KfW Rely on the safe haven - Investor presentation
Independent opinion by Morningstar Sustainalytics
External analysis by renowned research institution
KfW Green Bond Framework 4.0 - applicable from January 2024 onwards
MORNINGSTAR SUSTAINALYTICS
Morningstar Sustainalytics, a globally-recognized provider of ESG research, ratings and data, and has
completed over 1000 Second Party Opinion (SPO) projects.
Sustainalytics is of the opinion that the Green Bonds - Made by KfW Framework is credible and impactful and aligns with the Green Bond
Principles 2021.
Sustainalytics mapped the criteria defined in the Framework's use of proceeds categories to 78 activities in the EU Taxonomy. Sustainalytics
is of the opinion that 63 activities align with the applicable significant contribution (SC) criteria, 7 partially align and 8 are not aligned.
Sustainalytics assessed the Framework and the alignment thereof with relevant industry standards including the EU Taxonomy and provided
views on the robustness and credibility of the Framework.
Framework 2014 (assessed by CICERO)
Framework 2019 (assessed by CICERO)
Framework 2022 (assessed by CICERO)
Shades of Green: dark green
✓ Governance: excellent
KFW Rely on the safe haven - Investor presentation / April 2024
In line with ICMA GBP (June 2018)
Shades of Green: medium green
✓ Governance: excellent
In line with ICMA GBP (June 2021)
Shades of Green: medium green
✓ Governance: excellent
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