TCV Sustainable Bond Program

TCV Sustainable Bond Program

Victoria’s Sustainability Ambition

Victoria is entering a decisive decade for climate action, environmental stewardship and social progress.

Victoria has set ambitious, legislated pathways to reduce greenhouse gas emissions, strengthen climate resilience and improve outcomes for vulnerable communities. These policy commitments are supported by substantial public investment across renewable energy, low‑carbon transport, climate adaptation, sustainable water and land management, social and affordable housing, and inclusive education and vocational programs.

Delivering on these priorities requires coordinated action across Government, alongside transparency that enables investors to understand — and participate in — Victoria’s sustainability agenda.

As the State’s central financing authority, TCV plays a central role in partnering with the Victorian public sector to fund essential assets and services. TCV’s sustainability strategy reflects the Victorian Government’s long-term policy direction and, by enabling capital to be raised for initiatives that deliver meaningful environmental and social impact, is a core part of TCV’s contribution to a better future for Victoria.

TCV’s Sustainable Bond Program enables investors to participate in this agenda. Through this program, TCV aims to provide market participants with a credible and transparent view of how sustainable issuance is governed and managed to support Victoria’s sustainability ambition.

TCV Sustainable Bond Framework

TCV’s Sustainable Bond Framework (the Framework) sets out the governance, processes and eligibility criteria that guide sustainable issuance, consistent with leading market standards. The Framework defines the process for eligible green and social expenditures allocation, project evaluation and selection, management of proceeds and reporting.

The Framework is aligned with the International Capital Market Association (ICMA) Principles and, where applicable, references the Australian Sustainable Finance Taxonomy to support credibility, transparency and comparability for investors.

The Framework may be subsequently updated at TCV’s discretion as relevant market standards and best practice continue to evolve over time.

The Sustainability Instruments issued under the Framework may include:

• TCV Green Bonds in accordance with the ICMA Green Bond Principles
• TCV Social Bonds in accordance with the ICMA Social Bond Principle
• TCV Sustainability Bonds in accordance with the ICMA Sustainability Bond Guidelines.
• other sustainable issuance as aligned to ICMA guidance, or industry standards and practices.

In May 2026, TCV published an enhanced TCV Sustainable Bond Framework and Second Party Opinion provided by Moody's Ratings. Key details are listed below:

Annual reporting and disclosures

TCV understands the importance of transparency and disclosure and will publish a TCV Sustainable Bond allocation and impact report on an annual basis.

Allocation reporting

TCV intends for the annual allocation report to include:

• confirmation of aggregated amount of proceeds
• the allocation of proceeds to Eligible Expenditures
• details of refinancing and financing amounts
• details of any co-financing (where information is available)
• disclosure of any unallocated proceeds
• relevant application of market standards, including where relevant, ICMA Principles and guidance, and other industry standards, and/or the Australian Sustainable Finance Taxonomy

Impact reporting

TCV will report on relevant environmental or social impact metrics where relevant and feasible. This impact reporting aims to be aligned with ICMA guidance and, where appropriate, other industry standards.

Annual assurance

TCV will obtain annual post-issuance independent assurance of its Sustainable Bond allocation and impact report to confirm that each outstanding Sustainability Instrument complies with the Framework, the ICMA Principles and, where relevant, other industry standards such as the Australian Sustainable Finance Taxonomy.

Annual allocation, impact and assurance reports:

In September 2021, TCV launched its inaugural Sustainability Bond Issuance as part of an ongoing issuance program. Associated reporting are detailed below:

Issuance