hightdelion
tdelion 时间:2021-04-16 阅读:()
"DNVGL"isatradingnameofDNVGLBusinessAssuranceServicesUKLimited,awhollyownedsubsidiaryofDNVGLBusinessAssuranceGroupASandDNVGLGroupAS.
RegisteredOffice:4thfloor,VivoBuilding,London,SE19LSwww.
dnvgl.
comTDBANKGREENBOND2DNVGLELIGIBILITYASSESSMENTScopeandObjectivesTDBankGroup,N.
A.
(henceforthreferredtoas"TDBank")isaleadingCanadianmultinationalbankingandfinancialservicescorporationheadquarteredinToronto.
TDBankisintendingtoissueasecondGreenBondinthetotalrangeofUSDOneBillion(henceforthreferredtoas"theBond").
ThepurposeoftheBondistofinance/refinanceTDBank'sloansandprojectsin17projectcategories,aslistedintheSchedule1ofthisreview.
DNVGLBusinessAssuranceServicesLimited(henceforthreferredtoas"DNVGL")hasbeencommissionedbyTDBanktoprovideaGreenBondeligibilityassessmentontheTDBankGreenBond.
Ourmethodologytoachievethisisdescribedunder'WorkUndertaken'below.
Wewerenotcommissionedtoprovideindependentassuranceorotherauditactivities.
NoassuranceisprovidedregardingthefinancialperformanceoftheBond,thevalueofanyinvestmentsintheBond,orthelongtermenvironmentalbenefitsofthetransaction.
OurobjectivehasbeentoprovideanassessmentthattheBondhasmetthecriteriaestablishedonthebasissetoutbelow.
ResponsibilitiesoftheManagementofTDBankandDNVGLThemanagementofTDBankhasprovidedtheinformationanddatausedbyDNVGLduringthedeliveryofthisreview.
OurstatementrepresentsanindependentopinionandisintendedtoinformTDBank'smanagementandotherinterestedstakeholdersintheBondastowhethertheestablishedcriteriahavebeenmet,basedontheinformationprovidedtous.
InourworkwehavereliedontheinformationandthefactspresentedtousbyTDBank.
DNVGLisnotresponsibleforanyaspectoftheprojectsorassetsreferredtointhisopinionandcannotbeheldliableifestimates,findings,opinions,orconclusionsareincorrect.
Thus,DNVGLshallnotbeheldliableifanyoftheinformationordataprovidedbyTDBank'smanagementandusedasabasisforthisassessmentwerenotcorrectorcomplete.
BasisofDNVGL'sopinionWehaveadaptedourgreenbondeligibilityassessmentmethodologytocreateTDBank-specificGreenBondEligibilityAssessmentProtocol(henceforthreferredtoas"Protocol")-seeSchedule2.
OurProtocolincludesasetofsuitablecriteriathatcanbeusedtounderpinDNVGL'sopinion.
Page2of9AsperourProtocol,thecriteriaagainstwhichtheBondhasbeenreviewedaregroupedunderthefourPrinciples:PrincipleOne:UseofProceeds.
TheUseofProceedscriteriaareguidedbytherequirementthatanissuerofagreenbondmustusethefundsraisedtofinanceeligibleactivities.
Theeligibleactivitiesshouldproduceclearenvironmentalbenefits.
PrincipleTwo:ProcessforProjectEvaluationandSelection.
TheProjectEvaluationandSelectioncriteriaareguidedbytherequirementsthatanissuerofagreenbondshouldoutlinetheprocessitfollowswhendeterminingeligibilityofaninvestmentusingGreenBondproceeds,andoutlineanyimpactobjectivesitwillconsider.
PrincipleThree:ManagementofProceeds.
TheManagementofProceedscriteriaareguidedbytherequirementsthatagreenbondshouldbetrackedwithintheissuingorganization,thatseparateportfoliosshouldbecreatedwhennecessaryandthatadeclarationofhowunallocatedfundswillbehandledshouldbemade.
PrincipleFour:Reporting.
TheReportingcriteriaareguidedbytherecommendationthatatleastannualreportingtothebondinvestorsshouldbemadeoftheuseofbondproceedsandthatquantitativeand/orqualitativeperformanceindicatorsshouldbeused,wherefeasible.
WorkundertakenOurworkconstitutedahighlevelreviewoftheavailableinformation,basedontheunderstandingthatthisinformationwasprovidedtousbyTDBankingoodfaith.
Wehavenotperformedanauditorotherteststochecktheveracityoftheinformationprovidedtous.
Theworkundertakentoformouropinionincluded:CreationofaTDBank-specificProtocol,adaptedtothepurposeoftheBond,asdescribedaboveandinSchedule2tothisAssessment;AssessmentofdocumentaryevidenceprovidedbyTDBankontheBondandsupplementedbyhigh-leveldesktopresearch.
Thesechecksrefertocurrentassessmentbestpracticesandstandardsmethodology;ReviewofTDBank'spublishedmaterialwithregardstoTDBank'senvironmentalactivitiesrelatingtothecompany;ReviewofTDBank'smarketingandroadshowmaterialsinregardstotheBond;DiscussionswithTDBank'smanagement,andreviewofrelevantdocumentationandevidencerelatedtothecriteriaoftheProtocol;Documentationoffindingsagainsteachelementofthecriteria.
Ouropinionasdetailedbelowisasummaryofthesefindings;andReviewedtheprojecttrackingmechanismsandprocess.
Page3of9FindingsandDNVGL'sopinionDNVGL'sfindingsarelistedbelow:1.
PrincipleOne:UseofProceeds.
TDBankisintendingtoissueaGreenBondtofinanceandrefinanceassetsinthefollowingareas;Renewableenergygeneration,Energyefficiencyandmanagement,GreeninfrastructureandSustainablelanduse.
Schedule1providesfurtherdetailsoftheprojectcategoriesintheseareas.
Theevidencewehavereviewedsuggeststhatthecurrentlyidentifiedprojectcategoriesareprovidingclearenvironmentalbenefits,eitherthroughtheproductionofrenewableandlowcarbonenergy,thereducedconsumptionofenergy,energyefficiencyandmanagement,greeninfrastructure,conservation,wasteandwatermanagement,sustainablelanduseorenhancingclimateresiliency.
Theexpectedbenefitsarequantifiedasannualenergysavedorgreenenergygenerated,annualGHGemissionsreduced/avoidedandnaturalcapitalvalue.
TDBankhasalsoconfirmeda24monthlookbackperiodpriortothedateofissuanceforeligibleprojects.
2.
PrincipleTwo:ProcessforProjectEvaluationandSelection.
TheTDBankGreenBondFrameworkdescribestheprocessthroughwhichprojectsareidentified,selectedandreviewed,includingdetailsoftherolesthatdifferentdepartmentsplayinthisprocess.
InadditiontothiswehavereviewedTDBank'scorporatepoliciesinrelationtoenvironmentalandsocialgovernance,andfoundthesetobeinlinewithindustrypractice.
3.
PrincipleThree:ManagementofProceeds.
Pendingallocation,TDBank'sTreasury&BalanceSheetManagement(TBSM)groupholdsthegreenproceedsinasegregatedinvestmentportfolioconsistingofcashorshort-termliquidmoneymarketinstruments.
Aseligibleprojectsarefunded,investmentsaresold,releasingfundsfromtheaccounttooffsetthegreencommitments.
4.
PrincipleFour:Reporting.
TDBankwillreportontheallocationofproceedsoftheGreenBondandassociatedenvironmentalbenefitsonanannualbasisthroughtheTDBankCorporateResponsibilityReportandtheInvestorRelationswebsite,includingthefollowingmetrics:annualenergysavedorgreenenergygenerated,annualGHGemissionsreduced/avoidedandnaturalcapitalvalue,wheredataisavailable.
OnthebasisoftheinformationprovidedbyTDBankandtheworkundertaken,itisDNVGL'sopinionthattheBondmeetsthecriteriaestablishedintheProtocolandthatitisalignedwiththestateddefinitionofgreenbondswithintheGreenBondPrinciples2017.
forDNVGLBusinessAssuranceServicesUKLimitedLondon,08September2017DougFarquharPrincipalConsultantandProjectDirectorDNVGL–BusinessAssurancePage4of9AboutDNVGLDrivenbyourpurposeofsafeguardinglife,propertyandtheenvironment,DNVGLenablesorganisationstoadvancethesafetyandsustainabilityoftheirbusiness.
Combiningleadingtechnicalandoperationalexpertise,riskmethodologyandin-depthindustryknowledge,weempowerourcustomers'decisionsandactionswithtrustandconfidence.
Wecontinuouslyinvestinresearchandcollaborativeinnovationtoprovidecustomersandsocietywithoperationalandtechnologicalforesight.
Withouroriginsstretchingbackto1864,ourreachtodayisglobal.
Operatinginmorethan100countries,our16,000professionalsarededicatedtohelpingcustomersmaketheworldsafer,smarterandgreener.
Page5of91SCHEDULE1:DESCRIPTIONOFCATEGORIES/ASSETSTOBEFINANCED/REFINANCEDTHROUGHTHEBONDAreaDescriptionCategoriesRenewableEnergyGenerationInvestmentsthathelpsupplyenergyfromrenewableandlowcarbonsourcesWindenergyGeothermalenergySolarenergyTidalandoceanenergygenerationBiomass1Hydropower2EnergyefficiencyandmanagementInvestmentsthathelpreduceenergyconsumptionorhelpmanageandstoreenergyBuildingefficiencyIndustrialefficiencyTransportationefficiencyEnergydistribution,storage,andmanagementClimatechangeandeco-efficientproducts,productiontechnologies,andprocessesGreeninfrastructureandsustainablelanduseInvestmentsthatsupportconservation,sustainableland,wasteorwatermanagement,andenhanceclimateresiliencySustainableagricultureSustainableforestryWaterandwaste-watermanagementandtreatmentSustainablewastemanagementConservationPollutionpreventionandcontrol1Bioenergyfromsourcesthatdonotdepleteexistingterrestrialcarbonpools.
2Existinghydropowerassetsintemperatezones,ornewhydropowerfacilitiesunder25MWgenerationcapacity.
Page6of9SCHEDULE2:TDBANK-SPECIFICGREENBONDELIGIBILITYASSESSMENTPROTOCOL1.
UseofproceedsRef.
CriteriaRequirementsWorkUndertakenDNVGLFindings1aTypeofbondThebondmustfallinoneofthefollowingcategories,asdefinedbytheGreenBondPrinciples:GreenUseofProceedsBondGreenUseofProceedsRevenueBondGreenProjectBondGreenSecuritizedBondInadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereviewed:TDBankGreenBondTermSheetTDBankGreenBondFrameworkTheTDBankGreenBondfallswithinthecategoryofaGreenUseofProceedsBond.
1bGreenProjectCategoriesThecornerstoneofaGreenBondistheutilizationoftheproceedsofthebondwhichshouldbeappropriatelydescribedinthelegaldocumentationforthesecurity.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereviewed:TDBankGreenBondTermSheetTDBankGreenBondFrameworkWeconcludethatthelegaldocumentationconfirmstheutilizationofproceedsisappropriatelydescribed.
1cEnvironmentalbenefitsAlldesignatedGreenProjectcategoriesshouldprovideclearenvironmentallysustainablebenefits,which,wherefeasible,willbequantifiedorassessedbytheissuer.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereviewed:TDBankGreenBondTermSheetTDBankGreenBondFrameworkThespreadsheet"GreenBondTrackingListEligibilityCriteria.
xlsx"TheevidencereviewedgivesustheopinionthatthedesignatedGreenProjectcategoriesdoprovideclearenvironmentallysustainablebenefits.
Inaddition,eligibilitycriteriademonstratethattheGreenProjectcategoriesprovideclearenvironmentalbenefitsandthethresholdsofselectionarewithinreasonablelimits.
Page7of92.
ProcessforProjectSelectionandEvaluationRef.
CriteriaRequirementsWorkUndertakenDNVGLFindings2aIssuer'senvironmentalandsocialandgovernanceframeworkInadditiontoinformationdisclosedbyanissueronitsGreenBondprocess,criteriaandassurances,GreenBondinvestorsmayalsotakeintoconsiderationthequalityoftheissuer'soverallframeworkandperformanceregardingenvironmentalsustainability.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereviewed:TDBankGreenBondTermSheetTDBankGreenBondFrameworkThespreadsheet"GreenBondTrackingListEligibilityCriteria.
xlsx"TD2016CorporateResponsibilityReportTDEnvironmentalPolicyTDNon-RetailEnvironmentalandSocialCreditRiskProcessTDPositionStatementonResponsibleEnergyDevelopmentTDSustainableInvestingApproachWeconcludethat,fromtheinformationprovided,TDBank'sapproachtomanagingenvironmentalsustainabilityisinlinewiththeobjectiveoftheGreenBondandTDBank'smaterialissuesreflectthis.
3.
ManagementofproceedsRef.
CriteriaRequirementsWorkUndertakenDNVGLFindings3aTrackingprocedureThenetproceedsofGreenBondsshouldbecreditedtoasub-account,movedtoasub-portfolioorotherwisetrackedbytheissuerinanappropriateInadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereview:WefoundthattheTDBankGreenBondwillbetrackedinanappropriatemannerandattestedtobyaformalinternalprocessthatwillbelinkedtotheTDBanklendingandinvestmentoperationsforGreenProjects.
Page8of9Ref.
CriteriaRequirementsWorkUndertakenDNVGLFindingsmannerandattestedtobyaformalinternalprocessthatwillbelinkedtotheissuer'slendingandinvestmentoperationsforGreenProjects.
TDBankGreenBondTermSheetTDBankGreenBondFrameworkThespreadsheet"GreenBondTrackingListEligibilityCriteria.
xlsx"Thespreadsheet"GreenBond-GreenProjectsTracking-Q3-2017-09012017.
xlsx"3bTrackingprocedureSolongastheGreenBondsareoutstanding,thebalanceofthetrackedproceedsshouldbeperiodicallyreducedbyamountsmatchingeligiblegreeninvestmentsorloandisbursementsmadeduringthatperiod.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereview:TDBankGreenBondTermSheetTDBankGreenBondFrameworkThespreadsheet"GreenBondTrackingListEligibilityCriteria.
xlsx"Thespreadsheet"GreenBond-GreenProjectsTracking-Q3-2017-09012017.
xlsx"Weconcludethatthereisaclearprocessinplaceforthetrackingofthebalancetakingintoaccountinvestmentsorloandisbursements.
3cTemporaryholdingsPendingsuchinvestmentsordisbursementstoeligibleGreenProjects,theissuershouldmakeknowntoinvestorstheintendedtypesoftemporaryinvestmentinstrumentsforthebalanceofunallocatedproceeds.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereview:TDBankGreenBondTermSheetTDBankGreenBondFrameworkThespreadsheet"GreenBondTrackingListEligibilityCriteria.
xlsx"Thespreadsheet"GreenBond-GreenProjectsTracking-Q3-2017-09012017.
xlsx"WeconcludethatTDBankhasinplaceasegregatedinvestmentportfolioconsistingofcashandshort-termliquidmoneymarketinstrumentstouseastemporaryinvestments.
Page9of94.
ReportingRef.
CriteriaRequirementsWorkUndertakenDNVGLFindings4aPeriodicalreportingInadditiontoreportingontheuseofproceedsandthetemporaryinvestmentofunallocatedproceeds,issuersshouldprovideatleastannuallyalistofprojectstowhichGreenBondproceedshavebeenallocatedincluding-whenpossiblewithregardstoconfidentialityand/orcompetitiveconsiderations-abriefdescriptionoftheprojectsandtheamountsdisbursed,aswellastheexpectedenvironmentallysustainableimpact.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereview:TDBankGreenBondTermSheetTDBankGreenBondFrameworkTD2016CorporateResponsibilityReportReportingonpreviousgreenbond"TDGreenBond–UseofProceeds2015"ReviewofroadshowpresentationandaccompanyingmarketingmaterialsWefoundthatTDBankplantoreportontheGreenBondinalignwiththerequiredCriteria.
TDBankstatethattheywillreportontheproceedsofthebondannuallyintheirCRreport.
EvidenceofreportingintheCRreportonthepreviousGreenBondwasreviewed,aswasevidenceoftheUseofProceedsonthepreviousGreenBond.
RegisteredOffice:4thfloor,VivoBuilding,London,SE19LSwww.
dnvgl.
comTDBANKGREENBOND2DNVGLELIGIBILITYASSESSMENTScopeandObjectivesTDBankGroup,N.
A.
(henceforthreferredtoas"TDBank")isaleadingCanadianmultinationalbankingandfinancialservicescorporationheadquarteredinToronto.
TDBankisintendingtoissueasecondGreenBondinthetotalrangeofUSDOneBillion(henceforthreferredtoas"theBond").
ThepurposeoftheBondistofinance/refinanceTDBank'sloansandprojectsin17projectcategories,aslistedintheSchedule1ofthisreview.
DNVGLBusinessAssuranceServicesLimited(henceforthreferredtoas"DNVGL")hasbeencommissionedbyTDBanktoprovideaGreenBondeligibilityassessmentontheTDBankGreenBond.
Ourmethodologytoachievethisisdescribedunder'WorkUndertaken'below.
Wewerenotcommissionedtoprovideindependentassuranceorotherauditactivities.
NoassuranceisprovidedregardingthefinancialperformanceoftheBond,thevalueofanyinvestmentsintheBond,orthelongtermenvironmentalbenefitsofthetransaction.
OurobjectivehasbeentoprovideanassessmentthattheBondhasmetthecriteriaestablishedonthebasissetoutbelow.
ResponsibilitiesoftheManagementofTDBankandDNVGLThemanagementofTDBankhasprovidedtheinformationanddatausedbyDNVGLduringthedeliveryofthisreview.
OurstatementrepresentsanindependentopinionandisintendedtoinformTDBank'smanagementandotherinterestedstakeholdersintheBondastowhethertheestablishedcriteriahavebeenmet,basedontheinformationprovidedtous.
InourworkwehavereliedontheinformationandthefactspresentedtousbyTDBank.
DNVGLisnotresponsibleforanyaspectoftheprojectsorassetsreferredtointhisopinionandcannotbeheldliableifestimates,findings,opinions,orconclusionsareincorrect.
Thus,DNVGLshallnotbeheldliableifanyoftheinformationordataprovidedbyTDBank'smanagementandusedasabasisforthisassessmentwerenotcorrectorcomplete.
BasisofDNVGL'sopinionWehaveadaptedourgreenbondeligibilityassessmentmethodologytocreateTDBank-specificGreenBondEligibilityAssessmentProtocol(henceforthreferredtoas"Protocol")-seeSchedule2.
OurProtocolincludesasetofsuitablecriteriathatcanbeusedtounderpinDNVGL'sopinion.
Page2of9AsperourProtocol,thecriteriaagainstwhichtheBondhasbeenreviewedaregroupedunderthefourPrinciples:PrincipleOne:UseofProceeds.
TheUseofProceedscriteriaareguidedbytherequirementthatanissuerofagreenbondmustusethefundsraisedtofinanceeligibleactivities.
Theeligibleactivitiesshouldproduceclearenvironmentalbenefits.
PrincipleTwo:ProcessforProjectEvaluationandSelection.
TheProjectEvaluationandSelectioncriteriaareguidedbytherequirementsthatanissuerofagreenbondshouldoutlinetheprocessitfollowswhendeterminingeligibilityofaninvestmentusingGreenBondproceeds,andoutlineanyimpactobjectivesitwillconsider.
PrincipleThree:ManagementofProceeds.
TheManagementofProceedscriteriaareguidedbytherequirementsthatagreenbondshouldbetrackedwithintheissuingorganization,thatseparateportfoliosshouldbecreatedwhennecessaryandthatadeclarationofhowunallocatedfundswillbehandledshouldbemade.
PrincipleFour:Reporting.
TheReportingcriteriaareguidedbytherecommendationthatatleastannualreportingtothebondinvestorsshouldbemadeoftheuseofbondproceedsandthatquantitativeand/orqualitativeperformanceindicatorsshouldbeused,wherefeasible.
WorkundertakenOurworkconstitutedahighlevelreviewoftheavailableinformation,basedontheunderstandingthatthisinformationwasprovidedtousbyTDBankingoodfaith.
Wehavenotperformedanauditorotherteststochecktheveracityoftheinformationprovidedtous.
Theworkundertakentoformouropinionincluded:CreationofaTDBank-specificProtocol,adaptedtothepurposeoftheBond,asdescribedaboveandinSchedule2tothisAssessment;AssessmentofdocumentaryevidenceprovidedbyTDBankontheBondandsupplementedbyhigh-leveldesktopresearch.
Thesechecksrefertocurrentassessmentbestpracticesandstandardsmethodology;ReviewofTDBank'spublishedmaterialwithregardstoTDBank'senvironmentalactivitiesrelatingtothecompany;ReviewofTDBank'smarketingandroadshowmaterialsinregardstotheBond;DiscussionswithTDBank'smanagement,andreviewofrelevantdocumentationandevidencerelatedtothecriteriaoftheProtocol;Documentationoffindingsagainsteachelementofthecriteria.
Ouropinionasdetailedbelowisasummaryofthesefindings;andReviewedtheprojecttrackingmechanismsandprocess.
Page3of9FindingsandDNVGL'sopinionDNVGL'sfindingsarelistedbelow:1.
PrincipleOne:UseofProceeds.
TDBankisintendingtoissueaGreenBondtofinanceandrefinanceassetsinthefollowingareas;Renewableenergygeneration,Energyefficiencyandmanagement,GreeninfrastructureandSustainablelanduse.
Schedule1providesfurtherdetailsoftheprojectcategoriesintheseareas.
Theevidencewehavereviewedsuggeststhatthecurrentlyidentifiedprojectcategoriesareprovidingclearenvironmentalbenefits,eitherthroughtheproductionofrenewableandlowcarbonenergy,thereducedconsumptionofenergy,energyefficiencyandmanagement,greeninfrastructure,conservation,wasteandwatermanagement,sustainablelanduseorenhancingclimateresiliency.
Theexpectedbenefitsarequantifiedasannualenergysavedorgreenenergygenerated,annualGHGemissionsreduced/avoidedandnaturalcapitalvalue.
TDBankhasalsoconfirmeda24monthlookbackperiodpriortothedateofissuanceforeligibleprojects.
2.
PrincipleTwo:ProcessforProjectEvaluationandSelection.
TheTDBankGreenBondFrameworkdescribestheprocessthroughwhichprojectsareidentified,selectedandreviewed,includingdetailsoftherolesthatdifferentdepartmentsplayinthisprocess.
InadditiontothiswehavereviewedTDBank'scorporatepoliciesinrelationtoenvironmentalandsocialgovernance,andfoundthesetobeinlinewithindustrypractice.
3.
PrincipleThree:ManagementofProceeds.
Pendingallocation,TDBank'sTreasury&BalanceSheetManagement(TBSM)groupholdsthegreenproceedsinasegregatedinvestmentportfolioconsistingofcashorshort-termliquidmoneymarketinstruments.
Aseligibleprojectsarefunded,investmentsaresold,releasingfundsfromtheaccounttooffsetthegreencommitments.
4.
PrincipleFour:Reporting.
TDBankwillreportontheallocationofproceedsoftheGreenBondandassociatedenvironmentalbenefitsonanannualbasisthroughtheTDBankCorporateResponsibilityReportandtheInvestorRelationswebsite,includingthefollowingmetrics:annualenergysavedorgreenenergygenerated,annualGHGemissionsreduced/avoidedandnaturalcapitalvalue,wheredataisavailable.
OnthebasisoftheinformationprovidedbyTDBankandtheworkundertaken,itisDNVGL'sopinionthattheBondmeetsthecriteriaestablishedintheProtocolandthatitisalignedwiththestateddefinitionofgreenbondswithintheGreenBondPrinciples2017.
forDNVGLBusinessAssuranceServicesUKLimitedLondon,08September2017DougFarquharPrincipalConsultantandProjectDirectorDNVGL–BusinessAssurancePage4of9AboutDNVGLDrivenbyourpurposeofsafeguardinglife,propertyandtheenvironment,DNVGLenablesorganisationstoadvancethesafetyandsustainabilityoftheirbusiness.
Combiningleadingtechnicalandoperationalexpertise,riskmethodologyandin-depthindustryknowledge,weempowerourcustomers'decisionsandactionswithtrustandconfidence.
Wecontinuouslyinvestinresearchandcollaborativeinnovationtoprovidecustomersandsocietywithoperationalandtechnologicalforesight.
Withouroriginsstretchingbackto1864,ourreachtodayisglobal.
Operatinginmorethan100countries,our16,000professionalsarededicatedtohelpingcustomersmaketheworldsafer,smarterandgreener.
Page5of91SCHEDULE1:DESCRIPTIONOFCATEGORIES/ASSETSTOBEFINANCED/REFINANCEDTHROUGHTHEBONDAreaDescriptionCategoriesRenewableEnergyGenerationInvestmentsthathelpsupplyenergyfromrenewableandlowcarbonsourcesWindenergyGeothermalenergySolarenergyTidalandoceanenergygenerationBiomass1Hydropower2EnergyefficiencyandmanagementInvestmentsthathelpreduceenergyconsumptionorhelpmanageandstoreenergyBuildingefficiencyIndustrialefficiencyTransportationefficiencyEnergydistribution,storage,andmanagementClimatechangeandeco-efficientproducts,productiontechnologies,andprocessesGreeninfrastructureandsustainablelanduseInvestmentsthatsupportconservation,sustainableland,wasteorwatermanagement,andenhanceclimateresiliencySustainableagricultureSustainableforestryWaterandwaste-watermanagementandtreatmentSustainablewastemanagementConservationPollutionpreventionandcontrol1Bioenergyfromsourcesthatdonotdepleteexistingterrestrialcarbonpools.
2Existinghydropowerassetsintemperatezones,ornewhydropowerfacilitiesunder25MWgenerationcapacity.
Page6of9SCHEDULE2:TDBANK-SPECIFICGREENBONDELIGIBILITYASSESSMENTPROTOCOL1.
UseofproceedsRef.
CriteriaRequirementsWorkUndertakenDNVGLFindings1aTypeofbondThebondmustfallinoneofthefollowingcategories,asdefinedbytheGreenBondPrinciples:GreenUseofProceedsBondGreenUseofProceedsRevenueBondGreenProjectBondGreenSecuritizedBondInadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereviewed:TDBankGreenBondTermSheetTDBankGreenBondFrameworkTheTDBankGreenBondfallswithinthecategoryofaGreenUseofProceedsBond.
1bGreenProjectCategoriesThecornerstoneofaGreenBondistheutilizationoftheproceedsofthebondwhichshouldbeappropriatelydescribedinthelegaldocumentationforthesecurity.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereviewed:TDBankGreenBondTermSheetTDBankGreenBondFrameworkWeconcludethatthelegaldocumentationconfirmstheutilizationofproceedsisappropriatelydescribed.
1cEnvironmentalbenefitsAlldesignatedGreenProjectcategoriesshouldprovideclearenvironmentallysustainablebenefits,which,wherefeasible,willbequantifiedorassessedbytheissuer.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereviewed:TDBankGreenBondTermSheetTDBankGreenBondFrameworkThespreadsheet"GreenBondTrackingListEligibilityCriteria.
xlsx"TheevidencereviewedgivesustheopinionthatthedesignatedGreenProjectcategoriesdoprovideclearenvironmentallysustainablebenefits.
Inaddition,eligibilitycriteriademonstratethattheGreenProjectcategoriesprovideclearenvironmentalbenefitsandthethresholdsofselectionarewithinreasonablelimits.
Page7of92.
ProcessforProjectSelectionandEvaluationRef.
CriteriaRequirementsWorkUndertakenDNVGLFindings2aIssuer'senvironmentalandsocialandgovernanceframeworkInadditiontoinformationdisclosedbyanissueronitsGreenBondprocess,criteriaandassurances,GreenBondinvestorsmayalsotakeintoconsiderationthequalityoftheissuer'soverallframeworkandperformanceregardingenvironmentalsustainability.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereviewed:TDBankGreenBondTermSheetTDBankGreenBondFrameworkThespreadsheet"GreenBondTrackingListEligibilityCriteria.
xlsx"TD2016CorporateResponsibilityReportTDEnvironmentalPolicyTDNon-RetailEnvironmentalandSocialCreditRiskProcessTDPositionStatementonResponsibleEnergyDevelopmentTDSustainableInvestingApproachWeconcludethat,fromtheinformationprovided,TDBank'sapproachtomanagingenvironmentalsustainabilityisinlinewiththeobjectiveoftheGreenBondandTDBank'smaterialissuesreflectthis.
3.
ManagementofproceedsRef.
CriteriaRequirementsWorkUndertakenDNVGLFindings3aTrackingprocedureThenetproceedsofGreenBondsshouldbecreditedtoasub-account,movedtoasub-portfolioorotherwisetrackedbytheissuerinanappropriateInadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereview:WefoundthattheTDBankGreenBondwillbetrackedinanappropriatemannerandattestedtobyaformalinternalprocessthatwillbelinkedtotheTDBanklendingandinvestmentoperationsforGreenProjects.
Page8of9Ref.
CriteriaRequirementsWorkUndertakenDNVGLFindingsmannerandattestedtobyaformalinternalprocessthatwillbelinkedtotheissuer'slendingandinvestmentoperationsforGreenProjects.
TDBankGreenBondTermSheetTDBankGreenBondFrameworkThespreadsheet"GreenBondTrackingListEligibilityCriteria.
xlsx"Thespreadsheet"GreenBond-GreenProjectsTracking-Q3-2017-09012017.
xlsx"3bTrackingprocedureSolongastheGreenBondsareoutstanding,thebalanceofthetrackedproceedsshouldbeperiodicallyreducedbyamountsmatchingeligiblegreeninvestmentsorloandisbursementsmadeduringthatperiod.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereview:TDBankGreenBondTermSheetTDBankGreenBondFrameworkThespreadsheet"GreenBondTrackingListEligibilityCriteria.
xlsx"Thespreadsheet"GreenBond-GreenProjectsTracking-Q3-2017-09012017.
xlsx"Weconcludethatthereisaclearprocessinplaceforthetrackingofthebalancetakingintoaccountinvestmentsorloandisbursements.
3cTemporaryholdingsPendingsuchinvestmentsordisbursementstoeligibleGreenProjects,theissuershouldmakeknowntoinvestorstheintendedtypesoftemporaryinvestmentinstrumentsforthebalanceofunallocatedproceeds.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereview:TDBankGreenBondTermSheetTDBankGreenBondFrameworkThespreadsheet"GreenBondTrackingListEligibilityCriteria.
xlsx"Thespreadsheet"GreenBond-GreenProjectsTracking-Q3-2017-09012017.
xlsx"WeconcludethatTDBankhasinplaceasegregatedinvestmentportfolioconsistingofcashandshort-termliquidmoneymarketinstrumentstouseastemporaryinvestments.
Page9of94.
ReportingRef.
CriteriaRequirementsWorkUndertakenDNVGLFindings4aPeriodicalreportingInadditiontoreportingontheuseofproceedsandthetemporaryinvestmentofunallocatedproceeds,issuersshouldprovideatleastannuallyalistofprojectstowhichGreenBondproceedshavebeenallocatedincluding-whenpossiblewithregardstoconfidentialityand/orcompetitiveconsiderations-abriefdescriptionoftheprojectsandtheamountsdisbursed,aswellastheexpectedenvironmentallysustainableimpact.
Inadditiontoreviewingtheevidencebelow,wehadseveraldetaileddiscussionswithTDBankManagementontheCriteriarequired.
Evidencereview:TDBankGreenBondTermSheetTDBankGreenBondFrameworkTD2016CorporateResponsibilityReportReportingonpreviousgreenbond"TDGreenBond–UseofProceeds2015"ReviewofroadshowpresentationandaccompanyingmarketingmaterialsWefoundthatTDBankplantoreportontheGreenBondinalignwiththerequiredCriteria.
TDBankstatethattheywillreportontheproceedsofthebondannuallyintheirCRreport.
EvidenceofreportingintheCRreportonthepreviousGreenBondwasreviewed,aswasevidenceoftheUseofProceedsonthepreviousGreenBond.
CloudCone（12.95美元/月CN2 GT线路，KVM架构1 Gbps带宽
整理一下CloudCone商家之前推送的闪购VPS云服务器产品，数量有限，活动推出可能很快机器就售罄了，有需要美国便宜VPS云服务器的朋友可以关注一下。CloudCone怎么样？CloudCone服务器好不好？CloudCone值不值得购买？CloudCone是一家成立于2017年的美国服务器提供商，国外实力大厂，自己开发的主机系统面板，CloudCone主要销售美国洛杉矶云服务器产品，优势特点是...
香港ceranetworks（69元/月） 2核2G 50G硬盘 20M 50M 100M 不限流量
香港ceranetworks提速啦是成立于2012年的十分老牌的一个商家这次给大家评测的是 香港ceranetworks 8核16G 100M 这款产品 提速啦老板真的是豪气每次都给高配我测试 不像别的商家每次就给1核1G，废话不多说开始跑脚本。香港ceranetworks 2核2G 50G硬盘20M 69元/月30M 99元/月50M 219元/月100M 519元/月香港ceranetwork...
CloudCone，美国洛杉矶独立服务器特价优惠，美国洛杉矶MC机房，100Mbps带宽不限流量，可选G口，E3-1270 v2处理器32G内存1Gbps带宽，69美元/月
今天CloudCone发布了最新的消息，推送了几款特价独立服务器/杜甫产品，美国洛杉矶MC机房，分配100Mbps带宽不限流量，可以选择G口限制流量计划方案，存储分配的比较大，选择HDD硬盘的话2TB起，MC机房到大陆地区线路还不错，有需要美国特价独立服务器的朋友可以关注一下。CloudCone怎么样？CloudCone服务器好不好？CloudCone值不值得购买？CloudCone是一家成立于2...
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