Green Bonds investor presentation - Version: May 2019 - Kommuninvest

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Green Bonds investor presentation - Version: May 2019 - Kommuninvest
Version: May 2019

Green Bonds investor
    presentation
Green Bonds investor presentation - Version: May 2019 - Kommuninvest
Agenda/contents

• Introduction
• Green Bonds issuance
• Green Loans programme
• Impact reporting
• Appendix

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Green Bonds investor presentation - Version: May 2019 - Kommuninvest
Sweden and sustainable development
•   First UN conference on the human environment in Stockholm 1972 – the beginning of the global
    environmental movement.
•   Current national agenda – adopted by the parliament – based on generational goal, 16 quality
    objectives and 24 milestone targets. Sweden aims to be among world’s first fossile-free welfare
    nations.

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Green Bonds investor presentation - Version: May 2019 - Kommuninvest
Role of municipalities
               Drive Swedish green efforts, through investments
           & procurement, regulatory supervision, and responsibility
                   for city planning and local infrastructure.

                     Investment          Municipal-         Local govt
  >90 % of          focus on Real    ities repr. >40%   sector accounts    Transparency
municipalities         estate,       of the pop. have    for >50% of all    & reporting
 with green        Infrastructure,       signed EU        public sector      stimulates
   targets         Energy, Water        Covenant of       investment in    development.
                     and Sewage            Mayors            Sweden.

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Green Bonds investor presentation - Version: May 2019 - Kommuninvest
Local government investments on the rise
SEK Billion
  180
                                                                                                 Distribution of municipal investments, 2017
 160

 140                                                                                                                           Real estate
                                                                                                                               Residential property
  120
                                                                                                                               Infrastructure

 100
                                                                                                                               Water and sewage
                                                                                                                               Energy
  80                                                                                                                           Other

  60

  40
                                                                                                 Investment drivers
  20                                                                                             • Population growth
                                                                                                 • Ageing infrastructure
   0
        2007   2008   2009     2010     2011    2012     2013    2014    2015     2016   2017*
                                                                                                 • Changing demographics
                  Municipalities      Municipality owned subsidaries    Regions
                                                                                                 • Increased urbanisation

                                                                                                                                                      5
Green Bonds investor presentation - Version: May 2019 - Kommuninvest
Green investments drive demand for Green loans
• Green loans offered to clients since 2015:
   -     Current portfolio commits funding for >250 green
         investment projects in 115 Swedish cities and regions

• Sweden’s largest issuer of green bonds:
   -     USD 600m green bond (matured 04/2019)
   -     SEK 5bn green bond (05/2020)                                                                                   *
   -     USD 500m green bond (06/2021)
   -     SEK 3bn green bond (12/2021)
   -     SEK 3bn green bond (12/2023)
   -     SEK 3.5bn green bond (3/2024)

       Strong potential pipeline, due to investment
           trends and green aggregation model                    * Decline in outstandings explained by redemption of
                                                                 inaugural USD 600m Green Bond in April 2019

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Green Bonds investor presentation - Version: May 2019 - Kommuninvest
ESG ratings profile*

Rating     Category   Peer group comparison

  B-         Prime    Top-5 out of 78 issuers rated

  AA         n/a      n/a

51 / 100    Average   n/a

28 / 100    Neutral   Ranked #10 out of 20 banks

                                            * As of 30 April, 2019

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Green Bonds investor presentation - Version: May 2019 - Kommuninvest
Green Bonds issuance
Green Bonds investor presentation - Version: May 2019 - Kommuninvest
Recent Green Bonds issuance
May 2017, USD 500m                      April 2018, SEK 3bn                  October 2018, SEK 3bn                 March 2019, SEK 3.5bn

 Geographic distribution                 Geographic distribution               Geographic distribution              Geographic distribution

                     Nordics
                                                                                                   Sweden
                     Central Europé
                                                                                                   Denmark
                     Americas                                 Sweden                                                                     Sweden
                                                                                                   Netherlands
                                                              Other Europé                                                               Other Europé
                     UK                                                                            Finland

                     MEA                                                                           Norway
                                                                                                   Other Europé
                     Asia

 Investor type distribution             Investor type distribution            Investor type distribution            Investor type distribution

                    Central banks &
                    official inst.
                                                            Fund managers                         Fund managers                         Pension funds /
                    Asset managers                                                                                                      Insurance
                                                            Pensions                                                                    Asset managers
                                                                                                  Pensions &
                    Banks
                                                            Insurance                             Insurance
                                                                                                  Banks                                 Banks
                    Pension funds &                         Banks
                    ins. comp.                                                                    Other
                    Insurance

                                                                                                               9
Green Bonds investor presentation - Version: May 2019 - Kommuninvest
Kommuninvest Green Bonds Framework
            Adhering to the four pillars of the Green Bond Principles

1. Use of Proceeds                                    2. Project Evaluation and Selection
Investment projects undertaken by Swedish local       i)   Project identification and verification by the
governments that promote the transition to a low-          environmental and treasury functions in
carbon and climate-resilient society.                      Kommuninvest’s member municipalities/county
                                                           councils;
                                                      ii) screening and pre-approval by
3. Management of Proceeds                                  Kommuninvest’s Lending department;
Earmarked account for proceeds. Lending to Eligible   iii) review and final approval by consensus vote in
Projects precedes Green Bond issuance.                     the Kommuninvest Green Bonds Environmental
                                                           Committee.

4. Reporting                                           Assurance:
i)    Annual investor impact report regarding green
                                                       i) Second opinion on framework from Cicero
      bond issuance and Eligible Projects;
ii)   Annual sustainability reporting.                 ii) Assurance report by auditors according to
                                                       SNT4400

                                                                                                            10
2nd opinion from Cicero (March 2018)
Renewable energy
  Wind                                                      Dark green                     Energy efficiency in energy systems Medium to Dark green

  Solar                                                     Dark green                     Clean transportation                         Medium green

  Hydro                                                     Dark green                     Waste management                             Medium green

  Bioenergy and biogas                                   Medium green                      Green buildings                              Medium green

  Geothermal                                                Dark green                     Water management                               Dark green

  Excess heat                                               Dark green                     Adaptation measures                            Dark green

  Conversion from fossil to renewable                       Dark green                     Environmental management                       Dark green

          “Overall, Kommuninvest’s Green Bond framework and environmental policies provide a progressive, clear and sound framework for
    climate‐friendly investments. The framework lists eligible categories of projects that are supportive of the objective of promoting a transition to
                             low‐carbon and climate‐resilient growth and is supported by a strong governance structure.
     Kommuninvest puts strong emphasis on environmental competence in their selection of eligible loans. .. This welcomed governance element is
                 of particular importance since the framework covers many eligible project categories, some with a broad scope.”
                                           Center for International Climate and Environmental Research (Cicero), 27 March 2018

                                                                                                                                                    11
Impact and assurance reporting

Impact report, with project information and expected climate impact       Assurance report on the use of Green Bond Proceeds

                                                                            2016                2017                   2018

                                      All reports available online, see Green Bonds section at kommuninvest.se

                                                                                                                               12
Management of proceeds
•   Green bond proceeds are earmarked for climate mitigation or adaptation projects or other
    environmental sustainability purposes, in accordance with Kommuninvest’s Green Bonds Framework.
•   Volume of committed green loans should always exceed total green bonds issuance. Independent
    assurance by Kommuninvest’s auditors.

                                                                                High-quality &
                                                                           conservative: at least 90
                                                                             % of the reserve must
                                                                             be eligible for central
                                           Total               Liquidity     bank pledging. On 31
                                                                               Dec 2018; 86% of
             Guideline: Green Bonds
             issuance not to exceed      funding                reserve     reserve in AAA-assets.
                disbursements to
                 Eligible Loans.                               Lending
                                                               portfolio

              SRI/ESG &                            Portfolio   Eligible
                                          Green                                 Eligible
              mainstream                           matching     Loans
                                          Bonds                                 Projects
               investors

                                                                                                       13
Plan for Green Bonds
• Strategic Green Bonds issuance in SEK and USD
   -   Ambition to build yield curves in both SEK and US
   -   Support strategic objective of 50% funding in SEK

• Issuance volume determined by green lending
   -   Total outstandings in Green Bonds capped at 100% of total disbursed Green Loans
   -   Expected issuance frequency: 3-4 times per year.

• No duration matching
   -   Funding to be shorter than economic life of Green loan projects

• Green lending and green bonds issuance important component in Kommuninvest’s
  future growth

                                                                                         14
Green Loans programme
Green loans for eligible investments

                                Projects may include:
                                •   Bioenergy    •   Biogas from waste
                                •   Geothermal   •   Hydro
                                •   Solar        •   Wave
                                •   Wind         •   Wind

                                                                         16
Eligible Loans portfolio, 30 April 2019

                                                * Planned, under
                                                construction, or, at
                                                cut-off date, max. 9
                                                months has passed
                                                since completion

                                   Number of
                                   approved
                                    projects:
                                      251

                                                                       17
Origination process
Eligible Projects
Swedish local government investment projects which promote the transition to
low carbon and climate resilient growth. Eligible Projects shall be:
•   part of applicant’s systematic environmental work;
•   be related to the national or regional environmental goals;
•   target mitigation or adaption to climate change, or environmental mgmt.

                                                                               Eligible Loans
                                                                               • Loan application must be signed by
                                                                                 applicant’s Finance and Environmental
                                                                                 departments
 Green Bonds                                                                   • Screening and pre-approval by
 • Majority of Green Bonds proceeds to new                                       Kommuninvest’s Lending department
   projects (on-going, planned or completed                                    • Quarterly: Eligible Projects reviewed
   max 9 months before issue).                                                   and finally approved by consensus vote
 • Guideline: total Green Bonds issuance not                                     in the Kommuninvest Green Bonds
   to exceed total disbursements to Eligible                                     Environmental Committee.
   Loans.

                                                                                                                          18
Environmental Committee reviews projects
                                                                                                                   Areas of Expertise
                                                                                                                   • Energy and climate strategy
                                                                                                                   • Urban development and planning
                                                                                                                   • Waste management and circular
                                                                                                                     economy, ecological economics
                                                                                                                   • Environmental management
                                                                                                                   • Environmental engineering
                                                                                                                   • Sustainability reporting

                                                                                                                   Tasks
                                                                                                                   • Audit and final approval of Green Loan
                                                                                                                     applications
                                                                                                                   • Advisory board
                                                                                                                   • Review and decide on Green Loan reporting
                                                                                                                   • Review and approve Impact Reporting
 Members: Sara Pettersson, City of Gothenburg (until April 2019); Susanne Arneborg, Municipality of Borås; Björn   • Participate in development of Green Bonds
Söderlundh, Kommuninvest; Hanna Ryman, Municipality of Örebro; Andreas Hagnell, Swedish Association of Local         framework
 Authorities; Marta Fallgren, Region Uppsala. The Committee also includes Daniel Nyqvist and Ann Sörman from
              Kommuninvest. As of April 2019, Lisa Järner, City of Mölndal, replaces Sara Pettersson..

                                                                                                                                                                 19
Sustainability criteria
All projects must:                                 Additional requirement for Green buildings and energy efficiency

                                                   1.   Residential multi-family buildings: New or existing buildings with at least 15
 Promote the transition to a low-carbon and            per cent less energy use per square metre and year than required by
                                                        applicable regulation (Swedish Building Regulations (BBR 25)).
  climate-resilient society
                                                   2.   Non-residential buildings: New or existing buildings with at least 20 per cent
 Be part of the systematic environmental work          less energy use per square metre and year than required by applicable
                                                        regulation (Swedish Building Regulations (BBR 25)). New buildings are
  in the applicant municipality or county               encouraged to also have a minimum certification of either 1) LEED gold, 2)
  council/region                                        BREEAM very good, 3) Environmental Building (Miljöbyggnad silver), 4) the
                                                        Nordic Swan Ecolabel, 5) EU Green Building, 6) Feby-12 (Mini-energy
                                                        building), or other certification of similar ambitions; however this is not a firm
 Be related to Sweden’s national environmental         requirement.
  objectives, or to regional environmental goals
                                                   3.   Major renovations of buildings leading to a reduced energy use per square
                                                        metre per year of at least 30 per cent or compliance with applicable
 Target either mitigation of climate change,           regulations (Swedish Building Regulations (BBR 25)).
  adaptation to climate change, or be a project
  related to environmental management in other     4.   Energy efficiency measures in partial systems of existing buildings leading to
                                                        at least 30 per cent less energy use.
  areas than climate change.

                                                                                                                                         20
Impact reporting
Impact from financed projects as of year-end 2018*
SDG                         Kommuninvest              Energy savings, MWh p.a.                Renewable              GHG emissions savings,               Increased       Increased    Floor area
                            project category                                                      energy                         tCO2e p.a.                   waste           water     in Green
                                                                                              generation,                                                  capacity,      treatment    buildings,
                                                                                                MWh p.a.                                                     tonnes        capacity,        sq.m.
                                                                                                                                                                                p.e.
                                                           Avoided           Reduced                                  Avoided            Reduced
                            Renewable energy                                                    3,032,220              634,446

                            Green buildings and
                                                             24,046              9,851             1,807**                3,903               1,012                                    1,051,374
                            energy efficiency
                            Residential buildings                                                                                                                                        389,836
                            Non-residential                                                                                                                                              475,052
                            Other                                                                                                                                                        186,486
                            Energy efficiency in
                                                                              110,845                                                       21,796
                            energy systems

                            Clean transportation                                                                                                651

                            Waste management                                                                                583                                   7,100

                            Water and wastewater mgmt.                                                                                                                      861,685

                            Climate change
                            adaptation

TOTAL IMPACT                                         24,046 MWh 120,696 MWh 3,032,220 MWh 638,932 tCO2e                             23,458 tCO2e 7,100 tonnes 861,685 p.e.             1,051,374

* Impact calculated according to the share financed by Kommuninvest Green Loans
** For informational purposes, the green benefit of renewable energy generation in green buildings has already been accounted for as avoided energy consumption

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Reporting according to Nordic position paper

i.     Impact is based on the share
       financed and amounts
       disbursed and outstanding
ii.    We distinguish between
       reduced and avoided
       emissions
iii.   Same emission factor applied
       for all electricity projects

                                      Extract from Kommuninvest Green Bonds Impact Report 2018

                                                                                                 23
Impact reporting for Green buildings
Calculation principle                                                                   Building regulation requirements (BBR 25),
Annual climate impact = emissions produced or energy consumed                           zone Västra Götaland
by an equivalent investment if minimum standards were followed
– emissions produced or energy consumed by the project after the                        Residential buildings: 85 kWh/sq.m.
investment has been completed.                                                          Non-residential buildings 80 kWh/sq.m.

   Annual climate impact (CO2e) | Project #383, the Mars block in Trollhättan                           Financed portion
   Heat consumption of reference building in MWh * baseline emissions factor                            Investment cost, SEK mn    443
   for heat consumption + electricity consumption of reference building in MWh   1,076*58 + 336*380
   * baseline emissions factor for electricity consumption (kg CO2e)                                    Disbursed Green Loans to
                                                                                                                                   230
   Subtotal (annual emissions for reference building, tCO2e per year)                   189             project, SEK mn

                                     - (minus)                                                          Total GHG emissions
                                                                                                                                    57
   Heat consumption of project building in MWh * baseline emissions factor for                          avoided, tonnes CO2e
   heat consumption + electricity consumption of the project building in MWh *   749*58 + 234*380
   baseline emissions factor for electricity consumption (kg CO2e)                                      Green Loan share, %        52%
   Subtotal (annual emissions for project building, tCO2e per year)                     132
                                                                                                        Reported GHG emissions
                                                                                                                                   30
   Total GHG emissions avoided from the project, tCO2e                                  57              avoided, tCO2e

                                                                                                                                   24
Impact reporting for Renewable energy
                       Calculation principle
         Annual climate impact = emissions produced or energy
       consumed by the project in a baseline scenario – emissions
         produced or energy consumed by the project after the
                    investment has been completed.

Annual climate impact | Project #345, windpower in Solberg area, Skellefteå         Financed portion
Annual production of renewable energy in MWh * baseline                             Investment cost, SEK mn     466
emissions factor (kg CO2e)                                          253,000 * 380
                                                                                    Disbursed Green Loans to
                                                                                                                450
Subtotal (annual emissions in alternative scenario, tCO2e)             96,140       project, SEK mn
                            - (minus)                                               Total GHG emissions        96,140
                                                                                    avoided, tonnes CO2e
Annual production of renewable energy (MWh)* project
                                                                     253,000 * 0
emission factor (kg CO2e)                                                           Green Loan share, %         97%
Subtotal (annual emissions for project, tCO2e)                           0
                                                                                    Reported GHG emissions
Total GHG emissions avoided from the project, tCO2e                                                            92,839
                                                                       96,140       avoided, tCO2e

                                                                                                                25
Full methodology and project information online

•   Impact report (pdf)

•   Project-by-project
    reporting (xls)

                                                     26
Appendix
Revised frameword, adopted 7 March 2018
1) Adjustments in Green buildings category
             Green buildings: residential 15% better than BBR 25;
                     Framework 7 Mar 2018      Framework 12 Jan 2016
             non-residential 20% better than BBR 25 (previously
             25% lower
Residential multi-
                     15%than
                         better BBR    21)
                                than BBR 25    25% lower than BBR 21
family buildings
            
Non-residential    Nominal requirement on energy25%
                       20% better than BBR 25
                                                 use   ~as before
                                                    lower than BBR 21
buildings
            Energy efficiency in green buildings:  Min.new    requirement
                                                        35% lower energy use,
                     Min. 30% lower energy use, or
            of min. 30%
Major renovations          efficiency gains (previously
                     reaching BBR 25 requirements.
                                                            35%
                                                   or reaching BBRand
                                                                   21
                                                   requirements..
            25%)
Energy efficiency in
              Energy efficiency
partial systems                   inenergy
                      Min. 30% lower municipal
                                           use   operations:   clarification
                                                    Min. 25% lower energy use
             on min. 30% efficiency gains
2) Commitment to report along Nordic position paper guidelines
3) Clarification on fossil energy content (see next slide)

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Fossil energy restrictions
• Kommuninvest does not approve investment projects that lead to
  a lock-in of fossil energy-based infrastructure. Peat is treated as a
  fossil energy source.

• Maximum share of fossil energy content in project,
  if waste is NOT INCLUDED in energy mix                10 percent
• Maximum share of fossil energy content in project,
  if waste is INCLUDED in energy mix                    20 percent
• Maximum share of fossil energy content in public
  transport                                             20 percent

                                                                          29
All projects are located in Sweden

Applicable legislation and guidelines
• EU Law
• The Swedish Environmental Code (Miljöbalken)
• Sweden’s 16 environmental quality objectives: miljomal.se
• Applicable municipal/county council environmental policies
• OECD Guidelines for Multinational Enterprises

For Kommuninvest sustainability perspective and indicators:
kommuninvest.se/sustainability

                                                               30
Fossil reduction vs fossil-free (1/2)
View on Fossil energy – fossil reduction vs fossil-free                                                     The Swedish energy system – a background
                                                                                                            Sweden’s energy system uses a very low proportion of fossil fuels, especially in the production of
                                                                                                            electricity and district heating. The total share of renewables in the energy system, at over 50 percent,
The overall aim of the Kommuninvest Green Bonds framework is to contribute to the transition to low-        is the highest in the European Union. In addition, Sweden has a large proportion of nuclear power for
carbon and climate-resilient growth, through projects that address mitigation of climate change,            electricity generation, at about 40 percent. Fossil energy is mainly used in the transport sector and for
adaptation to climate change or environmental management in other areas than climate change (the            industrial processes.
latter max 30% of volume).
                                                                                                            A particular Swedish feature is that half of the energy used for heating purposes is supplied by district
In its Second Opinion, Cicero points to the fact that some of Eligible projects may include fossil energy   heating. The expansion of district heating and its conversion from fossil fuels to biomass and waste is
to a non-negligible extent (over 10-20%). This applies to the framework categories Renewable energy,        the main factor behind Sweden’s reduced fossil CO2 emissions by some 25 percent since 1990.
Energy efficiency in energy systems and Public transportation and sustainable transportation.
                                                                                                            Why we allow a small share of fossil energy in district heating (max. 10 %)
The framework has a broad scope, as it is aimed at supporting climate and environment initiatives
                                                                                                            In the district heating sector, a fossil energy component sometimes cannot be completely avoided.
across Sweden’s local government sector, all over Sweden. The projects address sectors of society with
                                                                                                            Fossil energy may be required to start up processes, to use for peak energy at times of extreme energy
great impact on CO2-emissions, but which are not totally CO2-free.
                                                                                                            demand and for back-up purposes. District heating is a flexible energy system capable of extracting
We will not approve investment projects that lead to a lock-in of fossil energy-based infrastructure.       energy from various types of energy sources and waste. We only accept projects with positive climate
However, we may approve projects with a component of fossil energy if the project enables the               impact, e.g. a reduced carbon footprint, and which uses a limited amount of fossil energy (max 10
transition to a climate-neutral infrastructure and similar solutions, whilst reducing climate impact.       percent).
Impact analysis and impact reporting is an absolute requirement for projects partly encompassing fossil
energy to a non-negligible extent (over 10-20%).                                                            We favor using waste for energy extraction as a resource-efficient and more climate-positive solution
                                                                                                            than landfill and other permanent deposits. However, waste often includes fractions of plastics, which
The Environmental Committee is responsible for assuring that any project that includes a fossil             according to international standards is regarded as fossil energy. Therefore, fossil waste incineration
component to a non-negligible extent will have significant positive climate and/or environmental            will not be accepted as a major component of eligible projects. (In general, maximum 10 per cent fossil
impacts.                                                                                                    component).

Our views on fossil with regards to the project categories listed above is outlined in this paper. A
complete exclusion of fossil energy from any project is virtually impossible to achieve, since fossil       POSITION PAPER ON FOSSIL DATED 5 FEBRUARY 2016
energy is often embedded in components, building materials and energy production equipment, even
in solar cells.

                                                                                                                                                                                                                        31
Fossil reduction vs fossil-free (2/2)
We view peat as a non-renewable energy source. A possible exception is peat whose extraction can           question for national regulation and market. It is thus problematic to completely exclude fossil
be shown to reduce methane leaking emissions from peat bogs. Such peat could be tolerated as               components.
climate positive.
                                                                                                           If vehicles are part of the application, they generally should be powered by renewable fuels. Fossil fuel
Kommuninvest also benefits from operating in a country where systems and regulations regarding             buses (i.e. diesel and hybrid) can only be approved if the municipality/county council shows that the
waste sorting and smoke gas purification are highly developed.                                             investment:
                                                                                                           • reduces total Greenhouse Gas emissions by promoting public over private transportation more for
Why some energy efficiency projects may include fossil energy                                                  the same cost than a solution based on green fuel-only buses; or
We support energy efficiency measures because they lead to a reduction in energy use, thereby              • includes a plan to use a substantial portion of green fuels (for example biodiesel) in these buses;
contributing to a reduction in CO2 emissions. The principal way for property owners to reduce climate          and
impact is to make energy use more efficient. The focus of the projects will be on energy reduction,        • includes impact analysis and impact reporting.
however the energy supply, which will generally not be a part of the project, may include a fossil
energy component. Given the increasingly interconnected electricity system in the Nordic region and        Given that few municipalities and regions operate their own bus fleets, such projects are expected to
Europe1, it is difficult for property owners to completely exclude fossil components in the energy mix.    be limited in number.
Property owners that are supplied with district heating also have limited opportunity to influence the
energy mix. The share of renewables in the energy system is mainly a task for national and EU              Impact analysis and reporting required
regulation.                                                                                                The framework clearly specifies that a project that includes fossil energy to a non-negligible extent will
                                                                                                           only be approved if an impact analysis shows that there will be significant positive climate and/or
Why public transport and sustainable mobility projects may include fossil energy                           environmental impact and impact reporting afterwards is required. The individual loan application
We support public transport-related projects in order to increase the use of such systems, thereby         should state why fossil components are part of the energy mix. The above will ensure a high
reducing car use and hence the use of fossil energy. However, in the support of a build-up of public       environmental standard in execution.
transport infrastructure, for example, we generally cannot be certain that this infrastructure will only
be used by transport vehicles that run on renewable energy. This usually is outside the scope of the       1) The Swedish electricity mix is approximately 60 g CO2 per kWh. This can be compared with about 100 g CO2 per
                                                                                                           kWh for the Nordic electricity mix; 1000 g CO2 per kWh for coal-generated electricity and nearly 400 g CO2 per kWh
project.
                                                                                                           for gas condensation, a common form of electricity generation in Europe. As electricity markets in the Nordic region
                                                                                                           and Europe become increasingly interconnected, it is not entirely clear how to assess the environmental impact.
Further, fuel mixtures for renewables often include minor fossil components, this generally is the case    Furthermore, the share of renewable electricity in Sweden and Norway are regulated with green certificates rather
for both biodiesel, ethanol, bio-methane and electricity. The actual shares of renewables is often a       than by individual buying of certified renewable electricity.

                                                                                                                                                                                                                              32
Winner of UN climate award 2017

• Kommuninvest green finance model (“Green Finance and The
  Aggregation of Swedish Local Government Investments
  Projects”) awarded the UN Momentum for Change Climate
  Solutions Award 2017.
• Ceremony at COP 23 climate conference in Bonn, Germany, on
  14 Nov, with Umeå Municipality and Kommuninvest present.
• Award recognizes innovative, concrete and scalable initiatives
  from around the world.
• Winners in Financing for Climate-Friendly Investment category
  showcase activities that “promote low-carbon growth and
  highly resilient communities through the use of innovative       unfccc.int
  financing mechanisms.”

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Contacts
Christian Ragnartz                         Ulrika Gonzalez Hedqvist
Head of Debt Management                    Senior Funding Officer
+46 (0)70 607 38 34                        +46 (0)10 470 88 82
christian.ragnartz@kommuninvest.se         ulrika.hedqvist@kommuninvest.se

Tobias Landström                           Marcus Waineby
Deputy Head of Debt Management             Senior Portfolio Manager
+46 (0)10 470 88 83                        +46 (0)10 470 88 63
tobias.landstrom@kommuninvest.se           marcus.waineby@kommuninvest.se

Björn Bergstrand                           Pelle Ekestubbe
Head of Sustainability/Senior IR Manager   Senior Portfolio Manager
+46 (0)10 470 87 31                        +46 (0)10 470 88 62
bjorn.bergstrand@kommuninvest.se           pelle.ekestubbe@kommuninvest.se

                                                                             34
fornamn.efternamn@kommuninvest.se

www.kommuninvest.se

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