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Second-Party Opinion Download

Project Details


BDO Sustainable Finance Framework Second-Party Opinion (2022)


BDO Unibank

Project Type

Sustainability Bond/Loan

Industry Group


Use of Proceeds




Evaluation Date

May 2022

Evaluation Summary

Sustainalytics is of the opinion that the BDO Sustainable Finance 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, and the ASEAN Sustainability Bond Standards 2018. This assessment is based on the following:  


The eligible categories for the use of proceeds –  Renewable Energy, Green Buildings, Clean Transportation, Resource  Efficiency and Pollution Prevention and Control, Environmentally Sustainable Management of Living Natural Resources and Land Use, Sustainable Water and Wastewater Management, Employment Generation, and Food Security –  are aligned with those recognized by the Green Bond Principles, Social Bond Principles, Green Loan Principles and the ASEAN Sustainability Bond Standards. Sustainalytics considers that investments in the eligible categories are expected to lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically, SDGs 2, 6, 7, 8, 9, 11, 12, 14 and 15. 


BDO’s Sustainable Finance Desk will be responsible for identifying, qualifying, evaluating and recommending potential projects to be included in the Sustainable Finance Portfolio. The Sustainable Finance Desk is comprised of members from the Lending Group.  In addition to being assessed against the eligibility criteria of the Framework, BDO has internal procedures in place to identify and manage environmental and social risks associated with assets financed, which are applicable to all allocation decisions made under the Framework. Sustainalytics considers the project selection process in line with market practice. 


BDO’s Sustainable Finance Desk will be responsible for the management, allocation of proceeds, and tracking of eligible assets through the Sustainable Finance Portfolio. The Bank intends to achieve full allocation within 36 months of issuance. In case any proceeds remain outstanding, they will be held in accordance with the Bank’s liquid management policy and invested in short-term liquid instruments. This is in line with market practice. 


BDO will report its allocation of proceeds on its website on an annual basis until full allocation. The report will contain aggregated details on the allocation of net proceeds. In addition, the Bank is committed to reporting on relevant environmental and social impact metrics. Sustainalytics views BDO’s allocation and impact reporting as aligned with market practice.