Use of Proceeds. The use of green bond proceeds for the Company issuances within this Framework are intended to be in line with the 2021 ICMA GBP, therefore all Green Assets and Projects should provide clear environmental benefits and promote the transition to a low-carbon, climate-resilient, and sustainable economy.
Use of Proceeds. Green project category Fulfilment Leaf score Green buildings Acquisition or construction of buildings that meet the following standards: • BREEAM (ranking Excellent or above) • LEED (ranking Gold or above) • Ranked at least 10% better than the minimum Hungarian Energy Performance Certificate (EPC) for nearly zero energy buildings (NZEB) • CBS Residential or Commercial building criteria for the target country Financing of major renovations leading to at least 30% reduction in overall energy consumption or achievement of required energy efficiency in line with the applicable national building code for newly built properties or a two- grade upgrade in the local energy performance label, if it results in an at least 20% improvement in emissions/energy performance/primary energy demand Energy efficiency Investment in R&D, operation, distribution, and maintenance of equipment or technology to reduce energy consumption and increase energy savings, such as: • Energy storage • Smart grids • Efficient lighting Renewable energy Investments in or expenditures on the installation of solar power or heat pumps or stand-alone solar farms, and related infrastructure investments such as grid connections, electric substations, or networks Clean transport Financing of or investment in supportive clean infrastructure services (charging stations for electric vehicles or bicycle storages) The green project categories ‘green buildings’ and ‘energy efficiency’ have scored two green leaves as the criteria demonstrate a significant environmental contribution. Crown aims for a minimum energy efficiency of BB, which signifies a nearly zero-energy building (NZEB) and consumption of less energy than buildings constructed according to the regulatory threshold. For the ‘renewable energy’ category, Crown also scores two green leaves led by its intention to invest in the installation of solar power or heat pumps or stand-alone solar farms in its real estate development projects. As solar panels and heat pumps do not contribute equally to the renewable energy category, we provide further information on the environmental impact risks of heat pumps in the risk section on page 8 of this opinion. Crown scores two green leaves in the ‘clean transport’ category. The company plans to finance supportive clean infrastructure services, such as charging stations for electric vehicles or bicycle storages. We note that the environmental impact is driven by the national energy mix, which is dominated by n...