A major Dutch bank issued its first green bond to the value of €500 million (US$590 million). The bond was focused on sustainable real estate, including mortgage loans for new residential buildings, residential green loans for solar panels and commercial loans for the construction of energy efficient buildings. To provide maximum credibility for investors, the bank asked KPMG in the Netherlands to review the use-of-proceeds data in its green bond report.
KPMG professionals reviewed documentation, evaluated the design and implementation of the reporting processes and controls, and interviewed staff responsible for managing the bond and reporting on the use
KPMG specialists issued an independent limited assurance report on the bank’s own report on the use of bond proceeds. This assurance helped to enhance the credibility of the reported information and helped to demonstrate to bondholders that the proceeds were used in accordance with the client’s green bond criteria.
Tomas Otterström, KPMG in Finland and KPMG in Sweden.