Green Bond Investor Presentation
OUR VALUE PROPOSITION A PERSONAL SIMPLE DIGITAL A COMMITMENT TO A «SIGNATURE» SERVICES STRONG AND SUSTAINABLE WESTERN NORWAY 2 SPAREBANKEN VEST
OUR GOALS Customers Equity certificates Among the best Among the best customer service ROE Community Employees Strongest commitment The best place to work, for a sustainable and for personal and career strong Western Norway development 3 SPAREBANKEN VEST
OUR 360 ° APPROACH Social Funding investment Transparency Loans Our goal is to Savings contribute to Western AML Products Norway becoming the leading region in Norway in climate technology and climate cuts by 2030 Employees Sponsorships Our Suppliers operations Media Engagement SPAREBANKEN VEST 4 Sparebanken Vest
gr WE START WITH OURSELVES
We start with ourselves 293 -147 tons CO 2 tons CO 2 2018* 2025 *Cemasys climate accounting report Transport Waste Energy 6 SPAREBANKEN VEST
Transport Reduction: 24,5 tons CO 2 • All own cars will be fossil free by the end of 2020 • Flight transport reduction programme for 2019/20 2019 and 2020 Waste Reduction: 2 – 3 tons CO 2 • Paper and print reduction programme 2019 and 2020 • Food waste reduction programme • Plastic reduction programme Energy reduction Reduction: 17 tons CO 2 • Electricity certificates are claimed for all energy purchased 2019 and 2020 Energy reduction programme of 5% yearly (8,5 tons of CO 2 ) • • Green loan energy standards in all new locations Tot otal al cut uts s for 2019 9 and 2020: 20: 43,5 5 tons ns CO 2 Fut uture ure cut uts un until l 2025: 5: 103,5 3,5 tons ns CO 2 7 SPAREBANKEN VEST
A new rule of purchasing: All our suppliers must be climate neutral by ultimo 2020 In order to be a Sparebanken Vest • supplier, companies must agree to: • measure their CO 2 footprint, • set goals for footprint reduction, • and compensate for their climate debt. 8 SPAREBANKEN VEST
Social dividend 200 mill NOK of Sparebanken Vest’s social dividend will be earmarked through the end of 2020 to provide financial support to projects that promote new green technology, sustainability and the transition to a fossile free future. 9 SPAREBANKEN VEST
Our Customers Respo pons nsible e busi sine ness ss ✓ Sparebanken Vest follows the Money Laundering Act and applies a strict policy ✓ For us, responsible business means integrating applies to establishing customer relationships. corporate social responsibility in all business processes and all parts of the value chain. ✓ Sparebanken Vest does not wish to fina inance nce: : • Coal-fired power production. • Coal mining. ✓ Sparebanken Vest requires that customers • Extraction of oil from oil sand. must comply with the laws and agreements. • Extraction of shale gas. • Large-scale development of areas of peat or vegetation with a high CO 2 content for ✓ We expect customers to respect regulations for agricultural purposes. the use of natural resources. • Production and maintenance of weapons of mass destruction, such as chemical weapons, biological weapons, cluster bombs or landmines that target people. 10 SPAREBANKEN VEST
Our business portfolio and carbon related credit exposures Sectors MNOK % • We are measuring the carbon Property footprint of our business portfolio, 19 254 39 % Shipping including the following areas: 4 477 9 % Fishery and fish industry Shippi ping/M ng/Marin arine industr strie ies, s, 4 171 8 % Renewable able energy gy producti ction on and Property and Construction 3 606 7 % Property/ ty/Constr Constructi uction on. This is 70% Merchandise 2 920 6 % of our portofolio. Renewable energy and small scale hydropower 2 002 4 % Agriculture and Forestry We see this as essential insight in • 1 640 3 % Industry order to be able to understand the 2 253 5 % Offshore climate risk as well as new green 1 286 3 % business opportunities. Fish farming 1 184 2 % Land based transport 775 2 % Hotels and restaurants 738 1 % Yard industry 146 0 % Others 5 032 10 % Total 49 483 100 % 11 SPAREBANKEN VEST
Sparebanken Vest Green Mortgage Loan What is a green en mortgage? gage? Green mortgage loans provides extra favourable loan interest if you have a property in energy class A or B. What does es it mean n that the home e has ener ergy gy class A or B? Energy class A means that the dwelling has a heat pump or solar energy. In addition, it has better insulation in windows and walls. A passive house is also within energy class A. Energy class B is a property with a heat pump or solar energy with highly insulated walls and windows. 12 SPAREBANKEN VEST
Sparebanken Vest ESG Ratings Renewing in process 73% Outperformer 13 SPAREBANKEN VEST
Sparebanken Vest Green Bond Framework SPAREBANKEN VEST
Sparebanken Vest Green Bond Framework Use e of proc oceed eeds: Rationa nale New and existing mortgages for energy efficient residential and commercial buildings in Norway and loans to Renewable Energy. Impact ct Proces cess for Project ject Evalua luation ion and Selec ection: ion: ✓ Contribute to the UN Sustainable A dedicated Green Bond Committee has been established. Development Goals and to the Building years are used as a proxy to select eligible green development of the Green Bonds Market. buildings. Inves estors ors Mana nageme gement nt of proceed ceeds: ✓ Offer sustainable investment The Green Bonds proceeds will be managed by opportunities. Sparebanken Vest in a portfolio approach. ✓ Allow current and new investors to support making a positive impact. Report orting: ing: Sparebanken Vest intends to show the allocation and impact Issuer uer of the green bond proceeds at the category level and on an aggregated basis for all of Sparebanken Vest’s green bonds ✓ Alignment with Sparebanken Vest and other potential green funding outstanding. CSR Strategy. ✓ Access to a more diversified investor base. Exter ernal nal Review ew Sustainalytics has provided a Second-Party Opinion on Sparebanken Vest’s Green Bond Framework. 15 SPAREBANKEN VEST
Green Bond Framework - Structure Overview Green een Bond nd Framework mework Green Senior Bonds Green Covered Bonds Green Buildings Hydropower Green Buildings • Loans to finance or refinance new or • Loans to finance or refinance new or • Hydro power power in in Nor orwa way, y, limi mite ted dir irect ect existi ting g energy gy efficient t resid iden enti tial existi ting g energy gy efficient t commerc ercial ial and emiss ssion ons of of less than 100 100g CO CO 2 e / KWh. buildings in Norway. residen enti tial buildings in Norway. New Buildings belonging to the top 15% New Residential Buildings belonging to the - Run-of-river, small scale hydro power most energy-efficient buildings of the local top 15% most energy-efficient buildings of plants (maximum generation capacity < the local building stock and refurbished building stock and refurbished buildings 20MW). buildings which achieved energy savings of which achieved energy savings of at least - Refurbishment or refinancing of existing at least 30% in comparison to the baseline 30% in comparison to the baseline medium or large hydropower plants. performance of the building before the performance of the building before the renovation. renovation. EU Environ ironmenta mental Objecti tive: EU Environ ironmenta mental Objecti tive: EU Environ ironmenta mental Objecti tive: Substantial contribution to Climate Substantial contribution to Climate Substantial contribution to Climate Change Mitigation (1.b). Change Mitigation (1.b). Change Mitigation (1.a). 16 SPAREBANKEN VEST
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