PRE-ISSUANCE VERIFICATION REPORT (LIMITED ASSURANCE ENGAGEMENT)

This pre-issuance verification report, conducted by Vigeo Eiris in September and October 2018, assesses the conformance of Royal Schiphol Group's first 2018 Green Bond with the Climate Bonds Standard version 2.1. The report concludes that the bond's nominated projects, environmental benefits, selection process, and proposed accounting and reporting systems are in material conformance with the standard's pre-issuance requirements and relevant sector-specific technical criteria.

• Royal Schiphol Group intends to use the proceeds from its first 2018 Green Bond to refinance the acquisition of low carbon emissions vehicles and related infrastructure, as well as the construction of new, existing, and refurbished low carbon buildings.
• The bond's environmental objectives are aligned with Royal Schiphol Group's broader corporate strategy to achieve CO2-neutral airport status by 2040, although Vigeo Eiris noted that the expected contribution of the bond to these objectives is not quantified.
• The nominated project portfolio consists of three main investment areas: Commercial Buildings, Upgrade Projects, and Low Carbon Land Transport. For Commercial Buildings, the aggregated portfolio has an Energy Index (EI) value of 0.94. For Upgrade Projects, the portfolio consists of refurbished buildings with at least a two-step improvement in energy label up to at least EPBD label B, with an ensured improvement of 33% to 36%.
• The Low Carbon Land Transport portion of the portfolio is composed entirely of electric private passenger buses and electric vehicle charging stations.
• Royal Schiphol Group has established a decision-making process for project eligibility formalized in its Green Bond Framework, with assessments performed by the Schiphol Sustainability Committee.
• The Issuer's internal controls include managing net proceeds within the treasury liquidity portfolio and tracking investments via an internal asset register. Post-issuance allocation will be verified by an external auditor one year after issuance.
• Vigeo Eiris identified a lack of commitment to undertake periodic Assurance Engagements during the term of the bond as an area for improvement.

APA

Climate Bonds Initiative (2018). PRE-ISSUANCE VERIFICATION REPORT (LIMITED ASSURANCE ENGAGEMENT). https://www.climatebonds.net/files/drupal-files/files/Royal%20Schiphol%20Group_pre%20issuance%20report%20PUBLIC.pdf

Chicago

Climate Bonds Initiative. PRE-ISSUANCE VERIFICATION REPORT (LIMITED ASSURANCE ENGAGEMENT). 2018. https://www.climatebonds.net/files/drupal-files/files/Royal%20Schiphol%20Group_pre%20issuance%20report%20PUBLIC.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=PRE-ISSUANCE VERIFICATION REPORT (LIMITED ASSURANCE ENGAGEMENT) |date=8 October 2018 |url=https://www.climatebonds.net/files/drupal-files/files/Royal%20Schiphol%20Group_pre%20issuance%20report%20PUBLIC.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2018preissuance, author = {{Climate Bonds Initiative}}, title = {{PRE-ISSUANCE VERIFICATION REPORT (LIMITED ASSURANCE ENGAGEMENT)}}, institution = {Climate Bonds Initiative}, year = {2018}, month = oct, url = {https://www.climatebonds.net/files/drupal-files/files/Royal%20Schiphol%20Group_pre%20issuance%20report%20PUBLIC.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }