Second-Party Opinion Download

Sustainalytics is of the opinion that the Air Liquide Sustainable Financing Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2018, Green Bond Principles 2018, Social Bond Principles 2020, Social Loan Principles 2021, and Green Loan Principles 2021. This assessment is based on the following:   

USE OF PROCEEDS 

The eligible categories for the use of proceeds – Biogas, Energy Efficiency, Hydrogen, Air Gases, Green Buildings, Access to Essential Services, Supporting Entrepreneurship – are aligned with those recognized by the Green Bond Principles, Social Bond Principles, Social Loan Principles, and Green Loan Principles. Sustainalytics considers that the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG 3, 7 and 9.

PROJECT EVALUATION / SELECTION 

Air Liquide S.A.’s internal process in evaluating and selecting projects is to be managed by the Sustainable working group, made up of various business heads from throughout the Company. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS 

Air Liquide S.A.’s processes for management of proceeds is the responsibility of its Treasury Department. Eligible proceeds will be tracked through a Sustainable Registrar and reviewed annually. This is in line with market practice. 

REPORTING 

Air Liquide S.A. intends to report on allocation of proceeds on its website on an annual basis until full allocation.  In addition, Air Liquide S.A. is committed to reporting on relevant impact metrics including GHG emissions avoided (tCO2e/year), annual amount of landfill gas produced (m3) and estimated number of healthcare beneficiaries. Sustainalytics views Air Liquide S.A.’s allocation and impact reporting as aligned with market practice.