A GBF describes the issuer's own set framework and definitions for the issuer’s green bonds. It includes information such as the types of projects that can be financed by the bond proceeds, how projects are evaluated, and how the issuer reports on the use of the proceeds.
An issuer's GBF is not part of the prospectus for the bond issuance but is referenced in the prospectus with a link to the issuer's website where the GBF can be accessed. Even though the regulation does not contain requirements for the content in GBFs, issuers of green bonds should consider if the GBF contains information that is material and therefore, should be included in the prospectus.
The Danish FSA reviewed GBFs from the 12 largest Danish issuers measured by issuance value and number of issuances. The selected issuers include banks, mortgage institutions, and non-financial companies.
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