GREEN, SOCIAL AND SUSTAINABILITY BOND FRAMEWORK

These two documents represent a significant evolution in CDPQ's bond framework between 2020 and 2023. The framework expanded from a Green Bond-only approach to a comprehensive Green, Social and Sustainability Bond Framework, broadening its scope and alignment with evolving international standards. Additionally, the 2023 version incorporates a more detailed sustainability governance structure, expanded ESG management, and strengthened commitment to the UN SDGs through a dedicated ESG Plan and enhanced strategic integration.

• expanded Use of Proceeds — Framework expanded from Green Bond categories only to Green, Social and Sustainability Bond categories, incorporating social investment categories alongside traditional environmental ones.
• expanded Standards Alignment — Alignment extended beyond Green Bond Principles 2018 to include Social and Sustainability bond standards, reflecting evolution toward comprehensive GSS bond framework.
• added Sustainability Governance — 2023 version introduces dedicated ESG Plan, enhanced Sustainability Governance structure, and formalized ESG Risk Management framework not present in 2020 version.
• expanded Strategic Integration — 2023 framework incorporates 2022-2024 Strategic Plan and Sectoral Strategic Guidelines with explicit ESG Policies, demonstrating deeper institutional alignment with sustainability compared to 2020 framework.
• expanded Institutional Positioning — Framework now emphasizes dual development mandates (National Promotional Institution and Financial Institution for Development Cooperation) to justify expanded scope beyond environmental projects.