Climate Contract Playbook Edition 3
141
Introduction
We are making this information request as part of our due diligence review in connection with the proposed [insert details of capital markets transaction] (“ Transaction ”). With respect to the below questions, unless otherwise specified, please comment only on any material changes that have occurred or come to your attention during the period from [last transaction/relevant time period] to the present date (the “ Applicable Period ”). The references to the “Company” mean each of [insert details of entities of the borrower/guarantor group] together with their subsidiaries (collectively. the “ Company ”).
Additional Definitions
Net Zero Target means a net reduction of Greenhouse Gas Emissions from all operations [including value and supply chains] to zero by a specified date so there is a balance between sources and sinks of Greenhouse Gases in a calendar year and for each subsequent year thereafter. Science-Based Targets means a [organisation/corporate] target to reduce Greenhouse Gas Emissions that is in line with what the latest climate science says is necessary to meet the goals of the Paris Agreement, that is to limit global warming to below 2 degrees Celsius and above-pre-industrial levels, and pursue efforts to limit global warming to 1.5 degrees Celsius. Carbon Budget means the aggregate of [value] tonnes of Carbon Dioxide Equivalent of Greenhouse Gas emissions permitted within a defined period. Greenhouse Gases (“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). Greenhouse Gas Emissions (“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] Carbon Reporting means reporting of Greenhouse Gas Emissions in rounded tonnes of carbon dioxide or Carbon Dioxide Equivalent (CO2(e)) to the [COMPETENTAUTHORITY] on an annual basis in accordance with the requirements of Regulation (EU) No 601/2012 of 21 June 2012 on the monitoring and reporting of Greenhouse Gas Emissions pursuant to Directive 2003/EC of the European Parliament and of the Council, including verification of reports in accordance with Regulation (EU) No 600/2012 of 21 June 2012 on the verification of Greenhouse Gas Emission reports and tonne-kilometre reports and the accreditation of verifiers pursuant to Directive 2003/87/EC of the European Parliament and of the Council.
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