PRE-ISSUANCE VERIFICATION LETTER

Sustainalytics verified that BTS Group Holdings PCL's proposed green bonds conform to the Climate Bonds Standard's Low Carbon Transport criteria. The bonds are intended to finance clean transportation and infrastructure, specifically the Pink and Yellow monorail lines in Bangkok, Thailand. The verification confirmed that BTSG has appropriate internal controls for tracking proceeds and aligns its goals with Thailand's national GHG reduction targets for 2030.

• Sustainalytics provided limited assurance that BTS Group Holdings PCL's (BTSG) green bond is in conformance with the Low Carbon Transport Criteria of the Climate Bond Standard Pre-Issuance Requirements.
• The proceeds from the green bonds are intended to finance or refinance projects focused on clean transportation and the infrastructure that supports those operations.
• Two specific monorail projects in Bangkok are identified as Nominated Projects: the Pink Line, covering 34 km with an investment of THB 8,600 million, and the Yellow Line, covering 30 km with an investment of THB 8,800 million.
• BTSG has established a partnership for the Pink and Yellow lines through subsidiary companies Northern Bangkok Monorail Company Limited (NBM) and Eastern Bangkok Monorail Company Limited (EBM), with BTSG holding a 75% share. The 30-year concession involves a public private partnership where governmental subsidy covers THB 47bn of the total THB 96bn project costs.
• BTSG has committed to reducing energy consumption for its mass transit rail system to align with the Government of Thailand's goal of reducing GHG emissions by 20% from projected business-as-usual levels by 2030 (approximately 555 MtCO2e) compared to 2005 levels.
• BTSG reported a 33% reduction in scope 1 GHG emissions for the 2017/18 period compared to 2017/16, and a 26% decrease in fuel consumption for its rapid bus system during the same timeframe.
• The verification process confirmed that BTSG has internal controls to ensure proceeds are segregated, tracked via internal information systems by the accounting team, and that unallocated proceeds are held in cash or cash equivalents per the company's liquidity management policy.

APA

Climate Bonds Initiative (2019). PRE-ISSUANCE VERIFICATION LETTER. https://www.climatebonds.net/files/drupal-files/files/BTS%20Group%20Pre%20Issuance%20Verification%20Report%20public.pdf

Chicago

Climate Bonds Initiative. PRE-ISSUANCE VERIFICATION LETTER. 2019. https://www.climatebonds.net/files/drupal-files/files/BTS%20Group%20Pre%20Issuance%20Verification%20Report%20public.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=PRE-ISSUANCE VERIFICATION LETTER |date=2019 |url=https://www.climatebonds.net/files/drupal-files/files/BTS%20Group%20Pre%20Issuance%20Verification%20Report%20public.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019preissuance, author = {{Climate Bonds Initiative}}, title = {{PRE-ISSUANCE VERIFICATION LETTER}}, institution = {Climate Bonds Initiative}, year = {2019}, url = {https://www.climatebonds.net/files/drupal-files/files/BTS%20Group%20Pre%20Issuance%20Verification%20Report%20public.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }