Green Investment
handbook
Green due diligence checklist
Green Investment Handbook
Green due diligence checklist
Contents
Key Parties and Project Summary ................................................................................................................................................................................................................... 4
Table 1: GIB DD Tools ..................................................................................................................................................................................................................................... 5
Table 2: Equator Principles Applicability .......................................................................................................................................................................................................... 6
Table 3: Performance against the Green Investment Policy:........................................................................................................................................................................... 7
Section 4.1 & 4.2 .............................................................................................................................................................................................................................................. 7
Sector Specific Performance against the Green Investment Policy: Section 4 ............................................................................................................................................... 8
Section 4.3 Offshore Wind ............................................................................................................................................................................................................................... 8
Section 4.4 Waste .......................................................................................................................................................................................................................................... 10
Section 4.5 Energy Efficiency ........................................................................................................................................................................................................................ 13
Section 4.6 Biomass....................................................................................................................................................................................................................................... 15
Section 4.7 Onshore Wind ............................................................................................................................................................................................................................. 18
Section 4.8 Hydropower ................................................................................................................................................................................................................................. 20
Table 4: Performance against the Green Investment Policy:......................................................................................................................................................................... 22
Section 5 & 6 .................................................................................................................................................................................................................................................. 22
Table 5: Performance against the Responsible Investment Policy ................................................................................................................................................................ 23
Annex 1: Document Checklist ........................................................................................................................................................................................................................ 25
Annex 2: Summary of Key Project/Client Engagement (including significant telecons) ................................................................................................................................ 26
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Project
Sector
Primary Author
Version/Date
Author Confirmation
I confirm that these due diligence notes fairly
represent the transaction as I understand it.
Signed
[INSERT ELECTRONIC SIGNATURE OF AUTHOR]
Reviewer Confirmation
I confirm that I have read these due diligence
notes and that I agree with the assessment of
the transaction or, where not in agreement, that
this is highlighted below and in the relevant
Investment Committee papers.
Signed
[INSERT ELECTRONIC SIGNATURE OF GREEN
CONTROL FUNCTION]
Reviewer Summary
[Summarise comments from review]
Executive Summary
[Compliance with GIB’s Green Investment Policy and Responsible Investment Policy]
[Material expectations and safeguards/mitigation]
[Green risks]
[Green ratings]
Green Control Function
Summary
[Senior control review confirming above (or otherwise)]
Material expectations and safeguards/mitigation
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Key Parties and Project Summary
Entity
Role in transaction
[Sponsor]
[Insert role e.g. controlling interest in the transaction]
[The main organisation that GIB is supporting via its investment and the principal
subject of investigation vs. the RI Policy]
[Operator]
[insert role e.g. O&M contractor]
[The party which will control Operations and Maintenance day to day and
therefore de facto the party that will manage ESG issues]
[EPC contractor]
[insert role e.g. EPC contractor]
[The party which will build the project and therefore have day to day control of
ESG matters during the construction phase of the project]
[Technical Advisor]
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Table 1: GIB DD Tools
Test
Reference
All sectors
Responsible Investment – External Factors Review
Project Risk Assessment
Add Brief Summary
[hyperlink/reference document]
Add Brief Summary
[hyperlink/reference document]
OSW
GHG calculator
Green Impact note
Add Brief Summary
[hyperlink/reference document]
Add Brief Summary
[hyperlink/reference document]
Waste
Residual waste availability – sensitivity
Add Brief Summary
[hyperlink/reference document]
Energy Efficiency
EE calculator (not mandatory)
Add Brief Summary
[hyperlink/reference document]
Biomass
GHG savings calculation
Add Brief Summary
[hyperlink/reference document]
Onshore Wind and Hydro
GHG savings calculation
Add Brief Summary
[hyperlink/reference document]
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Table 2: Equator Principles Applicability
Project
Project Scope for EP appraisal
EP Applicability Criteria
Does the project include the following criteria?
1
Yes/No
GIB Rationale
Project Finance: with total Project capital costs of US$10 million or more.
Project-Related Corporate Loans, where all four of the following criteria are met:
i. The majority of the loan is related to a single Project over which the client has Effective
Operational Control (either direct or indirect).
2
ii. The total aggregate loan amount is at least US$100 million.
iii. GIB’s individual commitment (before syndication or sell down) is at least US$50 million.
iv. The loan tenor is at least two years.
Bridge Loans: with a tenor of less than two years that are intended to be refinanced by Project
3 Finance or a Project-Related Corporate Loan that is anticipated to meet the relevant criteria
described above.
Existing facilities only: While the Equator Principles are not intended to be applied retroactively,
GIB will apply them to the expansion or upgrade of an existing Project where changes in scale or
scope may create significant environmental and social risks and impacts, or significantly change the
nature or degree of an existing impact.
Note
Summary
If no to all of the above (project is not applicable for EP purposes)
If yes to any the above (complete the separate EP compliance checklist)
[State Equator Principles Categorisation: A, B, C]
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Table 3: Performance against the Green Investment Policy:
Section 4.1 & 4.2
s. 4.1 Mandatory Legal Requirements
Requirement
Investment will comply with all environmental and
planning laws, regulations and permits in all material
respects.
Compliance with all the sustainability requirements
imposed by the relevant regulations providing
economic incentives for the project financial base case
as presented to us (such as those set out in the
relevant Renewables Obligation Orders), to the extent
those regulations apply to the relevant project.
Comment
Legal doc reference

☐
☐
s. 4.2 Quantification of green impact
In each case, where reference is made to the
quantification of green impact, this is to be made in
accordance with our latest applicable Green Impact
Reporting Criteria.
☐
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Sector Specific Performance against the Green Investment Policy: Section 4
Section 4.3 Offshore Wind
s. 4.3 Appraisal vs. Offshore Wind Criteria:
In considering whether any loan or investment in this sector would make a contribution to achieving any of the Green Purposes set out below, we will
evaluate (and, so far as practicable, quantify) the extent to which the relevant project is likely to have the corresponding positive Green Impact set below.
NB: We will consider if a project contributes, or is reasonably likely to, contribute in the UK to any one or more of five green purposes, i.e. a project does
not need to meet all of these criteria.
The reduction of GHG emissions
A positive contribution to GHG savings, as estimated
in accordance with GIB’s latest applicable Green
Impact Reporting Criteria.
Based on due diligence conducted to date, the project’s anticipated contribution to reduction of
GHG emissions is: [●] t CO2e/annum based on a lifetime emissions saving of [●] tCO 2e (assuming
a project lifetime of [●] years).
☐
The advancement of efficiency in the use of natural resources
A positive contribution to renewable electricity
generation.
Based on due diligence conducted to date, the project’s generation of renewable electricity
(attributable to GIB) is: [●] GWh/annum based on a lifetime emissions saving of [●] GWh (assuming
a project lifetime of [●] years).
☐
The protection or enhancement of the natural environment
The presence of improvements to or the avoidance or
satisfactory mitigation of any adverse impacts on the
natural environment beyond minimum legal
requirements, including but not limited to:
 Adverse impact on visual amenity of the land or
seascape;
 Noise pollution affecting populated areas
together with any other loss of amenity;

Adverse impact on the marine or coastal
environment;
☐
☐
☐
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
Disturbance and long-term damage to the quality
of the land or seabed.
☐
The protection or enhancement of biodiversity
The presence of improvements to, or the avoidance or
satisfactory mitigation of, any adverse impacts on
biodiversity beyond minimum legal requirements,
including but not limited to:
Impact on biodiversity (including bird life, sea
mammals and other sea life) resulting from the
construction or operational and decommissioning
phases including the construction of on and off-shore
installations and access points to the coast;
Any other effect which demonstrably reduces net loss
and improves net gain to biodiversity arising from the
project.
☐
☐
The promotion of environmental sustainability
Commitment to continual improvement through good
industry practice.
☐
Additional benefits which may contribute to the
transition to a green economy including the potential
for the future life-extension of the green infrastructure.
☐
Reviewer Comments
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Green due diligence checklist
Section 4.4 Waste
s. 4.4 Appraisal vs. Waste Criteria:
In considering whether any loan or investment in this sector would make a contribution to achieving any of the Green Purposes set out below, we will
evaluate (and, so far as practicable, quantify) the extent to which the relevant project is likely to have the corresponding positive Green Impact set below.
NB: We will consider if a project contributes, or is reasonably likely to, contribute in the UK to any one or more of five green purposes, ie.e a project does
not need to meet all of these criteria.
The reduction of GHG emissions
A positive contribution to GHG savings, as estimated
in accordance with GIB’s latest applicable Green
Impact Reporting Criteria.
Based on due diligence conducted to date, the project’s anticipated contribution to reduction of
GHG emissions is: [●] t CO2e/annum based on a lifetime emissions saving of [●] tCO2e (assuming
a project lifetime of [●] years).
☐
The advancement of efficiency in the use of natural resources
A positive contribution to advancing the circular
economy through improvement of each of:
 Re-use of products; and
 Collection, sorting and reprocessing of
materials for recycling.
A positive contribution to additional energy recovered
from waste and associated additional renewable
energy production generation, including
 R1 efficiency
 Otherwise a high level of efficiency in line with
industry practice
The deployment of combined heat and power
technology, or the future potential to do so, to further
improve the efficiency of conversion of energy.
☐
☐

☐

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The protection or enhancement of the natural environment
A positive net contribution to additional waste diverted
from landfill, including both biodegradable and nonbiodegradable waste, together with a suitable plan to
minimise waste to landfill to the extent practicable.
The presence of improvements to or the avoidance or
satisfactory mitigation of any adverse impacts on the
natural environment beyond minimum legal
requirements, including but not limited
 Levels of pollution of controlled substances to
the air (including the performance against
regulatory permitted air emissions limits);
 Noise, dust or odour impacts arising from plant
operations or transportation of waste, or other
loss of amenity;
 Levels of soil, surface water and groundwater
pollution;

Volume of water used, in particular from local
groundwater and surface water resources.
☐
☐
☐
☐
☐
The protection or enhancement of biodiversity
The presence of improvements to, or the avoidance or
satisfactory mitigation of, any adverse impacts on
biodiversity beyond minimum legal requirements,
including but not limited to:
 Impact on biodiversity resulting from the
construction or operation of the plant and
associated infrastructure;
Any other effect which demonstrably reduces net loss
and improves net gain to biodiversity arising from the
project.
☐
☐
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The promotion of environmental sustainability
Commitment to continual improvement through good
industry practice.
☐
Additional benefits which may contribute to the
transition to a green economy including the potential
for the future life-extension of the green infrastructure.
☐
Reviewer Comments
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Green due diligence checklist
Section 4.5 Energy Efficiency
s. 4.5 Appraisal vs. EE Criteria:
In considering whether any loan or investment in this sector would make a contribution to achieving any of the Green Purposes set out below, we will
evaluate (and, so far as practicable, quantify) the extent to which the relevant project is likely to have the corresponding positive Green Impact set below.
NB: We will consider if a project contributes, or is reasonably likely to, contribute in the UK to any one or more of five green purposes, i.e. a project does
not need to meet all of these criteria.
The reduction of GHG emissions
A positive contribution to GHG savings, as estimated
in accordance with GIB’s latest applicable Green
Impact Reporting Criteria.
Based on due diligence conducted to date, the project’s anticipated contribution to reduction of
GHG emissions is: [●] t CO2e/annum based on a lifetime emissions saving of [●] tCO2e (assuming
a project lifetime of [●] years).
☐
The advancement of efficiency in the use of natural resources
A positive contribution to reduced energy demand, as
estimated in accordance with GIB’s latest applicable
Green Impact Reporting Criteria.
In the case of an investment in combined heat and
power, utilisation of technology that is certified under
the CHP Quality Assurance programme (CHPQA) as
having met the efficiency criteria for high efficiency
CHP.
☐
☐
The protection or enhancement of the natural environment
The presence of improvements to, or the avoidance or
satisfactory mitigation of, any adverse impacts on the
natural environment beyond minimum legal
requirements, including but not limited to:
 Impact on visual amenity of the built
environment; and
 Noise, dust or odour impacts or other loss of
amenity.
☐
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The protection or enhancement of biodiversity
The presence of improvements to, or the avoidance or
satisfactory mitigation of, any adverse impacts on
biodiversity beyond minimum legal requirements,
including but not limited to:
• Impact on biodiversity resulting from the installation
or retrofit of energy efficient equipment and its
subsequent operation; and
 Any other effect which demonstrably reduces
net loss and improves net gain to biodiversity
arising from the project.
☐
☐
The promotion of environmental sustainability
Commitment to continual improvement through good
industry practice.
☐
Additional benefits which may contribute to the
transition to a green economy including the potential
for the future life-extension of the green infrastructure.
☐
Reviewer Comments
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Green due diligence checklist
Section 4.6 Biomass
s. 4.6 Appraisal vs. Biomass Criteria:
In considering whether any loan or investment in this sector would make a contribution to achieving any of the Green Purposes set out below, we will
evaluate (and, so far as practicable, quantify) the extent to which the relevant project is likely to have the corresponding positive Green Impact set below.
NB: We will consider if a project contributes, or is reasonably likely to, contribute in the UK to any one or more of five green purposes, i.e. a project does
not need to meet all of these criteria.
The reduction of GHG emissions
A positive contribution to GHG savings, as estimated
in accordance with GIB’s latest applicable Green
Impact Reporting Criteria.
A biomass feedstock procurement strategy which
demonstrates the following characteristics:
Based on due diligence conducted to date, the project’s anticipated contribution to reduction of
GHG emissions is: [●] t CO2e/annum based on a lifetime emissions saving of [●] tCO 2e (assuming
a project lifetime of [●] years).
Based on due diligence conducted to date, the project’s feedstock procurement strategy
demonstrates the following characteristics:
 [For power: it enables the generation of renewable electricity with a GHG emissions
intensity of [●] kg CO2e/MWh [which is less than the 200 kg CO2e/MWh required by 2020
under ROCs]]
 [For heat: it enables the generation of renewable heat with a GHG emissions intensity of [●]
kg CO2e/MWh [which is less than the 125.28 kg CO2e/MWh required by the RHI]
 It secures a positive contribution to GHG savings by focusing on appropriate, sustainable
fuel sources
☐
☐
The advancement of efficiency in the use of natural resources
A positive contribution to renewable electricity
generation.
A quantifiable level of efficiency of conversion of
primary energy to output electricity and/or heat,
including the capacity to deploy combined heat and
power technology or the future potential to do so.
☐
☐
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The protection or enhancement of the natural environment
The presence of improvements to, or the avoidance or
satisfactory mitigation of, any adverse impacts on the
natural environment beyond minimum legal
requirements, including but not limited
 In respect of biomass feedstock supplies,
compliance with good industry practice such
as sustainable agricultural or forestry
standards which help protect soil quality,
ground and surface water and otherwise
protect forests and crops from natural harms
such as storms (wind throw), fire and disease,
together with compliance with the land criteria
set out in the relevant Renewable Obligation
Orders or Renewable Heat Incentive Scheme
Regulations which prohibit use of material
from high biodiversity sources such as
grasslands.
In respect of the biomass plant:
 Levels of pollution of controlled substances to
the air (including the performance against
regulatory permitted air emissions limits);



Noise, dust or odour impacts arising from plant
operations or transportation of waste, or other
loss of amenity;
Levels of soil, surface water and groundwater
pollution;
Volume of water used, in particular from local
groundwater and surface water resources.
☐
☐
☐
☐
☐
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The protection or enhancement of biodiversity
The presence of improvements to, or the avoidance or
satisfactory mitigation of, any adverse impacts on
biodiversity beyond minimum legal requirements,
including but not limited to:
 In respect of biomass feedstock supplies:
compliance with good industry practice such
as sustainable agricultural or forestry
standards which protects biodiversity
originating in forest or on land used as the
source of biomass;
 In respect of the biomass plant: all biodiversity
impacted by the construction or operation of
the plant and associated infrastructure; and
 Any other effect which demonstrably reduces
net loss and improves net gain to biodiversity
arising from the project.
☐
☐
☐
The promotion of environmental sustainability
Commitment to continual improvement through good
industry practice.
Additional benefits which may contribute to the
transition to a green economy including the potential
for the future life-extension of the green infrastructure.
☐
☐
Reviewer Comments
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Green Investment Handbook
Green due diligence checklist
Section 4.7 Onshore Wind
s. 4.7 Appraisal vs. Onshore Wind Criteria:
In considering whether any loan or investment in this sector would make a contribution to achieving any of the Green Purposes set out below, we will
evaluate (and, so far as practicable, quantify) the extent to which the relevant project is likely to have the corresponding positive Green Impact set below.
NB: We will consider if a project contributes, or is reasonably likely to, contribute in the UK to any one or more of five green purposes, i.e. a project does
not need to meet all of these criteria.
The reduction of GHG emissions
A positive contribution to GHG savings, as estimated
in accordance with GIB’s latest applicable Green
Impact Reporting Criteria.
Based on due diligence conducted to date, the project’s anticipated contribution to reduction of
GHG emissions is: [●] t CO2e/annum based on a lifetime emissions saving of [●] tCO 2e (assuming
a project lifetime of [●] years).
☐
The advancement of efficiency in the use of natural resources
A positive contribution to renewable electricity
generation.
Based on due diligence conducted to date, the project’s generation of renewable electricity
(attributable to GIB) is: [●] GWh/annum based on a lifetime emissions saving of [●] GWh (assuming
a project lifetime of [●] years).
☐
The protection or enhancement of the natural environment
The presence of improvements to, or the avoidance or
satisfactory mitigation of, any adverse impacts on the
natural environment beyond minimum legal
requirements, including but not limited to:
 Adverse impact on visual amenity of the
landscape and, if applicable, seascape;
 Noise pollution affecting populated areas
together with any other loss of amenity;
 Disturbance and long term damage to the quality
of the land or water environment including
consideration of impacts on peatland where
appropriate.
☐
☐
☐
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The protection or enhancement of biodiversity
The presence of improvements to, or the avoidance or
satisfactory mitigation of, any adverse impacts on
biodiversity beyond minimum legal requirements,
including but not limited to:
Impact on biodiversity resulting from the construction
or operation and decommissioning of the plant and
associated infrastructure.
Any other effect which demonstrably reduces net loss
and improves net gain to biodiversity arising from the
project.
☐
☐
The promotion of environmental sustainability
Commitment to continual improvement through good
industry practice.
☐
Additional benefits which may contribute to the
transition to a green economy including the potential
for the future life-extension of the green infrastructure.
☐
Reviewer Comments
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Green Investment Handbook
Green due diligence checklist
Section 4.8 Hydropower
s. 4.8 Appraisal vs. Hydropower Criteria:
In considering whether any loan or investment in this sector would make a contribution to achieving any of the Green Purposes set out below, we will
evaluate (and, so far as practicable, quantify) the extent to which the relevant project is likely to have the corresponding positive Green Impact set below.
NB: We will consider if a project contributes, or is reasonably likely to, contribute in the UK to any one or more of five green purposes, i.e. a project does
not need to meet all of these criteria.
The reduction of GHG emissions
A positive contribution to GHG savings, as estimated
in accordance with GIB’s latest applicable Green
Impact Reporting Criteria.
Based on due diligence conducted to date, the project’s anticipated contribution to reduction of
GHG emissions is: [●] t CO2e/annum based on a lifetime emissions saving of [●] tCO 2e (assuming
a project lifetime of [●] years).
☐
The advancement of efficiency in the use of natural resources
A positive contribution to renewable electricity
generation.
Based on due diligence conducted to date, the project’s generation of renewable electricity
(attributable to GIB) is: [●] GWh/annum based on a lifetime emissions saving of [●] GWh (assuming
a project lifetime of [●] years).
☐
The protection or enhancement of the natural environment
The presence of improvements to, or the avoidance or
satisfactory mitigation of, any adverse impacts on the
natural environment beyond minimum legal
requirements, including but not limited to:
 Adverse impact on visual amenity of the
landscape together with any other loss of
amenity, including fishing and other
recreational activities;
☐
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
Adverse impacts, both upstream and
downstream, on the local surface water,
ground water or soil environment, including
impacts on water flow or quality (including
oxygenation and temperature), including those
arising directly or indirectly from
pollution/siltation, and alteration to
hydrodynamics or geomorphology.
☐
The protection or enhancement of biodiversity
The presence of improvements to, or the avoidance or
satisfactory mitigation of, any adverse impacts on
biodiversity beyond minimum legal requirements,
including but not limited to:
Impact on biodiversity, both upstream and
downstream, resulting from the construction or
operation of the plant and associated infrastructure,
including the impact on fish (including migratory
behaviour), other water-borne life and wildlife
connected to the river and depleted reach (such as
riparian mammals, plants – particularly bryophytes –
and birds).
Any other effect which demonstrably reduces net loss
and improves net gain to biodiversity arising from the
project.
☐
☐
The promotion of environmental sustainability
Commitment to continual improvement through good
industry practice.
☐
Additional benefits which may contribute to the
transition to a green economy including the potential
for the future life-extension of the green infrastructure.
☐
Reviewer Comments
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Table 4: Performance against the Green Investment Policy:
Section 5 & 6
s. 5.1 Application of Green Criteria
☐
Application of the relevant criteria set out in section 4
s. 5.2 Evaluation Process
☐
Evaluation process will be based on the following
principles: Consistency, Proportionality,
Completeness, Transparency, Accuracy and Prudence
s. 5.3 Evaluation of Green Impact on the Economy
☐
Eg Financial market development =/technology
costs/wider effects
s. 5.4 Evaluation of Green Risk
Evaluation of Green Risk undertaken
[insert reference to risk register and radar]
☐
s. 5.5 Alignment with Government Policy
Transaction aligned with Government Policy
☐
Covenants s. 6.1
Application of effective covenants, monitoring and
engagement
☐
Reviewer Comments
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Table 5: Performance against the Responsible Investment Policy
Requirement
Notes
1.1 Comply with Equator Principles

1.2 Investment analysis and due
diligence:
 ESG matters included in due
diligence
1.3 Disclosure:
Appropriate disclosure of relevant ESG
matters from investee
Legal Doc Ref
Status
☐
☐



Notes
Legal Doc Ref
☐
Status
Requirement
1.4 Active Ownership:
Comply with the Equator Principles,
where applicable,
Comply with all applicable
environmental and social laws and
regulations,
Operate, maintain and manage the
project in accordance with good industry
practice,
Report on ESG issues on a periodic
basis/promptly any materially adverse
environmental or social issues,
Independent adviser may have access
to the project to monitor and report on
environmental and social matters,
Comply with such other specific
conditions and undertakings relating to
responsible investment matters as may
be appropriate.

☐

☐

☐

☐

☐

☐

☐
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Section 2
2.1 Environmental responsibility:
compliance with GIP
2.2 Social responsibility:
compliance with laws
2.3 Governance: corporate
governance framework
2.3 Governance: compliance with
other relevant GIB policies
2.3 Governance: ESG policies

☐

☐

☐

☐

☐
Reviewer Comments
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Annex 1: Document Checklist
Information requested from the Client
Documents Reviewed by GIB
Key Comments
Environmental Management
Responsible Investment
25
Annex 2: Summary of Key Project/Client Engagement (including significant telecons)
Attendees
Correspondence
type
Date
Location
Focus/relevant summary
e.g. Green Team/IB
team
e.g. meeting
e.g. 2 Nov 2013
e.g. conference call
e.g. review of project documentation, identified counterfactual for
GHG calculations
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