國際商會國際仲裁院-國際商會推出與領(lǐng)先貿(mào)易銀行共同制定的開創(chuàng)性可持續(xù)貿(mào)易融資原則 ICC Principles for Sustainable Trade Finance 2024

ICCPrinciplesforSustainableTradeFinance

OCTOBER2024

TableofContents

IntroductiontoICCPrinciplesforSustainableTrade2

SectionA:ICCPrinciplesforGreenTradeFinance

4

A.1Introduction4

A.2GreenTradeFinanceDefinition4

A.3PrinciplesforGreenTradeFinance4

A.4GuidanceonMethodology6

A.5Data&Evidence7

A.6Reporting7

SectionB:ICCGuidanceonSustainability-LinkedTrade

8

SectionC:ICCGuidanceonSustainability-LinkedSupplyChainFinance

9

SectionD:AmbitionforICCPrinciplesforSocialTrade

9

RoleofICC

10

Acknowledgements

10

Appendix

11

ICCListofGreenActivities

11

Glossary12

PrintedinOctober2024

Copyright?2024

InternationalChamberofCommerce

Allrightsreserved.ICCholdsallcopyrightandother

intellectualpropertyrightsinthiscollectivework.Nopartofthisworkmaybereproduced,copied,distributed,

transmitted,translatedoradaptedinanyformorbyanymeans–graphic,electronicormechanical,andincludingwithoutlimitation,photocopying,scanning,recording,

taping,orbyuseofcomputer,theinternet,orinformationretrievalsystems–withoutwrittenpermissionofICC

throughICCServices,PublicationsDepartment.

Principles

IntroductiontoICCPrinciplesforSustainableTrade

AssessingthesustainabilityofTradeFinanceiscomplexduetothe“flow”natureoftheproduct;

often,theintendedprimaryorendpurposeof

agoodorserviceisnotknownatthepointof

origination.Assuch,itisoftenchallenging,and

highlysubjective,toapplyexistinggreenfinance

frameworkstoTradeFinanceproducts.Asaresult,thereisaclearneedforindustry-wideconsensus,andacommondefinitionofSustainableTrade

Financethatsupportstheoverallobjective

ofexistinggreenfinanceframeworks.Sucha

definitionmustbetransparentandconsistent

acrossfinancialinstitutions,corporates,and

governments.Theprimaryobjectiveofthese

principlesistoenablethedirectionofcapital

towardssustainableandinclusivefacilitieswithintheTradeFinanceindustry,whilstmanaging

greenwashingrisks.

SincethereleaseofaninitialpositioningpaperatCOP26in2021,theInternationalChamberofCommerce(ICC),incollaborationwithBostonConsultingGroup(BCG),industryexperts,

financialinstitutions,andcorporates,has

developedcomplimentaryframeworkstodefinebothSustainableTradeFinanceandSustainableTrademorebroadly.Thisdocumentaddresses

fourdistincttypesofTradeFinanceproducts:

?GreenTradeFinance(GTF)

?Sustainability-linkedTradeFinance

?Sustainability-linkedSupplyChainFinance

?SocialTradeFinance(notdefinedinthisdocumentforreasonsoutlinedbelow)

ICC’sPrinciplesforGreenTradeFinance(PGTF)

areasetofdetailed,fullyimplementable

principlesthatprovideacommonlanguage

andsetofprocessesforbankstoutilisewhen

conductingaUseofProceeds-basedassessmentforgreen-labelledTradeFinanceproducts.

Theseprinciplesarecloselyalignedwiththe

LoanMarketAssociation’s(LMA)GreenLoan

Principles(GPLs)andInternationalCapitalMarketAssociation’s(ICMA)GreenBondPrinciples(GBPs)

butallowassessmentbasedonthepurposeofatransaction,oritsgoodsinadditiontoproject-basedevaluations.

ICC’sguidanceonSustainability-linkedTrade

Financeprovidestailoredadvicebasedonthe

principlessetoutintheSustainability-LinkedLoanPrinciples(SLLPs)forTradeFinanceproducts.

SpecificICCprinciplesarenotrequiredgiventheclearapplicabilityoftheprinciplesintheLMA’s

SLLPs.

ICC’sguidanceonSustainability-linkedSupply

ChainFinanceprovidesadditionalclarityon

ownershipofKPIsinrelationtoSustainability-

LinkedSupplyChainFinanceprogrammes.Again,specificICCprinciplesarenotrequiredgiventheclearapplicabilityoftheprinciplesLMA’sSLLPs.

PrinciplesforSocialTradeFinanceremainanareaoffocusforICC,yetduetothenascenceofSocialTradeFinancewithinthemarket,thisdocument

willprimarilysetoutICC’sambitiontodevelopaspecificsetofPrinciplesforSocialTradeFinanceinnearfuture.

ThePrinciplesforGreenTradeFinanceandfuturePrinciplesforSocialTradeFinancewillformthe

twoUseofProceedscomponentsofthewiderICCPrinciplesforSustainableTrade(PST).

ThePSTframeworkrepresentsabroaderand

moreholisticapproachtoassessingsustainabilityinTradeFinancetransactionsbyaddressing

bothenvironmentalandsocioeconomicfactors.

Itevaluatessustainabilityacrossfourcore

componentsoftrade:theUseofProceeds,the

buyer,theseller,andthedistributionofgoods

orservices.Thesecomponentsaregradedalongtwosustainabilitydimensions:environmental

sustainability,whichincludesfactorssuchas

climatechangemitigationandbiodiversity,andsocioeconomicsustainability,whichfocusesonhumanrights,labourpractices,andpromotingsustainableeconomicdevelopment.

ICCPrinciplesforSustainableTradeFinance2

FormoreinformationontheICCPSTprogram,

seehere

.

ICCPrinciplesfor

SustainableTradeFinance

SUSTAINABLETRADE

PrinciplesforGreen

TradeFinance

Q42024

ICCPrinciplesforSustainableTrade

Environmental

Assessmentof

Buyer

Environmental

Assessmentof

Seller

Environmental

Assessment

ofDistribution

Principles

forSocial

TradeFinance

c.2025

Socioeconomic

Assessmentof

Buyer

Socioeconomic

Assessmentof

Seller

Socioeconomic

Assessment

ofDistribution

ICCGuidanceon

Sustianability

linkedTradeand

SupplyChain

finance

Q42024

ICCwouldliketorecognisetheworkdonebythe

LoanMarketAssocation

(LMA)ontheGreenLoan

Principles,forwhichthisworkisheavilyinfluencedby.ICCwouldliketoalsotaketheopportunityto

referencetheworkcompletedbythe

BankersAssociationforFinanceandTrade

(BAFT)ontheirProductMatrix,enablinginstitutionstodeterminetheoptimalassessmentmethodologyforeachproducttype,closelyaligningtoandcomplementingtheICCPrinciplesforSustainableTradeFinance.

3ICCPrinciplesforSustainableTradeFinance

SectionA:ICCPrinciplesforGreenTradeFinance

A.1Introduction

ICC,throughthedevelopmentofPGTF,aimstohelptradebanksandtheircustomers:

?Reducegreenwashingrisksfromthevaryinginterpretationsofgreentradetoday

?Increasetheproportionofgreentradethat

isformallyrecognisedsothatfinancecanbemoreeffectivelychannelledtogreenactivitiesandgoods

?Provideclear,transparent,andconsistent

guidelinesthatallowcorporatestounderstandwhatqualifiesasgreenTradeFinancethroughauniformapplicationacrossbanks

TheaimsofthePGTFaretocomplementandsupporttheLMA’sGreenLoanPrinciplesintheassessmentofTradeFinancetransactionsandtoensurethatthethresholdforsustainabilityingreenTradeFinanceiscomparabletothatofothergreenfinancing.

A.2GreenTradeFinanceDefinition

GreenTradeFinance(GTF)referstoTrade

FinanceproductsdesignedexclusivelytofinanceormitigatefinancialriskfromactivitieswheretheUseofProceedsisclearlyandverifiablyallocatedtogreenpurposes,or,wherethepurposeisnot

known,togreengoods.

A.3PrinciplesforGreenTrade

Finance

ThePGTFconsistoffourkeypillars:UseofProceeds,evidencing,safeguardingandstandardisation,andreporting.

A.3.1Useofproceeds

UseofProceedscanbeassessedthroughtwo

lensesinthePGTF:purposeandgoods.There

arespecificTradeFinanceproductswherethe

purposeisnotknown.Inthesecases,usersmustundertakeanassessmentofthegooditself.

TradeFinanceproductsforwhichtheuser

typicallyhasvisibilityonthepurposeoftheirUseofProceedsinclude:

?Guarantees

?Standbylettersofcredit

?ECA-coveredexportfinance(insomecases)

Theusershouldassessthetransactionbasedonitspurposewherepossible,seekingtoattribute

thepurposebasedonthenatureofthegoodsoranyadditionalavailableinformation.

Inotherproducts,wheretypicallyonlythegoodcanbeknown,usersshouldundertakeagoods-basedassessment.Theseproductsinclude:

?Importlettersofcredit

?Exportlettersofcredit

?ECA-backedexportfinance(some)

?Payablesfinance

?Dynamicdiscounting

?Receivablesfinance

?Receivablesdiscounting

?Factoring

?Loansforimport/export

WhenthepurposeoftheTradeFinanceproduct

isknownorcanbeevidenced,forittobe

consideredGTF,itmustaligntoorsupportagreenactivity(seeAppendixA).

ICCPrinciplesforSustainableTradeFinance4

Incaseswhereonlythegoodisknown,thegooditselfmustbealignedwithorsupportagreen

activitytobeconsideredgreenTradeFinance.Evenso,wherepossible,usersshouldendeavourtodeterminethegood’spurpose.

ICCprovidesalistofgreenactivities,builtupon

thatoftheLMA’sGreenLoanPrinciplesandEU

Taxonomy(seeAppendixA).However,usersmaychoosetospecifyadditionalgreenactivitiesinlinewiththeirinternalsustainabilitypoliciesorexternalframeworks,liketheInternationalEnergyAgency’s(IEA)GreenTechnologies,aslongastheypass

DoNoSignificantHarmchecksandsupportoneormoreoftheenvironmentalUNSustainable

DevelopmentGoals(SDGs).

Whereuserscannotdirectlyinferthe

sustainabilityofthepurposeorgoods,itmustbeevidencedassustainableandpassDoNoSignificantHarmchecks(seesections3.2:

Evidencing,and3.3:Safeguarding).

Incertaintradefinancetransactions,particularlythoseinvolvingthefinancingofexporters(such

as,negotiationofletterofcreditproceeds),

theproceedsreceivedbythesellermaynotbe

allocatedspecificallytoagreenpurpose.Inthesecases,‘UseofProceeds’withinthecontextof

GreenTradeFinancereferstothefinancingofgreengoodsorservices,andtheenvironmentalbenefitderivedfromthenatureofthegoodsorservicesbeingfinancedratherthanthespecificallocationofproceedsbytherecipient.

A.3.2Evidencing

Wherethesustainabilityofapurposeorgoodis

notclearwithahighdegreeofconfidence,robust

sustainabilitycredentialsshouldbeusedas

evidence.Acceptableformsofevidencecanbeseeninsection6:Data&Evidences.

Usersareencouragedtoensurethatcredentials

alignwithICC’ssustainabilitycriteria,which

requireindustryrelevanceandalignmentwithoneormoreoftheenvironmentalUN(SDGs).Users

shouldbesatisfiedthatanyexternalsourcesofevidenceexhibitthefollowingfivekeyattributes:

?Widelyaccepted1

?Fact-based

?Independent

?Measurable

?Comprehensive1

ICCalsoprovidesasustainablecredentiallibraryforusersofthePGTFtoleverage,thedetailsofwhich

canbeseenundersection5:DataandEvidences.

A.3.3Safeguarding

Whilstthepurposeofatradetransactionmaynotalwaysbeclear,usersshouldseektoassessclient-levelDoNoSignificantHarm(DNSH)principles

inhigh-risktransactions,andareencouragedtoassessDNSHatafacilitylevel.

High-risktransactionscanbeassociatedwith

specificindustries,geographies,orclientprofilessuchasfossilfuels,textilesmanufacturing,

andmining.Usersmayexercisediscretion

regardingthisdesignationbasedontheirinternalsustainabilityandriskpolicies.

UsersshouldconductDNSHchecksaccording

toindustry-recognisedframeworks.ICCrecommendsthefollowingassuitablemethodologies:

?EquatorPrinciples

?EUTaxonomyDNSH

?IFCPerformanceStandards

?Localmarketregulations

Forcertainproductscharacterisedascontingentliabilities,thereisinherentring-fencingof

proceedswherebytheproceedscanonlybeusedforthegreenpurposeorgood,aswithImport

lettersofcredit,wheretheproceedsmayonly

bereleaseduponreceiptofthespecificgoods.However,forotherproductswhereproceedsarenotinherentlyring-fenced,ICCrecommends

adheringtotheguidelinessetoutintheLMA’sGLPs.Forproductsthatarenotcontingent

liabilities,usersmustensurethatthereisrigoroustrackingandmanagementofproceedsata

facilityleveltoensuregreenfundsareeither

clearlyidentifiedandsegregatedintodedicatedaccounts/facilitiesor,whereapplicable,that

greentranchesaredistinctlyseparatedfromnon-green(“brown”)funds.

InTradeFinanceproductswheretheclientmaynotdirectlyreceivetheproceeds,theclientis

responsibleforensuringthatdisbursements

tocounterpartiesarediligentlymonitoredand

1.Seeglossaryfordefinition

5ICCPrinciplesforSustainableTradeFinance

complywiththeUseofProceedsrequirementsaspertheLMA’sGLPs.

A.3.4Standardisation&Reporting

Insettingusers’thresholdsforenvironmental

sustainability,GTFshouldbecomparabletothatofothergreenfinanceproducts,soastonot

disincentivisetheadoptionofGTF.

ThethresholdforenvironmentalsustainabilitysetoutinthePGTFistheminimumrequirementusersshouldmeetinordertolabelaTradeFinance

productasgreen.ThisensuresthatTrade

Financetransactionsareuniformlyassessed

acrossusers,anditincreasestransparencyon

GTFforborrowers/clients.UsersmaywishtoaddadditionalrequirementsalongsidethosesetoutinthePGTFfortheirGTFproducts.

Theremustbestandardisedreportinganddisclosurepracticestoensuretransparencyandcomparabilityofsustainabilityassessmentswheretheborrower/

clienthastheresponsibilityofreportingandtheuser,typicallyabank,hastheresponsibilityoftoensure

thatreportingguidelinesaremet.

ReportingintheICCPGTFcloselyalignswiththestandardsoftheLMA’sGLPsandICMA’sGBPs;

usersareaskedtoadheretotheseprinciplesin

conjunctionwithICC’sspecificrecommendationsforscenarioswhereshort-termfacilitiesare

offered,allowingforone-timereportingor

validation,guidanceuponwhichcanbeseenundersection6:Reporting.

A.4GuidanceonMethodology

ThePGTFhavebeencreatedinsuchawaythat

theyactastheminimumacceptablethreshold

forGTF.Institutionsmayutilisethemethodology

belowasaframeworkuponwhichtoassessa

transaction,andthethresholdaninstitutionsets

canalwaysbehigherthantheonedescribedhere.

Wherethefinancierhastheabilitytodeterminethepurpose,theyshouldendeavourtoverifythisinfavourofagoodsassessment.

Insituationswhereusersknowboththe

purposeandgoods,theyshouldgiveprioritytothepurpose.Ifthegoodsthemselvesarenot

classifiedas“green”buttheirpurposeisalignedwithagreenactivity,thismayqualifyasgreen

TradeFinanceaslongasthegoodspassDNSH

principles(laidoutinsectionA.4.1:Safeguarding).

However,ifthepurposeisnon-green,the

transactioncannotbeconsideredGreenTrade

Finance,evenifthegoodsthemselvesaregreen.

A.4.1Purpose

Greendefinition:ThepurposeoftheTrade

FinanceUseofProceedsisalignedwithagreenactivity(seeappendixA).

A.4.2Goods

Greendefinition:Thegoodsfinancedthrough

theUseofProceedsofaTradeFinanceproductarealignedwith,ortheproductionofwhichhassupportedagreenactivity(seeappendixA).

A.4.3PurposesandGoodswhicharegreenwithahighdegreeofconfidence

Specificpurposesareclearlyalignedtogreen

activities,andthuscanbeclassifiedasgreen

withouttheneedtosupplyadditionalevidencing.Anon-exhaustivelistincludes:

?Renewableenergycreationorsolarpanels

?Saleofenergyefficiencyproductsorsmartmeters

?Constructionofarecyclingfacilityortradingrecyclable/scrapmaterials

?Constructionofelectricvehicles

A.4.4Purposesandgoodswhicharenotgreenwithahighdegreeofconfidence

SpecificpurposesarenoteligibleforGTFduetotheirnegativeimpactontheenvironment.Anon-exhaustivelistincludes:

?Coalmining

?Crudeoilextraction

?Naturalgasextraction(note:usersmay

choosetoclassifynaturalgasasgreen

whenitsroleinsupportingenergytransitionpathwaysisclearlydemonstrated)

A.4.5Purposesandgoodsthatrequireadditionalevidencingtobedeemedgreen

Purposesthatcanbealignedtoeithergreenor“brown”activitiesrequireadditionalevidence

tobeclassifiedasGTF(seesection6:DataandEvidence).Anon-exhaustivelistinclude:

?Agricultureandsubsequentproducts

ICCPrinciplesforSustainableTradeFinance6

?Textilesmanufacturingandsubsequentproducts

?Aquacultureandfish

?Forestry

A.5Data&Evidence

Sourcesthatcanevidenceenvironmental

sustainabilityofapurposeorgoodinclude:

?ICC-recognisedstandards

?Third-partycertifications

?Industrystandards

?Governmentandregulatoryapprovals

?Sustainabilityreportsandaudits

?Academicandresearchpublications

?Verifiedenvironmentalmetricsanddata

?Sustainabilityindicesandratings

?Commercialrecordsfortheverificationofgoods,includingbutnotlimitedto:BillsofLading,InvoicesandContracts.

?AlignmenttoenvironmentalUNSDGsorParisAgreementgoals

?TaxonomyRegulationsuchastheEU

Taxonomyanditstechnicalscreeningcriteria

?Localmarketregulations

Anycredentialsshouldbesufficientlyrigoroustoavoidpotentialgreenwashing.ICCrecommendsevaluatingcredentialsunderthefivecriterialistedbelow:

?Widelyaccepted

?Fact-based

?Independent

?Measurable

?Comprehensive

UsersareencouragedtoreflectICC’s

methodologyforrigourtestingstandards,whereICCevaluatestheenvironmentalsustainabilityofstandardsthroughtheiralignmenttoatleastoneoftheenvironmentalUNSDGs.

IncollaborationwiththeITCStandardsMap,

ICCoffersdataresourcestoaccelerateany

assessmentsmadeunderthePGTF.Usersmaywishtousetheseordevelopinternalresourcesundertheabovemethodologies.Theseinclude:

?HSandNACEcodemappingtogreenactivities,withc.6,000goodsand600activitiesmappedtogreenactivities

?300+sectorspecificICC-recognisedstandardsthathavepassedrigourassessments

?HSandNACEcodemappingtoICC-recognisedstandards,allowinguserstoseepotential

standardsforaspecificpurposeorgood

Shouldusersrequiremappingexercisesto

additionalcategoriesorresources,pleasereachoutdirectlytoICC.

A.6Reporting

ICCrecommendsadheringtotheLMA’sGLPguidanceonreportingforinformationon

descriptions,confidentiality,aggregationand

sharingforthemajorityofreportingrequirements.However,ICCprovideadditionalguidancefor

TradeFinanceproducts.

Tradefinanceproductsofteninvolverevolving

facilitiesorone-timeusagewherethespecificendpurposeofagoodmaynotbeclearatthetime

offinancing.Inthesesituations,theICCPGTF

recommendthatusersmaintainreadilyavailableinformationonthetypesofgoodsfinancedandupdatethisinformationasnecessaryintheeventofsignificantchanges.Thereportingcadence

shouldbetailoredtothenatureofthefacility;ICCrecommendsperiodicreviewsforrevolvingfacilities,whilstannualreportingmaybemoreappropriateforlong-termproducts.

ICCrecommendtheuseofqualitativeand,wherefeasible,quantitativeperformanceindicators

(suchasgreenhousegasemissionsreduced/

avoided).Theyalsoencouragethedisclosureofkeymethodologiesandassumptionsusedinsuchassessments.Borrowerscapableofmonitoring

achievedimpactsshouldincludethesemetricsinregularreportstoparticipatinginstitutions.

ICCrecognisesthatreportingonGTFmayhavecharacteristicsdifferentfromnormallending.

Consequently,banksmay,onlywherenecessary,choosetodifferentiatethemeansbywhich

volumesaremeasured,solongasdoingsodoes

notincreaseanygreenwashingrisksinaccordancewiththeirinternalESGRiskpolicies.

7ICCPrinciplesforSustainableTradeFinance

$

SectionB:ICCGuidanceon

Sustainability-LinkedTrade

Finance

Sustainability-linkedfinancemeasures

improvementinoneormoreKPIsataclientlevel.WherelendersmaywishtoofferSustainability-

linkedTradeFinance(SLTF),ICCrecommends

utilisingthepillarsoftheLMA’sSLLPsasguidanceforassessments.

AsseenintheLMA’sSLLPs,sustainability-linked

assessmentsoccurataclientlevel:theborrower/clientselectsKPIsandsubsequentlysets

sustainabilityperformancetargets(SPTs).AslongastheSPTsaremet,theclientwillnotbepenalised.EveniftheSPTsarenotmet,banksretaintheabilitytocontinuetolabelthefacilityassustainability-

linked,inordertopromoteambitiousSPTs.

TheLMA’sSLLPsrequirethatusersensureKPIsarerelevant,alignedtotheclient’scoresustainabilityobjectives,andmeasurable.Theborrower/client

isresponsibleforselectingKPIsandSPTs.The

useroftheframework—typicallyabank—is

responsibleforverifyingandvalidatingthe

selectionofKPIsandSPTstoensurecompliancewithICC/LMAprinciples

ReportingforanySLTFfacilitiesshouldtakeplaceatleastannually,oratashortercadenceto

reflectthatofshorter-terminstruments,ifagreedbetweenthebankandtheclient.Anyprice

impactsofperformanceagainsttargetsshouldalsobedocumentedbythebank.

Inthecaseofsustainability-linkedTradeFinance,usersmayalsoconsiderusingESGscorersas

aKPItomeasuresustainabilityperformance,

actingasanexternallyverifiedformofevidence/verification.

ICCPrinciplesforSustainableTradeFinance8

SectionC:ICCGuidanceon

Sustainability-LinkedSupplyChainFinance

ICCalsorecommendsutilisingthepillars

oftheLMA’sSLLPsasguidingprinciplesfor

sustainability-linkedSCFprograms.Asseenin

sectionB,sustainability-linkedassessmentsarebasedonKPIsandSPTsandshouldundergothesamerigourdescribedpreviously.

ICChasprovidedguidancespecifictosupplychainfinance:

?UsersoftheLMA’sSLLPsforSLSCFshould

ensurethatthe“anchorbuyer”establishes

commonandrigorousKPIs,andsubsequentlydeterminestheSPTsthatwillbesetfortheir

respectivesuppliers.

?UsersoftheLMA’sSLLPs,namelybanks,

shouldensurethatthesettingoftheKPIsandSPTsareappropriate,fairandalignedtothebuyer’sESGstrategyincludingrelevanceto

theirrespectiveindustry.

?UsersmayalsoconsiderusingreputableESGscorersasaKPItomeasuresustainability

performance,actingasanexternallyverifiedformofevidenceorverification.Where

clientswishtoutilisescoringorranking

methodologies,usersshouldassessthe

buyer’sabilitytovalidatethescoresorranks.

?ReportingforanySLSCFfacilitiesshouldtakeplaceannually,oratashortercadenceif

agreedbetweenthebankandtheobligor.

品廠

SectionD:AmbitionforICC

PrinciplesforSocialTrade

ICCrecognisestheparamountimportanceofintroducingbespokeprinciplesforsocialTradeFinance.DuetothenascenceofSocialTrade

Financeofferingsinthemarket,ICCwillprovide

guidanceonthisproductcategoryinthenearfuture.

IntheICCPrinciplesforSustainableTrade,ICC

setoutitscurrentthinkingonthesocioeconomicdimensionofUseofProceeds.ICChopes,inthecomingyear,todevelopanditeratetheseintoadocumentsimilartothatofthePGTFandensurethatthePSTFremainacomprehensiveand

rigorousdocument.

9ICCPrinciplesforSustainableTradeFinance

RoleofICC

FollowingthereleaseofthePSTF,ICCwillcontinuetoevolvetheframeworkandprovideadditional

supportinthefollowingways:

Definingprinciples:Defineandmaintainclear,

consensus-basedprinciplesforsustainabletrade,greenTradeFinance,andSocialTradeFinance.

ICCwillupdatetheseprinciplesregularlyto

reflectevolvingindustrynormsandtheincreasingavailabilityofsustainablecredentials.

Articulatingmethodology:Continuetoarticulateamethodologicalframeworkforuserstoapply

theframework,whichprovidessufficient“degreesoffreedom”toalignwithinternalprocesseswhilstmaintainingrigoursoastoavoidanypotential

greenwashingrisks.

Classifyingdataandevidence:Deliverongoingguidanceonacceptablemethodsforevidencingtheframework,includingaccesstoproprietary

datasourcesthatsupporttheassessmentsdetailedinsection6:Data&Evidence.

Guidingcommunication:Maintainguidanceon

howtocommunicateoutcomesofthePSTmatrixandPGTFframeworkandsharereportingina

transparentandregularmannerwhilstensuringconfidentialityasrequired.

Leadingengagement:Leadengagementacrossbanks,regulators,corporates,andindustrybodieslikeBAFTandITFAtoensurealignmentofa

consensusviewandenableaccessibleeducationtoexpandPSTFusage.