performance over time for which a minimum of 3 years, where feasible, of measurement track record on the selected KPI(s) is recommended and when possible forward-looking guidance on the KPI, and - the issuers

basis; (iii) Externally verifiable; and (iv) Able to be benchmarked, i.e. as much as possible using an external reference or definitions to facilitate the assessment of the SPTs level of ambition. 4.1.4

appropriately described in the legal documentation of the security. All designated eligible Social Projects should provide clear social benefits, which will be assessed and, where feasible, quantified by the

eligible Green Projects should provide clear environmental benefits, which will be assessed and, where feasible, quantified by the issuer. In the event that all or a proportion of the proceeds are or may be

Sustainability-linked bond/loan An inclusive framework promoting an economy-wide transition Only a few economic activities operate at or near zero emissions today. For some high-emitting activities, feasible low

refinance sustainability-linked loans. 1-4 What is the interplay of “use-of-proceeds” and “sustainability-linked” bonds? Can they be combined if need be? It is possible to combine a “use of proceeds” approach

appropriately described in the legal documentation for the security. All designated Green Projects should provide clear environmental benefits, which will be assessed and, where feasible, quantified by the issuer

. All designated Social Projects should provide clear social benefits, which will be assessed and, where feasible, quantified by the issuer. In the event that all or a proportion of the proceeds are or

possible, result in credit ratings that can be subjected to some form of objective validation based on historical experience. 1.2 Credit ratings should reflect all information known and believed to be

the KPI against the SPT; and any other relevant information which may enable investors to monitor the progress of the selected KPI. Information may also include when feasible and possible: a qualitative