Doosan Enerbility Co. Ltd.'s Green Finance Framework

s pglobal.com/ ratings This product is not a credit rating J u ly 3 , 2 023 1 This S&P Global Ratings Second Party Opinion (SPO) represents our opinion on whether the documentation of a sustainable finance framework or program and whether the documentation of a sustainable f inance transaction aligns with certain third -party published sustainable finance principles, guidelines, and standards (“Principles”). For more details please refer to the Analytical Approach and Analytical Supplement, available at spglobal.com under Sustainable Financing Opinions . An SPO provides a point -in-time opinion, reflecting the information provided to us at the time the SPO was created and published, and is not surveilled. We assume no obligation to update or supplement the SPO to reflect any facts or circumstances that may come to our attention in the future. An SPO is not a cre dit rating, and does not consider credit quality or factor into our credit ratings. Second Party Opinion Doosan Enerbility Co. Ltd .'s Green Finance Framework July 3, 2023 Headquartered in South Korea, Doosan Enerbility Co. Ltd . provide s integrated solutions for power generation, energy, and desalination plant s globally . It manufactures power plant equipment, such as onshore and offshore wind turbines, gas turbines, energy storage systems, and reactors. The company was renamed "Doosan Ene rbility" from "Doosan Heavy Industries & Construction" to better represent its business priorities on energy and sustainability. In our view, Doosan Enerbility ’s Green Finance Framework , published in Ju ly 2023 , is aligned with: ✔ Green Bond Principles (GBP), ICMA, 2021 (with June 2022 Appendix 1) ✔ Green Loan Principles (GLP) , LMA/LSTA/APLMA, 202 3 Issuer’s Sustainability Objectives Doosan Enerbility endeavors to transform its current business to a more eco -friendly energy portfolio based on Korea 's green taxonomy (commonly referred to as K -Taxonomy) . It intends to diversify its operations to ward four key components : gas turbines, renewable energy, hydrogen energy , and next -generation nuclear power plants. The company aims to increase the share of these businesses to 82% by 202 7 (from 41% in 202 2). Doosan Enerbility commits to reduc ing its greenhouse gas by 19.4% by 2030 compared with its 2017 baseline. It also targets to re ach net zero by 2050. T o reduce its carbon footprint , the company established an annual greenhouse gas reduction plan , which includes initiatives such as energy efficienc ies , use of renewable energy, carbon offsets, and new production technologies. Doosan Enerbility intends to invest in businesses that support the U.N. 's Sustainable Development Goals (SDGs), which can help meet its other 2030 targets around water, energy, climate change, health , and education. The company has developed this green finance framework to ensure its funding strategy aligns with its objectives of contributing more to sustainab le energy use . Primary Analyst Evian Wee Singapore + 65 6239 6363 evian .wee @spglobal.com S econdary Analyst Shirley Lui Hong Kong + 852 -2912 -3063 shirley .lui @spglobal.com