Committee was constituted on 1 November 2018 and is established by, andaccountable to, the Chief Executive Officer to assist with the day to day operations of, and thedevelopment of strategy for AIB Group

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Sustainability at AIB• We are committed to being a sustainable bank and addressing the issues that are facing our society

and our environment today and into the future. Through our Materiality exercise*, our stakeholdershave identified the key macroeconomic and material issues that are important to them:

1. Housing 2. Digitalisation 3. Lending 4. Entrepreneurship 5. Sustainable foodproduction and agriculture

Under uncertainty and difficult conditions, we aimed to support all our impacted

customers

AIB supports the transition to a low-carbon economy in many

significant ways

We seek to support vulnerable customers and educate young

people about banking & finance

8. Financial literacy and inclusion

We aim to prepare our own people and others for the workplace of tomorrow

7. Low-carbon economy

6. Brexit 10. Customers in difficulty9. Skills and training

Exports are expected to reach €19bn per annum by 2025, and we aim to be the strategic partner in

reaching that goal

We aim to provide both the funding and supports necessary for

enterprises of all sizes to thrive

With a new focus on energy, climate and infrastructure lending, we aim to be the lender of choice

for our customers

AIB is at the forefront of digitally-enabled banking in Ireland, with

ongoing investment in technology and innovation

AIB plays a critical role at every point in the housing chain: from providing funding for large-scaledevelopments to collaborating

with housing associations

AIB is committed to working with our customers in financial difficulty in order to reach

sustainable solution

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*2018 Materiality exercise, undertaken with KPMG.


10Source: AIB Group plc Detailed Sustainability Report 2018

2018 Highlights

Sustainability journey

2016 2017 2018 2019

Establishment of AIB’s sustainability

governance structure

First Sustainability Report published

Definition of the material

sustainability topics

First Sustainability Conference

(over 350 attendees)

Launch of AIB Together – two

volunteering days per staff member per

year

CDP Climate Change A List

CDP Climate Change A List

Low Carbon Pledge

AIB Energy Efficiency Outlook Report for

SMEs

Sponsorship of Climate Finance

Week Ireland 2019

Launch of AIB’s Climate Action Fund

Founding Signatory of the UNEP FI Principles for

Responsible Banking

Formation of the Sustainable Business

Advisory (SBAC)

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AIB carbon footprint

2020AIB aims to reduce its 2009 emissions* by 33% (AIB

has already beaten this target, achieving 35% in 2017)

2030Reduce our GHG emission intensity* by 50%, as part

of the Low Carbon Pledge

AIB Carbon Targets:

AIB can support the transition to a low-carbon economy

in many significant ways in our own operations and the

services we provide to our customers

12*Scope 1 & 2 emissions

2018In 2018 AIB was a leading Irish lender in the

renewables field. The bank is one of only two Irish

organisations to achieve a CDP Climate Change A

rating in 2018, and reduced its carbon footprint in

buildings

AIB becomes a Founding Signatory of the UNEP FI Principles for Responsible Banking

AIB is the only Irish Bank to become a Founding Signatory of the UNEP FI (United Nations

Environment Programme – Finance Initiative) Principles for Responsible Banking – a single

framework for a sustainable banking industry

The Principles for Responsible Banking will be officially launched on 22nd September during

the United Nations General Assembly in the presence of United Nations Secretary-General

and more than 30 bank CEOs. This will be followed by a public launch event on 23rd

September in New York City hosted by the 30 Founding Banks that developed the Principles

AIB is the only Irish bank to become a Founding Signatory of the

UNEP FI Principles for Responsible Banking

The Principles for Responsible Banking acknowledge the banking industry’s role and

responsibility in shaping a sustainable future and set the scene for aligning the banking

sector with the objectives of the UN Sustainable Development Goals and the 2015 Paris

Climate Agreement

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AIB becomes a Supporter of the Task Force on Climate-related Financial Disclosures

AIB is the first Irish bank to become a Supporter of the Task Force on Climate-related

Financial Disclosures (TCFD)

AIB is the first Irish bank to become a Supporter of the

Task Force on Climate-related Financial Disclosures (TCFD)

The TCFD is a market-driven initiative, set up to develop a set of recommendations for

voluntary and consistent climate-related financial risk disclosures.

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The recommendations of the TCFD provide a framework for companies and other

organizations to develop more effective climate-related financial disclosures through

their existing reporting processes.

ESG Ratings/Credentials

Rating provider Rating

Overall ESG Score 59 (56th Percentile)*

ESG Rating ‘A’ *

Total Sustainability Score: 35 (39th Percentile)*

2018 Climate Change A List

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We are working to build relationships with both the ESG rating agencies, and the credit rating agencies who are

building profile in this space, to improve our scores through regular engagement with them and providing

transparent data that they can collate, track and benchmark

* Based on most up to date information provided by the rating agency

AIB Green Bond Framework

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Rationale

• Align our funding strategy with our sustainability strategy• Funding projects or assets that mitigate climate change by reducing emissions, protecting ecosystems or having a positive

environmental impact (Project Ireland 2040)• The intended Green Bonds issuances serve as a testament to AIB’s leadership and commitment to sustainability and society

Use of Proceeds

1Project Evaluation &

Selection

2Management of

Proceeds

3Reporting

4Second Party Opinion

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• AIB intends to allocate the net proceeds of the Green Bonds to a loan portfolio of new and existing loans, the “Eligible Green Project Portfolio”

Green Commercial and Residential Buildings

Renewable Energy

• Projects financed and/or refinanced are evaluated and selected based on compliance with the Green Bond eligibility criteria described in Use of Proceeds

• A core team will assess project eligibility and allocation of proceeds to Eligible Green Projects

• AIB intends to allocate the proceeds from the Green Bonds to an Eligible Green Project Portfolio, selected in accordance with the use of proceeds criteria and evaluation and selection process

• AIB will track investments in eligible projects

• Allocation reporting: AIB will prepare an annual report with the status of AIB’s Green Bond proceeds allocation at least at category level

• Impact reporting: Where feasible, AIB intends to report on the impact of the Eligible Green Project Portfolio

• This AIB Green Bond Framework has been reviewed by Sustainalytics who has issued a Second Party Opinion

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Use of Proceeds

Alignment with international initiatives

ICMA GBP category Eligible Category Description UN SDG Consultants & Third Parties

Renewable EnergyLoans to finance or refinance generation, equipment, development, manufacturing, construction, operation, distribution and maintenance of renewable energy generation

Green Buildings Loans to finance or refinance new or existing commercial buildings

Eligible use of proceeds categories

Green Commercial Buildings

Use of Proceeds

Green Residential BuildingsRenewable Energy

Use of Proceeds

• Green Commercial Buildings in Ireland- New or existing commercial buildings, belonging to the top

15% low carbon buildings in the local context- Refurbished commercial buildings with at least a 30%

improvement in energy

• Green Commercial Buildings in UK- New or existing commercial buildings in the UK, belonging

to the top 15% low carbon buildings in the local context(i.e. England & Wales – EPC “A” and “B” and Scotland –EPC “A, B and C”)

- Refurbished commercial buildings with at least a 30%improvement in energy efficiency

• Green Commercial Buildings in Ireland and the UK- Commercial buildings classifications, such as:• BREEAM ‘Excellent’ or higher• LEED ‘Gold’ or higher• DGNB ‘Gold’ or higher

Use of Proceeds

• Green Residential Buildings- New or existing residential buildings, belonging to the top

15% low carbon buildings in Ireland:- BER label of B3 or better- Built from 2015 and later

- Refurbished residential buildings with at least a 30%improvement in energy efficiency

• Renewable energy- Loans to finance or refinance equipment, development,

manufacturing, construction, operation, distribution andmaintenance of renewable energy generation and storage(i.e. battery storage). Eligible renewable energy sourcesinclude:

a) Solar Energy: Photovoltaics (PV), concentrated solarpower (CSP) and solar thermal facilities

b) Wind Energy: Onshore and offshore wind energygeneration facilities and other emerging technologies,such as wind tunnels and cubes

c) Anaerobic digestion of bio-waste: treatment of bio-waste through anaerobic digestion (AD) with resultingproduction and energetic utilization of biogas(electricity / heat generation). Energy crops and non-waste feedstock are excluded

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Project evaluation / Selection Process

Process for Project Evaluation and Selection

Compliance with the Green Bond Eligibility Criteria

Alignment with AIB’s sustainability strategy

Compliance with official and international environmental and social standards and local laws and regulation

Sustainability Implementation Group

(SIG)

• Office of Sustainable Business; Risk; Treasury; Data & Analytics; Energy, Climate Action & Infrastructure; andCorporate Institutional & Business Banking.

SIG responsibilities • The SIG will manage any future updates to the Green Bond Framework

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Management of Proceeds

Eligible Loan Portfolio

Outstanding green

bonds

Aggregated portfolio approach used to manage the

proceeds

Additional eligible green projects will be added to the

Eligible Green Project Portfolio to the extent required

Any assets that become ineligible will be removed and

replenished where necessary

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At the time of our first green bond issuance, AIB intends to

already be fully allocated from Day 1, as well as always

having a well over-collateralised green portfolio

Reporting / Impact

Allocation reporting Impact reporting

The total amount of proceeds allocated to eligible loans

The number of eligible loans

The balance of unallocated proceeds

The amount or the percentage of new financing and refinancing

The geographical distribution of the assets (at country level)

Green Buildings

Renewable Energy*

Ex-ante annual energy consumption or energy savings in MWh

Annual reduced and/or avoided in tons of CO2 equivalent

Total installed capacity in MWh

Annual avoided in tons of CO2 equivalent

• AIB will make and keep readily available reporting on the allocation of net proceeds to Eligible Green Projects and, wherever feasible, reporting on the impact of the Eligible Green Project Portfolio

• AIB will align, on a best effort basis, the impact reporting with the portfolio approach described in "Green Bonds - working towards a Harmonized Framework for Impact Reporting (June 2019)

21*Estimated impact is based on the PCAF methodology for wind and solar energy, and relevant EU guidelines for anaerobic digestion

51%49%

Use of Proceeds distribution

Renewable Energy

Green Buildings

Current Green Portfolio

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AIB expects to be a recurring green bond issuer going forward

The current eligible green portfolio currently totals ~EUR1.4bn equivalent

88%

7%5%

Renewable Energy distribution

Wind Solar Anaerobic Digestion

71%

29%

Geographical distribution

ROI UK

Second-Party Opinion

Sustainalytics has issued a positive Second Party Opinion on AIB’s Green Bond Framework

Use of Proceeds: Sustainalytics considers that financing for renewable energy projects and green commercial and residential buildings will lead to positive environmental impacts and advance the UN Sustainable Development Goals, in particular Goals 7, 9 and 11

Project Evaluation and Selection: Sustainalytics considers the project selection process to be in line with market practice

Management of Proceeds: AIB intends to allocate the proceeds from the Green Bond to an Eligible Green Project Portfolio. AIB will ensure that the value of its portfolio matches the outstanding balance of green bonds. Sustainalytics considers this is in line with market practice

Reporting: AIB intends to report allocation proceeds in their Eligible Green Project Portfolio on an annual basis to be renewed every year until maturity of the instruments. In addition, AIB intends to report on the impact including relevant quantitative metrics, calculated by specialist third-party consultants. Sustainalytics views AIB’s allocation and impact reporting as aligned with market practice

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Contact details

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Mark WhelanHead of Term [email protected]+353 1 772 4027

Aidan O’MahonyTerm FundingAidan.P.O’[email protected] +353 1 772 4027

Niamh HoreHead of Investor [email protected] +353 1 641 1817

Sarah DempseyHead of the Office of Sustainable [email protected]+353 1 771 6693

THIS DOCUMENT IS INTENDED TO PROVIDE NON-EXHAUSTIVE, GENERAL INFORMATION. THIS DOCUMENT MAY CONTAIN OR INCORPORATE BY REFERENCE PUBLIC INFORMATION NOTSEPARATELY REVIEWED, APPROVED OR ENDORSED BY AIB AND ACCORDINGLY, NO REPRESENTATION, WARRANTY OR UNDERTAKING, EXPRESS OR IMPLIED, IS GIVEN BY OR ON BEHALFOF AIB OR ANY OF THEIR RESPECTIVE MEMBERS, DIRECTORS, OFFICERS, AGENTS OR EMPLOYEES OR ANY OTHER PERSON AS TO, AND NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BYAIB AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY, REASONABLENESS OR COMPLETENESS OF SUCH INFORMATION.

THIS DOCUMENT MAY CONTAIN STATEMENTS ABOUT FUTURE EVENTS, PLANS, OBJECTIVES, GOALS, STRATEGIES AND EXPECTATIONS THAT ARE FORWARD LOOKING STATEMENTS. THESEFORWARD LOOKING STATEMENTS CAN BE IDENTIFIED BY THE FACT THAT THEY DO NOT RELATE ONLY TO HISTORICAL OR CURRENT FACTS. FORWARD LOOKING STATEMENTS SOMETIMESUSE WORDS SUCH AS ‘AIM’, ‘ANTICIPATE’, ‘TARGET’, ‘EXPECT’, ‘ESTIMATE’, ‘INTEND’, ‘PLAN’, ‘GOAL’, ‘BELIEVE’, ‘MAY’, ‘COULD’, ‘WILL’, ‘SEEK’, ‘CONTINUE’, ‘SHOULD’, ‘ASSUME’, OROTHER WORDS OF SIMILAR MEANING. NONE OF THE FUTURE PROJECTIONS, EXPECTATIONS, ESTIMATES OR PROSPECTS IN THIS DOCUMENT SHOULD BE TAKEN AS FORECASTS ORPROMISES NOR SHOULD THEY BE TAKEN AS IMPLYING ANY INDICATION, ASSURANCE OR GUARANTEE THAT THE ASSUMPTIONS ON WHICH SUCH FUTURE PROJECTIONS, EXPECTATIONS,ESTIMATES OR PROSPECTS HAVE BEEN PREPARED ARE CORRECT OR EXHAUSTIVE OR, IN THE CASE OF THE ASSUMPTIONS, FULLY STATED IN THIS DOCUMENT. AIB HAS AND UNDERTAKESNO OBLIGATION TO UPDATE, MODIFY OR AMEND THIS DOCUMENT, THE STATEMENTS CONTAINED HEREIN TO REFLECT ACTUAL CHANGES IN ASSUMPTIONS OR CHANGES IN FACTORSAFFECTING THESE STATEMENTS OR TO OTHERWISE NOTIFY ANY ADDRESSEE IF ANY INFORMATION, OPINION, PROJECTION, FORECAST OR ESTIMATE SET FORTH HEREIN CHANGES ORSUBSEQUENTLY BECOMES INACCURATE.

THIS DOCUMENT IS NOT INTENDED TO BE AND SHOULD NOT BE CONSTRUED AS PROVIDING LEGAL OR FINANCIAL ADVICE. IT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SELLOR ANY SOLICITATION OF ANY OFFER TO SUBSCRIBE FOR OR PURCHASE OR A RECOMMENDATION REGARDING ANY SECURITIES. NOTHING CONTAINED HEREIN SHALL FORM THE BASISOF ANY CONTRACT OR COMMITMENT WHATSOEVER AND IT HAS NOT BEEN APPROVED BY ANY SECURITY REGULATORY AUTHORITY.

THE DISTRIBUTION OF THIS DOCUMENT AND OF THE INFORMATION IT CONTAINS MAY BE SUBJECT TO LEGAL RESTRICTIONS IN SOME COUNTRIES. PERSONS WHO MIGHT COME INTOPOSSESSION OF IT MUST INQUIRE AS TO THE EXISTENCE OF SUCH RESTRICTIONS AND COMPLY WITH THEM.

THE INFORMATION IN THIS DOCUMENT HAS NOT BEEN INDEPENDENTLY VERIFIED.

THE ADDRESSEE IS SOLELY LIABLE FOR ANY USE OF THE INFORMATION CONTAINED HEREIN AND AIB AND ANY OF THEIR RESPECTIVE MEMBERS, DIRECTORS, OFFICERS OR EMPLOYEES ORANY OTHER PERSON SHALL NOT BE HELD RESPONSIBLE FOR ANY DAMAGES OR LOSS, DIRECT, INDIRECT OR OTHERWISE, ARISING FROM ANY USE OF THIS DOCUMENT OR ITS CONTENTSOR OTHERWITH ARISING IN CONNECTION WITH THIS DOCUMENT BY THE ADDRESSEE.

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Disclaimer (1/2)

THIS DOCUMENT REPRESENTS CURRENT AIB POLICY AND INTENT, ARE PROVIDED AS AT THE DATE OF THIS DOCUMENT AND IS SUBJECT TO CHANGE WITHOUT NOTICE AND IS NOTINTENDED NOR CAN BE RELIED ON, TO CREATE LEGAL RELATIONS, RIGHTS OR OBLIGATIONS.

ANY DECISION TO PURCHASE ANY AIB GREEN BONDS SHOULD BE MADE SOLELY ON THE BASIS OF THE INFORMATION TO BE CONTAINED IN ANY OFFERING DOCUMENT ORPROSPECTUS PRODUCED IN CONNECTION WITH THE OFFERING OF SUCH BONDS.

PROSPECTIVE INVESTORS ARE REQUIRED TO MAKE THEIR OWN INDEPENDENT INVESTMENT DECISIONS.

NO REPRESENTATION IS MADE AS TO THE SUITABILITY OF ANY AIB GREEN BONDS TO FULFIL ENVIRONMENTAL AND SUSTAINABILITY CRITERIA REQUIRED BY PROSPECTIVE INVESTORS.EACH POTENTIAL PURCHASER OF AIB GREEN BONDS SHOULD DETERMINE FOR ITSELF THE RELEVANCE OF THE INFORMATION CONTAINED OR REFERRED TO IN THIS DOCUMENT OR THERELEVANT BOND DOCUMENTATION FOR SUCH AIB GREEN BONDS REGARDING THE USE OF PROCEEDS AND ITS PURCHASE OF AIB GREEN BONDS SHOULD BE BASED UPON SUCHINVESTIGATION AS IT DEEMS NECESSARY.

AIB HAS SET OUT ITS INTENDED POLICY AND ACTIONS IN THIS DOCUMENT IN RESPECT OF USE OF PROCEEDS, PROJECT EVALUATION AND SELECTION, MANAGEMENT OF PROCEEDSAND INVESTOR REPORTING, IN CONNECTION WITH AIB GREEN BONDS. HOWEVER, IT WILL NOT BE AN EVENT OF DEFAULT OR BREACH OF CONTRACTUAL OBLIGATIONS UNDER THETERMS AND CONDITIONS OF ANY AIB GREEN BONDS IF AIB FAILS TO ADHERE TO THIS DOCUMENT, WHETHER BY FAILING TO FUND OR COMPLETE ELIGIBLE GREEN PROJECTS OROTHERWISE.

IN ADDITION, IT SHOULD BE NOTED THAT ALL OF THE EXPECTED BENEFITS OF THE PROJECTS AS DESCRIBED IN THIS DOCUMENT MAY NOT BE ACHIEVED. FACTORS INCLUDING (BUTNOT LIMITED TO) MARKET, POLITICAL AND ECONOMIC CONDITIONS, CHANGES IN GOVERNMENT POLICY (WHETHER WITH A CONTINUITY OF THE GOVERNMENT OR ON A CHANGE INTHE COMPOSITION OF THE GOVERNMENT), CHANGES IN LAWS, RULES OR REGULATIONS, THE LACK OF AVAILABLE SUITABLE PROJECTS BEING INITIATED, FAILURE TO COMPLETE ORIMPLEMENT PROJECTS AND OTHER CHALLENGES, COULD LIMIT THE ABILITY TO ACHIEVE SOME OR ALL OF THE EXPECTED BENEFITS OF THESE INITIATIVES, INCLUDING THE FUNDINGAND COMPLETION OF ELIGIBLE GREEN PROJECTS. IN ADDITION, EACH ENVIRONMENTALLY FOCUSED POTENTIAL PURCHASER OF AIB GREEN BONDS SHOULD BE AWARE THAT ELIGIBLEGREEN PROJECTS MAY NOT DELIVER THE ENVIRONMENTAL OR SUSTAINABILITY BENEFITS ANTICIPATED, AND MAY RESULT IN ADVERSE IMPACTS. ON THIS BASIS, ALL AND ANYLIABILITY, WHETHER ARISING IN TORT, CONTRACT OR OTHERWISE WHICH ANY PURCHASER OF AIB GREEN BONDS OR ANY OTHER PERSON MIGHT OTHERWISE HAVE IN RESPECT OFTHIS DOCUMENT OR ANY AIB GREEN BONDS AS A RESULT OF ANY FAILURE TO ADHERE TO OR COMPLY WITH THIS DOCUMENT IS HEREBY DISCLAIMED TO THE FULLEST EXTENTPERMITTED BY LAW.

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Disclaimer (2/2)

september 2019 green bond framework investor presentation · nmp recognised by imf pima report...

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