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1、BBVA 2019 Green Bonds REPORT 1. Introduction 2. Overview of BBVAs Sustainable Development Goals bond framework 3. Total amount of BBVAs eligible portfolio 4. Assets and environmental impacts of green bond issuances 5. Sample projects financed under BBVAs green bonds 6. Calculation methodology 7. Ind
2、ependent review report Index BBVA 2019 Green Bonds Report 3 1. Introduction BBVA is one of the most experienced financial institutions in the green bond market. Its sustainable investment story began in 2007 with its involvement in the European Investment Banks first green bond issuance. Since then,
3、 the bank has led, structured, provided guidance on, and acted as the placement entity for social and green bonds for clients in Europe, the United States, and Latin America. In April 2018, BBVA published its framework for the issuance of sustainable bonds, linked to the United Nations Sustainable D
4、evelopment Goals (SDGs). Days later, BBVA issued its first green bond for a total of 1 billion. At the time, BBVAs inaugural green bond issuance was the largest in the eurozone from a financial institution. BBVA has become the most active Spanish bank in the green and social bond markets. Also notew
5、orthy are issuances from BBVAs franchises in Mexico and Turkey. BBVA Mexico became the countrys first private lender to issue a green bond, for a total of MXN 3.5 billion, while Garanti BBVA issued the first social bond in Turkey for female entrepreneurs, for a total of $75 million. These green and
6、social bonds are demonstrative of BBVAs strategy to support sustainable development and fight climate change. As part of its strategy, and in order to gradually achieve a balance between sustainable energy financing and investments in fossil fuels, the bank aims to align its business activity with t
7、he United Nations Sustainable Development Goals and the Paris Agreement, thereby contributing to the transition towards a low-carbon economy. Specifically, BBVA wants to play an increasingly pivotal role in the fight against climate change helping its customers and clients as they transition towards
8、 a low-carbon economy. This is one of the priorities set forth in BBVAs new strategy, announced in 2020, which aims to accelerate and deepen the Groups transformation in the coming years. In 2019, the Bank issued its second green bond, for a total of 1 billion, and issued the first structured green
9、bond using Blockchain technology. In 2020 BBVA became the first European private financial institution to issue a social bond to tackle the impact of Covid-19, for a total of 1 billion. BBVA 2019 Green Bonds Report 4 2. Overview of BBVAs Sustainable Development Goals bond framework In 2018 BBVA publ
10、ished its Sustainable Development Goals (SDGs) bond framework, on which its green bonds are based. According to this framework, BBVA can issue three types of bonds: The most significant features of this framework are summarized below: A standard, transparent framework aligned to the four components
11、of the International Capital Market Associations 2018 Green Bond Principles, the Social Bond Principles, and the Sustainable Bond Guidelines: use of proceeds, process for project selection and evaluation, management of proceeds, and reporting. Aligned to the United Nations Sustainable Development Go
12、als (SDGs) and the 2030 Agenda for Sustainable Development. Backed by sound governance: BBVAs Sustainable Finance Working Group and its SDGs Bond Committee are responsible for defining which projects will be eligible and included in each bond. The Global Head of the Responsible Business department w
13、ill have final veto power over which projects are selected. Strict monitoring and management of net proceeds received: Each year from the year following the green bonds issuance and until maturity (or full redemption), BBVA may task a qualified entity with producing a limited assurance report on the
14、 allocation of proceeds (to recipient social or green projects) originating from relevant green, social, or sustainability bonds. The annual reports covering BBVAs SDG bonds will be released to the public on the BBVA website. External verification: the framework has obtained an independent verificat
15、ion assessment from DNV-GL Green Bonds Debt instruments whose funds are exclusively allocated to financing new or existing green projects, in whole or in part. Social Bonds Debt instruments whose funds are exclusively allocated to financing new or existing social projects, in whole or in part. Susta
16、inable Bonds Debt instruments whose funds are exclusively allocated to financing new or existing green and social projects, in whole or in part BBVA 2019 Green Bonds Report 5 Use of proceeds Process for project selection and evaluation The Sustainable Finance Working Group reviews a list of prospect
17、ive eligible projects. The SDGs Bond Committee provides an additional review of the qualifying projects and decides which ones will definitively be included in each bond issued under the framework. The Responsible Business department will have final veto power over the selected projects. Management
18、of proceeds BBVA will control the use of the proceeds originating from the green, social, or sustainability bonds issued in accordance with the framework. BBVA will maintain an excess of projects beyond the proceeds originating from the issuance of the green, social and sustainability bonds in order
19、 to guarantee compliance with the requirements for the use of the proceeds. Any project assigned to a green, social or sustainability bond that ceases to comply with the qualification requirements within any of the green or social categories, will be substituted by another project that meets these s
20、ame requirements. Reporting BBVA will publish a bond tracking report within 12 months from the issuance date. The SDGs Bond Committee will be responsible for the content of the report, which will be subject to approval by the BBVA Sustainable Finance Working Group. The report may be subject to limit
21、ed verification conducted by an independent third party in order to guarantee that the issuance framework was adequately followed. Renewable energy Waste management WaterSustainabl e transportation Eligible green categories Education Eligible social categories Health Activities excluded under the SD
22、Gs framework Nuclear power generation Large-scale dams (more than 20 MW) Defense Mining Coal-related Oil and Gas BBVA 2019 Green Bonds Report 6 3. Total amount of BBVAs eligible portfolio As of December 2019, BBVAs portfolio of project finance and corporate lending meeting the eligibility requiremen
23、ts set out in BBVAs Framework for the issuance of bonds linked to the Sustainable Development Goals was worth a total 2.78 billion. This amount represents a net increase of 1.69 billion from the amount in stock in 2018, despite the expected amortization of 500 million. Additionally, the sectoral dis
24、tribution has been expanded to all eligible green categories, including energy efficiency and waste and water management. Category Dec-19 (EUR Mll) Dec-18 (EUR Mll) Energy Efficiency467.7 - Green buildings467.7- Renewable Energy1,421.8863.4 Wind783.0699.7 Solar490.8154.9 Other1148.08.8 Water Managem
25、ent78.8 - Waste Management184.0 - Sustainable Transportation629.5225.0 Total2,781.91,088.4 17% Energy Effi ciency 51% Renewable Energy 3% Water Management 6% Waste Management 23% Sustainable Transportation (1)Includes power lines and mixed renewable electrical generation projects, as well as corpora
26、te financing for projects including solar, wind and hydroelectric power plants. BBVA 2019 Green Bonds Report 7 4. Assets and environmental impacts of green bond issuances GREEN BONDS ISSUED AND GUARANTEED BY BBVA S.A. BondIssuerAmount (EUR)Issue DateMaturity DateISIN Green Senior Non-Preferred Banco
27、 Bilbao Vizcaya Argentaria, S.A. 1,000,000,00005/03/201805/14/2025XS1820037270 Green Senior Unsecured BBVA Global Markets B.V.35,000,00002/05/201902/19/2025ES0205067426 Green Senior Non-Preferred Banco Bilbao Vizcaya Argentaria, S.A. 1,000,000,00006/12/201906/21/2026XS2013745703 ENVIRONMENTAL IMPACT
28、S OF THE GREEN BONDS Category Amount (EURO Mll) Tons of CO2 avoided Generated Electricity (GWh/year) Water managed (m3/year) Waste managed5 (Tm/year)SDG Energy Efficiency1901,073- Green Buildings1901,073- Renewable Energy1,282646,9762,300- Solar45653,384342- Wind446555,6261,828- Other138037,9664130-
29、 Water Management253-6,964,065- Waste Management394-292,514 Sustainable Transportation46875,957- Total2,087724,0062,3006,964,065292,514 The projects financed with BBVAs green bonds have (1) Includes power lines and mixed renewable electrical generation projects, as well as corporate financing for pr
30、ojects including solar, wind and hydroelectric power plants. (2) For water management projects, the following impacts have also been identified: Volume of managed water equivalent to the consumption of a population of 200,752 people, 12,485,516 m3 of supplied drinking water and 96,925 people with ac
31、cess to clean water. (3) For waste management projects, the following impacts have also been identified: 511,156 tons per year of waste collected and 370,974 people benefited by the collection service. (4) Emissions avoided by the power line project have not been included due to the lack of data to
32、perform the calculation. (5) Refers to reclaimed waste. (1).Impact calculated based on a reference travel distance of 15,000 km per year by a typical diesel car. (2) Impact calculated taking as a reference the per capita water consumption in Spain in 2018. (3) Impact calculated taking into account p
33、er capita waste generation in Spain in 2017. Managed a total volume of water of 6,964,065 m3, equivalent to the annual water consumption of more than 140,000 people2 Avoided a total of 724,006 tons in CO2eq atmospheric emissions, equivalent to what more than 285,000 cars emit in one year1 Managed a
34、total volume of waste of 292,514 tons, equivalent to the waste almost 600,000 people generate in one year3 BBVA 2019 Green Bonds Report 8 Main features of the selected loans: 69% of the proceeds from the green bond issuances correspond to project finance and 31% to client loans. 27% of these loans w
35、ere originated in 2019. The following graph shows the geographic distribution of the selected assets: TOTAL 2,087 EURO Mll Spain1,359 EURO Mll France169 EURO Mll Italy133 EURO Mll Portugal46 EURO Mll Ireland49 EURO Mll Scotland44 EURO Mll Australia95 EURO Mll USA41 EURO Mll Chile100 EURO Mll Uruguay
36、51 EURO Mll BBVA 2019 Green Bonds Report 9 5. Sample projects financed under BBVAs green bonds BBVA provided corporate financing to Naturgy Renovables for its portfolio of renewable energy generation and cogeneration installations in Spain, with an installed capacity of 2,200 MW (more than 90 MW of
37、these went into operation in 2019/20). BBVA participated with a 50% take in the operation. The portfolio in its entirety has almost 120 assets: 80 wind farms, 26 min hydro plants, 6 photovoltaic plants and 5 cogeneration/slurry plants. Naturgy Renovables generated 3,164 GWh in 2019, avoiding 2.8 mil
38、lion tons of CO2. BBVA signed with Terna, the Italian electricity company, the first worldwide green loan for project finance for the design and construction of a transmission line between the cities of Melo and Tacuaremb in Uruguay. The 213 kilometre long 500 kv transmission line connects renewable
39、 energy projects to the national grid. The project is commissioned by the Administracin Nacional de Usinas y Trasmisiones Elctricas (UTE), Uruguays state-run electric utility, and is an integral part of Uruguays National Energy Policy 2005-2030. This long term energy plans overall objective is to di
40、versify the energy mix, reduce dependence on fossil fuels, improve energy efficiency, and increase use of endogenous resources, mostly renewables. BBVA 2019 Green Bonds Report 10 6. Calculation methodology The methodology used by BBVA to calculate the emissions avoided from projects included in this
41、 report is based on internationally renowned standards and guidelines, ensuring that results are certified, reliable and verifiable. Specifically, the methodology is based on the generation of equivalent and comparable scenarios following the baseline scenarios proposed in standard ISO-14.062, and s
42、pecifically on section 2: “Greenhouse Gases. Specification with guidance at the project level for quantification and reporting of greenhouse gas emission reductions and removal enhancements.” In the case of renewable energy projects, the avoided CO2 emissions have been calculated multiplying the ren
43、ewable electricity injected into the local power grid by the CO2 emission factor of the national energy mix. CO2 emission factors of the energy mix used in each country were the following: Country Emission factor (ton CO2/MWh)Source Spain0.190 Red Elctrica de Espaa Scotland0.242 International Energy
44、 Agency Italy0.233International Energy Agency Portugal0.266International Energy Agency Uruguay0.106International Energy Agency Chile0.419Comisin Nacional de la Energa (Chile) United States (Indiana)0.805US Energy Information Administration United States (Wyoming)0.952US Energy Information Administra
45、tion Ireland0.282International Energy Agency The renewable electric power generated by these projects has been calculated based on the electric power generation estimates available during the due diligence of each investment project for the P90 value. In the case of the mixed renewable power generat
46、ion projects (with consumption of natural gas for producing electricity), emissions have been calculated exactly as in the previous case, but the emissions resulting from the combustion of natural gas from the avoided emissions were deducted. The emission and power mix factors considered have been t
47、he same, while the emission factor used for natural gas has been 0.252 ton CO2/MWh (official data of the Environmental Transition Ministry of Spain). BBVA 2019 Green Bonds Report 11 In the case of energy efficient building construction projects, energy savings have been calculated as a result of the
48、 difference between the consumption of non-renewable primary energy of the building and the consumption of primary non-renewable energy of a building according to the national standard (net zero energy buildings, or nZEB). This power is multiplied by the CO2 emission factor of the national energy mi
49、x, stated in the table above. Transitorily, and for projects with completion date earlier than 31 December 2019 without LEED or BREEAM certification, the savings threshold has been set in the limit between energy certification letters A and B (as the national standard for nZEB had not been defined at that time). As for projects with completion date prior to 31 December 2019 certified according to LEED or BREEAM standards, energy savings have been calculated as the difference between the buildings consu