Project Details
Project
Banca Mifel, S.A., Institución de Banca Múltiple, Grupo Financiero Mifel Green Finance Framework Second-Party Opinion (2025)
Client
Banca Mifel SA
Project Type
Green Bond/Loan
Industry Group
Banks
Use of Proceeds
Sustainable agriculture; Renewable energy; Energy efficiency; Water/waste water management; Green buildings; Clean transport;
Location
Mexico
Evaluation Date
Apr 2025
Evaluation Summary
Sustainalytics is of the opinion that the Banca Mifel, S.A., Institución de Banca Múltiple, Grupo Financiero Mifel Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2025. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds Sustainable Agriculture, Renewable Energy, Energy Efficiency, Sustainable Water and Wastewater Management, Green Buildings and Clean Transport are aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 2, 6, 7, 9 and 11.
PROJECT EVALUATION AND SELECTION
Banca Mifel’s Prevention and Compliance Department and the ESG Risk Department will be responsible for evaluating and selecting projects in line with the Framework’s eligibility criteria. Banca Mifel has an environmental and social risk management process, which is overseen by its ESG Risk Department, to identify, manage and mitigate environmental and social risks associated with the eligible projects. Sustainalytics considers the project evaluation and selection process in line with market practice.
MANAGEMENT OF PROCEEDS
Banca Mifel’s Treasury Department, in coordination with its Operations Department, will oversee the management and allocation of proceeds using a portfolio approach. Banca Mifel will track the proceeds using an internal tracking system and will allocate proceeds within three years from the issuance date. Pending full allocation, proceeds will be temporarily held in cash or other liquidities consistent with Banca Mifel’s liquidity policy, which is available to investors. This is in line with market practice.
REPORTING
Banca Mifel commits to report on allocation and impact of proceeds in its sustainability report, which will be published on its website on an annual basis until full allocation. Allocation reporting will include the use of funds within each category, total amount of unallocated funds and percentage of funds used for new financing and refinancing. Banca Mifel will also report on relevant impact metrics. Sustainalytics views Banca Mifel’s allocation and impact reporting as aligned with market practice.