KBC PRE-ISSUANCE VERIFICATION LETTER SOLAR ENERGY, WIND ENERGY, MARINE RENEWABLE ENERGY, LOW CARBON BUILDINGS CRITERIA OF THE CLIMATE BONDS STANDARD

This pre-issuance verification letter, produced by Sustainalytics in 2018, confirms that KBC's green bond conforms to the Solar Energy, Wind Energy, Marine Renewable Energy, and Low Carbon Buildings criteria of the Climate Bonds Standard Version 2.1. The bond's proceeds are intended to finance onshore wind parks in Wallonia and Flanders, offshore wind parks in the North Sea, an onshore solar project in Flanders, and residential mortgage loans for energy-efficient buildings in Flanders.

• Sustainalytics concluded that KBC's green bond is in material conformance with the Pre-Issuance Requirements of the Climate Bonds Standard Version 2.1, specifically regarding Solar Energy, Wind Energy, Marine Renewable Energy, and Low Carbon Buildings criteria.
• The green bond's net proceeds are designated for four specific types of projects: onshore wind parks in Wallonia and Flanders, offshore wind parks in the North Sea, an onshore solar project in Flanders, and residential mortgage loans for buildings in Flanders where the first drawing occurred in 2016 or later.
• The low carbon building eligibility is restricted to residential loans in the Flemish Region for buildings that meet 'Energieprestatie en Binnenklimaat' (EPB) requirements as of 2014 or later, with an E-level ≤ 60.
• KBC has established several sustainability targets, including increasing sustainable investment to 10 billion euros by 2020, reaching a 50% share of renewables in its total energy credit portfolio by 2030, and reducing its own GHG emissions by at least 20% by 2020 relative to 2015 (excluding commuter travel).
• The nominated projects include three renewable energy assets (two wind and one solar) and a portfolio of residential loans. Specifically, the offshore wind project in the North Sea is expected to generate 1,100,000 MWh annually, while the onshore wind projects in Flanders and Wallonia generate 114,290 MWh and 45,000 MWh respectively.
• KBC's internal controls for the bond include segregating and tracking proceeds systematically, holding unallocated proceeds in the Group treasury (invested in cash, cash equivalents, or money market products), and labeling allocated proceeds individually in internal systems with monthly monitoring.

APA

Climate Bonds Initiative (2018). KBC PRE-ISSUANCE VERIFICATION LETTER SOLAR ENERGY, WIND ENERGY, MARINE RENEWABLE ENERGY, LOW CARBON BUILDINGS CRITERIA OF THE CLIMATE BONDS STANDARD. https://www.climatebonds.net/files/drupal-files/files/KBC%20Climate%20Bond%20Sustainalytics%20pre%20issuance%20verification%20public%20statement.pdf

Chicago

Climate Bonds Initiative. KBC PRE-ISSUANCE VERIFICATION LETTER SOLAR ENERGY, WIND ENERGY, MARINE RENEWABLE ENERGY, LOW CARBON BUILDINGS CRITERIA OF THE CLIMATE BONDS STANDARD. 2018. https://www.climatebonds.net/files/drupal-files/files/KBC%20Climate%20Bond%20Sustainalytics%20pre%20issuance%20verification%20public%20statement.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=KBC PRE-ISSUANCE VERIFICATION LETTER SOLAR ENERGY, WIND ENERGY, MARINE RENEWABLE ENERGY, LOW CARBON BUILDINGS CRITERIA OF THE CLIMATE BONDS STANDARD |date=2018 |url=https://www.climatebonds.net/files/drupal-files/files/KBC%20Climate%20Bond%20Sustainalytics%20pre%20issuance%20verification%20public%20statement.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2018kbc, author = {{Climate Bonds Initiative}}, title = {{KBC PRE-ISSUANCE VERIFICATION LETTER SOLAR ENERGY, WIND ENERGY, MARINE RENEWABLE ENERGY, LOW CARBON BUILDINGS CRITERIA OF THE CLIMATE BONDS STANDARD}}, institution = {Climate Bonds Initiative}, year = {2018}, url = {https://www.climatebonds.net/files/drupal-files/files/KBC%20Climate%20Bond%20Sustainalytics%20pre%20issuance%20verification%20public%20statement.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }