Second-Party Opinion Download

BAWAG Group AG has developed the BAWAG Sustainable Finance Framework, dated August 2025, under which it intends to issue green, social and sustainability bonds, as well as obtain green and social loans to fund projects primarily located in Austria, Germany, the Netherlands and Ireland in one green and three social categories.

We have assessed the overall Sustainability Contribution of the Framework as Significant, based on the average Sustainability Contribution of the Framework’s four use of proceeds categories. As per our methodology, we have applied equal weighting across categories. The Bank intends to finance environmental expenditures in Green Buildings (Residential) and social expenditures in Access to Education, Access to Healthcare, and Affordable Basic Infrastructure.

Under the environmental category, BAWAG will acquire buildings that rank among the most energy-efficient in their region and renovate buildings that achieve at least a 30% energy efficiency improvement or meet the criteria for major renovations under national implementations of Directive 2010/31/EU. While the Framework does not require newly constructed buildings to be zero-emissions ready, and renovations may not lead to consistent minimum energy efficiency gains under the Directive, these investments are nevertheless expected to significantly contribute to the sector’s decarbonization.

Regarding social expenditures, the Bank will finance the construction of educational, healthcare and residential care facilities, and essential infrastructure. While residential care facilities target population groups with critical medical needs, the other projects serve the general population in Austria without prioritizing underserved populations or areas. Nevertheless, the facilities are either provided at no cost or are subsidized, thereby significantly enhancing access to these services.

We have assessed the Framework as Aligned with the Green Bond Principles 2025, Social Bond Principles 2025, Sustainability Bond Guidelines 2021, Green Loan Principles 2025, and Social Loan Principles 2025.