PRE-ISSUANCE VERIFICATION LETTER LOW CARBON BUILDINGS CRITERIA OF THE CLIMATE BONDS STANDARD

Sustainalytics has provided a pre-issuance verification letter confirming that PKO Bank Hipoteczny SA's green covered bond framework aligns with the Climate Bonds Standard Version 2.1. The bond is intended to finance or refinance a portfolio of residential green buildings in Poland, targeting the top 15% of low carbon buildings or those achieving significant carbon emission reductions through upgrades.

• PKO Bank Hipoteczny SA (PKO BH) intends to issue a green covered bond to finance or refinance a loan portfolio of residential green buildings in Poland, specifically targeting those in the top 15% of low carbon buildings in the country.
• Eligibility for new or existing residential buildings is based on having an Energy Performance Certificate (EPC) stating the Polish technical condition TC 2017 or newer, or being built after 2017.
• Existing residential buildings are eligible if they undergo upgrades resulting in carbon emission reductions of at least 30%, with the required reduction increasing linearly up to 50% for bonds with a 30-year term.
• Sustainalytics verified the framework using a methodology developed by Drees & Sommer, which confirmed that the absolute performance thresholds for the bond are within the top 15% required by the Climate Bond Standard.
• Sustainalytics concludes that PKO BH's green covered bond is in conformance with the Pre-Issuance Requirements and Low Carbon Buildings criteria of the Climate Bond Standard Version 2.1.
• The bank has committed to segregating and tracking proceeds systematically and will invest unallocated proceeds in financial market instruments as described in the Act of 29 August 1997 on Covered Bonds and Mortgage Banks.

APA

Climate Bonds Initiative (2019). PRE-ISSUANCE VERIFICATION LETTER LOW CARBON BUILDINGS CRITERIA OF THE CLIMATE BONDS STANDARD. https://www.climatebonds.net/files/drupal-files/files/PKO%20Bank%20Hipoteczny%20CBI%20Pre-Issuance%20Verification%20Letter.pdf

Chicago

Climate Bonds Initiative. PRE-ISSUANCE VERIFICATION LETTER LOW CARBON BUILDINGS CRITERIA OF THE CLIMATE BONDS STANDARD. 2019. https://www.climatebonds.net/files/drupal-files/files/PKO%20Bank%20Hipoteczny%20CBI%20Pre-Issuance%20Verification%20Letter.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=PRE-ISSUANCE VERIFICATION LETTER LOW CARBON BUILDINGS CRITERIA OF THE CLIMATE BONDS STANDARD |date=2019 |url=https://www.climatebonds.net/files/drupal-files/files/PKO%20Bank%20Hipoteczny%20CBI%20Pre-Issuance%20Verification%20Letter.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019preissuance, author = {{Climate Bonds Initiative}}, title = {{PRE-ISSUANCE VERIFICATION LETTER LOW CARBON BUILDINGS CRITERIA OF THE CLIMATE BONDS STANDARD}}, institution = {Climate Bonds Initiative}, year = {2019}, url = {https://www.climatebonds.net/files/drupal-files/files/PKO%20Bank%20Hipoteczny%20CBI%20Pre-Issuance%20Verification%20Letter.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }