Project Details
Project
Banco Atlántida Green Bond Second-Party Opinion
Client
Banco Atlántida
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Honduras
Evaluation Date
Sep 2018
Evaluation Summary
Sustainalytics is of the opinion that the Banco Atlántida 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 category for the use of proceeds, renewable energy, is aligned with those recognized by the Green Bond Principles. Sustainalytics consider the expansion of renewable energy projects to have clear positive environmental impacts.
PROJECT EVALUATION/SELECTION
Banco Atlántida will integrate the project evaluation process with its existing credit evaluation to identify potentially eligible projects. The final responsibility for determining that projects comply with the framework rests with a dedicated green bond committee. This is in line with market standards.
MANAGEMENT OF PROCEEDS
The net proceeds of the green bond(s) will be tracked by the Bank’s treasury team, using internal systems. Pending allocation, proceeds will be held in cash or cash-equivalent financial instruments, in line with the Bank’s treasury management policy. This is in line with market expectations.
REPORTING
Banco Atlántida intends to report annually to investors on the allocation and impact of the proceeds. Allocation reporting will include a description of projects funded, and the amount allocated to each, or, if a breakdown is not feasible, on a consolidated basis. Impact reporting will include, where feasible, installed generating capacity, renewable energy generation, and annual greenhouse gas emissions avoided. This is in line with market practice.