Climate Contract Playbook Edition 3
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Paris Aligned Investment means an investment that is (i) aligned with the mitigation goals set out in articles 2.1 and 4.1 the Paris Agreement to limit the global average temperature increase and reach net zero emissions, and (ii) does not undermine the implementation of NDCs of signatories to the Paris Agreement. [ Project means [insert summary info about project to be financed.] Project Climate Information means (i) the Carbon Footprint of [the Company] [and] [the Carbon Footprint of any Eligible Transaction funded by the Company using funding [provided] [borrowed by it] [guaranteed] under this [Agreement] [Facility] [Deed]; and (ii) the Total GHG Emissions. Scope 1 GHG Emissions means all direct GHG Emissions [within the physical boundary of the Project] [of any Eligible Transaction funded by the Company using monies provided by the [Shareholder] [Lender] [Guarantor]], including emissions produced by the combustion of fossil fuels, by industrial processes, from company vehicles and by fugitive emissions, such as refrigerants or methane leakage [other Project specific examples to be added]. Scope 2 GHG Emissions means indirect GHG Emissions from electricity purchased [by the Company for the Project] [by third parties in relation to any Eligible Transaction supported by the Company using monies provided by the [Shareholder] [Lender] [Guarantor]]. Scope 3 GHG Emissions means all indirect GHG Emissions emitted from sources which are not directly owned or controlled by the Company, excluding Scope 2 GHG Emissions, which occur both upstream and downstream in the Company’s supply or value chain in relation to [the Project] [any Eligible Transaction funded by the Company using monies provided by the [Shareholder] [Lender] [Guarantor]]. Total GHG Emissions means the sum of the Scope 1 GHG Emissions, the Scope 2 GHG Emissions and Scope 3 GHG Emissions. Sustainability Alignment means the operation of the Company in a manner which (i) supports the achievement of the goals of the Paris Agreement, as set out in Articles 2.1 and 4.1 of the Paris Agreement, (ii) supports the achievement one or more of the United Nations Sustainable Development Goals as set out in the 2030 Agenda for Sustainable Development and (iii) supports [insert name of country]’s achievement of its Nationally Determined Contribution. Sustainability Goals means the Company’s goals and objectives for achieving and maintaining Sustainability Alignment as set by the Board from time to time in accordance with clause [4.1], which shall include: a) [developing a Carbon Neutral Plan;] b) [the Company achieving pre-agreed reductions on its Carbon Footprint measured in accordance with one of the Carbon Footprint Standards;] c) [the Company moving to a renewable energy provider when such source of energy is available;] d) [undertaking projects to electrify operations, including, where possible, transport and logistics;] e) [adopting a travel and expense reimbursement policy that puts climate change and sustainability at the forefront and has been approved by the CSO (as defined in clause [2.1]);]
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