Entry into force and application

1.   This Regulation shall enter into force on the twentieth day following that of its publication in the
Official Journal of the European Union
.
2.   This Regulation shall apply from 21 December 2024.
3.   By way of derogation from paragraph 2 of this Article, Articles 20, 21(4), 23(6) and (7), 24(2), 26(3), 27(2), 28(3), 29(4), 30(3), 31(4), 33(7), 42(9), 46(6) and (7), 49(1), (2) and (3), 63(10), 66(3), and Articles 68, 69 and 70 shall apply from 20 December 2023.
4.   By way of derogation from paragraph 2 of this Article, Article 40, Article 42(1) to (8) and Article 43 shall apply from 21 June 2026.
5.   Member States shall take the necessary measures to comply with Articles 45 and 49 by 21 December 2024.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Strasbourg, 22 November 2023.
For the European Parliament
The President
R. METSOLA
For the Council
The President
P. NAVARRO RÍOS
(
1
)
OJ C 152, 6.4.2022, p. 105
.
(
2
)
Position of the European Parliament of 5 October 2023 (not yet published in the Official Journal) and decision of the Council of 23 October 2023.
(
3
)
Council Decision (EU) 2016/1841 of 5 October 2016 on the conclusion, on behalf of the European Union, of the Paris Agreement adopted under the United Nations Framework Convention on Climate Change (
OJ L 282, 19.10.2016, p. 1
).
(
4
)
OJ C 76, 9.3.2020, p. 23
.
(
5
)
OJ C 415, 13.10.2021, p. 22
.
(
6
)
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (
OJ L 198, 22.6.2020, p. 13
).
(
7
)
Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to climate change mitigation or climate change adaptation and for determining whether that economic activity causes no significant harm to any of the other environmental objectives (
OJ L 442, 9.12.2021, p. 1
).
(
8
)
Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation (
OJ L 443, 10.12.2021, p. 9
).
(
9
)
Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (
OJ L 168, 30.6.2017, p. 12
).
(
10
)
Commission Delegated Regulation (EU) 2016/1675 of 14 July 2016 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council by identifying high-risk third countries with strategic deficiencies (
OJ L 254, 20.9.2016, p. 1
).
(
11
)
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (
OJ L 317, 9.12.2019, p. 1
).
(
12
)
Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (
OJ L 182, 29.6.2013, p. 19
).
(
13
)
Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (
OJ L 331, 15.12.2010, p. 12
).
(
14
)
Regulation (EU) 2018/1999 of the European Parliament and of the Council of 11 December 2018 on the Governance of the Energy Union and Climate Action, amending Regulations (EC) No 663/2009 and (EC) No 715/2009 of the European Parliament and of the Council, Directives 94/22/EC, 98/70/EC, 2009/31/EC, 2009/73/EC, 2010/31/EU, 2012/27/EU and 2013/30/EU of the European Parliament and of the Council, Council Directives 2009/119/EC and (EU) 2015/652 and repealing Regulation (EU) No 525/2013 of the European Parliament and of the Council (
OJ L 328, 21.12.2018, p. 1
).
(
15
)
Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (
OJ L 331, 15.12.2010, p. 84
).
(
16
)
Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (
OJ L 347, 28.12.2017, p. 35
).
(
17
)
Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC (
OJ L 158, 27.5.2014, p. 77
).
(
18
)
OJ L 123, 12.5.2016, p. 1
.
(
19
)
Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by the Member States of the Commission’s exercise of implementing powers (
OJ L 55, 28.2.2011, p. 13
).
(
20
)
OJ C 27, 19.1.2022, p. 4
.
(
21
)
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (
OJ L 173, 12.6.2014, p. 349
).
(
22
)
Regulation No 1 of 15 April 1958 determining the languages to be used by the European Economic Community (
OJ 17, 6.10.1958, p. 385/58
).
(
23
)
Regulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC (
OJ L 295, 21.11.2018, p. 39
).
(
24
)
Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’) (
OJ L 243, 9.7.2021, p. 1
).
(
25
)
Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (
OJ L 331, 15.12.2010, p. 48
).
ANNEX I
EUROPEAN GREEN BOND FACTSHEET
This document and its contents are not subject to any approval or endorsement from ESMA or any other competent authority.
1.
General information
—
[Date of publication of the European Green Bond factsheet]
—
[The legal name of the issuer]
—
[Where available, the legal entity identifier (LEI) of the issuer]
—
[Website address providing investors with information on how to contact the issuer]
—
[Where available, the name of the bond(s) assigned by the issuer]
—
[Where available, the international securities identification numbers (ISIN) of the bond(s)]
—
[Where available, the planned issuance date or period]
—
[The identity and contact details of the external reviewer]
—
[Where applicable, the name of the competent authority that has approved the bond prospectus(es)]
2.
Important information
—
[The following statement: “[This bond uses] [These bonds use] the designation ‘European Green Bond’ or ‘EuGB’ in accordance with Regulation (EU) 2023/2631 of the European Parliament and of the Council
(
1
)
.”]
—
[Where bonds proceeds are intended to be allocated in accordance with Article 5 of that Regulation, the following statement: “[This European Green Bond makes] [These European Green Bonds make] use of the flexibility permitting a partial non-alignment with the technical screening criteria set out in the delegated acts adopted pursuant to Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 of the European Parliament and of the Council
(
2
)
(‘the technical screening criteria’), as further described in Section 4 of this factsheet.”]
3.
Environmental strategy and rationale
[A statement about whether or not the issuer intends to obtain an external review of the information submitted under this Section via a review of the impact report.]
Overview
—
[Information on the manner in which the bond(s) is/are expected to contribute to the broader environmental strategy of the issuer, including the environmental objectives referred to in Article 9 of Regulation (EU) 2020/852 pursued by the bond(s).]
Link with the assets, turnover, CapEx, and OpEx key performance indicators
—
[To the extent available to the issuer at the time of issuance, and where the issuer is subject to Article 8 of Regulation (EU) 2020/852, a description of how and to what extent (e.g., expressed as an estimated percentage change year-on-year) bond proceeds are expected to contribute to the issuer’s key performance indicators for taxonomy-aligned assets, turnover, capital expenditure and operating expenditure.]
Link to the transition plans
—
[Where the issuer is subject to an obligation to publish plans pursuant to Article 19a(2), point (a)(iii), or, where applicable, Article 29a(2), point (a)(iii), of Directive 2013/34/EU of the European Parliament and of the Council
(
3
)
, or where the issuer voluntarily publishes transition plans:
—
the manner in which bond proceeds are intended to contribute to funding and implementing those plans. The information may be given at an economic activity level or at a project-by-project level; and
—
a link to the website where those plans are published.]
Securitisation
[Where applicable in the case of a securitisation, a description of the manner in which Article 18(1) of Regulation (EU) 2023/2631 is complied with and the information required in Article 19(2) of that Regulation.]
4.
Intended allocation of bond proceeds
[The information listed below shall be provided at least at the level of the economic activity, and ideally at the level of the project or group of projects. Confidentiality agreements, competitive considerations or a large number of underlying qualifying projects and similar considerations may justify limiting the amount of detail that is made available. Where bond proceeds are allocated to expenditure as referred to in Article 4(3) of Regulation (EU) 2023/2631, the information may be provided at programme level.]
Intended allocation to taxonomy-aligned economic activities
—
[Whether the issuer is allocating proceeds in accordance with the gradual or portfolio approach, and whether the bond(s) [is a/are] securitisation bond(s).]
—
[The minimum proportion of bond proceeds that is required according to the issuer’s plans to be used for activities that are environmentally sustainable under Article 3 of Regulation (EU) 2020/852, according to the methodology in the allocation report (the proportion shall be at least 85 %)]: [XX] % of the bond proceeds.]
—
[Where available, an indication of the share of the bond proceeds to be used for financing (in the year of issuance or after the year of issuance) and refinancing.]
—
[Where the issuer is a sovereign, and bond proceeds are planned to be allocated to tax relief as set out in Article 4(3) of Regulation (EU) 2023/2631, an estimate of the expected volume of revenue loss associated with eligible tax relief.]
—
[Where available, the targeted environmental objective(s), as referred to in Article 9 of Regulation (EU) 2020/852.]
—
[For each of the economic activities to which proceeds are intended to be allocated, information on their types, sectors and respective NACE codes in accordance with the statistical classification of economic activities established by Regulation (EC) No 1893/2006 of the European Parliament and of the Council
(
4
)
.]
Intended allocation to specific taxonomy-aligned economic activities
—
[Where bond proceeds are intended to be allocated to an enabling or transitional economic activity, which type of enabling or transitional economic activity is intended to be financed and, where available, the amount and proportion of proceeds intended to be allocated to each type of enabling or transitional economic activity.]
—
[Where applicable, the amount and proportion of proceeds intended to be allocated to taxonomy-aligned activities related to nuclear energy and fossil gas in accordance with Articles 10(2) and 11(3) of Regulation (EU) 2020/852.]
Intended allocation to economic activities not aligned with the technical screening criteria
—
[Where bond proceeds are intended to be allocated in accordance with Article 5 of Regulation (EU) 2023/2631, a statement that the [net] proceeds of the bond are intended to be partially allocated to economic activities that are not aligned with the technical screening criteria. The issuer shall describe such non-alignment, the activities concerned and, where available the estimated percentage of the proceeds intended to finance such activities as a total and on a per-activity basis, including a breakdown describing which point(s) of Article 5(1) of Regulation (EU) 2023/2631 is/are being used. Furthermore, an explanation why the technical screening criteria cannot be applied and an explanation of the manner in which the issuer intends to ensure that those activities comply with Article 5(3) and (4) of Regulation (EU) 2023/2631 and Article 3, points (a), (b) and (c), of Regulation (EU) 2020/852.]
Process and timeline for allocation
[The estimated time following bond issuance until the full allocation of bond proceeds.]
[A description of the processes by which the issuer will determine how projects align with the criteria for environmentally sustainable economic activities set out in Article 3 of Regulation (EU) 2020/852 (‘taxonomy requirements’).]
Issuance costs
[An estimate of the amount of cumulative issuance costs that are deducted from the proceeds, as permitted under Article 4(1) of Regulation (EU) 2023/2631, with an accompanying explanation.]
5.
Environmental impact of bond proceeds
[Where available, an estimate of the anticipated environmental impacts of the proceeds of the bond(s). Where this information is not available, this must be justified.]
6.
Information on reporting
[A link to the issuer’s website as required by Article 15(1) of Regulation (EU) 2023/2631.]
[Where applicable, a link to the issuer’s relevant reports, such as the consolidated management report or the consolidated sustainability report pursuant to Directive 2013/34/EU.]
The date on which the first reporting period starts, if different from the issuance date, as set out in Article 11(1) of Regulation (EU) 2023/2631.
—
[An indication of whether allocation reports will include project-by-project information on amounts allocated and the expected environmental impacts.]
7.
CapEx plan
—
[Where applicable, a detailed description of the CapEx plan referred to in Article 7 of Regulation (EU) 2023/2631 including the main parameters used by the issuer to determine the alignment of the relevant assets or activities with the taxonomy requirements by the end of the period provided for in that Article.]
8.
Other relevant information
[In the case of a securitisation bond, references in this document to the issuer shall be construed as and, where appropriate, replaced with references to the originator.]
(
1
)
Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds (
OJ L, 2023/2631, 30.11.2023, ELI: http://data.europa.eu/eli/reg/2023/2631/oj
).
(
2
)
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (
OJ L 198, 22.6.2020, p. 13
).
(
3
)
Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (
OJ L 182, 29.6.2013, p. 19
).
(
4
)
Regulation (EC) No 1893/2006 of the European Parliament and of the Council of 20 December 2006 establishing the statistical classification of economic activities NACE Revision 2 and amending Council Regulation (EEC) No 3037/90 as well as certain EC Regulations on specific statistical domains (
OJ L 393, 30.12.2006, p. 1
).
ANNEX II
EUROPEAN GREEN BOND ANNUAL ALLOCATION REPORT
[where the allocation report is revised, the title shall reflect this]
This document and its contents are not subject to any approval or endorsement from ESMA or any other competent authority.
1.
General information
—
[Date of issuance of the bond(s) or tranches of the bond(s)]
—
[Date of publication of the allocation report]
—
[The first and last date of the period to which the annual allocation report refers: [date – date]]
—
[The legal name of the issuer]
—
[Where available, the legal entity identifier (LEI) of the issuer]
—
[Website address providing investors with information on how to contact the issuer]
—
[Where available, the name of the bond(s) assigned by the issuer]
—
[Where available, the international securities identification numbers (ISIN) of the bond(s) and its/their tranches]
—
[Where the allocation report has been subject to post-issuance review, the identity and contact details of the external reviewer]
—
[Where applicable, the name of the competent authority that has approved the bond prospectus(es)]
2.
Important information
[The following statement: “[This bond uses] [These bonds use] the designation ‘European Green Bond’ or ‘EuGB’ in accordance with Regulation (EU) 2023/2631 of the European Parliament and of the Council
(
1
)
.”]
[Where the proceeds of the bonds [are intended to be] [have been] allocated in accordance with Article 5 of that Regulation, the following statement: “[This European Green Bond makes] [These European Green Bonds make] use of the flexibility permitting a partial non-alignment with the technical screening criteria set out in the delegated acts adopted pursuant to Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 of the European Parliament and of the Council
(
2
)
(‘the technical screening criteria’), as further described in Section 4 of this allocation report.”]
3.
Environmental strategy and rationale
Overview
[The environmental objectives referred to in Article 9 of Regulation (EU) 2020/852 pursued by the bond[s]]
Link with assets, turnover, CapEx, and OpEx key performance indicators
[Where the issuer is subject to Article 8 of Regulation (EU) 2020/852, a description of how, to what extent (e.g., expressed as a percentage change year-on-year), and in which financial periods, bond proceeds contribute to the issuer’s key performance indicators for taxonomy-aligned assets, turnover, capital expenditure and operating expenditure, taking into account the amounts in the ‘Totals’ table in Table A, where applicable.]
Link to the transition plan
[Where the issuer is subject to an obligation to publish plans pursuant to Article 19a(2), point (a)(iii), or, where applicable, Article 29a(2), point (a)(iii), of Directive 2013/34/EU of the European Parliament and of the Council
(
3
)
, or where the issuer voluntarily publishes transition plans:
—
the manner in which bond proceeds contribute to funding and implementing those plans. The information may be given at an economic activity level or at a project-by-project level; and
—
a link to the website where those plans are published.]
Securitisation
[Where applicable in the case of securitisation, the information required in Article 19(2) of Regulation (EU) 2023/2631.]
4.
Allocation of bond proceeds
[The information listed below shall be provided at least at the level of the economic activity, and ideally at the level of the project or group of projects. Confidentiality agreements, competitive considerations, or a large number of underlying qualifying projects and similar considerations may justify limiting the amount of detail that is made available. Where bond proceeds are allocated to expenditure as referred to in Article 4(3) of Regulation (EU) 2023/2631 the information may be provided at programme level.]
Allocation to taxonomy-aligned economic activities
—
[Whether the issuer is allocating proceeds in accordance with the gradual approach or the portfolio approach, and whether the bond(s) is a/are securitisation bond(s).]
—
[Where applicable in accordance with Article 11(6) of Regulation (EU) 2023/2631, a statement that the composition of the portfolio of financial assets and/or fixed assets has not changed, compared to the year covered by the previous allocation report.]
—
[The issuer shall complete either Table A or Table B below, depending on whether the gradual approach or the portfolio approach to the allocation of proceeds is used. The corresponding totals shall also be completed.]
—
[Confirmation of compliance with Article 3, point (c), of Regulation (EU) 2020/852 (minimum safeguards).]
—
[Where the issuer is a sovereign, and bond proceeds have been allocated to tax relief as set out in Article 4(3) of Regulation (EU) 2023/2631, an estimate of the revenue loss associated with eligible tax relief.]
Allocation to specific taxonomy-aligned economic activities
—
[Where bond proceeds are allocated to an enabling or transitional economic activity, which type of enabling or transitional economic activity is financed and the amount and proportion of proceeds allocated to each type of enabling or transitional economic activity.]
—
[Where applicable, the amount and proportion of assets relating to taxonomy-aligned activities related to nuclear energy and fossil gas in accordance with Articles 10(2) and 11(3) of Regulation (EU) 2020/852.]
Allocation to economic activities not aligned with the technical screening criteria
—
[Where bond proceeds are allocated in accordance with Article 5 of Regulation (EU) 2023/2631, a statement that the [net] proceeds of the bond are partially allocated to economic activities that are not aligned with the technical screening criteria. The issuer shall describe such non-alignment, the activities concerned and the percentage of the proceeds that have been allocated to such activities as a total and on a per-activity basis, including a breakdown describing which point(s) of Article 5(1) of Regulation (EU) 2023/2631 is/are being used. Furthermore, an explanation why the technical screening criteria cannot be applied and an explanation of the manner in which the issuer has ensured that those activities comply with Article 5(3) and (4) of Regulation (EU) 2023/2631 and Article 3, points (a), (b) and (c), of Regulation (EU) 2020/852.]
Issuance costs
—
[An estimate of the amount of cumulative issuance costs that are deducted from the proceeds, as permitted under Article 4(1) Regulation (EU) 2023/2631, with an accompanying explanation.]
5.
Environmental impact of bond proceeds
[No information is required to be provided under this Section of the report.]
6.
Information on reporting
—
[A link to the issuer’s website referred to in Article 15(1) of Regulation (EU) 2023/2631.]
—
[Where applicable, a link to the issuer’s relevant reports, such as the consolidated management report or the consolidated sustainability report pursuant to Directive 2013/34/EU.]
7.
CapEx plan
—
[Where applicable, progress made in the implementation of the CapEx plan referred to in Article 7 of Regulation (EU) 2023/2631 and the estimated date of completion of the projects therein.]
—
[Where there has been any delay or deviation that has a significant impact on the implementation of the CapEx plan, the issuer shall provide the reasons therefor, in accordance with Article 11(2) of that Regulation.]
—
[Where applicable, the plan referred to in Article 8(3) of that Regulation.]
8.
Other relevant information
[In the case of a securitisation bond, references to the issuer in this document shall be construed as and, where appropriate, replaced with references to the originator.]
Table A: Taxonomy alignment of proceeds information for bonds making use of the gradual approach to the allocation of bond proceeds
[The information in the table below shall be provided at least at the level of the economic activity and ideally at the level of the project or group of projects. Confidentiality agreements, competitive considerations or a large number of underlying qualifying projects and similar considerations may justify limiting the amount of detail that is made available. Where bond proceeds are allocated to expenditure as referred to in Article 4(3) the information may be provided at programme level.]
The information in the table below covers the period from the issuance of the bond concerned up to the reporting date.
1.
Project (or group of projects or economic activity) name, location and description
1.1.
(for each project/group of projects/economic activity, as applicable) [Name]
1.2.
[Location]
1.3.
[Basic description]
2.
Amount of proceeds allocated from the bond(s)
2.1.
[bond proceeds allocated to this project/group of projects/economic activity since the issuance date]
2.2.
[bond proceeds allocated to this project/group of projects/economic activity in the reporting period]
2.3.
Share of project that is funded by the bond(s)
3.
Share of total proceeds used for financing (in the year of issuance or after the year of issuance) or refinancing (earlier)
3.1.
[the share of the amount in row 2.1 used for financing and refinancing]
3.2.
[the share of the amount in row 2.2 used for financing and refinancing]
4.
Type and sector of economic activities funded by the bond(s)
4.1.
[For each of the economic activities related to the project funded by the bond(s): the types/sectors]
4.2.
[For each of the economic activities related to the project funded by the bond(s): where applicable, the respective NACE codes in accordance with the statistical classification of economic activities established by Regulation (EC) No 1893/2006 of the European Parliament and of the Council
(
4
)
]
5.
Amount of proceeds allocated from the bond(s) that are taxonomy-aligned
5.1.
[of the total bond proceeds allocated to the project, the amount that is allocated to an activity which is taxonomy-aligned since the issuance date]
5.2.
[percentage share of amount given in row 2.1]
5.3.
[of the bond proceeds allocated to the project in the reporting period, the amount that is allocated to an activity which is taxonomy-aligned in the reporting period]
5.4.
[percentage share of amount given in row 2.2]
6.
Environmental objectives and technical screening criteria
6.1.
[The targeted environmental objective(s), as referred to in Article 9 of Regulation (EU) 2020/852]
6.2.
[An indication of which delegated acts adopted in accordance with Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are used to determine the technical screening criteria, and their application dates]
6.3.
[Information on the methodology and assumptions used for the calculation of key impact metrics in accordance with delegated acts adopted under Articles 10(3), 11(3), 12(2), 13(2), 14(2) and 15(2) of Regulation (EU) 2020/852, and for any additional impact metrics]
7.
Nature of environmentally sustainable assets and expenditure
7.1.
[of the amount allocated in the reporting period in row 5.3, capital expenditure amount]
7.2.
[of the amount allocated in the reporting period in row 5.3, operating expenditure amount]
7.3.
[of the amount allocated in the reporting period in row 5.3, fixed assets amount]
7.4.
[of the amount allocated in the reporting period in row 5.3, financial assets amount]
8.
Other relevant information
8.1.
[Other relevant information, such as relevant environmental key performance indicators, and also links to websites with relevant information and links to relevant public documents with more detailed information, such as the website of the company describing the project or a report by an environmental consultancy]
Totals:
Since issuance
[reporting period]
Total amount of bond proceeds allocated since issuance: [X]
Of which, total amount of bond proceeds allocated to taxonomy-aligned economic activities since issuance: [X]
Total amount of bond proceeds allocated in the reporting period: [X]
Of which, total amount of bond proceeds allocated to taxonomy-aligned economic activities in the reporting period: [X]
Of which:
—
Total amount of bond proceeds allocated to taxonomy-aligned capital expenditure in the reporting period: [X]
—
Total amount of bond proceeds allocated to taxonomy-aligned operating expenditure in the reporting period: [X]
—
Total amount of bond proceeds allocated to taxonomy-aligned [other] in the reporting period: [X]
Table B: Taxonomy alignment of proceeds information for bonds making use of the portfolio approach to the allocation of bond proceeds
[The information in the table below shall be provided at least at the level of the economic activity, and ideally at the level of the project or group of projects. Confidentiality agreements, competitive considerations or a large number of underlying qualifying projects and similar considerations may justify limiting the amount of detail that is made available. Some or all of the required information may be given outside of the table format.]
The information in the table below covers the reporting period.
Outstanding European Green Bonds
Portfolio of environmentally sustainable assets
[An overview over all outstanding European Green Bonds, indicating their individual and combined value.]
[An overview over the eligible financial assets and assets as referred to in Article 4(2) of Regulation (EU) 2023/2631 on the issuer’s balance sheet, indicating:
1.
[Name, location, and basic description of project]
2.
[Where available, an indication of the proceeds that are intended to be allocated to this project from the bond]
3.
[Where available, an indication of the share of the amount in point 2 to be used for financing and refinancing]
4.
[For each of the economic activities related to the project funded by the bond: the types/sectors and, where applicable, the respective NACE codes in accordance with the statistical classification of economic activities established by Regulation (EC) No 1893/2006]
5.
[Where available, the amount of the proceeds for that project funded by the bond that are allocated to an activity which is taxonomy-aligned] [percentage share of amount given in point 2]
6.
[The targeted environmental objective(s), as referred to in Article 9 of Regulation (EU) 2020/852] [An indication of which delegated acts adopted in accordance with Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are used to determine the technical screening criteria, and their application dates] [Information on the methodology and assumptions used for the calculation of key impact metrics in accordance with delegated acts adopted under Articles 10(3), 11(3), 12(2), 13(2), 14(2) and 15(2) of Regulation (EU) 2020/852, and for any additional impact metrics.]
7.
[Where available, the breakdown of the amount referred to in point 5 according to whether proceeds are allocated to fixed assets or financial assets.]
8.
[Where applicable, additions or removals from the project portfolio in the event that new European Green Bonds are added to the portfolio or that (maturing) European Green Bonds are removed from the portfolio].
9.
[Where available, indicate the amount and/or number of new projects versus the amount of new European Green Bond issuance in the calendar year of issuance.]
10.
[Other relevant information, such as relevant environmental key performance indicators, and also links to websites with relevant information and links to relevant public documents with more detailed information.]
Total value of portfolio of outstanding European Green Bonds:
Total value of portfolio of environmentally sustainable assets:
Total value of portfolio of environmentally sustainable assets related to an activity that is taxonomy-aligned:
(
1
)
Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds (
OJ L, 2023/2631, 30.11.2023, ELI: http://data.europa.eu/eli/reg/2023/2631/oj
).
(
2
)
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (
OJ L 198, 22.6.2020, p. 13
).
(
3
)
Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (
OJ L 182, 29.6.2013, p. 19
).
(
4
)
Regulation (EC) No 1893/2006 of the European Parliament and of the Council of 20 December 2006 establishing the statistical classification of economic activities NACE Revision 2 and amending Council Regulation (EEC) No 3037/90 as well as certain EC Regulations on specific statistical domains (
OJ L 393, 30.12.2006, p. 1
).
ANNEX III
EUROPEAN GREEN BOND IMPACT REPORT
[Where the impact report is revised, the title shall reflect this.]
This document and its contents are not subject to any approval or endorsement from ESMA or any other competent authority.
1.
General information
—
[Date of publication of the impact report]
—
[Where applicable, the date of publication of the revised impact report]
—
[Date of issuance of the bond(s) or tranches of the bond(s)]
—
[The legal name of the issuer]
—
[Where available, the legal entity identifier (LEI) of the issuer]
—
[Website address providing investors with information on how to contact the issuer]
—
[Where available, the name of the bond(s) assigned by the issuer]
—
[Where available, the international securities identification numbers (ISIN) of the bond(s) and its/their tranches]
—
[Where the impact report was assessed by an external reviewer, the identity and contact details of the external reviewer]
—
[Where applicable, the name of the competent authority that has approved the bond prospectus(es)]
2.
Important information
—
[The following statement: “[This bond uses] [These bonds use] the designation ‘European Green Bond’ or ‘EuGB’ in accordance with Regulation (EU) 2023/2631 of the European Parliament and of the Council
(
1
)
].”]
—
[Where bond proceeds have been allocated in accordance with Article 5 of that Regulation, the following statement: “[This European Green Bond makes] [These European Green Bonds make] use of the flexibility permitting a partial non-alignment with the technical screening criteria set out in the delegated acts adopted pursuant to Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 of the European Parliament and of the Council
(
2
)
(‘the technical screening criteria’), as further described in Section 4 of this impact report.”]
3.
Environmental strategy and rationale
Overview
—
[Information on the manner in which the bond(s) has (have) contributed to the broader environmental strategy of the issuer.]
—
[Where applicable, an explanation of any changes to the broader environmental strategy of the issuer since the publication of the European Green Bond factsheet.]
—
[The environmental objectives referred to in Article 9 of Regulation (EU) 2020/852 pursued by the bond(s).]
Capital expenditure and operating expenditure key performance indicators
—
[Where the issuer is subject to Article 8 of Regulation (EU) 2020/852, a description of how, to what extent (e.g., expressed as a percentage change year-on-year) and in which financial periods bond proceeds have contributed to the issuer’s key performance indicators for taxonomy-aligned assets, turnover, capital expenditure and operating expenditure.]
Link to the transition plan
—
[Where the issuer is subject to an obligation to publish plans pursuant to Article 19a(2), point (a)(iii), or, where applicable, Article 29a(2), point (a)(iii), of Directive 2013/34/EU of the European Parliament and of the Council
(
3
)
, or where the issuer voluntarily publishes transition plans:
—
the manner in which bond proceeds have contributed to funding and implementing those plans. The information may be given at an aggregate economic activity level or at a project-by-project level; and
—
a link to the website where those plans are published.]
4.
Allocation of bond proceeds
[The information listed below shall be provided at least at the level of the economic activity, and ideally at the level of the project or group of projects. Confidentiality agreements, competitive considerations or a large number of underlying qualifying projects and similar considerations may justify limiting the amount of detail that is made available. Where bond proceeds are allocated to expenditure as referred to in Article 4(3) of Regulation (EU) 2023/2631 the information may be provided at programme level.]
Allocation to specific taxonomy-aligned economic activities
[The proportion of bond proceeds that was allocated to activities that are environmentally sustainable under Article 3 of Regulation (EU) 2020/852, according to the methodology set out in Annex II to Regulation (EU) 2023/2631:] [XX] % of the bond proceeds.]
[Where bond proceeds were allocated to an enabling or transitional economic activity, specifying the enabling or transitional economic activity and the amount and proportion of proceeds allocated to each type of enabling or transitional economic activity.]
[Where applicable, the amount and proportion of assets relating to taxonomy-aligned activities related to nuclear energy and fossil gas in accordance with Article 10(2) and 11(3) of Regulation (EU) 2020/852.]
Allocation to economic activities not aligned with the technical screening criteria
[Where bond proceeds were allocated in accordance with Article 5 of Regulation (EU) 2023/2631, a statement that the [net] proceeds of the bond were partially allocated to economic activities which are not aligned with the technical screening criteria. The issuer shall describe such non-alignment, the activities concerned and the percentage of the proceeds that have been allocated to such activities as a total and on a per-activity basis, including a breakdown describing which point(s) of Article 5(1) of Regulation (EU) 2023/2631 was/were used. Furthermore, an explanation why the technical screening criteria could not be applied and an explanation of the manner in which the issuer has ensured that those activities comply with Article 5(3) and (4) of Regulation (EU) 2023/2631 and Article 3, points (a), (b) and (c), of Regulation (EU) 2020/852.]
5.
Environmental impact of bond proceeds
—
[An estimate of positive and adverse environmental impacts in aggregated form.]
—
[Information on the methodology and assumptions used to evaluate the impacts of projects, where the European green bond factsheet of the bond did not include this information.]
—
[Information about the projects’ positive and negative environmental impacts and, where available, related metrics. Where this information is not available at project level, this must be explained.]
—
[Where the issuer wishes to include it, information about whether and how the project has contributed to other sustainability aspects of the bond, including the social aspects of the transition towards climate neutrality, such as by providing new jobs, re-skilling and local infrastructure to communities affected by the transition of economic activities towards sustainability.]
—
[Where bond proceeds are allocated in accordance with Article 5 of Regulation (EU) 2023/2631, the issuer shall report this information separately for those projects and activities.]
6.
Information on reporting
—
[A link to the issuer’s website referred to in Article 15(1) of Regulation (EU) 2023/2631.]
—
[Where applicable, a link to the issuer’s relevant reports, such as the consolidated management report or the consolidated sustainability report pursuant to Directive 2013/34/EU.]
7.
CapEx plan
[Where applicable, progress made in the implementation of the CapEx plan referred to in Article 7 of Regulation (EU) 2023/2631.]
8.
Other relevant information
[In the case of a securitisation bond, references to the issuer in this document shall be construed as and, where appropriate, replaced with references to the originator.]
(
1
)
Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds (
OJ L, 2023/2631, 30.11.2023, ELI: http://data.europa.eu/eli/reg/2023/2631/oj
).
(
2
)
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (
OJ L 198, 22.6.2020, p. 13
).
(
3
)
Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (
OJ L 182, 29.6.2013, p. 19
).
ANNEX IV
CONTENTS OF PRE-ISSUANCE, POST-ISSUANCE OR IMPACT REPORT REVIEWS
This document and its contents are not subject to any approval or endorsement from ESMA or any other competent authority.
The title ‘Pre-issuance review’, ‘Post-issuance review’ or ‘Impact Report review’ shall appear prominently at the top of the first page of the document.
1.
General information
—
[Date of publication of the review]
—
[Date of issuance of the bond(s) or tranches of the bond(s)]
—
[Date of publication of the related European Green Bond factsheet, and where applicable, of the related allocation report, or the impact report]
—
[The legal name of the issuer]
—
[Where available, the legal entity identifier (LEI) of the issuer]
—
[Where available, the name of the bond(s) assigned by the issuer]
—
[Where available, the international securities identification numbers (ISIN) of the bond(s) and its/their tranches]
—
[The identity and contact details of the external reviewer, including its website address]
—
[The name and job title of the lead analyst in a given assessment activity]
—
[The name and position of the person primarily responsible for approving the review]
—
[Where relevant, the date on which the review was last updated and an explanation detailing the reason for the update]
—
[Where applicable, other services provided by the external reviewer for the assessed entity together with a description of any actual or potential conflicts of interest]
2.
Introductory statements
[For pre-issuance reviews: A statement that the external reviewer has assessed the completed European Green Bond factsheet laid down in Annex I to Regulation (EU) 2023/2631 of the European Parliament and of the Council
(
1
)
]
[For post-issuance reviews: A statement that the external reviewer has assessed the completed European Green Bond allocation report laid down in Annex II to Regulation (EU) 2023/2631]
[For impact report reviews: A statement that the external reviewer has assessed the completed European Green Bond impact report laid down in Annex III to Regulation (EU) 2023/2631]
[A statement that this review represents an independent opinion of the external reviewer, and is to be relied upon only to a limited degree]
3.
Statements on the alignment of use of proceeds with Regulation (EU) 2020/852 of the European Parliament and of the Council
(
2
)
[This section shall only be completed in the case of a pre-issuance review or a post-issuance review.]
[A statement regarding the alignment of the use of proceeds of the European Green Bond (or Bonds) with Regulation (EU) 2020/852 based on the information provided by the issuer to the external reviewer:
—
where the opinion expressed by the independent reviewer is positive, a statement that the bond(s) meets – or is expected to meet, where relevant – the requirements of Regulation (EU) 2023/2631 as regards the use of proceeds;
—
where the opinion expressed by the independent reviewer is negative, a statement that the bond(s) does not meet – or is not expected to meet, where relevant – the requirements of Regulation (EU) 2023/2631 as regards the use of proceeds, and that the designation ‘European Green Bond’ or ‘EuGB’ can only be used if the bond is submitted for a new review and obtains a positive opinion.]
4.
Sources, assessment methodologies, and key assumptions
—
[Information about the sources relied upon to prepare the review, including links to measurement data and the methodology applied, where available]
—
[An explanation of the assessment methodologies and key assumptions]
—
[An explanation of the assumptions and taxonomy requirements used, of the limits and uncertainties surrounding the methodologies used and a clear statement about whether the external reviewer considers that the quality of information provided by the issuer or related third party is sufficient to perform the review and the extent to which the external reviewer has attempted to verify the information so provided]
5.
Assessment and opinion
[In each case based on the information provided by the issuer to the external reviewer – to be specified, where appropriate.]
[For pre-issuance reviews:
—
A detailed assessment of whether the completed factsheet aligns with Articles 4 to 8 of Regulation (EU) 2023/2631;
—
The opinion of the external reviewer on the assessment mentioned above;
—
Where bond proceeds are intended to be allocated in accordance with Article 5 of Regulation (EU) 2023/2631, the assessment and opinion shall be provided in a dedicated section.]
[For post-issuance reviews:
—
A detailed assessment of whether the issuer has allocated the proceeds of the bond in alignment with Articles 4 to 8 of Regulation (EU) 2023/2631;
—
An assessment of whether the issuer has complied with the intended use of proceeds set out in the European Green Bond factsheet;
—
The opinion of the external reviewer on the two assessments referred to in the first and second indent;
—
For assets or activities that are subject to a CapEx plan, an assessment upon its completion of whether those assets or activities meet the taxonomy requirements;
—
Where bond proceeds are allocated in accordance with Article 5 of Regulation (EU) 2023/2631, the assessment and opinion shall be provided in a dedicated section. The assessment shall indicate whether each of the relevant requirements of that Article have been met.]
[For impact report reviews:
—
An assessment of whether the bond issuance aligns with the broader environmental strategy and rationale of the issuer;
—
An assessment of the indicated environmental impact of the bond proceeds;
—
The opinion of the external reviewer on the assessments referred to in the first and second indent.]
6.
Any other information
[Any other information that the reviewer may deem relevant to its review.]
[In the case of a securitisation bond, references to the issuer in this document shall be construed as and, where appropriate, replaced with references to the originator.]
(
1
)
Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds (
OJ L, 2023/2631, 30.11.2023, ELI: http://data.europa.eu/eli/reg/2023/2631/oj
).
(
2
)
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (
OJ L 198, 22.6.2020, p. 13
).
ELI: http://data.europa.eu/eli/reg/2023/2631/oj
ISSN 1977-0677 (electronic edition)