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Second-Party Opinion Download

Project Details


Axis Bank Sustainable Finance Framework Second-Party Opinion (2021)


Axis Bank

Project Type

Sustainability Bond/Loan

Industry Group


Use of Proceeds

Renewable energy; Clean transport; Green buildings; Sustainable agriculture; Socio-economic advancement; Health; Employment generation; SME finance and microfinance; Education; Affordable housing; Affordable basic infrastructure;



Evaluation Date

Aug 2021

Evaluation Summary

Sustainalytics is of the opinion that the Axis Bank Sustainable Financing Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, Social Bond Principles 2021, Green Loan Principles 2021, Social Loan Principles 2021, ASEAN Social Bond Standard 2018, ASEAN Green Bond Standard 2018, and ASEAN Sustainability Bond Standards 2018. This assessment is based on the following:   


The eligible categories for the use of proceeds1 are aligned with those recognized by the Green Bond Principles and Social Bond Principles and ASEAN Sustainability Bond Standards. Sustainalytics considers that investments in the eligible categories will lead to positive environmental and social impacts and advance the UN Sustainable Development Goals, specifically SDG 1, 2, 3, 4, 5, 7, 8, 9, 11, 12 and 14. 


Axis Bank Limited’s internal process in identifying and monitoring projects2 will be carried out by the ESG Working Group (ESGWG), which is composed of representatives from different departments and will give the final approval on the selected assets/ portfolios to be eligible for the outstanding issuances. Sustainalytics considers the project selection process in line with market practice  


Axis Bank Limited’s ESG Working Group will use the Bank’s internal information system to track the use of proceeds. Unallocated proceeds will be temporarily held in line with the Axis Banks liquidity management policy, in the forms of cash and cash equivalents. This is in line with market practice. 


Axis Bank Limited intends to report on allocation of proceeds on the Bank’s website on an annual basis until full allocation. Allocation reporting will include the aggregate amount allocated, the remaining unallocated balance and type of temporary investment and project examples where feasible. In addition, Axis Bank is committed to reporting on relevant impact metrics. Sustainalytics views Axis Bank Limited’s allocation and impact reporting as aligned with market practice.