2020年綠色金融影響報告- 麥格理（英文版）（33頁）.pdf

1、Green Finance Impact Report 2020 2020 Green Finance Impact Report 3 Table of Contents Introduction . 2 Key highlights . 3 Summary of green metrics . 4 Macquaries green financing transactions . 6 Approach . 8 Green impact . 11 Macquarie and green investment . 12 Glossary . 16 Appendix 1: GIG Green Im

2、pact Report . 17 Appendix 2: PWC Assurance Report . 29 2020 Green Finance Impact Report 2 Introduction Macquarie Group Limited (“Macquarie or MGL”) is pleased to present its Green Finance Impact Report for the twelve months to 31 March 2020. This report relates to the MGL 2018 2,100 million loan fac

3、ility of which 500 million constitutes as green financing (“green tranches”). It provides information on the environmental benefits (“green impact”) of the eligible projects1 which have been notionally allocated2 green tranche financing. MGL is also pleased to note it has raised its second green fin

4、ancing transaction in March 2020, a US$300 million Samurai loan facility in the Japanese market of which US$150 million constitutes as green financing. This loan was not drawn at the 31 March reporting period and is not covered by this report. The approach presented in this report is consistent with

5、 Macquaries Green Finance Framework (“GFF”) which was developed in accordance with the APLMA3 Green Loan Principles. Macquarie has utilised the expertise of its Green Investment Group (“GIG”) Green Investment Ratings team to demonstrate the green impact of its eligible projects. The full Impact Repo

6、rt is available in Appendix 1. Macquaries GIG is a specialist in green infrastructure principal investment, project development and delivery, green impact advisory and the management of portfolio assets. Its track record, expertise and capability make it a global leader in green investment and devel

7、opment, dedicated to accelerating the transition to a greener global economy. 1 See glossary for definition of eligible project 2 See glossary for definition of notional allocation. 3 Asia Pacific Loan Market Association. 2020 Green Finance Impact Report 3 Key highlights 500m of green financing draw

8、n at March 31 from 19 financiers across the globe GIG Carbon Score: 3,462 AA The portfolio is forecast to produce over 8,000 GWh per year enough to power over 1.9 million households for a year6 The Green Finance Framework has been developed in accordance with the APLMA Green Loan Principles Over 2,4

9、00 MW of renewable energy capacity generated from the eligible projects allocated to, in development, construction and operation The portfolio4 is forecast to avoid greenhouse gas emissions of 3,462kt CO2e per year equivalent to taking over 1.1 million cars off the road5 Independent Assurance provid

10、ed by PwC over Macquaries compliance with the Green Finance Framework 13 projects were allocated funding from the green tranches during the reporting period 4 The portfolio refers to the 13 eligible projects which were allocated green financing throughout the reporting period. 5 Year on year increas

11、e in cars off the road is not due to change in portfolio but rather due to the updated conversion factor calculated using a petrol car based on data from UK Government Greenhouse gas reporting conversion factors. See www.gov.uk/government/collections/government-conversion-factors-for-company-reporti

12、ng for further detail. 6 Calculated using the average household electricity data for the relevant country of the underlying projects available from the World Energy Council, and based on 2014 data (see https:/www.worldenergy.org/data/). 2020 Green Finance Impact Report 4 Summary of green metrics Thr

13、oughout the reporting period 13 projects were allocated funding from the green tranches, delivering a significant green impact and achieving a Carbon Score of 3,462 AA. Throughout this report the green impact and associated metrics: 1. incorporate all the eligible projects which have been notionally

14、 allocated green tranche financing from 1 April 2019, to 31 March 2020 (the “portfolio”). This is in line with the Green Loan Principles and allows full transparency and disclosure of each project that has been supported by the green tranches. 2. reflect the total green impact derived from 100% of t

15、hose projects that have been notionally allocated green tranche financing, and not just the proportional impact of the green tranches. This approach has been adopted, as the GFFs Management of proceeds described on page 9 does not support proportional allocation due to the revolving allocation of th

16、e use of proceeds (i.e. as above, projects may not necessarily be supported by the facility for the entire reporting period). GIG Carbon Score The GIG Carbon Score is GIGs standard mark for communicating the impact of low carbon infrastructure in helping to reduce greenhouse gas emissions. While oth

17、er measures of GHG emissions only consider the emissions produced during a projects operational phase, the GIG Carbon Score also considers the emissions across the projects entire lifecycle. The rating shows the aggregated GIG Carbon Score for Macquaries green tranches is 3,462 AA. The rating of AA

18、reflects the low lifecycle carbon intensity of the wind and solar power projects notionally allocated funding (see page 7), and the mix of project locations in lower carbon intensive grids (e.g. UK and Sweden) and higher carbon grids (e.g. Taiwan and Poland). Projects located in countries with highe

19、r carbon intensive grids achieve higher ratings, reflective of the effectiveness of GHG emissions reduction. The GIG Carbon Score also shows the quantified greenhouse gas emissions avoided (3,462 kt CO2e/yr), which indicates the portfolio lifecycle emissions avoided relative to the counterfactual (a

20、 scenario in which the projects were not built).7 This globally applicable approach allows investors to compare the relative performance of projects using an emissions avoided measure. Full details of the GIG Carbon Score methodology is provided within the Green Impact Report in Appendix 1. 7 For re

21、newable energy projects, the GIG Carbon Score is a measure of a projects lifecycle GHG emissions compared to the emissions of energy taken from the local grid. AAA AA A B C D E GIG CARBON SCORE kt CO2e AVOIDED (ANNUAL AVERAGE) 3,462 AA 3,462 2020 Green Finance Impact Report 5 Portfolio renewable ene

22、rgy capacity The portfolio is forecast to avoid greenhouse gas emissions of 3,462kt CO2e per year equivalent to taking over 1.1 million cars off the road9 The portfolio is forecast to produce over 8,000 GWh per year enough to power over 1.9 million households8 for a year 8 Calculated using the avera

23、ge household electricity data for the relevant country of the underlying projects available from the World Energy Council, and based on 2014 data (see https:/www.worldenergy.org/data/) 9 Year on year increase in cars off the road is not due to change in portfolio but rather due to the updated conver

24、sion factor calculated using a petrol car based on data from UK Government Greenhouse gas reporting conversion factors. See www.gov.uk/government/collections/ government-conversion-factors-for-company-reporting) for further detail. 645 MW of renewable energy in operation 1,570 MW of renewable energy

25、 in construction 209 MW of renewable energy in development 2020 Green Finance Impact Report 6 Macquaries green financing transactions Climate change and the associated legislative and regulatory responses present significant challenges for society and the global economy. Green financing has an impor

26、tant role to play in supporting the global energy transition, and investor appetite for these products is rising. In June 2018, Macquarie issued a 2,100 million GBP loan facility of which 500 million constitutes green financing. The green tranches were issued in accordance with Macquaries GFF. The G

27、FF was established to demonstrate how Macquarie and its entities intend to enter into green financing transactions10 to fund projects that will deliver environmental benefits to support Macquaries business strategy. In March 2020, Macquarie issued its second green financing facility, a US$300 millio

28、n facility into the Japanese market. Of this, US$150 million (Tranche A) constitutes as green financing and was issued in accordance with Macquaries GFF. For the purposes of this report, the green impact of this facility is not discussed as the facility was drawn down after the 31 March 2020 reporti

29、ng period end. Macquarie GBP Facility Macquarie Samurai USD Facility TrancheTranche A1Tranche B1Tranche A IssuerMacquarie Group LimitedMacquarie Group LimitedMacquarie Group Limited Issue Date13 June 201813 June 201830 March 2020 Maturity Date13 June 202113 June 202330 March 2025 Original Tenor3 yea

30、rs5 years5 years Total Volume250m250mUS$150m StructureRevolverTermTerm Initial Drawdown Date31 July 201926 July 20189 April 2020 Drawn Volume as at 31 March 2020 250m250m0 Use of Proceeds In accordance with Macquaries Green Finance Framework In accordance with Macquaries Green Finance Framework In a

31、ccordance with Macquaries Green Finance Framework The details of Macquaries green tranches are as below: 10 See glossary for definition of green financing transactions. 2020 Green Finance Impact Report 7 Eligible ProjectsLocationTechnologyStage Percentage of Macquarie Funding11 Total Capacity (MW) T

32、otal GHG emissions avoided (kt CO2e/yr)14 BLE MalaysiaMalaysiaSolarConstruction100%32 verturingen Wind Park SwedenOnshore WindConstruction100%1223541 East Anglia OneUKOffshore WindConstruction16% 12,13714980 Energy Pratham Godo Kaisya JapanSolarOperation100%127 Eolica KiselicePolandOnshore WindOpera

33、tion100%4273 Formosa 1TaiwanOffshore WindOperation50%12128207 Formosa 2TaiwanOffshore WindConstruction75%12376625 Rampion Offshore Wind Farm UKOffshore WindOperation25%12400578 Lal Lal Wind FarmAustraliaOnshore WindConstruction20%228401 Lohas Ece Brown K.K (Tochigi) JapanSolarConstruction100%148 Loh

34、as Ece Brown K.K (Nagano) JapanSolarOperation100%1510 Zajaczkowo WindfarmPolandOnshore WindOperation100%4862 Murra Warra Wind Farm 2 AustraliaOnshore Wind Pre- Construction 50%209468 Total2,4243,462 11 Reflects the share of the projects funded by Macquarie green financing at the time of allocation.

35、12 The funding percentage was subject to variation during the reporting period. As at March 2020, funding to verturingen Wind Park, East Anglia One, Formosa 1, Formosa 2 and Rampion Offshore Wind Farm was 50%, 13%, 25%, 26% and 0%, respectively. 13 As at March 2020, Macquaries interest in East Angli

36、a One was 40%. 14 In an update to the 2019 Macquarie Green Finance Impact Report, projects that commence operations after July 2019 adopt an updated (v2.0) marginal grid electricity emission factor to calculate avoided GHG emissions, in line with International Financial Institutions IFI approach to

37、GHG accounting for renewable energy projects. In most cases, this has the effect of reducing the estimate of avoided GHG emissions for projects previously evaluated with the v1.0 marginal grid emission factors. For the reporting period April 2019 to March 2020: MGL GBP Facility Tranche A1 was drawn

38、down on 31 July 2019 and allocated to from this date until the end of the reporting period. MGL GBP Facility Tranche B1 was drawn down and allocated to throughout the entire reporting period. MGL Samurai USD Facility Tranche A was undrawn and not allocated to during the reporting period. The eligibl

39、e projects which have been notionally allocated funding from the green tranches during the reporting period are summarised in the following table. 2020 Green Finance Impact Report 8 Approach The GFF under which the green tranches were issued was developed in accordance with the APLMA Green Loan Prin

40、ciples. It was supported by a second opinion external review by Sustainalytics and was noted to be credible and impactful. The framework is based on four core components: 1. use of proceeds 2. process for project evaluation and selection 3. management of proceeds 4. reporting Use of proceeds Under t

41、he GFF, the use of proceeds of each green financing transaction is notionally allocated against the financing or re-financing of eligible projects which provide clear environmental benefits. The GFF explicitly recognises several broad categories of eligibility for projects with the objective of addr

42、essing key areas of environmental concern such as climate change, natural resources depletion, loss of biodiversity, and air, water and soil pollution. The proceeds from the green tranches have so far been applied towards financing solar, offshore wind and onshore wind projects across the globe. Goi

43、ng forward, we may extend the use of loan proceeds to support further renewable energy, energy efficiency, waste management, green buildings and clean transportation projects. Activities and lending to an industry or technology which directly involves fossil fuels, nuclear or biomass suitable for fo

44、od production are specifically excluded under the GFF. 2020 Green Finance Impact Report 9 Process for project evaluation and selection Macquarie has established a Green Finance Working Group (“GFWG”) who have responsibility for governing and implementing the GFF. The GFWG currently comprises represe

45、ntatives from the Environmental and Social Risk (“ESR”) team and the GIG Green Investment Ratings team who hold the in-house environmental expertise, as well as representatives from Risk Management Group - Credit, Financial Management Group - Group Treasury and Macquarie Capital. Business units will

46、 identify potential eligible projects based on the criteria in the GFFs use of proceeds. Potential eligible projects are submitted to the GFWG for review and confirmation that they qualify under the GFF. This includes the preparation of a suitable Green Opinion15 provided by the GIG Green Investment

47、 Ratings team where appropriate. The Green Investment Ratings team is responsible for confirming that the projects: fall within one of the eligible project categories defined in the GFF are anticipated to provide clear environmental sustainability and/or climate change mitigation benefits in terms o

48、f the contribution to one or more of GIGs Green Purposes16. In addition to meeting the green loan eligibility criteria, all projects are assessed under Macquaries group wide ESR policy and ESR assessment tool during the investment decision process. The ESR policy and tool provide a robust due dilige

49、nce process and evaluate ESR issues including labour and employment practices, climate change, human rights, resource efficiency, pollution prevention, biodiversity and cultural heritage. The approach is based on international guidelines including the International Finance Corporation Performance Standards. Reporting This report is designed to