CITY OF GOTHENBURG GREEN BOND FRAMEWORK
SEPTEMBER 2019
“It is a city that has sustainability in its DNA and is always eager to share best practice” - GDS-Index Leadership Award 2018 Table of Contents
03. Background
04. City of Gothenburg Green Bonds
05. Use of Proceeds
06. Green Project Categories
06. Renewable Energy
07. Green Buildings
08. Energy Efficiency
09. Clean Transportation
10. Waste Management
11. Water & Wastewater management
12. Sustainable Land Use & Environmental Management
13. Climate Change Adaptation
14. Green Project Evaluation & Selection
14. Management of Proceeds
15. Reporting & Transparency
17. External Review
2 BACKGROUND
Who we are As for economic sustainability, anti-corruption is a key priority for the City. We work actively to combat The City of Gothenburg (”the City”) is a municipality corruption and irregularities by continuously on the west coast of Sweden, strategically located strengthening governance, control and transparency between Oslo and Copenhagen. With a population of across all operations. As to social sustainability, our just over half a million, Gothenburg is Sweden’s long-term goal is to reduce gaps in living conditions second largest city and home to Scandinavia’s largest and health, and to ensure that the city develops in port and a variety of strong industries. a way that is equal and socially sustainable. Swedish municipalities enjoy extensive fiscal The ecological dimension of the sustainable autonomy and can issue bonds to fund the delivery of development of Gothenburg is presented in our public services. The City is responsible for providing environmental programme. The programme includes services such as education, social care, planning and 12 environmental goals with the overall aim to create building, health and environmental protection, waste a good living environment both now and in the future. collection, water supply and purification, energy These goals form the basis of our environmental work supply and public transport. The City also builds and and they also have several sub-targets that we follow manages rental apartments to provide affordable up on annually. A revision of the programme based on housing. According to EU directive, the City always the goal of limiting global warming to 1.5 C was carry out environmental assessments in relation to recently initiated. The revision will include the target of larger investments, and Environmental Impact a fossil-free local transport by 2030, and for the City to Assessments if necessary. have a fossil-free vehicle fleet by 2023, at the latest.
Sustainability to us We are determined to be one of the world's most progressive cities when it comes to tackling Gothenburg is governed based on three sustainability environmental issues and climate change. dimensions: social, environmental and economic Gothenburg was the first city in the world to issue a sustainability - all of which are mutually dependent on green bond back in 2013 and the instrument has one another. Collaboration for achieving our become an important tool to reach the City’s climate sustainability objectives spans the entire organisation and environmental goals. In 2014, the City adopted and include both the municipal and the municipality ‘Sustainable city – Open to the world’ as our official owned companies. communication strategy. Our environmental efforts have been recognized several times over the years. In 2015, Gothenburg was named the National Earth Hour Capital by the World Wildlife Fund (WWF) and in 2016, the City won the United Nation’s climate award Momentum for Change. Other credits include a number one ranking in the Global Destination Sustainability Index 2018. In 2019, the City won an award from the Swedish Environmental Protection Agency for our perseverance and long-term perspective related to waste prevention across different sectors of the City.
The City of Gothenburg Green Bond Framework 3 CITY OF GOTHENBURG GREEN BONDS
We issued our inaugural green bond in 2013 as towards a low-carbon, climate change-resilient and the first city in the world and strive to continue ecologically sustainable society. contributing to the market’s development. We were This Framework defines the projects and investments one of the founders of the Nordic Public Sector eligible for financing by green bonds issued by the Issuers’ Position Paper on Green Bond Impact City of Gothenburg (“Green Bonds”). In addition, the Reporting, first published in 2017- aiming to provide Framework outlines the process used to identify, guidance on impact reporting for Nordic public sector evaluate, select and report on eligible projects and issuers. the set-up for managing the Green Bond proceeds. The green bond market has evolved since we The terms and conditions of the underlying launched our previous green bond framework in 2015, documentation for each Green Bond shall provide with new market constructs such as the Green Bond a reference to this Framework. Principles updated in June 2018 by the International The City of Gothenburg has worked with Danske Bank Capital Market Association. It is the City of to develop the Framework and CICERO Shades of Gothenburg’s intention to follow best practices as new Green has provided a second party opinion. market standards develop. By setting up this updated The City of Gothenburg will assign an external auditor green bond framework (“Green Bond Framework” or to annually provide a limited assurance of the “Framework”), the City of Gothenburg offers investors management of proceeds. the opportunity to further support the transition
The City of Gothenburg Green Bond Framework 4 USE OF PROCEEDS
Allocation of net proceeds Exclusions An amount equal to the net proceeds of the Green Green Bond net proceeds will not be allocated to Bonds will finance or refinance, in whole or in part, projects for which the purpose of the project investments undertaken by the City of Gothenburg is fossil energy production, nuclear energy generation, that promote the transition towards a low-carbon, weapons and defense, potentially environmentally climate change-resilient and ecologically sustainable harmful resource extraction (such as rare-earth society (“Green Projects”), in each case as elements or fossil fuels), gambling or tobacco. determined by the City of Gothenburg in accordance with the Green Project categories defined on the next Sustainable Development Goals page. All Green Projects will take place in the City of All the 17 UN Sustainable Development Goals (SDGs) Gothenburg or the nearby municipalities. Green are relevant to the City of Gothenburg, but not all the Projects form a portfolio of assets eligible for financing 169 targets. The City has local goals and strategic and refinancing by Green Bonds. documents that address the most important areas in the relevant targets. In this Framework, each Green Financing and refinancing Project category has been mapped to the SDGs in accordance with the Position Paper on Green Bonds Net proceeds can finance both existing and new Impact Reporting 2019 for Nordic Public Sector Green Projects. New financing is defined as ongoing Issuers. Green Projects or Green Projects completed less than 12 months prior to the approval by the City of Gothenburg’s Green Bond Committee. Refinancing is defined as financing for Green Projects completed more than 12 months prior to the Green Bond Committee’s approval. The distribution between new financing and refinancing will be reported on in the City of Gothenburg’s annual Green Bond reporting.
The City of Gothenburg Green Bond Framework 5 GREEN PROJECT CATEGORIES Renewable Energy The financing or refinancing of the production, appliances, establishment, acquisition, expansions, upgrades/modifications and products of renewable energy, as well as related Research and Development programmes and/or the associated infrastructure.
Bioenergy Transmission • Facilities producing biofuel, biochar and/or biomass • Transmission of electricity produced out of such as biofuel preparation, pre-treatment, renewable sources from its production site to the biorefinery and pyrolysis facilities. electricity grid. • Facilities for electricity generation or district • Infrastructure related to distribution of biofuels heating/cooling, as well as the combination (CHP), (in particular biogas). that use biofuel or biomass as fuel.1 Facilities often use a mix of different sustainable energy sources Wind energy such as biomass/fuel, waste2, water-thermal and Onshore and offshore wind energy generation recovered energy. facilities and other emerging technologies, such as Rail and shipping related infrastructure needed for • wind tunnels and cubes. the transport, loading, off-loading and storage of biomass to production plants. Solar energy In the evaluation of all bioenergy projects, the Solar energy technologies, such as Photovoltaic (PV) environmental and social impact of supply chain systems, Concentrated Solar Power (CSP) and solar elements are taken into account. Biomass/fuel thermal facilities. deriving from sources of high biodiversity that competes with food sources is excluded.3 Sustainability of the supply chain is preferably proven Thermal energy by a certification like the Roundtable on Sustainable Water-thermal heating/cooling systems, including Biomass (RSB), Forest Stewardship Council (FSC) or storage facilities in e.g. caverns, and geothermal Programme for the Endorsement of Forest heating/cooling systems.4 Certification (PEFC).
Reaching net-zero GHG emissions by 2050 is necessary in order to reach a globally sustainable and equitable development (IPCC, 2014). This is one of the goals in the City’s environmental programme and we have also adopted related sub-targets, being: GHG emissions within the city shall not exceed 2 tonnes per capita and, consumption-based GHG emissions shall not exceed 3.5 tonnes per capita by 2035.
Key in achieving the goals will be to invest substantially in renewable energy. The target for 2030 is to produce 500 GWh of renewable energy. We promote both small-scale production, by installing e.g. solar cells on the roofs of new buildings or when refurbishing buildings, and investments in larger projects. As an example, the construction of Sweden’s largest solar park at present - ‘Nya Solevi’ - was completed in 2018 by one of the City’s municipal companies Göteborg Energi.
1The City of Gothenburg does not classify peat as a renewable energy source 2Less than 10 per cent fossil or plastic in the mix 3Where applicable, compliant with the EU Renewable Energy Directive (RED) 4 Facilities should operate at lifecycle emissions lower than 100gCO2e/kWh
The City of Gothenburg Green Bond Framework 6 Green Buildings
The financing or refinancing of the establishment, acquisition, expansion and upgrade of buildings.
Buildings Buildings that fulfil, or are designed and intended to Our sustainable building approach fulfil once completed, one of the following The City’s approach to sustainable building is governed in the Programme for environmentally adapted buildings. requirements: The programme is a framework with requirements on • Commercial or Public buildings with an energy construction made on land owned by the City. It includes performance of no more than 50kWh/m2, or requirements to account for durability in the construction, high quality indoor environment, minimal negative • Residential buildings with an energy performance environmental impact from a lifecycle perspective, of no more than 60kWh/m2, or minimal energy use, integrating green spaces and vegetation, stormwater collection, and preserving / • Buildings with an Energy Performance Certificate enhancing biodiversity, minimal resource use and waste (EPC) with energy class A or B, or during the life of the building, promotion of sustainable transport, and establishment of an environmental plan for • Buildings that have, or are designed and intended both the construction and operational phase of the to receive, (i) a design stage certification, (ii) a building. post-construction certification or (iii) an in-use certification in any of the following building certification schemes at the defined threshold level or better: Major renovations – LEED “Gold”, Energy efficient retrofit or renovation of existing buildings, reducing energy use (kWh/m2/year) per – BREEAM “Very Good”, heated square meter per year by at least 30 per cent. – Miljöbyggnad “Silver”, or – The Nordic Swan Ecolabel certification.
In 2016, the building and real estate sector accounted for 21 per cent of Sweden’s total GHG emissions (Boverket, 2019). The City’s programme for environmentally adapted construction is an important instrument and tool for reducing the sector’s environmental impact and contributing to achieving both our national environmental goals and the City’s own local environmental goals. The programme includes requirements throughout the construction phase in areas such as health and indoor environment, environmental impact, resource management, and energy consumption. In addition, when we plan for new construction projects, rising water levels must be accounted for.
The City of Gothenburg Green Bond Framework 7 Energy Efficiency
The financing or refinancing of the establishment, acquisition, expansion and upgrade of energy systems, as well as their associated infrastructure.
Energy Buildings • Energy system efficiency, such as electric Direct costs (e.g. material, installation and labour) for transmission and district heating distribution, with installing energy efficient technologies such as heat the aim to increase system security and to reduce pumps, smart control systems, new windows, energy energy losses. efficient lighting, or costs for enabling renewable energy sources. Investments should improve energy • Smart distribution systems, storage facilities, efficiency in the respective area by at least 30 per cent. metering systems and other intelligent energy systems managing the intermittency of renewable Municipal activities energy. Energy efficiency measures in various municipal activities and operations, such as exchanging traffic lights to LED. Investments should improve energy efficiency in the respective area by at least 30 per cent.
Improving efficiency in energy systems contribute to limiting global warming to 1.5 ºC (IPCC, 2018) and enables economic growth, reduced emissions and improved energy security (IEA, Energy Efficiency, 2018). Energy efficiency is a key priority for the City and we promote energy efficiency in buildings, transport and industry, as well as in various municipal activities and operations.
The City of Gothenburg Green Bond Framework 8 Clean Transportation
The financing or refinancing of the production, establishment, acquisition, expansion and upgrades of low carbon vehicles and their related infrastructure (excluding rolling stocks and related infrastructure dedicated to the transport of fossil fuels). Low carbon public transportation Low carbon transportation infrastructure Public transport systems such as trains, trams, buses, Infrastructure supporting electrified/hydrogen and low ferries and cableway transportation systems, with no carbon passenger and freight transport, such as the direct emissions (electric or hydrogen5) or associated following: with a low carbon footprint (biofuel6 or hybrid • dedicated charging and alternative fuel electric7). infrastructure10, • bus rapid transit systems, bus lanes and electrified Low carbon vehicles railways, that support modal shift from private to 11 Fully electrified, biofuel6, plug-in hybrid electric8, or public transportation hydrogen5 passenger and freight vehicles9. • infrastructure for bicycles and pedestrians, • cross cutting solutions11 such as digital solutions supporting improved flow and transport modal shift (e.g. road charging systems, systems for autonomous vehicles, car-sharing schemes) and sustainable freight solutions (e.g. electrified city delivery solutions or deliveries by bike, and terminals enabling reloading to and from rail or other sustainable transport modes).
The Gothenburg region's growing population puts pressure on the City’s transport system. The City must be able to meet the increasing demand for travel while, at the same time, traveling must become considerably more sustainable. Our goal is to reduce the environmental impact of the transport sector, substantially increase sustainable travel in Gothenburg, and in the long term improve accessibility in the City. This requires investments in public transport and enabling more walking and cycling.
5 8 Climate impacts related to hydrogen will be considered from a life-cycle perspective With tailpipe emission intensity of max 50g CO2/km (WLTP) 6 9 Sustainability in the biogas production supply chain is evaluated, preferably proven by Low-emission heavy-duty vehicles with specific direct CO2 emissions of less than 50% of certifications, as described under the Renewable Energy category the reference CO2 emissions of all vehicles in the same sub-group are eligible 7 10 With emissions below 50 grams CO2 equivalent emissions per passenger km, according If separate from fossil fuel filling stations and garages to the EU Taxonomy’s threshold for public transport 11 Should contribute to significant GHG emission savings on either a passenger/km or a tonne/km basis)
The City of Gothenburg Green Bond Framework 9 Waste Management
The financing or refinancing of the establishment, acquisition, expansion and upgrades of waste management facilities and the associated infrastructure, and projects contributing to reductions in emissions to air, water and land.
Technologies to facilitate carbon sinks Pollution prevention Bioenergy carbon capture and storage (BECCS) Projects for better waste management supporting facilities to produce biochar or other carbon sinks. pollution prevention, such as discharges of pollutants into water. Recycling Waste-to-energy Recycling facilities and related infrastructure, including treatment and processing of all types of waste, for the Waste-based energy facilities, where energy recovery purpose of minimizing the amount of waste to landfill from waste follows a waste hierarchy to ensure that as and bring back valuable raw material to the market. much of the waste as possible is reused and recycled before being converted into energy. Sustainability aspects of waste transportation will be accounted for.
Reducing emissions to air and achieving a non-toxic environment by 2050 are key goals in the City’s environmental programme. We work strategically with waste management, primarily focusing on preventing waste from being produced in the first place and, secondarily, to promote the level of re-use and recycling. The goal for 2030 is to reduce the volume of waste per capita in the City by at least 30 per cent compared to 2010. The same target applies for our own operations and businesses.
The City of Gothenburg Green Bond Framework 10 Water & Wastewater Management
The financing or refinancing of the establishment, acquisition, capacity expansion and upgrade of sustainable freshwater supply and wastewater treatment facilities, the associated infrastructure and water efficiency measures.
• Facilities and technologies to ensure a safe and • Protection of freshwater sources, such as sustainable freshwater supply. measures to secure groundwater levels and to prevent the discharging of pollutants into water and • Wastewater treatment facilities and technologies. land. • Improvement of water-use efficiency, such as re-use of water and to reduce leakage in networks.
Ageing water infrastructure (including pipe network, pumps and treatment plants), population growth, climate change adaptation and new requirements on water and wastewater treatment plants, are all factors driving substantial investment needs in the water infrastructure of Swedish municipalities (Swedish Water & Wastewater Association). The City of Gothenburg have targets for reducing water pollution, improving the quality of groundwater, and preserving biodiversity at the coast and in sea.
The City of Gothenburg Green Bond Framework 11 Sustainable Land Use & Environmental Management
The financing or refinancing of projects targeting the sustainable use and management of environmental resources, to ensure the long-term sustainability of ecosystems and livelihoods.
Sustainable land use Environmental management Agriculture Eco-system services Organic farming, certified in compliance with the EU Protect, restore and enhance ecosystems and and national regulations. biodiversity (aquatic as well as on land), such as Forests and forestry nature conservation, soil restoration, urban parks and vegetation (e.g. green roofs and walls), the integration Forest land certified in accordance with the Forest of urban “blue spaces” (streams, lakes, wetlands, and Stewardship Council (FSC) standards and/or the ponds). Programme for the Endorsement of Forest Reduction of air emissions Certification (PEFC). Technologies and systems to reduce emissions to air, such as nitrogen oxides, flue gas, sulphur, particle pollution and other toxic pollutants.
Managing land resources sustainably holds significant potential for climate change mitigation, including minimizing air, water and climate pollution as well as promoting biodiversity and ecosystem services. The City of Gothenburg recognize that ecosystem services are a prerequisite for healthy habitats and a sustainable urban development. Our goal is to have an attractive and varied landscape and preserve the diversity of plants and animals and promote the protection, restoration and enhancement of ecosystems in Gothenburg.
The City of Gothenburg Green Bond Framework 12 Climate Change Adaptation
The financing and refinancing of integrating climate change adaptation and resilience measures in infrastructure.
• Investments to reduce the vulnerability of infrastructure to climate change, including The City’s approach to climate change adaptation infrastructure such as energy, water and other urban infrastructure as well as The City account for the consequences of climate change such as public transport systems and buildings. higher water levels, more rain and warmer temperatures. When the City • Investments in extreme weather research plans for new construction we must consider these issues, including and monitoring systems. sustainable urban drainage systems and by 2030-2040, more comprehensive protection against higher water levels will be in place. The investments should address climate The City also works with a model that connects land surface, pipes change adaptation measures that contribute below ground, sea level, and streams in watercourses to a large substantially to climate change adaptation system. The model enables simulations of elevated levels in the sea, and resilience, without significantly harming lakes and watercourses, and heavy rain. We can also simulate various measures to minimize damage. Read more about our work with climate any other environmental or climate related change adaptation here. priorities. Investments will strive to: i. Reduce all material physical climate risks to the extent possible and on a best effort basis, by assessing risks posed by both current weather variability and future climate change, ii. not adversely affect adaptation efforts by other sectors or activities, and iii. when possible, adaptation-related outcomes will be monitored and measured against adequate indicators to evaluate adaptation results.
In addition to our efforts to mitigate climate change, we must also adapt to the consequences of global warming. A changed climate with temperature increases, which in turn raises seawater levels, constitutes the greatest risk for Gothenburg. New construction and infrastructure expansion must therefore account for rising water levels and floods, and we must also promote the implementation of measures such as vegetation solutions, urban drainage systems, and tools for reducing the consequences of floods.
The City of Gothenburg Green Bond Framework 13 GREEN PROJECT EVALUATION & SELECTION
The City of Gothenburg’s overall management of A decision to allocate net proceeds will require a environmental, social, governance and financial risks consensus decision by the Green Bond is integrated in our strategies and is therefore a core Committee. Approved Green Projects will be component of the decision-making processes of the included in the City of Gothenburg’s pool of City, including the evaluation and selection of Green approved Green Projects. Projects. iii. Decisions are documented and filed.
Green Project evaluation and selection Green Bond Committee process The Green Bond Committee is chaired by the Head of Green Projects shall comply with the eligibility criteria Treasury and includes members from the following defined under the Green Project Categories in the offices: previous section. The process to evaluate, select and allocate Green Bond proceeds to eligible Green • City Planning & Development Office Projects comprise the following steps: • Environmental Office i. Relevant Project Manager evaluates potential For the avoidance of doubt, the Green Bond Green Projects and present them to the Green Committee holds the right to exclude any Green Bond Committee. Project already funded by Green Bond net proceeds. ii. The Green Bond Committee approves the In the event a Green Project is sold, or for other potential Green Projects based on adherence to reasons loses its eligibility, funds will follow the the Green Bond Framework and registers them procedure under Management of Proceeds until as approved Green Projects in the City’s internal reallocated to other eligible Green Projects. system.
MANAGEMENT OF PROCEEDS
Tracking of Green Bond net proceeds Temporary holdings An amount equal to the Green Bond net proceeds will While any Green Bond net proceeds remain be credited to a “Green Account”. The Green Account unallocated, the City of Gothenburg will temporarily ensures that the Green Bond net proceeds only place funds in the liquidity reserve and manage them support Green Projects, or to repay Green Bonds. accordingly. However, unallocated proceeds may not be invested in fossil fuel related assets. The maximum As long as the Green Bonds are outstanding and the period that net proceeds may be unallocated is 12 Green Account has a positive balance, funds will be months. deducted when relevant or at least annually from the Green Account in an amount equal to all disbursements made during such year in respect of eligible Green Projects. All transfers from the Green Account will be documented to ensure a full audit trail and to simplify the Green Bond reporting.
The City of Gothenburg Green Bond Framework 14 REPORTING & TRANSPARENCY
The City of Gothenburg will annually and until maturity of the Green Bonds issued, provide to investors on its website finans.goteborg.se/en/greenbonds/ reporting on allocation of proceeds and environmental impact of the Green Projects. Allocation reporting Impact reporting Allocation reporting will include the following The impact reporting aims to disclose the information: environmental impact of the investments in Green Projects made under this Framework, based on the i. A summary of Green Bond developments City of Gothenburg’s Green Bond financing share of ii. The outstanding amount of Green Bonds issued each project. iii. The balance of the Green Account (including any As the City of Gothenburg can have a large number of temporary investments and Green Bond Green Projects in the same Green Project Category, repayments) and the available headroom in the impact reporting will, to some extent, be aggregated. value of the Green Projects (if any) The impact assessment is provided with the iv. The total proportion of Green Bond net proceeds reservation that not all related data can be covered used to finance new Green Projects (ongoing or and that calculations therefore will be on a best completed less than 12 months prior to the intention basis, e.g. if a building is under construction approval by the City of Gothenburg’s Green but not yet operational, the City will provide best Bond Committee) and the proportion of Green estimates of future energy savings. As a founding Bond net proceeds used to refinance Green signatory to the Nordic Public Sector Issuers: Position Projects completed earlier than that Paper on Green Bonds Impact Reporting, the City of Gothenburg will, to the extent possible, make every v. The total aggregated proportion of Green Bond effort to follow the impact reporting principles stated in net proceeds used per Green Project Category the report. The impact assessment will, if applicable, be based on the Key Performance Indicators (KPIs) presented in the table below.
Green Project Category Indicative Key Performance Indicators (KPIs) Renewable Energy • Capacity of energy generation of plant (MW) • Annual renewable energy generation (MWh per year)
• Annual GHG emissions reduced/avoided (tonnes of CO2 equivalent emissions (CO2e)) Green Buildings Buildings • Building certification or Energy performance class, if applicable • Energy avoided below buildings standards (kWh/m2, or %) • Annual energy avoided compared to the relevant building code (for new buildings) (MWh)
• Annual GHG emissions reduced/avoided (tonnes of CO2e emissions) Major renovations • Annual energy reduced compared to the pre-investment situation (MWh)
• Annual GHG emissions reduced/avoided (tonnes of CO2e emissions) Energy Efficiency Energy • Annual energy reduced/avoided (electricity and other energy savings) • Reduction in energy use (%)
• Annual GHG emissions reduced/avoided (tonnes of CO2e) Buildings/Municipal activities • Annual energy reduced/avoided (MWh)
• Annual GHG emissions reduced/avoided (tonnes of CO2e emissions) The City of Gothenburg Green Bond Framework 15 REPORTING & TRANSPARENCY
Green Project Category Indicative Key Performance Indicators (KPIs) Clean Transportation Low-carbon transportation and vehicles • Number of vehicles
• Annual GHG emissions reduced/avoided (tonnes of CO2e emissions) Low-carbon transportation infrastructure • Number of charging points of electricity or biofuel installed or upgraded, if applicable • Passenger km in new means of transportation, if applicable • Type of project, such as km of new train lines, bicycle lanes, if applicable
• Annual GHG emissions reduced/avoided (tonnes of CO2e emissions) Waste Management Technologies to facilitate carbon sinks • Carbon dioxide captured (tonnes), if applicable Recycling • Quantity of waste that is prevented, minimised, reused or recycled before and after project (tonnes or % of total waste per year), if applicable • Reduced/avoided GHG emissions as a result of the investment (tonnes of
CO2e per year) Pollution prevention • Reduction in discharges of pollutants to water (tonnes per year), if applicable Waste-to-energy • Energy generation (MWh per year)
• Annual GHG emissions reduced/avoided (tonnes of CO2e emissions) Water & Wastewater • Annual volume of wastewater treated or avoided (cubic meters), if applicable Management • Capacity of plants being built, if applicable • Number of person equivalents (PE) of water or wastewater the plant processes, if applicable • Number of meters of piping laid, upgraded or replaced, if applicable • Reduction in discharges of pollutants to water (tonnes of phosphorus, nitrogen and other pollutants per year), if applicable • Water savings (cubic meters per year), if applicable Sustainable Land Use & Sustainable Agriculture & Forests/Forestry Environmental • Forest/Agricultural land area (hectares), if applicable Management • Forestry/Organic farming certification scheme, if applicable Eco-system services • Type of project, quantified where feasible measuring improvements in biodiversity and ecosystems Reduction of air emissions • Types and estimated quantity of emissions and/or pollution reduction (tonnes per year), if applicable Climate Change Adaptation • Physical climate risk addressed and expected adaptation-related outcome (quantified if possible) • Number of individuals/households/m2 addressed, if applicable
The City of Gothenburg Green Bond Framework 16 EXTERNAL REVIEW
Second party opinion Publicly available documents The Green Bond Framework, the second party CICERO has provided a second opinion to this opinion, the limited assurance and the annual Green Framework verifying its credibility, impact and Bond report will all be publicly available on the City of alignment with the ICMA Green Bond Principles. Gothenburg’s website for financial activities: finans.goteborg.se/en/greenbonds/ Assurance An independent external auditor appointed by the City of Gothenburg will provide, on an annual basis, limited assurance that an amount equal to the Green Bond net proceeds has been allocated to Green Projects.
The City of Gothenburg Green Bond Framework 17