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

This report by Carbon Trust Assurance Limited provides a pre-issuance verification of Nedbank Limited's Sustainable Development Goals Issuance Framework and Guideline for Sustainable Asset Selection. The assessment confirms that the proposed green bond, intended to finance wind and solar energy projects in South Africa, conforms to the pre-issuance requirements of the Climate Bonds Standard Version 2.1.

• Nedbank Limited has established a framework and guideline to finance a portfolio of wind and solar energy projects in South Africa. These projects were awarded preferred bidder status through the South African National Government's Renewable Energy Independent Power Producer Procurement Programme (REIPPP).
• The bond's environmental objectives are to support United Nations Sustainable Development Goals (SDGs) 7.2, by increasing the share of renewable energy in the global energy mix, and 9.4, by upgrading infrastructure and retrofitting industries to be sustainable by 2030.
• 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 committed to ensuring that the total value of eligible assets exceeds the net proceeds of the bond, including potential increases in bond size due to market demand.
• The Issuer has documented processes for managing bond proceeds, including the use of a subaccount or sub-portfolio for tracking and a plan to draw down funds over a period of 24 months or less.
• Unallocated proceeds will be managed via a liquidity pool consisting of cash, cash equivalents, or other liquid marketable instruments, such as Treasury securities, or used to temporarily fund existing assets that are not greenhouse gas intensive.
• Nedbank has committed to annual public disclosure regarding the use of proceeds and the impact of the eligible assets, and has appointed Carbon Trust to perform both pre-issuance and post-issuance verification.

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} }