‘Second Opinion’ on Balder ’s Green Financing Framework 3 Contents Executive Summary ................................ ................................ ................................ ................................ .................. 1 Strengths ................................ ................................ ................................ ................................ ........................... 1 Pitfalls ................................ ................................ ................................ ................................ ................................ 2 1 Balder’s environmental management and green financing framework ______________________________ 4 Company description ................................ ................................ ................................ ................................ ................ 4 Governa nce assessment ................................ ................................ ................................ ................................ .......... 4 Sector risk exposure ................................ ................................ ................................ ................................ ................. 5 Environmental strategies and policies ................................ ................................ ................................ ...................... 5 Green financing framework ................................ ................................ ................................ ................................ ....... 6 2 Assessment of Balder’s green financing framework ________________________________ _____________ 9 Shading of eligible projects under Balder’s green financing framework ................................ ................................ ... 9 3 Terms and methodology ________________________________ ________________________________ ___ 12 ‘Shades of Green’ methodology ................................ ................................ ................................ ............................. 12 Appendix 1: Referenced Documents List ________________________________ __________________________ 14 Appendix 2: About CICERO Shades of Green ________________________________ _______________________ 15