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.
IonSwitch：$1.75/月KVM-1GB/10G SSD/1TB/爱达荷州
IonSwitch是一家2016年成立的国外VPS主机商，部落上一次分享的信息还停留在2019年，主机商提供基于KVM架构的VPS产品，数据中心之前在美国西雅图，目前是美国爱达荷州科德阿伦(美国西北部，西接华盛顿州和俄勒冈州)，为新建的自营数据中心。商家针对新数据中心运行及4号独立日提供了一个5折优惠码，优惠后最低1GB内存套餐每月仅1.75美元起。下面列出部分套餐配置信息。CPU：1core内存...
速云：深圳独立服务器,新品上线,深港mpls免费体验,多重活动!
速云怎么样?速云是一家国人商家。速云商家主要提供广州移动、深圳移动、广州茂名联通、香港HKT等VDS和独立服务器。目前，速云推出深圳独服优惠活动，机房为深圳移动机房，购买深圳服务器可享受5折优惠，目前独立服务器还支持申请免费试用，需要提交工单开通免费体验试用，次月可享受永久8折优惠，也是需工单申请哦！点击进入：速云官方网站地址活动期限至 2021年7月22日速云云服务器优惠活动：活动1：新购首月可...
华纳云CN2高防1810M带宽独享，三网直cn218元/月,2M带宽;独服/高防6折购
华纳云怎么样?华纳云是香港老牌的IDC服务商，成立于2015年，主要提供中国香港/美国节点的服务器及网络安全产品、比如，香港服务器、香港云服务器、香港高防服务器、香港高防IP、美国云服务器、机柜出租以及云虚拟主机等。以极速 BGP 冗余网络、CN2 GIA 回国专线以及多年技能经验，帮助全球数十万家企业实现业务转型攀升。华纳云针对618返场活动，华纳云推出一系列热销产品活动，香港云服务器低至3折，...
tdelion为你推荐
-
邮件企业360退出北京时间为什么我电脑上的时间跟北京时间不同步！！！什么是支付宝支付宝是什么意思？flashfxp下载求最新无需注册的FlashFXP下载地址期刊eset客服电话各银行的客服电话是多少?加多宝和王老吉王老吉和加多宝谁好喝点？缤纷网谁都可以创造一个属于自己的缤纷世界中的缤纷是什么意思瑞东集团道恩集团的集团简介什么是通配符DOS命令具体讲的是什么？