澳门6766网站net集团有限公司绿色债券框架
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February 2018 |
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Purpose
This Green Bond Framework has been developed to demonstrate how Tianjin Rail Transit Group Co., Ltd. (“TRT”) will issue Green Bonds to fund new and existing projects and businesses with environmental benefits in alignment with:
· The Green Bond Principles, International Capital Market Association (ICMA)
· Green Bond Guidance, National Development and Reform Commission (NDRC)
Assertions from management
For each Green Bond issued, TRT asserts that it will adopt (i) Use of Proceeds (ii) Project Evaluation and Selection (iii) Management of Proceeds and (iv) Reporting, as set out in this Framework.
Background
TRT is the only entity in Tianjin that integrates investment & construction, operation management, repair & maintenance and comprehensive development. Taking up the responsibility of city-wide railway construction & investment and operation management, it has built a complete transit network containing intercity railways, subways and high-speed railways.
In light of the current guidance from the State Council and《国家环境保护“十三五”规划基本思路》for environmental protection and development of low carbon economy, Tianjin Rail Transit as one of the biggest railway and construction companies in the Jing-Jin-Ji (京津冀) area, is committed to ensuring its economic performance is beneficial to the environment and society.
Tianjin Rail Transit conforms to various industrial quality control standards such as ISO9001 Quality Management, OHSAS18001 Health and Safety Management.
Rational of Tianjin Rail Transit Green Bond
Low-carbon transport has a key role to play in facilitating a modal transportation shift, enabling the transition to a low carbon economy and to support future climate change mitigation efforts.
TRT’s Green Bond Framework, dedicated to low-carbon transport, will be an opportunity to emphasize the group’s strategy in terms of sustainability and climate change, and to diversify TRT’s investor base, thanks to a reinforced dialogue with Socially Responsible Investors.
The TRT Green Bond will also help ensure the progress of the State Council and the Country’s goal of environmental protection under the 13th Five Year Plan (十三五计划), and beyond, is fulfilled.
Framework Overview
TRT has developed a Green Bond Framework under which it plans to finance and refinance, in whole or in part, Eligible Green Projects as defined below:
1. Use of Proceeds
The proceeds of Green Bond will be used exclusively for Projects which are under the following Eligible Green Projects Categories.
Eligible Green Projects Categories and examples of Eligible Green Projects
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Eligible Green Projects Categories |
Example of Eligible Green Projects |
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Low Carbon Transportation
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· Rolling stock / carriages / locomotives: - Purchase and maintenance of electric rolling stock / carriages / locomotives |
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· Rail infrastructure: - Construction and maintenance of tracks - Modernisation, maintenance, upgrades to electric line networks - Reinstatement of old, unused, lines into working lines | |
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· Associated rail infrastructure: - Construction and modernisation of communication system (to improve efficiency and safety) - Modernisation of signalling system(to improve capacity and reliability) - Modernisation and maintenance of ventilation and drainage system - Modernisation of lighting systems such as upgrades to LED - Research costs associated with site suitability | |
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· Transit stationand its related real estate properties - Construction of station buildings, including internal modernisation/ investment into ventilation / lighting / fire / water / waste management - Establishment and refurbishment of existing ticketing equipment to allow for automation - Upgrade of escalators and safety doors to save energy and ensure safety | |
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Pollution prevention |
· Technologies related to: - Enhancing air quality such as to increase air circulation and air filtration - Noise reduction technologies such as noise barriers, modification of turnouts, rail dampers and insulation booths |
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Energy Efficiency |
· Design, manufacture and installation of systems, products and technology associated with low-carbon transportation systems that: - Reduce energy consumption or improve efficiency - Mitigate greenhouse gas emissions in railway construction and operations |
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Renewable Energy |
· Design, manufacture and installation of renewable energy systems, products and technology, such as solar panels. |
2. Project Evaluation and Selection
Process to Mitigate Environmental and Social Risks Stemming from Eligible Projects
TRT has a robust internal control and policy framework to ensure environmental and social risks are mitigated in TRT’s operation. In addition, it complies with <Energy Saving Regulation of the People’s Republic of China> (《中华人民共和国节约能源法》), <Energy Saving Regulation for Real Estate in Tianjin City> (《北京市建筑节约能源条例》), <Best Practice of Construction in Tianjin City> (《北京市建设工程文明施工管理规定》), <Energy Efficiency Standards for Public Buildings> (《公共建筑节能设计标准》),<Regulation for Green Construction> (《建筑工程绿色施工规范》) and other related Policies and Regulations enforcing sustainability considerations.
Additionally, during the design stage, there is mitigation practice for all environmental risk factors. During the construction stage, controls of water, noise, air pollution and protection of the eco system are strictly implemented and monitored.
According to requirements in Green Bond Principles 2017 and the internal process of TRT, Eligible Green Projects will be proposed by the Planning Department according to feasibility studies and environmental assessment according to TRT’s Eligible Green Projects Categories and examples of Eligible Green Projects.
They will then be reviewed by a dedicated Green Bond Working Group (“GBWG”), which includes:
· Finance Centre and its related Financing Department and Treasury Department
· Investment Management Department
· Operations Department
The GBWG will approve, annually, the projects complying with the eligibility criteria and falling under one or more of the use of proceeds projects categories outlined above. It will then reviewed and approved by the General Manager and the senior management team of TRT.
The GBWG will review the allocation of the proceeds annually to ensure maximum allocation of green bond proceeds and facilitate ongoing green bond reporting.
3. Management of Proceeds
The proceeds of each TRT Green Bond will be deposited in the general funding accounts and “earmarked” pending allocation. TRT will maintain a Green Bond Register to track the use of proceeds for the green bond issuance. Green Bond Allocation Register will be established to record the allocation of green bond proceeds.
The Register will contain, for each Green Bond issued, information including:
1. Green Bond details: ISIN, pricing date, maturity date, etc.
2. Eligible Green Project allocation list: information including:
· Confirmation of investment made are to Eligible Green Projects
· Description of investment
· Investment amount
· Other necessary information so that the aggregate of issuance proceeds allocated to eligible projects is recorded at all times
It is TRT’s intention to deploy proceeds of each TRT Green Bond to Eligible Green Projects within a short timeframe. A small amount of issuance proceeds not allocated to Eligible Green Projects will be held in accordance with TRT’s normal liquidity management policy, such as Notice Deposits.
44. Reporting
Allocation reporting
TRT commits to publish an annual Green Bond Report, which will provide information on amounts equal to the net proceeds of the Green Bond issued and provide:
(i) aggregate amount allocated to the various Eligible Green Project Categories
(ii) remaining balance of funds which have not yet been allocated
(iii) examples of Green Projects from each Eligible Green Projects (subject to confidentiality disclosures)
Furthermore, TRT will confirm that the use of proceeds of the Green bond issuance conforms to this Green Bond Framework.
Impact reporting
In each annual Green Bond Report, TRT will include information on the environmental and social impacts of the Eligible Green Projects. Subject to the nature of Eligible Green Projects and availability of information, TRT aims to include, but not limited to, the following Impact Indicators:
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Eligible Green Projects Categories |
Impact Indicators |
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Low Carbon Transportation |
· Km of tracks built · No. of passenger |
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Pollution prevention |
· No. of noise barriers installed |
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Energy Efficiency and Renewable Energy |
· Amount of energy saved · Installed renewable energy production capacity |
The Green Bond Report will be made public.
External Review
TRT has engaged Sustainalytics to act as a second party reviewer for this Green Bond Framework.
TRT’s Green Bond Framework, together with Sustainalytics’ Second Party Opinion (SPO) will be made public via Sustainalytics’ website.