EuRoSIf EuRopEaN SRI TRaNSpaRENcy coDE - DEcEmbER 2021 In addition, and applicable to all the aREf fund family the seller or commissioned by the IEQ team relating to vehicles, relevant aspects for equity investments in green ESG in order to define project specific key performance energy assets are reflected in the legal documentation. To indicators (KpIs), or this end, a tailored checklist based on the united Nations • additional information being required, or certain condi- Sustainable Development Goals (SDGs) was created by tions being determined prior to proceeding, or the IEQ team which is a major part of the ESG assessment. • a transaction being declined on ESG grounds. The SDGs checklist indicates whether the investment has a positive, neutral or negative impact on each of the SDGs. for the aREf fund family, the asset management team The checklist is used to assess all investments as part of the controls the day-to-day operations of the companies and due diligence process. The outcome of the assessment, which relationships with suppliers of the projects and therefore is included in the respective investment memorandum of directly manages potential ESG issues, if any, within our each associated investment opportunity, will lead to: assets. The steps of the IEQ team’s identification, analysis • a transaction proceeding in the regular investment pro- and monitoring during the lifetime of the invested assets cesses which will include scrutiny of reports provided by are detailed in the following graph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ource: allianz Global Investors, 2020. In all our aREf fund family products, we pursue the impro- of our assets, also monitored. See the following graph for vement of at least one SDG: the SDG 7 (ensure access to a definition on the mostly applicable SDGs. affordable, reliable, sustainable, and modern energy for Renewable energy assets have an inherent positive value all). In addition, the goals associated with SDG 8, SDG 9, on the achievement of ESG targets. SDG 11, SDG 12, SDG 13, SDG 15 and SDG 17 are, in most 26