NAB ANNUAL GREEN BOND REPORT
NAB ANNUAL GREEN BOND REPORTNAB ANNUALGREEN BOND REPORTFinancial year ended 30 September 2019Page 1
NAB ANNUAL GREEN BOND REPORTPage 1INTRODUCTIONNational Australia Bank Limited ABN 12 004 044 937 (‘NAB’), ispleased to present its Annual Green Bond Report (‘Report’), forthe financial year ended 30 September 2019. This report relatesto our Green Bond Portfolio (four NAB Green Bonds1 and ourUBank Green Term Deposit), as well as our Green Instruments(Green Residential Mortgage Backed Security (‘Green RMBS’)tranche and the NAB Low Carbon Shared Portfolio (‘LCSP’)) asat 30 September 2019 and provides reporting on the use of theproceeds for these instruments and their environmental impact.Our intent is to be transparent about the methodologiesused for our green bond reporting and our attribution ofenvironmental impact arising from our lending activities. Wehave looked to implement evolving market best practice forannual impact reporting, based on guidelines developed by theInternational Capital Market Association (‘ICMA’) and set out inthe April 2020 publication Harmonised Framework for ImpactReporting, together with input from investors, assuranceproviders and guidance from other sources including theClimate Bonds Initiative (‘CBI’), and the Green Bond Principles(‘GBP’). We continue to work with these stakeholders and willseek to improve the level of detail and disclosure of impactreporting we provide over time.Our commitments have been integrated into NAB’s businessstrategy and further details on all of our climate changecommitments can be found in NAB Group’s 2020 SustainabilityReport and on our website here.NAB is committed to Australia’stransition to a low carbon economyCommitment toprovide A billionin environmentalfinancing by Commitment to source % of our Australianelectricity needs fromrenewable energy by NAB’S COMMITMENTSIn November 2019, we announced a significant increase toour September 2017 environmental financing commitmentfrom A 55 billion by 2025, to A 70 billion by 2025.2In November 2019, NAB: Increased its commitment to source Australian electricityneeds from renewable energy from 50% by 2025 to 100%by 2025. Announced that it will support current coal-fired powergeneration customers implementing transition pathwaysaligned with Paris Agreement goals of 45% reduction inemissions by 2030 and net zero emissions by 2050. NABwill not finance new or material expansions of coal-firedpower generation facilities unless there is technology inplace to materially reduce emissions. Capped thermal coal mining exposures at 2019 levelslevels and reducing thermal coal mining financing by 50%by 2028, with the intention to be effectively zero by 2035(apart from residual performance guarantees to rehabilitateexisting coal assets). NAB will not take on new-to-bankthermal coal mining customers.Commitment toinnovate across allkey sectors andmarkets, supportinglow carbonopportunities withclientsA 70BN ENVIRONMENTALFINANCING COMMITMENTBY 2025 Committed to a A 2billion investment in affordable housingby 2023. Signed up to the UN Principles for Responsible Banking,participated in the United Nations EnvironmentalProgramme Finance Initiative’s Task Force on Climaterelated Financial Disclosures Phase 1 Pilot, responded tothe 2019 CDP climate change survey and maintained ourClimate Active certification in Australia.(1)NAB Climate Bonds and NAB SDG Bonds are together referred to as ‘NAB Green Bonds’(2)NAB’s 2019 Sustainability Report: .pdf
NAB ANNUAL GREEN BOND REPORTPage 2NAB’S GREEN BOND FRAMEWORKNAB has developed and implemented a NAB SustainableDevelopment Goals (‘SDG’) Green Bond Framework(‘Framework’) which applies to its Green Bond Portfolio1 andits Green Instruments2 which are certified under the ClimateBonds Standard and support and contribute towards meetingthe United Nations Sustainable Development Goals (‘UN SDGs’).The Framework has been developed to help NAB meet therequirements of the Climate Bonds Standard (‘CBS’) whichintegrates the ICMA Green Bond Principles. The Frameworkincludes the following core components:a)Use of Proceeds;b) Selection of Eligible Projects and Assets;c)Management of Proceeds;Management of proceedsNAB has implemented internal monitoring and reportingprocesses, using its internal information systems, to track andreport on eligible projects/assets earmarked for inclusion inthe Green Bond Portfolio Collateral Pool and to verify whetherthe net proceeds of the Green Bond Portfolio have been fullyallocated against eligible projects/assets.ReportingNAB will publish an annual Green Bond Report, including anannual DNV GL Verification Report for the NAB Green BondPortfolio and the Green Instruments. For the Green BondPortfolio, this reporting package will contain details including,but not limited to:d) Reporting; and e) Aggregate of funds drawn against the NAB Green Bondeligible project categories;External Review and Assurance.Use of proceedsThe proceeds from the Green Bond Portfolio and GreenInstruments are earmarked for financing, or refinancing,portfolios of projects and assets which are: in accordance with the Framework; and meet eligibility requirements for certificationin compliance with the CBS.The Framework defines the eligible categories for the useof proceeds which currently include:1.renewable energy;2.low carbon transport;3.low carbon buildings;4.energy efficiency; and5.nature-based assets.Selection of eligible projects and assetsNAB has established a NAB SRI Bond Committee, which overseesall NAB green, social and sustainability bond issuance. Theeligible projects and assets supporting the Green Bond Portfolio(‘Green Bond Portfolio Collateral Pool’) may be replenishedas underlying loans are repaid, non-compliant projects orassets are removed and additional eligible projects/assetsare identified and funded or reallocated into the Green BondPortfolio Collateral Pool.Net proceeds raised from the Green Bond Portfolio; Proceeds from the Green Bond Portfolio allocated againsteach of the Green Bond eligible categories identified withinthe Framework; A listing of each eligible project and asset included withinthe Green Bond Portfolio; Where available, qualitative and quantitative environmentalimpact reporting measures for the eligible projectsand assets within the Green Bond Portfolio, includingcalculation methodologies utilised in impact reporting; Any unallocated proceeds from the Green Bond Portfolioand details of temporary investments (if any); and Confirmation that the Use of Proceeds of the Green BondPortfolio are in compliance with the Framework andClimate Bonds Standard requirements.Disclosure of information related to use of proceeds, impactreporting, borrowers and projects financed will be subjectto NAB’s confidentiality obligations and the availability ofinformation.External Review and AssuranceOn an annual basis NAB will engage an appropriateverification agent or agents to provide assurance over theNAB Annual Green Bond Report, including impact reporting.The independent verification agent also provides assurancethat the Green Bond Portfolio and Green Instruments remainin compliance with the Framework and the post-issuancerequirements of the Climate Bonds Standard. Following thisannual verification update, the verification agent issues itsverification statement.NAB has retained DNV GL as the independent verification agentfor its Green Bond Portfolio and Green Instruments.The NAB Annual Green Bond Report and VerificationStatement will be made publicly available on the NAB Capital &Funding website.(1)(2)Includes NAB’s four green bonds and the UBank Green Term DepositRefers to the Green RMBS and the Low Carbon Shared Portfolio
NAB ANNUAL GREEN BOND REPORTPage 3GREEN BOND PORTFOLIO SUMMARY1As at 30 September 2019, NAB had a A 286,212,958 surplus of green assets in its Green Bond Portfolio Collateral Pool with projectslocated across Australia & NZ, the UK & Europe, and the USA.2Issuances/AssetsTotal (A )Green Bond Portfolio3,793,601,951Green Bond Portfolio Collateral Pool4,079,814,909Surplus in Green Bond Portfolio Collateral Pool286,212,958Geographic split of eligible assets in Green Bond Portfolio Collateral PoolLocationAustralia & NZUK & EuropeUSARenewable Energy(wind & solar) (A )Low Carbon Transport(A )Low Carbon Buildings(A )Total (A 13,030Total Green Bond PortfolioCollateral Pool4,079,814,909Geographic split of eligible green assets % %Australia & NZ %UK & EuropeUSA(1) All A equivalent amounts in this report are based on closing exchange rates published by the Reserve Bank of Australia (RBA) as at 30 September 2019. #exchange-rates(2)Rounded to the nearest whole number
NAB ANNUAL GREEN BOND REPORTPage 4NAB’S GREEN BOND PORTFOLIOAs at 30 September 2019, NAB had issued four senior unsecured green bonds, each certified in compliance with the Climate BondsStandard v2.1 (‘CBS’), with proceeds fully allocated to financing and refinancing a large portfolio of CBS eligible projects locatedacross Australia, NZ, the UK, the USA and Europe. The identified portfolio of eligible projects is consistent with transitioning to alow carbon economy and contributing towards meeting the UN SDGs.NAB A Climate BondNAB EUR Climate BondNAB SDG EUR Green BondNAB SDG USD Green BondFormatFixed Rate MTNsFixed Rate MTNsFixed Rate MTNsFixed Rate MTNsIssueAmountA 300 million 500 million 750 millionUS 750 millionIssue Date 16 December 20147 March 201730 August 201820 June 2018FinalMaturityDate16 December 20217 September 202230 August 202320 June 4ABA51AssuranceCertified in compliancewith the CBS, withassurance provided byDNV GL.Certified in compliancewith the CBS, withassurance provided by DNVGL.Certified in compliance withthe CBS and in accordancewith the NAB SDG GreenBond Framework, withassurance provided byDNV GL.Certified in compliance withthe CBS and in accordancewith the NAB SDG GreenBond Framework, withassurance provided byDNV GL.Use ofProceedsProceeds are earmarked forfinancing, or refinancing,a portfolio of projectsand assets that meeteligibility requirements forcertification under the CBS.Proceeds are earmarked forfinancing, or refinancing,a portfolio of projectsand assets that meeteligibility requirements forcertification under the CBS.Proceeds are earmarked forfinancing, or refinancing,a portfolio of projectsand assets that meeteligibility requirementsfor certification underthe CBS and also supportand contribute towardsmeeting the UN SDGs.Proceeds are earmarked forfinancing, or refinancing,a portfolio of projectsand assets that meeteligibility requirementsfor certification underthe CBS and also supportand contribute towardsmeeting the UN SDGs.Additional information about NAB Green Bonds can be found on the NAB Capital & Funding webpage.UBank Green Term DepositIn 2019, UBank, a subsidiary of NAB, launched the world’s first CBS certified green term deposit for consumers.UBank Green Term DepositFormatGreen Term DepositOutstanding Deposit Amount as at 30 September 2019A 356.7mLaunch Date13 March 2019AssuranceCertified in compliance with the CBS, with assurance provided by DNV GL.Use of ProceedsProceeds are earmarked for financing, or refinancing, a portfolio ofprojects and assets that meet eligibility requirements for certificationunder the CBS.
NAB ANNUAL GREEN BOND REPORTPage 5IMPACT AND USE OF PROCEEDSThe net proceeds raised through the issuance of the Green Bond Portfolio have been earmarked against a range of eligiblecategories of assets. These are examples of projects that have been funded.RENEWABLE ENERGYWarradarge Wind Farm1NAB’s Green Bond Portfolio proceeds have contributed towards the construction of Warradarge Wind Farm, located near Eneabbain Western Australia.Construction of the wind farm is nearing completion, with commissioning commencing in August 2020 and full production expectedto occur in quarter 4 of 2020. The project will have a total of 51 turbines, a total output of 180 MW and a capacity factor of nearly 50%which is equivalent to the average annual electricity needs of approximately 148,500 West Australian homes. Once completed, theturbines will be amongst the largest in Western Australia with a tip height of 152 metres and 67 metre blades. In high winds the bladesautomatically pitch into the wind to slow down the turbines. The wind turbines can withstand wind speeds on site of up to 150km/hr.Phoebe Solar Project2NAB’s Green Bond Portfolio proceeds have contributed towards the construction of the Phoebe Solar Project, located in WinklerCounty, Texas, in the United States.The Phoebe Solar project was the largest solar farm in operation in Texas at the time of its full commissioning in November 2019.Average annual power generation from the project is expected to be sufficient to power more than 50,000 Texan households.The solar farm is situated on approximately 3,500 acres of land and is comprised of 768,000 First Solar Series 6 thin film photovoltaicsolar panels.(1)Bright Energy Investments, ‘Warradarge Wind Farm’, rge-wind-farm-1(2) Innergex, ‘Innergex announces the full commissioning of Phoebe, the Largest Solar Farm in Operation in Texas’, 1/INE COD PHOEBE EN.pdf
NAB ANNUAL GREEN BOND REPORTPage 6IMPACT AND USE OF PROCEEDSRENEWABLE ENERGYAustralia & New AB’sOutstandingDrawn DebtAmount (A )Annual GHGemissionsavoided(tCO2-e)NAB’s %share of debt(attributionof impact)4Annual GHGemissions avoided(tCO2-e) attributableto NAB5Western w South WalesMO375,69327,650,122345,63814.3%49,377Bungala 1 Solar FarmSolarSouth ala 2 Solar FarmSolarSouth AustraliaMCCathedral Rocks Wind FarmWindSouth wlands Wind 76Dundonell Wind FarmWindVictoriaMCEmerald Solar FarmSolarQueenslandMOGreenough River Solar FarmWindWestern AustraliaMCGullen Range Wind FarmWindNew South WalesMO468,05168,692,362430,60734.6%148,857Brown Hill Wind Farm (Hallett 1)WindSouth ett Hill Wind Farm (Hallett 2)WindSouth ghton Solar 5Kiata Wind 963Lal Lal Wind FarmsWindVictoriaMCMt Emerald Wind 1,676Musselroe Wind 09North Brown Hill Wind Farm(Hallett 4)WindSouth ands Hill Wind 322Portfolio facility for Blayney WindFarm, Crookwell Wind Farm,Snowtown Wind Farm (Stages 1and 2), Mahinerangi Wind FarmStage 1, Tararua Wind Farm(Stages 1, 2 and 3) and Salt CreekWind FarmWind8 Assets acrossVictoria, SouthAustralia, NewSouth Wales andNew ortfolio facility for Nyngan SolarFarm and Broken Hill Solar FarmSolarNew South n Wind FarmWindNew South WalesMO263,85824,586,290242,7499.1%22,024Solar Farm 509Stockyard Hill Wind FarmWindVictoriaMC53,266,33814.7%Warradarge Wind FarmWindWestern AustraliaMC33,377,91114.3%Woolnorth Wind 87White Rock Wind FarmWindNew South WalesMO531,66937,600,000489,13514.3%69,876Project NameAssetTypeAsset LocationAlbany and Grasmere Wind FarmWindBoco Rock Wind 0UN SDGAlignment %56,250,00025.0%A 821,228,2091,376,515(1)Column indicates whether the project aims to mitigate climate change (M) or adapt to climate change (A). Refer to 4.0 in the methodology on page 12 for definitions.(2) Column indicates whether the project was in construction (C) or operational (O) as at 30 September 2019. Some of the larger projects (multi-stage) classified as ‘operational’ may still haveportions of the project under construction.(3)(4)(5)(6)Refer to 1.1 and 1.2 in the methodology on page 11 for information relating to the annual energy (MWh) produced by each asset.Calculated as NAB’s committed debt limit/total group syndicate debt limit.Refer to 1.1 and 1.2 in the methodology page 11 for calculations relating to emissions avoided for the Australian and New Zealand renewables portfolio.Refer to 3.0 in the methodology on page 11 for any reference to ‘UN SDG Alignment & Contribution’.
NAB ANNUAL GREEN BOND REPORTPage 7RENEWABLE ENERGYUnited Kingdom & EuropeA/M1Status(C/O)2Annual EnergyProduced(MWh)3NAB’s OutstandingDrawn DebtAmountAnnual GHGemissionsavoided(tCO2-e)NAB’s %share of debt(attributionof impact)4Annual GHGemissions avoided(tCO2-e) attributableto NAB5UKMO353,358 87,705,968111,65450.0%55,827WindUKMO405,674 41,189,147128,18515.8%20,258Cubico 2Wind/SolarUKMO223,728 64,400,01470,69425.2%17,821Eco WindWindIrelandMO123,900 21,740,04139,150100.0%39,150Fred Olsen Wind PortfolioWindUKMO981,637 84,454,220310,17821.4%66,508Greencoat Wind FarmWindUKMO2,327,000 150,000,000735,285100.0%735,285Independent PowerProducer with 57 assets(48 operational, 6 inconstruction, 3 preconstruction)7Wind/SolarEurope& UKMCUS 6,406,56615.8%Moray East Wind FarmWindUKMC 11,895,0693.0%Moray East Wind FarmWindUKMC 5,742,6846.3%Portfolio of 21 UK basedsolar PV parksSolarUKMO220,510 24,193,54969,67717.7%12,325Project UK 1WindUKMO1,415,838 37,457,325447,37650.0%223,688Portfolio of Wind Farmsand solar PV assetsWind/SolarUK,Sweden,Germany,Ireland &FranceMO3,036,152 50,307,736750,79835.3%264,988Project BlythWindUKMO1,458,000 49,442,764460,69913.6%62,446Race Bank Wind FarmWindUKMO2,266,558 35,434,599716,1877.3%52,575Sheringham ShoalWindUKMO987,333 40,161,939311,97819.3%60,359Ventient EnergyWindUKMO1,502,500 Portfolio Facility for 14operational wind & solarfarms in the UKWind/SolarBoomerang EnergyProject NameA 1,441,619,472TotalUN SDGAlignment &Contribution61,682,2388RENEWABLE ENERGYUSAA/M1Status(C/O)2Annual EnergyProduced(MWh)NAB’s OutstandingDrawn DebtAmount (USD)Annual GHGemissionsavoided (tCO2-e)NAB’s %share of debt(Attributionof impact)4Annual GHGemissions avoided(tCO2-e) attributableto NABTexas, USAMC-50,000,000-28.4%-SolarHawaii, USAMC-20,122,375-35.6%-Project US2SolarHawaii, USAMC-33,765,359-21.7%-ProsperoSolarNew York,USAMC-72,000,000-100.0%-Project NameAssetTypeAssetLocationPhoebe SolarSolarProject US1TotalUN SDGAlignment &Contribution6A 260,613,0308(1)Column indicates whether the project aims to mitigate climate change (M) or adapt to climate change (A). Refer to 4.0 in the methodology on page 12 for definitions.(2) Column indicates whether the project was in construction (C) or operational (O) as at 30 September 2019. Some of the larger projects (multi-stage) classified as ‘operational’ may still haveportions of the project under construction.(3)Refer to 1.3 in the methodology on page 11 for information relating to the annual energy (MWh) produced by each asset.(4)Calculated as NAB’s committed debt limit/total group syndicate debt limit.(5)Refer to 1.3 in the methodology on page 11 for calculations relating to emissions avoided for the UK/Europe renewables portfolio.(6)Refer to 3.0 in the methodology on page 11 for any reference to ‘UN SDG Alignment & Contribution’.(7)This facility is a revolving credit facility and is drawn down for the purpose to acqu
NAB ANNUAL GREEN BOND REPORT Page 1 INTRODUCTION National Australia Bank Limited ABN 12 004 044 937 (‘NAB’), is pleased to present its Annual Green Bond Report (‘Report’), for the financial year ended 30 September 2019. This report relates to our Green Bond Portfolio (four NAB Green Bonds1 and our
NAB ANNUAL SOCIAL BOND REPORT Page 2 1. INTRODUCTION 1.1 Purpose National Australia Bank Limited ABN 12 004 044 937 (NAB), is pleased to present its third NAB Annual Social Bond Report (Report), for the financial year ended 30 andSeptember 2019. This Report relates to our NAB Social Bonds outstanding as
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The issuer of NAB Equity Builder is National Australia Bank Limited (ABN 12 004 044 9 7) (NAB). NAB is a financial services organisation providing products, advice and services through our major Au
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