Project Details
Project
Assicurazioni Generali Green Bond Framework Second-Party Opinion
Client
Assicurazioni Generali SpA
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Italy
Evaluation Date
May 2019
Evaluation Summary
Sustainalytics is of the opinion that the Assicurazioni Generali Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the areas of green buildings, renewable energy, energy efficiency, clean transportation, sustainable water management, and recycling, re-use & waste management will lead to positive environmental impacts and advance the UN Sustainable Development Goals.
PROJECT EVALUATION/SELECTION
Generali has established a Green Bond Committee, led by the Head of Group Debt and Treasury, to approve, review and monitor eligible green assets, which are initially identified by the Group’s relevant business units. Sustainalytics considers this process to be in line with market practice.
MANAGEMENT OF PROCEEDS
Generali will allocate an amount equivalent to the net proceeds of its green bonds to eligible assets, using existing accounting systems to track these disbursements. Generali intends to achieve full allocation within one year of issuance. Pending allocation, proceeds will be temporarily invested in liquid instruments in line with Generali’s guidelines. Sustainalytics considers this process to be in line with market practice.
REPORTING
Generali intends to report on both impact and allocation on an annual basis. Allocation reporting will include the amounts allocated to each category and the share of financing versus refinancing, while impact reporting will include relevant quantitative indicators where feasible. Sustainalytics considers this process to be in line with market practice.