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1、 EnBW Green Financing Framework 2 Index 1. Introduction . 3 1.1 Sustainability Approach of EnBW . 5 1.2 Rationale for Green Financing . 9 2. Scope of the Framework . 11 2.1 Use of Proceeds . 12 2.2 Project evaluation and selection . 12 2.3 Management of Proceeds . 14 2.4 Reporting . 15 2.5 External

2、Review . 17 The Green Financing Framework will be updated regularly. All substantial changes will be documented below: Date of Change Section Amendment June 2020 2 Commitment to monitor and to gradually adapt recent developments of the EU Green Bond Standard into our Green Financing Framework. The E

3、nBW Green Financing Framework was published in October 2018 and last updated in June 2020. 3 1. 1. IntroductionIntroduction The EnBW Group is a German utility with its registered headquarters in Karlsruhe. With rev- enues of around EUR 19bn (FY2019) and more than 23,000 employees, we are among the l

4、argest utility companies in Germany. As an integrated power and gas company, we operate along the entire energy industry value chain in four segments: Sales, Grids, Renewable Ener- gies, and Generation and Trading. Since 2013 we have been following the EnBW 2020 Strat- egy with the majority of our i

5、nvestments focusing on the two segments renewable energies and grids. Our activities in the area of power generation from renewable energy sources where we utilise the natural resources of water, wind and sun are combined under the Re- newable Energies segment. We are expanding renewable energies, a

6、bove all in the areas of onshore and offshore wind energy, and broadening its activities along the value chain. The Grids segment encompasses the transmission1 and distribution of electricity and gas, the provision of grid-related services, e.g. the operation of grids for third parties, and the supp

7、ly of water. The sales segment focuses on intelligent solutions for customers including smart city, energy efficiency and e-mobility solutions. The Generation and Trading segment encom- passes all conventional generation activities of our Group however it loses its economic im- portance going forwar

8、d. The EnBW 2025 strategy will increasingly place the companys focus onto the infrastructure aspects of existing business segments with the goal to transforming the company into a sus- tainable and innovative infrastructure partner for customers and other stakeholders. On the way there, we are also

9、going beyond the traditional boundaries of the energy sector in order to develop new growth areas, such as urban infrastructure. By that we mean the smart inter- connection of for example energy, transport, telecommunication and security in the pub- lic arena. Alongside the technical aspects of new

10、urban districts, we consider it important to make them liveable, social and sustainable. Going forward, wind and solar installations, green power products, sustainable urban dis- tricts with advanced charging infrastructure for electric vehicles, distributed energy genera- tion and energy storage wi

11、ll comprise building blocks of sustainable infrastructure (as part of our new strategic business areas starting in 2021), most of which we will implement with Green Finance. EnBW is to a large extent owned by NECKARPRI-Beteiligungsgesellschaft mbH, a 100% sub- sidiary of the federal state of Baden-W

12、rttemberg, and OEW Energie-Beteiligungs GmbH, a group of municipalities in Baden-Wrttemberg, with each holding a 46.75% stake. This stable shareholding structure is unique in Germanys utilities landscape. We are in the position to demonstrate the transformation from a former nuclear and conventional

13、 power generator to a provider of renewable energies while maintaining security of supply. The green party-led state of Baden-Wrttemberg, which plays a leading role in making the Energiewende (energy transition) happen in Germany, is supporting our strategy. We intended to invest 14.1 billion in tot

14、al by 2020 (based on the reference year 2012) with a focus on the expansion of renewable energies, the expansion of our transmission grid and 1 The transmission grid in Baden-Wrttemberg is owned and operated by TransnetBW, a 100% subsid- iary of EnBW. It is run under an ITO (independent transmission

15、 grid operator)-license, whereas EnBW is the first source of financing for TransnetBW. The operator of the transmission grid is currently in- volved in important projects of the Energiewende in Germany with two DC expansion lines (“Ultranet” and “SuedLink”). 4 the upgrade of our distribution grid to

16、 so-called smart grids. Due to early growth invest- ments, we overfulfilled our investment target and realised investments of 14.8 billion in the period up to and including 2019. Exhibit Exhibit 1 1: Adjusted EBITD: Adjusted EBITDA development by segmentA development by segment (2020 target)(2020 ta

17、rget) Compared to 2012, our goal was to increase our adjusted EBITDA from Renewable Energies by about 250% to 0.7bn in 2020. At the same time adjusted EBITDA contribution of the grid activities was set to rise by about 25% to 1.0bn. The consequent implementation of the EnBW 2020 strategy has signifi

18、cantly strengthened the future viability of our company. Therefore, we have already achieved our earnings target for 2020 with an EBITDA of EUR 2.4 billion in 2019. Following the successful implementation of the EnBW 2020 strategy, we will bundle our business portfolio into three strategic business

19、areas starting in 2021 as a con- sistent next step after 2020. The central goal of the EnBW 2025 strategy is to increase ad- justed EBITDA to 3.2 billion, whereby all three strategic business segments should make a significant contribution to this increase in earnings. 5 Exhibit 2: Adjusted EBITDA d

20、evelopment by segment (2025 Exhibit 2: Adjusted EBITDA development by segment (2025 target)target) We contribute to climate protection by reducing the CO2 intensity of our electricity generation (excluding nuclear power) by 15 to 20% by 2020 compared to 606 g / kWh in the reference year 2015. In ord

21、er to achieve this target, we aim to double its share of generation capacity from renewable energies compared to 2012. By 2025 our goal is to reduce the CO2 intensity of our electricity generation by another 10 to 20% compared to the reference year 2020. 1.11.1 Sustainability Sustainability Approach

22、 Approach of EnBWof EnBW A) EnBWs understanding of sustainabilityA) EnBWs understanding of sustainability Sustainability is an integral component of our strategy. By sustainability we mean the crea- tion of economic, as well as ecological and social added value for our stakeholders (including custom

23、ers, shareholders, employees, partners and society as a whole) - today and in the fu- ture. It is our declared goal to make all business activities sustainable and shape them re- sponsibly. Exhibit Exhibit 3 3: Understanding : Understanding sustainabilitysustainability at EnBWat EnBW Sustainability

24、aspects are coordinated by the Sustainability Unit, which is located in the strat- egy division. It serves all of our functional and business units as a single point of contact and acts as impulse generator and sparring partner for all sustainability issues in the Group. Our sustainability approach

25、defines specific areas of action (goal dimensions) as well as re- lated KPIs, for example in the fields of reputation, customer proximity, supply reliability, em- ployee commitment, occupational safety, expand renewable energies and climate protection. It takes into account external demands for sust

26、ainable corporate activities, as well as it inte- grates aspects of sustainability into the operating business along the entire value chain from responsible sourcing of raw materials, over regular surveys on employee satisfaction and the development of suggestions to ideas and advice on how to work

27、on issues of energy effi- ciency. 6 Exhibit Exhibit 4 4: Goal dimensions for sustainability: Goal dimensions for sustainability The strategic orientation of our company towards sustainability will be guaranteed through strong links with the corporate strategy and the core business. An intensive coop

28、eration and exchange process between the sustainability department and all business units has been es- tablished at the managerial as well as at the operational level. B) B) EnBWs strategEnBWs strategic viewic view of of a a lowlow- -carbon economy and climate protectioncarbon economy and climate pr

29、otection 1) The development towards a climate-friendly economy is an essential planning framework for us as we believe that this development will represent a significant and irreversible trend in the coming decades. As early as 2013, we unreservedly committed ourselves to the en- ergy transition and

30、 based our strategy for 2020 on it. We have also further spelled out these goals for the following years, especially in our 2025 strategy. Our long-term strategy is thus fully in line with the Paris Agreement and the goals of the EU and the German government. Consequently, we support the achievement

31、 of international and national climate protection targets. As a Group, we are striving strategically for the greatest possible CO2-free power generation and also want to build up the infrastructure required for this, so that we can participate in the development of a climate-friendly energy supply i

32、n its entire range. Our investments in climate-friendly segments are congruent with the main growth areas of the energy industry in the coming decades. These fields include renewable energies, replacing climate-damag- ing fuels with more climate-friendly ones, innovative transport and distribution n

33、etwork in- frastructure, energy efficiency and others. We are also intensifying our activities in the cou- pling of sectors, so that renewable energies can increasingly be used in the areas of heat and mobility. 2) Our strategic goals are derived from national and international climate protection ta

34、rgets, which represent a key planning premise for us. For example, we have incorporated the provi- sions of the Paris Agreement and the objectives of the EU and the German government 7 derived from it into our long-term forecasts. One of the scenarios we use here is based on the implementation of ex

35、tremely ambitious climate protection targets. The model results de- rived from the scenarios form the basis for our investment decisions. Our investments in climate-friendly energy supply are significant. We plan to expand our on- shore and offshore wind portfolio to over 3.5 GW by 2025, making us o

36、ne of the largest wind energy investors in Germany. In addition, we intend to expand our international commitment in the field of renewable energies in the coming years. Experience shows that climate-friendly energy supply is infrastructure-intensive. With our transport and distribution networks, we

37、 are one of Germanys most important infrastructure operators. Consequently, we are also planning massive investments in our grid in order to ensure long-term supply security and efficient energy supply even with a high penetration of renewables. Our transport network subsidiary, TransnetBW, for exam

38、ple, is currently in- volved in the construction of two North-South connections using extra-high voltage direct current (HVDC) technology. We are constantly reviewing our strategic orientation, thereby using climate impacts as a major criterion. The inclusion of the key indicator CO2 intensity refle

39、cts the great im- portance of climate protection as an economic and social goal of our company. The key indi- cator CO2 intensity is calculated based on our Groups greenhouse gas emissions - once with, once without the inclusion of nuclear energy. The latter is done to make the influence of nu- clea

40、r energy visible, which, however, will no longer be in the portfolio after 2022. Our goal is to reduce CO2 intensity of our own generation of electricity (excluding nuclear power) by 15 to 20 percent by 2020 compared to 606 g/kWh in 2015 and by 10 to 20% by 2025 (compared to the reference year 2020)

41、. 3) We expect stable conditions for further reduction of greenhouse gases, whereby we expect market signals to become increasingly important. In this context, we advocate the introduc- tion of a price floor for CO2 of 25 EUR/t in 2020 and 30 EUR/t in 2025. A price floor will reduce the risk of mark

42、et-oriented investments in renewables and will help to achieve the expansion targets even in a market-oriented environment. In addition, a market signal is being created for the reduced use of emission-intensive power plants. At the same time, we call for a re- structuring and simplification of the

43、complex German system of state burdens on electricity (taxes, levies, surcharges) with the aim of creating climate-friendly incentives for consum- ers. In particular, we support the at least partial abolition of the German electricity tax, which has no climate-related incentive effect. We are convin

44、ced that it can be replaced by a broad pricing of greenhouse gases across sectors. 4) We emphasise our climate policy positions not only through numerous bilateral stake- holder consultations, but also by supporting various national and international sustainability initiatives. We joined the UN Glob

45、al Compact in 2010 and are one of the founding members of econsense (Forum for Sustainable Development of German Business) as well as of the sus- tainable WIN-initiative in the federal state of Baden Wrttemberg. C) EnBWs integrated annual reporting and sustainability ratingsC) EnBWs integrated annua

46、l reporting and sustainability ratings We do not only report sustainability information according to the Global Reporting Initiative (GRI) standard, but are also an active supporter of integrated reporting and the International 8 Integrated Reporting Council (IIRC). We participate in the ongoing development of integrated reporting in bodies such as the IIRC Business Network and IIRC Framework Panel, where our Chief Financial Officer, Thomas Kusterer, represents EnBW as a member of the II