CAF - Sustainable Finance Framework

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FrameworkCAF: The Green Bank for Sustainable and Inclusive Growth of Latin America and the Caribbean 1 https://www.caf.com/media/3682706/convenio-constitutivo-ingles-mar2022.pdf 2 https://www.caf.com/media/4670464/accionistas-caf-ingles.pdf CAF – Development Bank of Latin America and the Caribbean (“CAF” or “the Bank”) is a multilateral financial institution dedicated to fostering sustainable and inclusive development in its shareholder countries and advancing regional integration throughout Latin America and the Caribbean (“LAC”).1 The Bank’s membership comprises 22 shareholder countries—

Argentina, Bahamas, Barbados, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Jamaica, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Trinidad and Tobago, Uruguay, Venezuela; and 13 private banks in the region.2 CAF supports both the public and private sectors, offering a diverse range of products and services to its ample client portfolio, including shareholder countries, private companies, and financial institutions. Its management policies integrate social and environmental variables, applying eco-efficiency and sustainability criteria to all operations. As a financial intermediary, CAF mobilizes capital from international markets to LAC, driving investments and business opportunities.4 Sustainable Finance Framework To achieve this mission, with the aim of becoming the Green Bank for Sustainable and Inclusive Growth of Latin America and the Caribbean, CAF launched its 2022–2026 corporate strategy. With measurable 3 https://www.caf.com/es/sobre-caf/estrategia-caf/ objectives, it focuses on 18 strategic agendas designed to maximize positive impacts on its shareholder countries’ development.3 Institutional Strategy CAF's institutional strategy aims to establish the Bank as the Green Bank for Sustainable and Inclusive

objectives, it focuses on 18 strategic agendas designed to maximize positive impacts on its shareholder countries’ development.3 Institutional Strategy CAF's institutional strategy aims to establish the Bank as the Green Bank for Sustainable and Inclusive Growth of Latin America and the Caribbean by 2026, positioning the region as a leader in developing innovative solutions for pressing global challenges. The strategy is a comprehensive effort that leverages CAF’s institutional strengths and engages all areas across the organization, including development experts, to address the region’s most urgent issues. The strategy aligns with CAF’s mission to support shareholder countries in achieving sustainable development and building regional integration through financial instruments and knowledge services. For more than 55 years, CAF has worked with countries and strategic partners to promote a holistic development approach that prioritizes the social and economic needs of people, communities, and ecosystems throughout the region. By emphasizing regional values, CAF seeks to foster effective integration with global value chains, driving sustainable economic growth. CAF’s renewed strategic agenda provides a clear roadmap with targeted actions to support public and private sector clients. This involves, first and foremost, maintaining and strengthening the following crosscutting elements underpinning CAF’s value proposition: ⚫ Greener operations: Identify early opportunities and maximize environmental and climate benefits across all operations. ⚫ Knowledge generation: Assess impacts to contribute to global biodiversity & climate goals and sustainable development agendas while generating and sharing valuable insights with society and decision-makers. ⚫ Institutional strengthening: Capacity-building initiatives designed to enhance the capabilities of counterparts across multiple levels of government, as well as internally at CAF. ⚫ Gender, inclusion, and diversity: Addressing barriers to gender equality, promoting racial equity and ethnic diversity, and ensuring the inclusion of persons with disabilities to foster an accessible and inclusive economic and social recovery. ⚫ Regional integration: Boosting productivity, strengthening regional markets, and expanding participation in global value chains.5

barriers to gender equality, promoting racial equity and ethnic diversity, and ensuring the inclusion of persons with disabilities to foster an accessible and inclusive economic and social recovery. ⚫ Regional integration: Boosting productivity, strengthening regional markets, and expanding participation in global value chains.5 ⚫ Resource mobilization and partnerships: Building strategic partnerships and mobilizing third-party resources to amplify the impact of development projects. The strategy also guides CAF’s actions to advance strategic agendas that support the sustainable and inclusive development of the region. These agendas focus on: ⚫ Just energy transition: Supporting countries in maintaining their energy sovereignty, increasing their competitiveness in global energy markets, and meeting decarbonization and renewable energy commitments. ⚫ Climate resilience and biodiversity protection: Assisting countries in adapting to the adverse impacts of climate change, fostering climate resilience and low greenhouse gas (“GHG”)-emission development,4 protecting biodiversity, restoring strategic ecosystems, and sustainably managing ecosystem services and resources.5 ⚫ Resilient and sustainable territories: Creating territories that meet the needs of local populations in an efficient, inclusive, and creative manner, adding value to the cultural and identity characteristics of the communities in the region. ⚫ Social well-being: Advancing gender equality, inclusion of persons with disabilities, and racial ethnic equity, prioritizing the fundamental needs and rights of people and communities. 4 Paris Agreement, para 2(b) 5 Convention on Biological Diversity, Article 1 ⚫ Infrastructure development: Expand physical and digital infrastructure to enable regional integration, strengthen productive value chains, and drive regional development. ⚫ Sustainable productivity and finance: Step up efforts for sustainable productivity, internationalization, and sustainable finances, recognizing the importance of the private sector and companies of all sizes and sectors as key drivers of sustainable economic development. The agendas reflect CAF’s commitment to fostering the well-being of its member countries. To achieve

for sustainable productivity, internationalization, and sustainable finances, recognizing the importance of the private sector and companies of all sizes and sectors as key drivers of sustainable economic development. The agendas reflect CAF’s commitment to fostering the well-being of its member countries. To achieve these goals, CAF will continue to consolidate its financial solvency, enhance staff capabilities, undergo digital transformation, deepen transparency, expand its geographical presence in the region, and develop innovative financial instruments that effectively address emerging challenges. CAF’s institutional strategy aims to establish the Bank as the Green Bank for Sustainable and Inclusive Growth, positioning the region as a leader in developing innovative solutions.6 Sustainable Finance Framework Alignment with the United Nations Sustainable Development Goals (“SDG”) CAF supports the sustainable development and inclusive growth of its member countries by providing financial, technical, and knowledge resources while supporting their transition to low-carbon, climate-resilient production models. In 2023, CAF strengthened its commitment to becoming the Green Bank for Sustainable and Inclusive Growth of Latin America and the Caribbean through initiatives that emphasize the region’s biodiversity and natural capital and address climate change, underscoring LAC as a region of solutions. CAF works toward improving the quality of life of people in its shareholder countries by implementing high-impact environmental and social solutions, driving regional integration, and collaborating strategically with national and subnational governments. CAF also supports private sector action to develop and consolidate strategic alliances. As a dynamic, reliable, highly regarded, and ever-expanding institution, CAF is an agile and timely partner while serving as a platform that amplifies the region’s voice in the most important global discussions and scenarios. In 2023, CAF approved transactions totaling USD 2.5 billion linked to sustainable development, particularly in water and sanitation, education, and urban development. These operations reflect CAF’s dedication to addressing the needs of the most vulnerable sectors in its shareholder countries.

global discussions and scenarios. In 2023, CAF approved transactions totaling USD 2.5 billion linked to sustainable development, particularly in water and sanitation, education, and urban development. These operations reflect CAF’s dedication to addressing the needs of the most vulnerable sectors in its shareholder countries. CAF’s commitment to the 2030 Agenda was evident in 2023, with 27% of approved operations contributing to environmental sustainability and climate change; and 16% contributing to gender equality, the inclusion of persons with disabilities, and racial and ethnic equity. Among the SDGs to which CAF has made the most significant contributions through its operations, the following stand out: ⚫ Goal 17: Revitalize the global partnership for sustainable development (87 approved operations). ⚫ Goal 8: Promote inclusive and sustainable economic growth, employment, and decent work for all (80 approved operations). ⚫ Goal 9: Build resilient infrastructure, promote sustainable industrialization, and foster innovation (68 approved operations). The chart illustrates the number of operations approved by CAF in 2023 and their contributions to the SDGs. Most operations contribute to more than one SDG since primary and secondary SDGs are accounted for. CAF uses a classification model to map its operations to the SDGs. This approach ensures that every loan and equity investment operation align with the SDGs, considering factors like objective, scope, and components. The model assigns a primary SDG and target to each operation, along with up to eight secondary SDGs and targets. This methodology enables CAF to track and report its contributions to the 2030 Agenda, providing clear evidence of alignment with all 17 SDGs through comprehensive reporting.7 CAF supports sustainable development and inclusive growth by providing financial, technical, and knowledge resources while supporting transition to low-carbon, climate-resilient production models.8 Sustainable Finance Framework Approvals by SDG The chart illustrates the number of operations approved

CAF supports sustainable development and inclusive growth by providing financial, technical, and knowledge resources while supporting transition to low-carbon, climate-resilient production models.8 Sustainable Finance Framework Approvals by SDG The chart illustrates the number of operations approved by CAF in 2023 and their contributions to the SDGs. Most operations contribute to more than one SDG since primary and secondary SDGs are accounted for. 87 80 68 59 38 34 19 19 15 15 12 10 8 11 8 5 19 Approvals by SDG in each country The chart reflects the number to operations approved during 2023 by CAF and their contributions to various SDGs. Most operations contribute to more than one SDG. SDG 5 SDG 9 SDG 1 3SDG 1 7 SDG 8 SDG 9 SDG 13 SDG 17 SDG 1 7

SDG 5SDG 8SDG 1

3 SDG 1 7 SDG 7 SDG 9 SDG 1 3 SDG 8 SDG 9 SDG 1 0 SDG 1 3 SDG 1 2 SDG 1 3 SDG 1 6 SDG 1 7 SDG 1 7 SDG 8 SDG 9 SDG 13 SDG 1 7 SDG 6 SDG 8 SDG 1 3 SDG 8 SDG 1 1 SDG 1 3 SDG 1 7 SDG 8 SDG 13 SDG 16

SDG 17 SDG 1 7

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SDG 1 3 SDG 8 SDG 9 SDG 1 3 SDG 8

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1 SDG 1 3 SDG 9 SDG 5 SDG 8 SDG 13 SDG 1 7 SDG 8 SDG 1 7SDG 1 Ar ge ntina Bolivia Brazil Chile Colombia Costa Ri ca Ecuado r El Sa lvado rM exicoOther Panama Paraguay Peru Dominican Republic Trinidad and T obago Urugua y10 Sustainable Finance Framework Furthermore, over 90% of CAF’s shareholder countries have approved projects that directly or indirectly contribute to SDG 13 – Climate Action, which advocates for urgent measures to combat climate change and its effects. This aligns with CAF’s commitment to becoming the Green Bank for Sustainable and Inclusive Growth of Latin America and the Caribbean. The chart reflects the number to operations approved during 2023 by CAF and their contributions to various SDGs. Most operations contribute to more than one SDG. Moreover, as of August 2024, CAF's commitment to the 2030 Agenda is clear, with 31% of approved operations contributing to environmental sustainability, climate change mitigation, and gender equality and diversity. The following SDGs highlight CAF’s most significant contributions through its operations: ⚫ Goal 8: Promote inclusive and sustainable economic growth, employment, and decent work for all (62 approved operations). ⚫ Goal 17: Revitalize the global partnership for sustainable development (45 approved operations). ⚫ Goal 9: Build resilient infrastructure, promote sustainable industrialization, and foster innovation

growth, employment, and decent work for all (62 approved operations). ⚫ Goal 17: Revitalize the global partnership for sustainable development (45 approved operations). ⚫ Goal 9: Build resilient infrastructure, promote sustainable industrialization, and foster innovation (68 approved operations). CAF is committed to aligning all its new operations with the Paris Agreement under the United Nations Framework Convention on Climate Change (“Paris Agreement”) by 2026. To this end, in 2025 the Bank will develop and test evaluation procedures to assess the alignment of loan operations with the Paris Agreement’s objectives. In addition, the Bank has set the goal of reaching 40% of green financing approvals by 2026. 6 National Biodiversity Strategies & Action Plans is a strategic policy document drafted to provide guidance at a national level on the management and protection of biodiversity. Furthermore, CAF has committed to allocate USD 1.25 billion during the period 2022–2026 to finance projects that contribute to preserving marine and coastal ecosystems in LAC. The Bank also intends to incorporate gender equality, inclusion of persons with disabilities, and ethnic diversity components into 60% of its sovereign operation approvals. To meet these commitments, CAF is coordinating efforts across sectoral areas to integrate environmental and climate components into all CAF operations. This includes identifying new operations linked to shareholder countries’ environmental agreements. CAF is focused on increasing its green operations portfolio by strengthening components that enhance environmental sustainability and resilience to climate change; structuring and originating new operations to help LAC countries meet biodiversity goals outlined in their National Biodiversity Strategies and Action Plans (NBSAP);6 and improving disaster risk management. CAF adheres to international green financing standards, including those defined by the International Development Finance Club (“IDFC”), the OECD, and the Kunming-Montreal Global Biodiversity Framework (“Global Biodiversity Framework”) established under the Convention on Biological Diversity. CAF also joined the Sustainable Blue Economy Finance Principles Initiative,

standards, including those defined by the International Development Finance Club (“IDFC”), the OECD, and the Kunming-Montreal Global Biodiversity Framework (“Global Biodiversity Framework”) established under the Convention on Biological Diversity. CAF also joined the Sustainable Blue Economy Finance Principles Initiative, led by UNEP FI, in 2022. CAF’s Water Security Strategy for 2023–2026 reinforces its voluntary commitment, announced at the United Nations (“UN”) Water Conference in March 2023, to approve USD 4 billion for water security over four years, averaging close to USD 1 billion annually. This commitment supports member countries’ efforts to:11 reduce the population’s vulnerability to water extremes (e.g., droughts and floods); ensure safe, inclusive, and efficient access to water and sanitation; reduce water pollution for a healthier environment; and improve access to irrigation for small-scale family and intensive agriculture. CAF is committed to addressing poverty and inequality by improving the lives of vulnerable populations. The Bank has pledged to allocate USD 22 billion by 2035 to provide technical assistance and funding to improve infrastructure and expand access to essential services like healthcare, education, and food security. Additionally, CAF will boost social protection mechanisms to directly impact key social indicators. To further its mission, CAF has also committed to optimizing resource allocation and strengthening collaboration by joining the Global Alliance Against Hunger and Poverty. Accredited Entity Under the Leading Climate and Biodiversity Funds As an accredited entity to the Green Climate Fund (“GCF”), the Global Environment Facility (“GEF”), and the Adaptation Fund (“AF”), CAF has undergone highly rigorous due diligence processes, demonstrating the Bank’s capacity for fiduciary administration, environmental and social risk management, and gender policies. These certifications, upheld through continuous reaccreditation, reinforce the trust of CAF’s shareholders, investors, and partners, who are committed to advancing a just green transition in the region.

the Bank’s capacity for fiduciary administration, environmental and social risk management, and gender policies. These certifications, upheld through continuous reaccreditation, reinforce the trust of CAF’s shareholders, investors, and partners, who are committed to advancing a just green transition in the region. ⚫ Green Climate Fund: Accredited in July 2015, CAF became the first multilateral development bank to sign an Accreditation Master Agreement with the GCF, enabling access to loans, non-reimbursable grants, equity, and guarantees to address climate change mitigation and adaptation. In 2023, CAF successfully completed the GCF’s rigorous reaccreditation process, which evaluated its fiduciary, environmental, and social risk management, as well as its gender and ethnic group policies following a thorough due diligence analysis. This milestone reaffirmed investor and partner confidence in CAF’s ability to support the region’s green, sustainable, and resilient transition agenda. With this reaccreditation in place, CAF continues to develop climate-resilient, low-emission development projects in LAC and to secure additional sources of green funding for the region. ⚫ Global Environment Facility: Established in 1992 at the Rio Earth Summit, GEF is a catalytic financial instrument that supports investments to help recipient countries meet the global environmental goals outlined in various UN environmental agreements. As an accredited agency since April 2015, CAF has focused on building a portfolio of green business initiatives to enhance biodiversity, sustainably manage ecosystem services, and facilitate the transition to a low carbon emission economy. Since 2018, CAF has expanded its work CAF is committed to aligning all its new operations with the Paris Agreement under the United Nations Framework Convention on Climate Change by 2026.12 Sustainable Finance Framework13 with the GEF to include areas such as international waters, along with new instruments and funds in

CAF is committed to aligning all its new operations with the Paris Agreement under the United Nations Framework Convention on Climate Change by 2026.12 Sustainable Finance Framework13 with the GEF to include areas such as international waters, along with new instruments and funds in addition to traditional grants, such as the Global Biodiversity Framework Fund (2022). These efforts have strengthened CAF’s agenda in supporting the blue economy and strategic ecosystems in the region. ⚫ Adaptation Fund: Launched in 2001, the fund finances concrete adaptation projects and programs 7 CAF quantifies its GHG emissions annually, prioritizing the reduction of emissions under its direct control (scope 1 and scope 2 emissions). To achieve annual carbon neutrality for its operations, CAF offsets any remaining emissions by purchasing GHG emission reductions from mitigation projects registered under internationally recognized programs. GHG mitigation projects and programs are selected based on their positive environmental impacts, integrity, and transparency. 8 https://marketplace.goldstandard.org/products/forest-finest-colombia-vichada-climate-reforestation-colombia 9 https://climatetrade.s3.amazonaws.com/media/projects/documentation/certificates/9a58f031-b1a2-46a0-a76f-1cf00fb30d7b_Ey9WS5N.pdf 10 https://registry.goldstandard.org/projects/details/1691 in developing countries that are parties to the Kyoto Protocol and particularly vulnerable to the adverse effects of climate change. Since qualifying as a regional implementing agency in March 2014, CAF has structured several national and regional projects that support local adaptation initiatives in communities affected by climate change. Today, CAF is one of the AF's main partners in the LAC region. Corporate Sustainability CAF proudly announced its corporate carbon neutrality7 at COP 25, reaffirming its commitment to sustainability. Since 2019, the Bank has undertaken strategic efforts to quantify its GHG emissions, directly reduce those under scopes 1 and 2, and offset its historical carbon

Corporate Sustainability CAF proudly announced its corporate carbon neutrality7 at COP 25, reaffirming its commitment to sustainability. Since 2019, the Bank has undertaken strategic efforts to quantify its GHG emissions, directly reduce those under scopes 1 and 2, and offset its historical carbon footprint (1970–2019). These efforts include measures of internal efficiency, the adoption of sustainable procurement practices, and the implementation of best sustainability practices. Additionally, CAF has acquired carbon credits from certified projects located in its shareholder countries. In 2023, CAF reported a carbon footprint of 12,703 tCO₂e, encompassing its operations in Argentina, Bolivia, Brazil, Colombia, Ecuador, Mexico, Panama, Paraguay, Peru, Spain, Trinidad and Tobago, Uruguay, and Venezuela. Of these emissions, 99% were categorized under scopes 2 and 3, with the remaining 1% classified as direct scope 1 emissions. To offset its greenhouse gas emissions, CAF acquired 13,339 tCO2e—5% above its recorded footprint as a precautionary measure—through certified projects such as Vichada Climate Reforestation8 in Colombia, Montes Del Este Afforestation Through High-Quality Timber in Degraded Grassland9 in Uruguay, and Mirador Enhanced Distribution of Improved Cookstoves in Latin America10 in Honduras. These projects adhere to rigorous international carbon market standards such as Gold Standard and Verra. Additionally, CAF made significant progress in implementing internal sustainable purchasing and procurement by setting criteria and developing tools to facilitate this practice throughout 2023. CAF proudly announced its corporate carbon neutrality at COP 25, reaffirming its commitment to sustainability.14 Sustainable F inance FrameworkSustainable Finance Framework 11 P roceeds of a Thematic Finance Instrument are in line with an Eligible Project Category and its relevant criteria listed in the Use of Proceeds section

at COP 25, reaffirming its commitment to sustainability.14 Sustainable F inance FrameworkSustainable Finance Framework 11 P roceeds of a Thematic Finance Instrument are in line with an Eligible Project Category and its relevant criteria listed in the Use of Proceeds section of the Framework. The thematic areas covered by this Framework include Gender Bonds, Diversity Bonds, Inclusion Bonds, Food Security Bonds, Education Bonds, Health and Sanitation Bonds, Reforestation Bonds, Flyways Bonds, and Endangered Species Conservation Bonds, among others. CAF's Sustainable Finance Framework (the “Framework”) outlines the key policies, strategies, processes, and mechanisms that guide its sustainable financing activities. This Framework aligns with CAF's mission to support member countries in meeting their Paris Agreement climate commitments, advancing the Global Biodiversity Framework targets, and achieving their SDGs. The Framework encompasses the issuance of Sustainable-Labeled Instruments (“SLIs”), which include (i) Green Finance Instruments (“GFIs”) and/or Blue Finance Instruments (“BFIs”); (ii) Social Finance Instruments (“SoFIs”); (iii) Thematic Finance Instruments where the proceeds are allocated exclusively to investments in a thematic area11 issued under specific eligible categories detailed under (i) and (ii); and (iv) a combination of any of the above, referred to as Sustainable Finance Instruments (“SFIs”). For purposes of this Framework, all finance instruments issued under the Framework will be referred to as SLIs unless otherwise specified. These finance instruments can be issued in various formats including public offerings and private placements; across different tenors, including medium-term instruments, long-term instruments, and commercial papers. Issuances may fall under any of CAF’s existing funding programs or as standalone offerings. This Framework aligns with internationally recognized standards published by the International Capital Market Association (“ICMA”), including the Green Bond Principles (updated in June 2022), the Social Bond Principles (updated in June 2023), and the

of CAF’s existing funding programs or as standalone offerings. This Framework aligns with internationally recognized standards published by the International Capital Market Association (“ICMA”), including the Green Bond Principles (updated in June 2022), the Social Bond Principles (updated in June 2023), and the Sustainability Bond Guidelines (updated in June 2021). The Framework also incorporates guidance from the International Finance Corporation's (IFC) Blue Finance Guidelines and Bonds to Finance the Sustainable Blue

Economy: A Practitioner’s Guide, September 2023.

This Framework extends to all remaining outstanding financing instruments issued under the CAF Green Bond Framework (May 2019) and CAF Social Bond Framework (May 2020). Allocation of proceeds will follow the processes and criteria outlined in the Framework.16 Sustainable Finance Framework Use of Proceeds 12 Equity investments into investment funds managed by CAF or an external fund manager, which contribute to at least one Eligible Category and the corresponding Eligible Project(s). Investment funds must comply with CAF’s Environmental and Social Safeguards. The proceeds from SLIs under the Framework will be allocated to financing and/or refinancing new and/or existing projects that meet the criteria outlined in this section, collectively referred to as “Eligible Projects.” Eligible Projects may include loans, direct financing, or equity investments12 provided either by CAF or by its shareholder countries. Eligible Projects include those disbursed within a lookback period of up to two (2) years prior to the issue date of the SLI, as well as projects financed after the issue date and up to the maturity date of the SLI. Best efforts will be made to fully allocate the net proceeds to Eligible Projects within two (2) years of the issuance of each SLI. Eligible Projects may qualify under one or more SLI categories. In these cases, CAF will allocate proceeds to the applicable category while reporting additional environmental or social co-benefits, where relevant, as

Eligible Projects within two (2) years of the issuance of each SLI. Eligible Projects may qualify under one or more SLI categories. In these cases, CAF will allocate proceeds to the applicable category while reporting additional environmental or social co-benefits, where relevant, as set forth in Section II.4. Reporting and Transparency. Where applicable, the Bank will report on the relevant impacts of Eligible Projects within these focus areas.17 Green Finance Instruments (“GFIs”) and Blue Finance Instruments (“BFIs”) CAF supports the national commitments, or Nationally Determined Contributions (“NDCs”) made by member countries under the Paris Climate Agreement. As part of its commitment to addressing climate change mitigation and adaptation challenges, CAF mobilizes capital to tackle SDGs related to these areas. GFIs finance Eligible Green Projects that contribute to three (3) thematic focus areas that are strategic priorities for CAF: (i) adaptation to climate change; (ii) mitigation to climate change; and (iii) biodiversity conservation and other environmental objectives. BFIs finance Eligible Blue Projects that contribute to the following strategic priorities for CAF: (i) the health of oceans and/or coastal zones; (ii) the conservation, sustainable use, and/or restoration of marine biodiversity; (iii) climate change mitigation in the maritime sector and other sectors associated with the sea; (iv) energy transition based on marine renewable energy; and/or (v) the adaptation of communities or ecosystems in marine-coastal areas. 13 https://www.idfc.org/wp-content/uploads/2023/12/revised-common-principles-2023-12-05.pdf 14 https://www.idfc.org/wp-content/uploads/2023/11/idfc-2023-common-principles-adaptation-1.pdf 15 https://www.idfc.org/wp-content/uploads/2024/11/idfc-gfm-2024.pdf CAF’s sustainability accounting systems monitor the Bank’s annual commitments toward green and blue objectives. This accounting process is based

15 https://www.idfc.org/wp-content/uploads/2024/11/idfc-gfm-2024.pdf CAF’s sustainab