GREEN FINANCE REPORT AS AT 31 MARCH 2023

HDB's sustainability bond framework evolved from a 2022 Framework document focused on general green finance principles to a 2023 Green Finance Report with more concrete implementation details. The key substantive changes include: (1) explicit integration of multiple Green Finance Transaction types (green bonds and green loans) with formal alignment to international standards; (2) narrowed and clarified eligible project categories from a broader framework to specific Building and Construction Authority (BCA) Green Mark GoldPlus or above certification requirements; and (3) addition of a structured reporting architecture with eligibility registers and detailed project annexes, replacing the original reporting framework structure.

• expanded Standards Alignment — Added formal alignment to three international standards: Green Bond Principles (2021), Green Bond Standards (2018), and Green Loan Principles (2021), with documented third-party limited assurance from Ernst & Young LLP
• tightened Use of Proceeds — Narrowed eligible project category to exclusively Green Buildings with BCA Green Mark GoldPlus or above certification, removing broader reference to sustainability categories
• clarified Eligibility Criteria — Added specific timeline eligibility criteria for projects: must commence either within 24 months prior to GFT issuance or after issuance date
• expanded Use of Proceeds — Expanded financing scope to include both residential and non-residential HDB projects, with explicit funding for both new development and re-financing of eligible projects
• expanded Reporting — Added structured reporting components including Green Projects Register, list of eligible projects (Annex A), and detailed project information (Annex B), replacing earlier narrative reporting framework
• expanded Use of Proceeds — Extended eligible transaction types from green bonds only to multiple Green Finance Transactions including both green bonds and green loans