Report of Factual Findings Based on the Pre-Issuance Requirements of the Climate Bonds Standard

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.

• 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).
• 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).
• 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.
• 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.
• 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.
• 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.

APA

Climate Bonds Initiative (2019). Report of Factual Findings Based on the Pre-Issuance Requirements of the Climate Bonds Standard. https://www.climatebonds.net/files/drupal-files/files/Nedbank%20%20Carbon%20Trust%20Pre-Issuance%20Verification%20Report.pdf

Chicago

Climate Bonds Initiative. Report of Factual Findings Based on the Pre-Issuance Requirements of the Climate Bonds Standard. 2019. https://www.climatebonds.net/files/drupal-files/files/Nedbank%20%20Carbon%20Trust%20Pre-Issuance%20Verification%20Report.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Report of Factual Findings Based on the Pre-Issuance Requirements of the Climate Bonds Standard |date=22 March 2019 |url=https://www.climatebonds.net/files/drupal-files/files/Nedbank%20%20Carbon%20Trust%20Pre-Issuance%20Verification%20Report.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019report, author = {{Climate Bonds Initiative}}, title = {{Report of Factual Findings Based on the Pre-Issuance Requirements of the Climate Bonds Standard}}, institution = {Climate Bonds Initiative}, year = {2019}, month = mar, url = {https://www.climatebonds.net/files/drupal-files/files/Nedbank%20%20Carbon%20Trust%20Pre-Issuance%20Verification%20Report.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }