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.
Krypt（$120/年）,2vCPU/2GB/60GB SSD/3TB
Krypt这两天发布了ION平台9月份优惠信息，提供一款特选套餐年付120美元(原价$162/年)，开设在洛杉矶或者圣何塞机房，支持Windows或者Linux操作系统。ion.kryptcloud.com是Krypt机房上线的云主机平台，主要提供基于KVM架构云主机产品，相对于KT主站云服务器要便宜很多，产品可选洛杉矶、圣何塞或者新加坡等地机房。洛杉矶机房CPU：2 cores内存：2GB硬盘：...
Dataideas：$1.5/月KVM-1GB/10G SSD/无限流量/休斯顿(德州)_主机域名
Dataideas是一家2019年成立的国外VPS主机商，提供基于KVM架构的VPS主机，数据中心在美国得克萨斯州休斯敦，主机分为三个系列：AMD Ryzen系列、Intel Xeon系列、大硬盘系列，同时每个系列又分为共享CPU和独立CPU系列，最低每月1.5美元起。不过需要注意，这家没有主页，你直接访问根域名是空白页的，还好他们的所有套餐支持月付，相对风险较低。下面以Intel Xeon系列共...
Hostio€5/月KVM-2GB/25GB/5TB/荷兰机房
Hostio是一家成立于2006年的国外主机商，提供基于KVM架构的VPS主机，AMD EPYC CPU，NVMe硬盘，1-10Gbps带宽，最低月付5欧元起。商家采用自己的网络AS208258，宿主机采用2 x AMD Epyc 7452 32C/64T 2.3Ghz CPU，16*32GB内存，4个Samsung PM983 NVMe SSD，提供IPv4+IPv6。下面列出几款主机配置信息。...
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