PRE-ISSUANCE VERIFICATION REPORT

Vigeo Eiris conducted a pre-issuance verification of Banco Votorantim’s first 2019 Green Bond to ensure alignment with the Climate Bonds Standard (CBS) version 2.1. The verification, performed between November 15 and November 29, 2019, concluded that the bond is in conformance with the standard's pre-issuance requirements and sector-specific technical criteria for solar and wind energy.

• The 2019 first Green Bond is intended to finance or refinance renewable energy projects, specifically photovoltaic and wind energy generation systems, with a goal of reducing or avoiding greenhouse gas (GHG) emissions.
• Vigeo Eiris concluded that the bond is in all material respects conformant with the Climate Bonds Standard’s Pre-Issuance Requirements (version 2.1) and associated sector-specific technical criteria.
• The selection of eligible expenditures is managed by the Department of Socio-Environmental Risks, which applies ESG, financial, legal, and operational criteria. The process differs by customer segment: Retail projects follow normal product financing rules, while Corporate and Investment Banking and Private Banking projects are evaluated on a case-by-case basis.
• Eligible Green Expenditures for solar and wind projects must not have more than 15% of their electricity generated from non-renewable sources to meet the Climate Bonds Standard Sector Criteria.
• Refinancing is expected to account for approximately 35% of the bond's net proceeds.
• Unallocated proceeds from the bond will be held in cash equivalents or highly liquid debt securities issued by the federal government.
• Banco Votorantim has committed to a mandatory post-issuance compliance review by an approved CBI Verifier within one year of issuance, but does not plan for additional periodic assurance engagements thereafter.

APA

Climate Bonds Initiative (2019). PRE-ISSUANCE VERIFICATION REPORT. https://www.climatebonds.net/files/drupal-files/files/BancoVotorantim-pre-issuance-verification.pdf

Chicago

Climate Bonds Initiative. PRE-ISSUANCE VERIFICATION REPORT. 2019. https://www.climatebonds.net/files/drupal-files/files/BancoVotorantim-pre-issuance-verification.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=PRE-ISSUANCE VERIFICATION REPORT |date=29 November 2019 |url=https://www.climatebonds.net/files/drupal-files/files/BancoVotorantim-pre-issuance-verification.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019preissuance, author = {{Climate Bonds Initiative}}, title = {{PRE-ISSUANCE VERIFICATION REPORT}}, institution = {Climate Bonds Initiative}, year = {2019}, month = nov, url = {https://www.climatebonds.net/files/drupal-files/files/BancoVotorantim-pre-issuance-verification.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }