Second-Party Opinion Download

USE OF PROCEEDS

The eligible categories for the use of proceeds, Renewable Energy Generation and Storage, Hydrogen Production and Storage are aligned with those recognized by the Green Bond Principles and Green Loan Principles. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 7.

PROJECT EVALUATION AND SELECTION

RWE’s Treasury and Investor Relations Department in association with RWE’s operational units is responsible for evaluating and selecting projects in line with the Framework’s eligibility criteria. RWE’s Green Finance Committee, which comprises members from RWE’s Strategy and Corporate Responsibility, Finance and Credit Risk, and Investor Relations departments, is responsible for final approval of the selected projects and for reviewing the green projects portfolio on a regular basis to ensure alignment with the Framework criteria. RWE has established a risk management system which enables the Company to identify, minimize and manage social and environmental risks. Sustainalytics considers the project evaluation and selection process and risk management systems in place to be in line with market practice.

MANAGEMENT OF PROCEEDS

RWE’s Finance and Credit Risk department will be responsible for the management of proceeds using an internal tracking and accounting system. RWE intends to achieve full allocation of net proceeds within 24 months of issuance. Pending full allocation, unallocated proceeds will be held in RWE’s liquidity portfolio and temporarily invested in cash and cash equivalents. Sustainalytics considers this process to be in line with market practice.

REPORTING

RWE intends to report on the allocation of proceeds and corresponding impact on its website on an annual basis until full allocation. Allocation reporting will include information such as EU taxonomy environmental objective mapping at category or technology level, project portfolio breakdown by technology (wind, solar, storage, hydrogen), total green project portfolio amount, total amount of proceeds allocated and amount of unallocated proceeds. Subject to availability of information, impact reporting will include relevant impact indicators. Sustainalytics considers this process to be in line with market practice.