Second-Party Opinion Download

Sustainalytics is of the opinion that the Boliden Sustainability-Linked Finance Framework aligns with the Sustainability-Linked Bond Principles 2024 and the Sustainability-Linked Loan Principles 2023. This assessment is based on the following:

Selection of Key Performance Indicators

The Boliden Sustainability-Linked Finance Framework defines two KPIs: i) absolute scope 1 and 2 GHG emissions; and ii) absolute scope 3 GHG emissions. Sustainalytics considers the KPIs chosen to be very strong based on materiality, relevance, scope of applicability and comparability to external science benchmarks.

Calibration of Sustainability Performance Targets

Sustainalytics considers the SPTs to be aligned with Boliden’s sustainability strategy. Sustainalytics further considers SPTs 1a, 2a and 2b to be ambitious and SPT 1b to be highly ambitious based on historical performance, targets set by peers and science-based trajectories, as applicable.

Financial Instrument Characteristics

Boliden has linked the financial characteristics to achievement of the SPTs, namely a premium payment, coupon step-up or margin adjustment triggered by failing to achieve any one of the SPTs.

Reporting

Boliden commits to report on an annual basis on its performance on the KPIs on its website. Boliden commits to disclose relevant information that may affect the KPIs, such as: i) up-to-date information on the performance of the KPIs; ii) recalculations of the level of carbon emissions in the base year; or iii) relevant updates to the sustainability strategy or governance with a potential impact on the KPIs and SPTs.

Verification

Boliden commits to have external limited assurance conducted against each SPT for each KPI at least once a year.