Poland updates green bond framework ahead of possible first issuance in six years
In January, finance ministry debt chief Karol Czarnecki said that "it's a high probability" Poland would issue green bonds this year, without giving further specifics on the timing or the size of the issuance. It last sold them in March 2019.
Sovereign green bonds are government-issued debt instruments used to finance environment-friendly projects for sustainable development.
The updated framework is based on the International Capital Market Association (ICMA) principles from 2021 and its pre-issuance checklist, which together outline how the proceeds can be used and managed, the process for project evaluation and selection, as well as the reporting requirements.
Eligible projects will include those involving renewable energy, energy-efficient buildings and "green infrastructure", clean transport, as well as sustainable management of living natural resources, land use, water, waste water and climate change adaptation, according to the document.
Green infrastructure refers to the construction and operation of the power grid, either involving interconnection with the European system or the enabling of low-carbon generation.
On Wednesday, the Polish parliament approved legislation easing the rules around building onshore wind farms, which the government says is a key step to increase renewable energy output and lower power prices as part of a broader drive to curb Poland's reliance on coal.
However, it is unclear if the legislation will get final approval given political opposition from both the outgoing and newly elected presidents, who oppose some of the liberal government's proposed reforms.
Poland is also working towards developing nuclear power sources, with the first such unit to be completed in 2036.
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While DAF Trucks have been a market leader for decades, the Dutch company's venture into the car industry was disappointingly brief – only 15 years, to be exact. During that time, about 750,000 cars rolled off the production line in Eindhoven, beginning with the DAF 600 that made its debut at the 1958 Amsterdam motor show. Several incarnations followed, including the most popular 33, 55 and 66 models. Some critics joked that DAFs were driven mainly by elderly ladies and were inconsequential, however such blinkered views failed to acknowledge that, in some respects, the cars were ahead of their time, most notably in their automatic transmission. The company's founders, the Van Doorne Brothers, strived to produce a car accessible to all but with some luxuries associated with more expensive vehicles, such as a self-shifting gearbox. 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I increased the power of my 55 by, among other things, upgrading the engine to a 1,397cc Renault engine from a Volvo 340. Power has increased from about 50bhp to an estimated 85bhp, although it's getting tired now. I have completed track days, hillclimbs and taken part in classic tours but nothing competitive these days. Now, I just take it out every fortnight – it's certainly a fun car to drive. While the Variomatic transmission makes them unusual to drive, they have a decent chassis, are cheap to run and enjoy fine handling and precise steering. They allow fast progress, particularly in hilly terrain with lots of curves, and always seem to be in the right gear, allowing me to keep up with more powerful cars. Although lightweight, DAFs are strong where it matters, as in the admittedly rather quirky belt-drive CVT transmission; you can tell it was designed by a truck manufacturer. Earlier variants don't have a differential, the difference in rear-wheel speed around bends being taken up by belt slip. That also gives the effect of a limited-slip differential, making them useful rally cars. The only disadvantages with DAFs are that they rust and parts usually have to be sought in the Netherlands, where the Dutch owners' club has several warehouses full of old stock and newly made parts. I paid £2,500 for my DAF in 2016. When I collected it from Yorkshire, the guy asked where my trailer was, explaining that the car hadn't done more than about 25 miles per year so assumed I would trailer it back to Hertfordshire. So, with no AA membership or radio in the car and only a mobile phone for company, I headed off. The DAF performed perfectly, returning 40-plus mpg on the run home – it never missed a beat. I rebuilt the engine recently and now drive the car almost daily. While we also have a Subaru, which is superbly comfortable and quick, its economy around town is frighteningly low, whereas the DAF returns up to 47mpg. In addition, it's exempt from Ulez (ultra-low emission zone) charges in the capital and, being so small, can squeeze into parking bays that would defeat the Subaru. It has a huge boot, too, so a supermarket trip is no problem either. But wherever we go, we frequently receive hoots from the drivers of DAF trucks. They are the easiest car in the world to drive. You start it in gear, which sounds odd but you get used to it, put your foot down and off you go! One pedal to go, one to stop. The engine revs bear no resemblance to the car's speed and the sensation of the car going progressively quicker, but the engine revs remaining constant, takes some getting used to. Unlike 'normal' [torque converter] automatics, DAFs don't creep forwards on tickover, so you simply bring it to a stop using the footbrake. Although it only has a 750cc engine, the way the transmission works means the car is always in the right gear. Being air-cooled, the engine is a little noisy when driven hard, although on reaching a cruising speed the transmission adjusts and the engine becomes quieter. Drum brakes, meanwhile, are fitted all round on the 33 and need a good shove to make an emergency stop; you have to read the road more than in a modern car. People ask why I drive a DAF and it's quite simple: I came from a DAF family. My late father had a penchant for unusual vehicles and, in the late 1960s, bought a 33 van for his electrical business. So impressed was he with the van that he bought a DAF 66 as our family car, while my grandfather opted for a 55. When I passed my driving test, I asked a dealer to look out for a second-hand 33, which he did, so I drove that for several years, before moving to 'sensible' cars. Fast forward to 2016 and partial retirement from work. 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But I love cars which are a technical tour de force and dared to be different, such as the Citroën DS, NSU Ro80, Tatra 613 and the DAF Variomatic. The DAF was the only one I could afford. The interior of my 66 is unmistakably Giovanni Michelotti [among the 20th century's most inventive sports car designers ], like the BMW 1600 and Triumph Dolomite, where form and function conspire to give simple style and an excellent airy cabin with superb visibility. DAFs are well made and apart from the transmission are fairly mainstream. The Renault 1,108cc engine in the 66 is reliable and easy to maintain, while DAF's home-grown 746cc two-cylinder engine – the only car engine ever made by DAF – in the Daffodil, 32 and 33 required no development over its lifetime and is capable of starship mileages.'
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