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

Sustainalytics conducted a pre-issuance verification of KBC Group's green bond between April and May 2018. The verification confirms that the bond's intended use of proceeds—financing onshore and offshore wind, onshore solar, and energy-efficient residential mortgages—aligns with the Climate Bonds Standard Version 2.1. The report details specific projects in Flanders, Wallonia, and the North Sea, and confirms KBC's internal processes for tracking proceeds and reporting.

• Sustainalytics concluded that KBC's green bond is in material conformance with the Pre-Issuance Requirements for Solar Energy, Wind Energy, Marine Renewable Energy, and Low Carbon Buildings under the Climate Bonds Standard.
• The green bond's proceeds are designated for specific renewable energy and building 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 constructed in 2016 or later.
• The renewable energy portfolio includes three specific projects: a 2014 operational wind project in Flanders (114,290 MWh/year), a 2017 wind project under construction in Wallonia (45,000 MWh/year), and a 2010 operational solar project in Flanders (18,000 MWh/year).
• The marine renewable energy component consists of an offshore wind project in the North Sea, closed in 2016 and currently under construction, with an annual energy generation of 1,100,000 MWh.
• The low carbon buildings component includes residential mortgage loans in Flanders for buildings meeting 'Energieprestatie en Binnenklimaat' (EPB) requirements (E-level ≤ 60) as of 2014 or later, with first drawdowns after January 1, 2016. This includes 2,315 loans across three commitment years (2014-2016).
• KBC has established internal controls to ensure proceeds are segregated, tracked systematically, and labeled individually in internal systems with monthly monitoring. Unallocated proceeds will be held in the Group treasury and invested in cash, cash equivalents, or money market products.
• The bond supports KBC's broader sustainability targets, which include 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 compared to 2015 levels.

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} }