Project Details
Project
Aeroporti di Roma Sustainability-Linked Financing Framework Second-Party Opinion (2025)
Client
Aeroporti di Roma
Project Type
Sustainability Linked Loan; Sustainability Linked Bond or Note; Transition;
Industry Group
Transportation
Use of Proceeds
N/A
Location
Italy
Evaluation Date
Apr 2025
Evaluation Summary
Sustainalytics is of the opinion that the Aeroporti di Roma Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2024 and Sustainability-Linked Loan Principles 2025. This assessment is based on the following. The Aeroporti di Roma Sustainability-Linked Financing Framework defines the following KPIs and SPTs:
KPI | Strength of KPI | SPT | Ambitiousness of SPT |
KPI 1: Scope 1 and 2 absolute CO2e emissions (tCO2e) | Very Strong | SPT 1: Scope 1 and 2 emissions reduction by 100% by 2030, compared with the base year of 2019 (tCO2e) | Highly Ambitious |
KPI 2: Scope 3 CO2e emissions per passenger (aircrafts’ landing and take-off - kgCO2e/pax) | Strong | SPT 2: Scope 3 emissions reduction of 18.9% by 2030, and 28.9% by 2035, compared with the base year of 2024 to reach 7.3 kgCO2e/pax and 6.4 kgCO2e/pax respectively | Ambitious |
KPI 3: Percentage of senior and middle management positions held by women across the ADR Group | Strong | SPT 3: Increase the percentage of women in senior and middle management positions to 36.0%, by 31 December 2030 | Ambitious |
Climate Transition Finance Handbook
Sustainalytics has evaluated ADR’s transition governance, strategy, decarbonization targets, and intentions to report on transition progress and finds the Company to be aligned with the recommendations of the Climate Transition Finance Handbook 2023. ADR has committed to limiting global warming to 1.5°C by setting a target to achieve net zero emissions from its own operations and those of its subsidiaries by 2030. The Company has established interim climate targets covering both direct (scope 1 and 2) and selected indirect (scope 3) GHG emissions. ADR also discloses its capital expenditure and operating expenditure relevant to its climate transition strategy.