Second-Party Opinion Download

Sustainalytics is of the opinion that the Autonom Sustainability-Linked Bond Framework aligns with the Sustainability-Linked Bond Principles 2020. This assessment is based on the following: 

Selection of Key Performance Indicators (KPIs)

The Autonom Sustainability-Linked Bond Framework includes one KPI (see Table 1): Operational CO2 intensity (Average WLTP gCO2/km for the operational fleet). Sustainalytics considers the KPI to be very strong given that: i) it addresses an issue with material impact to Autonom’s business operations; ii) it has a very high scope of applicability; and iii) it follows a clear and consistent methodology. Sustainalytics further considers the KPI to directly measure performance on the material environmental issue of “Carbon own-operations” while following an externally recognized definition. 

Calibration of Sustainability Performance Targets (SPTs)

Sustainalytics considers the SPTs to be aligned with the Autonom’s sustainability strategy. Sustainalytics further considers the SPTs to be ambitious based on significant improvement from historical performance while aligned with peers’ performance targets, and that the SPTs are comparable against science-based trajectories. 

Bond Characteristics

Autonom will link the bond’s financial characteristics to achievement of the SPTs in the form of a coupon rate adjustment. Failure to meet either of the SPTs by the target observation date, as well as the reporting and verification commitments, will result in a coupon rate step-up. 

Reporting

Autonom commits to report on an annual basis on its performance on the KPIs in its sustainability report to be published on its website starting from 2022. Autonom commits to disclose relevant information that may affect KPI performance, such as any relevant information enabling investors to monitor progress of the SPTs. The reporting commitments are aligned with the Sustainability-Linked Bond Principles. 

Verification

Autonom commits to have external limited assurance conducted on its KPI performance at the communicated SPT deadline, which is aligned with market expectations.