Climate Contract Playbook Edition 3
109
Eligible Transaction means a transaction that: a)
is permitted under the [Company] [Shareholder] [Lender] [Guarantor]’s Investment Policy; [and]
b)
[is a Paris Aligned Investment][.][; and]
c)
is permitted under the Climate Change Standard.
GHG Protocol means the current GHG Protocol Corporate Accounting and Reporting Standard produced by the World Resources Institute and the World Business Council for Sustainable Development, amongst others. Greenhouse Gases (GHG or GHGs) means the natural and anthropogenic gases which trap thermal radiation in the earth’s atmosphere and as specified in Annex A to the Kyoto Protocol to the United Nations Framework Convention on Climate Change ( UNFCCC ) or otherwise specified by the UNFCCC, and which currently include: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6), and nitrogen trifluoride (NF3). GHG Emissions means emissions of Greenhouse Gases over a specified area and period of time, each expressed as a total in units of carbon dioxide equivalent (CO2e) [and calculated in accordance with the GHG Protocol Corporate Accounting and Reporting Standard or such other equivalent and generally recognised greenhouse gas emission calculation methodology] Material Climate Breach means a breach of [clause [insert clause numbers] of this Agreement][a Climate Standard Term] which is material with regard to all relevant circumstances, including, without limitation: a) using monies provided by the [Shareholder] [Lender] [Guarantor] for any transaction other than an Eligible Transaction; b) increasing the Company’s Carbon Footprint; c) missing the Carbon Neutral Date; d) taking any action that is contrary to the achievement of the Sustainability Goals. Nationally Determined Contribution (NDC(s)) means the stated successive intended goals of a country to reduce its national emissions and adapt to the impacts of climate change as required under Article 4, paragraph 2 of the Paris Agreement. Paris Agreement means the climate change agreement among countries to reduce Greenhouse Gas Emissions to (i) limit the global average temperature increase to well below 2°C (3.6°F) above pre- industrial levels by the year 2100; (ii) pursue efforts to limit the global average temperature rise to 1.5°C (2.7°F) above pre-industrial levels; and (iii) reach net zero emissions in the second half of this century, agreed during the 21st Conference of the parties to the UNFCCC in Paris in 2015.
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