New standard for excellence in sustainable capital markets. Our European Green Bond Framework

The New Benchmark: Our European Green Bond Framework Validated by PwC

Category: Grants & Finance

We are proud to announce a significant milestone in our commitment to transparent and high-integrity sustainable finance. Our European Green Bond (EuGB) framework has successfully undergone an intensive pre-issuance external review by PricewaterhouseCoopers (PwC), confirming its full alignment with the most stringent sustainable finance regulation globally: the European Green Bond Standard (EuGBS).

European Green Bond Framework, emphasizing excellence in sustainable capital markets and project readiness, with support from PWC and banking institutions."

This validation is not merely a compliance check; it is a profound commitment to establishing a new benchmark for credibility in financing the energy transition.

1. Adopting the Gold Standard: EuGBS and EU Taxonomy Alignment

The European Green Bond Standard (Regulation (EU) 2023/2631), which entered into force in December 2023, is widely recognized as the world's most robust framework for sustainable debt. While voluntary, our decision to structure our bond issuance—set for Q3-4 2026—in adherence to the EuGBS ensures we meet the highest possible levels of transparency and rigor.

The PwC pre-issuance opinion confirms our compliance with all three pillars of the EU Taxonomy:

• Technical Screening Criteria (TSC): Our projects are verified as making a Substantial Contribution to climate change mitigation.

• Do No Significant Harm (DNSH): Our activities ensure no environmental harm is caused to other key areas (water, circular economy, biodiversity).

• Minimum Social Safeguards: The framework adheres to fundamental social and governance requirements, confirming an ethical and responsible approach.

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2. High-Assurance Features: Going Beyond Compliance

Our framework is designed not just to meet the EuGBS minimums but to substantially surpass them, offering investors an unprecedented level of assurance and focus on pure-play sustainable assets.

Our key high-assurance commitments include:

Commitment	Description	Significance for Sustainability
100% EU Taxonomy-Alignment	Every single asset financed by the bond proceeds will be fully aligned with the EU Taxonomy.	Eliminates complexity and ensures every Euro directly funds verified sustainable economic activity.
Strict Exclusion Policy	The framework explicitly prohibits the allocation of funds to fossil gas and nuclear energy projects.	Ensures a strictly renewable and transitional focus in line with deep decarbonization goals.
Rapid Allocation Timeline	A strict 24-month allocation timeline has been set for deploying the bond proceeds to eligible projects.	Guarantees timely and efficient capital deployment, maximizing environmental impact sooner.
Refinancing Integrity	Adherence to a strict 3-year look-back period for refinancing, focusing on recent, high-impact projects.	Maintains the high green integrity of the entire financed asset portfolio.

3. Mitigating Core Investor Risks

This stringent framework structure is our policy mandate to directly address and mitigate the two primary concerns for institutional investors in the green bond market:

Risk 1: Allocation Risk

This is the risk that bond proceeds are not deployed to eligible projects quickly or correctly.

• Mitigation: We have committed to a voluntary annual external review of the allocation process. This goes beyond standard EuGBS requirements, providing continual assurance that funds are flowing exactly where promised.

Risk 2: Greenwashing Risk

This is the risk of misrepresenting the environmental benefits of the financed assets.

• Mitigation: This risk is fully eliminated by our prescriptive policy mandate for 100% EU Taxonomy-Alignment and the dual external validation by PwC. The entire framework is governed by a policy that strictly dictates and governs the use of funds.

  
  

This validated framework represents our commitment to integrity and our role in leading the transition to a sustainable economy. We look forward to engaging with our partners and investors as we move towards the Q3-4 2026 issuance, setting a new standard for excellence in sustainable capital markets.