Second-Party Opinion Download

Sustainalytics is of the opinion that the Air Products Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and Green Loan Principles 2021 (the “Use of Proceeds Principles”). The eligible categories for the use of proceeds (Pollution Prevention and Control – Green and Blue Hydrogen and Green and Blue Ammonia; Renewable Energy; and Sustainable Aviation Fuel) are aligned with those recognized by the Use of Proceeds Principles. Sustainalytics considers that investments in the project categories are expected to deliver positive environmental impacts and considers them to be credible from a transition perspective.

Sustainalytics has evaluated Air Products’ 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 2020. While Sustainalytics acknowledges Air Products’ sustainability strategy to achieve carbon neutrality by 2050, it notes that its emissions reduction targets cannot be benchmarked owing to the lack of an external and credible decarbonization trajectory for the chemical sector.