Second-Party Opinion Download

Sustainalytics is of the opinion that the Baloise Group Green Bond Framework is credible and impactful and aligns to the four core components of the Green Bond Principles 2021. This assessment is based on the following:

USE OF PROCEEDS

The eligible category for the use of proceeds, Green Buildings, is aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 11. 

PROJECT EVALUATION / SELECTION

Baloise Group’s internal process in evaluating and selecting projects is overseen by its Green Bond Committee (GBC). The GBC will select eligible assets based on the Framework’s eligibility criteria. Baloise has in place internal procedures to identify and manage social and environmental risks associated with assets financed in line with Swiss regulation, which are applicable to all allocation decisions made under the Framework. In addition, Baloise invests in certified green buildings which assess and mitigate environmental and social risks. Sustainalytics considers these risk management systems to be adequate. 

MANAGEMENT OF PROCEEDS

Baloise Group’s processes for management of proceeds are overseen by the Asset Management department, which will track allocation to eligible assets using existing internal systems. Unallocated proceeds will be invested on a temporary basis in accordance with Baloise’s liquidity management and other relevant internal policies. On a best effort basis, Baloise intends to fully allocate proceeds within 36 months of issuance. This is in line with market practice. 

REPORTING

Baloise Group intends to report on the allocation of proceeds on its website annually until full allocation. Allocation reporting will include the amount of net process, the balance of unallocated proceeds, the total amount allocated, and the share of financing vs. refinancing. In addition, Baloise Group is committed to reporting on relevant impact metrics, such as difference of the selected assets’ GHG emissions compared to a benchmark asset. Sustainalytics views Baloise Group’s allocation and impact reporting as aligned with market practice.