Second-Party Opinion Download

Sustainalytics is of the opinion that the Altri Green Bond Framework (the “Framework”) is credible and impactful and aligns with the four core components of the Green Bond Principles 2021. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Sustainable Water Use and Wastewater Management, Renewable Energy, Energy Efficiency, Pollution Prevention and Control, Environmentally Sustainable Management of Living Natural Resources and Land Use, and Clean Transportation – are aligned with those recognized by the Green Bond Principles.  Sustainalytics considers that investments in the eligible categories are expected to lead to positive environmental impacts and help advance the UN Sustainable Development Goals, specifically SDGs 6, 7, 11, 12 and 15.

PROJECT EVALUATION/SELECTION

Altri SGPS S.A.’s Green Bond Committee, comprising members from several internal departments provides the final sign-off on projects that are pre-screened by its sustainability department and approved by its Executive Committee, based on the criteria defined in the Framework. Altri SGPS S.A. has adopted internal environmental and social risk management processes which are applicable to all decisions made under the Framework. Sustainalytics considers this process in line with market practice.

MANAGEMENT OF PROCEEDS

Altri SGPS S.A.’s Treasury team within the Finance department will be responsible for the allocation and tracking of bond proceeds. Altri SGPS S.A. intends to achieve full allocation within three years of each issuance. Unallocated proceeds will either be temporarily held or invested in the company’s treasury liquidity portfolio or used to temporarily reimburse or purchase existing debt not associated with carbon-intensive sectors. This is in line with market practice.

REPORTING

Altri SGPS S.A. intends to report on the allocation of proceeds as part of its annual sustainability reports published on its website. The allocation reporting will include category-wide details on the allocation of proceeds, the balance of unallocated proceeds, and the proportion of financed and refinanced projects. In addition, Altri SGPS S.A. intends to report on qualitative and quantitative impacts and has provided indicative impact indicators in the Framework. Sustainalytics views the allocation and impact reporting process as aligned with market practice.