Analysing the quality of sustainable power supply commitments

A bonus of +1 is applied if a significant share of the target is explicitely oriented towards non-OECD countries. Maximum score remains 5.
A bonus of +1 is applied if the target explicitly excludes refinancing. Maximum score remains 5.
A bonus of +1 is applied if the target explicitly refers to annual financing rather than cumulative financing or loan balances. Maximum score remains 5.
A penalty of -1 is applied if the target includes general corporate financing for companies that are not « pure players » [4]. Minimum score remains 0.
A penalty of -1 is applied if the target includes financing activities such as Sustainability-Linked Bonds (SLB) or Sustainability-Linked Loans (SLL) or non-financing activities, such as M&A. Minimum score remains 0.

Notes:

1. Power supply includes power generation, storage, transmission and distribution.
2. A consistent target includes a clearly defined scope (see Criterion 1, at least score 1), with an identified baseline year and deadline, a quantified and significant objective, is not restricted to a single national market, and applies to the whole group.
3. Past reporting and/or previous financial targets show that the bank has at least tripled its financing for sustainable power supply since 2021. Moreover, the current financial target ensures that financing dedicated to sustainable power supply will continue to increase over time in a trend that is comparable to the previous years.
4. A “pure player” (or pure play company) for a specific sector is defined as deriving more than 90% of its revenue from activities in its sector. E.g. a « sustainable power pure player » derives more than 90% of its revenue from activities in the sustainable power supply sector, as defined previously.