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1. Without prejudice to the prerogatives of the Member States' institutions exercising the supervision of the national export credit programs, each Member State shall make available to the Commission an Annual Activity Report in order to step up transparency at Union level. Member States shall report, in accordance with their national legislative framework, on assets and liabilities, claims paid and recoveries, new commitments, exposures and premium charges. Where contingent liabilities might arise from officially supported export credit activities, those activities shall be reported as part of the Annual Activity Report.

2. In the Annual Activity Report, Member States shall describe how environmental risks, which can carry other relevant risks, are taken into account in the officially supported export credit activities of their ECAs.

3. The Commission shall produce an annual review for the European Parliament based on this information, including an evaluation regarding the compliance of ECAs with Union objectives and obligations.

4. The Commission, according to its competencies shall provide to the European Parliament an annual report on negotiations undertaken, where the Commission has negotiating authorisation in the various forums of international cooperation, to establish global standards in the field of officially supported export credits. The first reporting period, under the scope of this Regulation, covers the year 2011.

1. SCOPE OF APPLICATION FOR PROJECTS IN CLIMATE CHANGE MITIGATION SECTORS ELIGIBLE FOR SUPPORT UNDER APPENDIX I

a) This Sector Understanding sets out the financial terms and conditions that apply to officially supported export credits relating to contracts in the eligible sectors listed and defined in Appendix I of this Sector Understanding, provided that their impacts are addressed, like all officially supported export credits, in accordance with the 2012 Recommendation of the Council on Common Approaches on Officially Supported Export Credits and Environmental and Social Due Diligence. This list of sectors and, when applicable, the corresponding technology-neutral performance criteria used to define a project’s eligibility, may be modified over time in accordance with the review provisions set out in Article 8 of this Sector Understanding.

1. The project results in low to zero carbon emissions, or CO2 equivalent, and/or in high energy efficiency; 2. The project should be designed to meet, as a minimum, the performance standards as set out in Appendix I; and 3. The terms and conditions provided shall be extended only to address specific financial disadvantages encountered by a project, and shall be based on the individual financial needs and specific market conditions of each project.

1. The export of complete environmentally sustainable energy power plants or parts thereof, comprising all components, equipment, materials and services (including the training of personnel) directly required for the construction and commissioning of such plants.

2. The modernisation of existing environmentally sustainable energy power plants in cases where the economic life of the plant is likely to be extended by at least the repayment period to be awarded. If this criterion is not met, the terms of Chapter II of the Arrangement apply.

1. To the extent to which the items fall under Appendix I or II.

2. In cases where the buyer of the switchyard is the same as the buyer of the power plant and the contract is concluded in relation to the original switchyard for that plant, the terms and conditions for the original switchyard shall not exceed those for the plant; and 3. The terms and conditions for sub-stations, transformers and transmission lines with a minimum voltage threshold of 60kV located outside the power plant site boundary shall not be more generous than those for the power plant.

e) Participants may propose to provide the financial terms and conditions set out in this Sector Understanding for climate change mitigation projects that are not currently in Appendix I or otherwise do not meet the eligibility criteria in Appendix I. These projects will be considered on a case-by-case basis according to the procedure outlined in Article 54-59 of the Arrangement. Participants will favourably consider proposals that are aligned with shared climate objectives and the purpose of this Sector Understanding.

2. SCOPE OF APPLICATION FOR CLIMATE CHANGE ADAPTATION PROJECTS ELIGIBLE FOR SUPPORT UNDER APPENDIX II a) This Sector Understanding sets out the financial terms and conditions that apply to officially supported export credits relating to contracts or projects that meet the criteria set out in Appendix II of this Sector Understanding.

1. The conditions set out in Appendix II are met; and 2. The terms and conditions provided shall be extended only to address specific financial disadvantages encountered by a project, and shall be based on the individual financial needs and specific market conditions of each project. c) This Sector Understanding also applies to the modernisation of existing projects, to take into consideration adaptation concerns, in cases where the economic life of the project is likely to be extended by at least the repayment period to be awarded. If this criterion is not met, the terms of the Arrangement apply.

3. SCOPE OF APPLICATION FOR WATER PROJECTS

This Sector Understanding sets out the financial terms and conditions that apply to officially supported export credits relating to contracts for the export of complete projects or parts thereof related to the supply of water for human use and wastewater treatment facilities: a) Infrastructure for the supply of drinking water to municipalities, including to households and small businesses, i.e. water purification for the purpose of obtaining drinking water and distribution network (including leakage control). b) Wastewater collection and treatment facilities, i.e. collection and treatment of household and industrial wastewater and sewage, including processes for the re-use or recycling of water and the treatment of sludge directly associated with these activities. c) The modernisation of such facilities in cases where the economic life of the plant is likely to be extended by at least the repayment period to be awarded. If this criterion is not met, the provisions of the Arrangement apply. CHAPTER II PROVISIONS FOR EXPORT CREDITS 4. MAXIMUM REPAYMENT TERMS