Project Details
Project
Aeroporti di Roma 2022 Sustainability-Linked Financing Framework Second-Party Opinion
Client
Aeroporti di Roma
Project Type
Sustainability Linked Bond or Note
Industry Group
-
Use of Proceeds
-
Location
Italy
Evaluation Date
Apr 2022
Evaluation Summary
Sustainalytics is of the opinion that the Aeroporti di Roma 2022 SustainabilityLinked Financing Framework aligns with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2022. This assessment is based on the following:
Selection of Key Performance Indicators (KPIs)
The Aeroporti di Roma’s Sustainability-Linked Financing Framework includes three KPIs: (i) scope 1 and 2 CO2 emissions (tonnes), (ii) Airport Carbon Accreditation Level 4+, and (iii) scope 3 CO2 emissions per passenger (excluding aircraft sources - kgCO2/passenger). Sustainalytics considers KPI 1 to be adequate, and KPI 2 and KPI 3 to be strong based on their relevance, materiality, scope of applicability and adequacy to external benchmarking.
Calibration of Sustainability Performance Targets (SPTs)
Sustainalytics considers the SPTs to be aligned with the Aeroporti di Roma’s sustainability strategy. Sustainalytics further considers SPT 1 to be highly ambitious, and SPT 2 and SPT 3 to be ambitious based on comparison with Aeroporti di Roma’s historical performance, targets set by peers and external science-based decarbonization pathways.
Sustainability-Linked Instruments Characteristics
Aeroporti di Roma will link the financial characteristics of the instruments to the achievement of the SPTs, namely an increase in the coupon rate or an equivalent premium payment in the redemption price.
Reporting
Aeroporti di Roma commits to report annually on its KPI progress in its annual Sustainability Report that will be published on the Aeroporti di Roma website. Aeroporti di Roma also commits to disclose relevant information that may enable investors to monitor the progress towards the selected SPTs. The reporting commitments are aligned with the Sustainability-Linked Bond Principles and Sustainability-Linked Loan Principles.
Verification
Aeroporti Di Roma commits to have external limited assurance conducted against each SPT for all KPIs performance at least once a year which is aligned with market expectations.