{"query_echo":{"q":"","filters":{"analysis_type":["pre-issuance verification"]},"warnings":[{"code":"facet_value_not_in_vocabulary","message":"Value 'pre-issuance verification' for facet 'analysis_type' is not in the controlled vocabulary."}]},"total":{"value":6,"relation":"eq"},"page":1,"page_size":20,"self":"https://climateinsightsdirectory.org/api/v1/search?analysis_type=pre-issuance+verification","stability":"beta","ai_marking":{"digital_source_type":{"uri":"http://cv.iptc.org/newscodes/digitalsourcetype/trainedAlgorithmicMedia","name":"Created using Generative AI"},"notice":"Summary and key insights are generated using artificial intelligence."},"results":[{"id":"clibonds-000859","url":"https://climateinsightsdirectory.org/document/clibonds-000859","title":"REPORT OF FACTUAL FINDINGS (AGREED-UPON PROCEDURE)","publisher":{"name":"Climate Bonds Initiative","organization":"climate-bonds-initiative"},"document_type":"report","language":"en","date_published":"2019-07-04","source_url":"https://www.climatebonds.net/files/drupal-files/files/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_Pre_issuance_Assurance_Report_Final.pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","climate_tags","analysis_type"],"summary":{"text":"Vigeo Eiris performed a pre-issuance verification of Société Générale SFH's 2019 Green Covered Bond, concluding that the bond's framework and nominated projects align with the Climate Bonds Standard version 2.1, specifically for low carbon residential buildings in France.","ai_generated":true,"unit":"clibonds-000859#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"The proceeds of the Green Covered Bond are dedicated to refinancing 'Green Residential Mortgages', which include both private dwellings and multifamily residential buildings in Metropolitan France.","ai_generated":true,"unit":"clibonds-000859#insight-1","date_modified":"2026-10-23"},{"text":"The bond's environmental objectives include estimated annual energy savings of 90,695 MWh and the avoidance of 15,926 tCO2eq of greenhouse gas emissions.","ai_generated":true,"unit":"clibonds-000859#insight-2","date_modified":"2026-10-23"},{"text":"To meet the 'Low Carbon Buildings' criteria, eligible projects must be among the top 15% of low carbon buildings at the national level in France. The issuer uses a proxy where residential properties with construction permits issued after January 1, 2013, are deemed eligible, provided they comply with the Thermal Regulation RT2012 standard.","ai_generated":true,"unit":"clibonds-000859#insight-3","date_modified":"2026-10-23"},{"text":"Société Générale SFH has established a 'Positive Impact Covered Bond Committee', consisting of project team members and employees from the parent company, to oversee the issuance process and ensure adherence to the framework.","ai_generated":true,"unit":"clibonds-000859#insight-4","date_modified":"2026-10-23"},{"text":"The issuer intends to allocate 100% of the net proceeds immediately upon issuance, meaning no unallocated proceeds are expected to be held in temporary investment instruments.","ai_generated":true,"unit":"clibonds-000859#insight-5","date_modified":"2026-10-23"},{"text":"The net proceeds of the bond represent approximately one-third of the total portfolio of Eligible Loans identified by the issuer.","ai_generated":true,"unit":"clibonds-000859#insight-6","date_modified":"2026-10-23"}],"climate_tags":["climate bond","energy efficiency","greenhouse gas emissions"],"geography_discussed":[],"frame_perspective":[],"analysis_type":["pre-issuance verification","factual findings report"]},{"id":"clibonds-000588","url":"https://climateinsightsdirectory.org/document/clibonds-000588","title":"REPORT OF FACTUAL FINDINGS (AGREED-UPON PROCEDURE)","publisher":{"name":"Climate Bonds Initiative","organization":"climate-bonds-initiative"},"document_type":"report","language":"en","date_published":"2019-03-29","source_url":"https://www.climatebonds.net/files/drupal-files/files/AES%20Tiete%20Energia%20pre%20issuance%20report%20final.pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","climate_tags","geography_discussed","analysis_type"],"summary":{"text":"Vigeo Eiris conducted a pre-issuance verification of AES Tietê Energia's 2019 Green Bond, confirming that the proceeds intended for the Guaimbé and AGV solar power plants in Brazil meet the Climate Bonds Standard version 2.1 and Solar Sector Criteria version 2.0. The bond, with anticipated proceeds up to BRL 820 million, aims to finance projects with a total installed capacity of 225 MW and an expected annual electricity generation of 480 GWh. The verification found that the projects are eligible under the 'Solar' classification of the Climate Bonds Taxonomy and that the issuer has established appropriate internal processes for tracking proceeds and managing unallocated funds.","ai_generated":true,"unit":"clibonds-000588#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"The Green Bond proceeds are designated for the Guaimbé and AGV solar power plants in São Paulo, Brazil, which are managed through eight specific Special Purpose Vehicles (SPVs).","ai_generated":true,"unit":"clibonds-000588#insight-1","date_modified":"2026-10-23"},{"text":"The selected solar projects have a total installed capacity of 225 MW and are expected to generate 480 GWh of electricity annually.","ai_generated":true,"unit":"clibonds-000588#insight-2","date_modified":"2026-10-23"},{"text":"The projects are expected to avoid 35.6 thousand MtCO2e per year in total, with 34.1 thousand MtCO2e per year attributed to the share financed by the Bond, based on the 2018 Brazilian energy matrix (0,074 tCO2e/MWh).","ai_generated":true,"unit":"clibonds-000588#insight-3","date_modified":"2026-10-23"},{"text":"The anticipated net proceeds of the bond are up to BRL 820 million, representing 96% of the estimated total financial resources of BRL 854.2 million required for the projects.","ai_generated":true,"unit":"clibonds-000588#insight-4","date_modified":"2026-10-23"},{"text":"The issuer has committed to a review of the bond 12 months after issuance to ensure continued conformance with the Climate Bonds Standard.","ai_generated":true,"unit":"clibonds-000588#insight-5","date_modified":"2026-10-23"},{"text":"Vigeo Eiris verified that the bond's management processes include the use of segregated accounts for tracking proceeds and the use of cash equivalent instruments for unallocated funds.","ai_generated":true,"unit":"clibonds-000588#insight-6","date_modified":"2026-10-23"}],"climate_tags":["climate bond","photovoltaics","climate finance"],"geography_discussed":["São Paulo"],"frame_perspective":[],"analysis_type":["pre-issuance verification","factual findings report"]},{"id":"clibonds-000834","url":"https://climateinsightsdirectory.org/document/clibonds-000834","title":"Report of Factual Findings Based on the Pre-Issuance Requirements of the Climate Bonds Standard","publisher":{"name":"Climate Bonds Initiative","organization":"climate-bonds-initiative"},"document_type":"report","language":"en","date_published":"2019-03-22","source_url":"https://www.climatebonds.net/files/drupal-files/files/Nedbank%20%20Carbon%20Trust%20Pre-Issuance%20Verification%20Report.pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","climate_tags","analysis_type"],"summary":{"text":"Carbon Trust Assurance Limited verified that Nedbank Limited's framework for its first green bond conforms to the Climate Bonds Standard V2.1. The bond intends to finance a portfolio of wind and solar energy projects in South Africa awarded preferred bidder status through the Renewable Energy Independent Power Producer Procurement Programme (REIPPP). The verifier found that Nedbank has established appropriate internal processes for project selection, tracking of proceeds, and management of unallocated funds, with a commitment to annual reporting and post-issuance verification.","ai_generated":true,"unit":"clibonds-000834#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"Nedbank Limited intends to use the green bond proceeds to finance a portfolio of wind and solar energy projects in South Africa that have been awarded preferred bidder status via the South African National Government's Renewable Energy Independent Power Producer Procurement Programme (REIPPP).","ai_generated":true,"unit":"clibonds-000834#insight-1","date_modified":"2026-10-23"},{"text":"The bond's environmental objectives are aligned with United Nations Sustainable Development Goals (SDGs), specifically SDG 7.2 (increasing the share of renewable energy in the global energy mix) and SDG 9.4 (upgrading infrastructure and retrofitting industries for sustainability and clean technology adoption).","ai_generated":true,"unit":"clibonds-000834#insight-2","date_modified":"2026-10-23"},{"text":"The verifier assessed a portfolio of four projects and found no discrepancies regarding their conformance with the eligibility criteria specified in the Climate Bonds Standard.","ai_generated":true,"unit":"clibonds-000834#insight-3","date_modified":"2026-10-23"},{"text":"Nedbank has established a framework for managing bond proceeds, including the use of subaccounts or sub-portfolios for tracking and a plan to draw down funds over a period of 24 months or less.","ai_generated":true,"unit":"clibonds-000834#insight-4","date_modified":"2026-10-23"},{"text":"Unallocated proceeds will be managed in a liquidity pool consisting of cash, cash equivalents, or other liquid marketable instruments, or used to temporarily fund existing assets on the balance sheet that are not greenhouse gas intensive.","ai_generated":true,"unit":"clibonds-000834#insight-5","date_modified":"2026-10-23"},{"text":"The issuer has committed to annual public disclosure regarding the use of proceeds and the impact of the eligible assets, and an approved third-party verifier will conduct a post-issuance assurance exercise within one year.","ai_generated":true,"unit":"clibonds-000834#insight-6","date_modified":"2026-10-23"}],"climate_tags":["climate bond","wind energy","solar energy","renewable energy","Sustainable Development Goals","climate finance"],"geography_discussed":[],"frame_perspective":[],"analysis_type":["pre-issuance verification"]},{"id":"clibonds-000841","url":"https://climateinsightsdirectory.org/document/clibonds-000841","title":"PRE-ISSUANCE VERIFICATION LETTER LOW CARBON BUILDINGS CRITERIA OF THE CLIMATE BONDS STANDARD","publisher":{"name":"Climate Bonds Initiative","organization":"climate-bonds-initiative"},"document_type":"report","language":"en","date_published":"2019","source_url":"https://www.climatebonds.net/files/drupal-files/files/PKO%20Bank%20Hipoteczny%20CBI%20Pre-Issuance%20Verification%20Letter.pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","climate_tags","geography_discussed","analysis_type"],"summary":{"text":"Sustainalytics has provided a pre-issuance verification letter confirming that PKO Bank Hipoteczny SA's green covered bond framework aligns with the Climate Bonds Standard Version 2.1. The bond is intended to finance or refinance a portfolio of residential green buildings in Poland, targeting the top 15% of low carbon buildings or those achieving significant carbon emission reductions through upgrades.","ai_generated":true,"unit":"clibonds-000841#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"PKO Bank Hipoteczny SA (PKO BH) intends to issue a green covered bond to finance or refinance a loan portfolio of residential green buildings in Poland, specifically targeting those in the top 15% of low carbon buildings in the country.","ai_generated":true,"unit":"clibonds-000841#insight-1","date_modified":"2026-10-23"},{"text":"Eligibility for new or existing residential buildings is based on having an Energy Performance Certificate (EPC) stating the Polish technical condition TC 2017 or newer, or being built after 2017.","ai_generated":true,"unit":"clibonds-000841#insight-2","date_modified":"2026-10-23"},{"text":"Existing residential buildings are eligible if they undergo upgrades resulting in carbon emission reductions of at least 30%, with the required reduction increasing linearly up to 50% for bonds with a 30-year term.","ai_generated":true,"unit":"clibonds-000841#insight-3","date_modified":"2026-10-23"},{"text":"Sustainalytics verified the framework using a methodology developed by Drees & Sommer, which confirmed that the absolute performance thresholds for the bond are within the top 15% required by the Climate Bond Standard.","ai_generated":true,"unit":"clibonds-000841#insight-4","date_modified":"2026-10-23"},{"text":"Sustainalytics concludes that PKO BH's green covered bond is in conformance with the Pre-Issuance Requirements and Low Carbon Buildings criteria of the Climate Bond Standard Version 2.1.","ai_generated":true,"unit":"clibonds-000841#insight-5","date_modified":"2026-10-23"},{"text":"The bank has committed to segregating and tracking proceeds systematically and will invest unallocated proceeds in financial market instruments as described in the Act of 29 August 1997 on Covered Bonds and Mortgage Banks.","ai_generated":true,"unit":"clibonds-000841#insight-6","date_modified":"2026-10-23"}],"climate_tags":["climate bond","residential building","greenhouse gas emissions reduction","sustainable finance"],"geography_discussed":["Gdynia","Germany","Amsterdam"],"frame_perspective":[],"analysis_type":["pre-issuance verification"]},{"id":"clibonds-000853","url":"https://climateinsightsdirectory.org/document/clibonds-000853","title":"PRE-ISSUANCE VERIFICATION REPORT (LIMITED ASSURANCE ENGAGEMENT)","publisher":{"name":"Climate Bonds Initiative","organization":"climate-bonds-initiative"},"document_type":"report","language":"en","date_published":"2018-10-08","source_url":"https://www.climatebonds.net/files/drupal-files/files/Royal%20Schiphol%20Group_pre%20issuance%20report%20PUBLIC.pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","climate_tags","geography_discussed","analysis_type"],"summary":{"text":"Vigeo Eiris conducted a limited assurance engagement in September and October 2018, concluding that Royal Schiphol Group's 2018 first Green Bond is in conformance with the Climate Bonds Standard version 2.1. The bond's proceeds are intended to finance low carbon emissions vehicles, charging infrastructure, and the construction or refurbishment of low carbon buildings. The verification confirmed that the nominated assets meet the technical criteria for Low Carbon Buildings and Low Carbon Land Transport, though the verifier noted that the lack of quantified contributions to corporate sustainability objectives and the absence of a commitment to periodic assurance engagements are areas for improvement.","ai_generated":true,"unit":"clibonds-000853#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"Vigeo Eiris concluded that Royal Schiphol Group's 2018 first Green Bond conforms in all material respects to the Climate Bonds Standard's Pre-Issuance Requirements (version 2.1) and associated sector-specific technical criteria.","ai_generated":true,"unit":"clibonds-000853#insight-1","date_modified":"2026-10-23"},{"text":"The bond's nominated assets are divided into two primary investment areas: Low Carbon Buildings (including commercial buildings and upgrade projects) and Low Carbon Land Transport.","ai_generated":true,"unit":"clibonds-000853#insight-2","date_modified":"2026-10-23"},{"text":"For commercial buildings, the aggregated portfolio's Energy Index (EI) value is 0.94, which meets the CBI standard requirements.","ai_generated":true,"unit":"clibonds-000853#insight-3","date_modified":"2026-10-23"},{"text":"Refurbished buildings in the portfolio demonstrated an energy efficiency improvement of 33% to 36%, exceeding the 30% threshold and achieving a step up of more than two levels in energy performance labelling.","ai_generated":true,"unit":"clibonds-000853#insight-4","date_modified":"2026-10-23"},{"text":"The Low Carbon Land Transport portion of the portfolio consists entirely of electric private passenger buses and electric vehicle charging stations.","ai_generated":true,"unit":"clibonds-000853#insight-5","date_modified":"2026-10-23"},{"text":"The verifier identified two areas for improvement: the expected contribution of the bond to corporate sustainability objectives is not quantified, and the issuer has not committed to periodic assurance engagements during the bond's term.","ai_generated":true,"unit":"clibonds-000853#insight-6","date_modified":"2026-10-23"}],"climate_tags":["climate bond","electric vehicle","energy efficiency","climate change mitigation"],"geography_discussed":["France"],"frame_perspective":[],"analysis_type":["pre-issuance verification","limited assurance engagement"]},{"id":"clibonds-000757","url":"https://climateinsightsdirectory.org/document/clibonds-000757","title":"Independent Assurance Provider’s Limited Assurance Report","publisher":{"name":"Climate Bonds Initiative","organization":"climate-bonds-initiative"},"document_type":"report","language":"en","date_published":null,"source_url":"https://www.climatebonds.net/files/drupal-files/files/FINAL_Preissuance%20assurance%20report_CCT%20Green%20Bond_with%20Appendices%20(13_06_2017).pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","climate_tags","geography_discussed","analysis_type"],"summary":{"text":"KPMG Services Proprietary Limited conducted a pre-issuance limited assurance engagement for the City of Cape Town's proposed Green Bond. The report concludes that the nominated projects and the Green Bond Framework V2.3 conform to the 'Selection of Nominated Projects & Assets' and 'Internal Processes and Controls' sections of the Climate Bonds Standard V2.1. The bond is designed to refinance existing projects, with 92.8% of the allocation dedicated to water projects and 7.2% to low-carbon transport. A specific emphasis is placed on Project 6 (flood defences), which remains subject to post-issuance assurance as the relevant Climate Bonds Standard Water Criteria Phase 2 were still in draft at the time of the report.","ai_generated":true,"unit":"clibonds-000757#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"KPMG concluded that nothing came to its attention to indicate that the projects listed in the 'Green definitions' or the process in the 'City of Cape Town Green Bond Framework V2.3' do not conform to the Climate Bonds Standard V2.1.","ai_generated":true,"unit":"clibonds-000757#insight-1","date_modified":"2026-10-23"},{"text":"The proposed Green Bond is intended to refinance 100% of committed budgets for eligible projects, with no new assets being funded.","ai_generated":true,"unit":"clibonds-000757#insight-2","date_modified":"2026-10-23"},{"text":"The allocation of proceeds is split between two main categories: water projects account for 92.8% and low carbon transport accounts for 7.2%.","ai_generated":true,"unit":"clibonds-000757#insight-3","date_modified":"2026-10-23"},{"text":"The water project portfolio includes several adaptation-focused initiatives, such as reservoir integrity maintenance (Project 1), water demand management (Project 2), and the establishment of piping for non-potable water (Project 3).","ai_generated":true,"unit":"clibonds-000757#insight-4","date_modified":"2026-10-23"},{"text":"Project 6, involving Sir Lowry's Pass River upgrades for flood protection, is subject to a caveat because the Climate Bonds Standard (V2.1) Phase 2 Water Criteria were in draft; its eligibility will be confirmed during post-issuance assurance.","ai_generated":true,"unit":"clibonds-000757#insight-5","date_modified":"2026-10-23"},{"text":"The low-carbon transport component (Project 9) involves the procurement of 10 electric buses for an EV bus pilot project to be deployed in the Central Business District of Cape Town and the Metro-South-East region.","ai_generated":true,"unit":"clibonds-000757#insight-6","date_modified":"2026-10-23"},{"text":"The City of Cape Town uses a framework approach for project selection, requiring projects to have a capital expenditure greater than ZAR 10,000,000 and alignment with the City's 2016 Environmental Strategy and Draft Climate Change Policy.","ai_generated":true,"unit":"clibonds-000757#insight-7","date_modified":"2026-10-23"},{"text":"Proceeds will be tracked using the SAP Enterprise Resource Planning (ERP) system and held in temporary 'Green' investment instruments (cash or cash equivalents) until allocated.","ai_generated":true,"unit":"clibonds-000757#insight-8","date_modified":"2026-10-23"},{"text":"The City's water sector adaptation is informed by the Western Cape Water Supply System (WCWSS) Reconciliation Strategy, which uses Water Resource Yield (WRYM) and Water Resource Planning (WRPM) models to account for climate change scenario planning.","ai_generated":true,"unit":"clibonds-000757#insight-9","date_modified":"2026-10-23"}],"climate_tags":["climate bond","climate finance","water management","climate change adaptation","climate change mitigation","urban resilience"],"geography_discussed":["Johannesburg"],"frame_perspective":[],"analysis_type":["limited assurance report","pre-issuance verification"]}]}