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Second-Party Opinion Download

Project Details


Carmila Green Bond Framework Second-Party Opinion (2022)



Project Type

Green Bond/Loan

Industry Group

Software & Services

Use of Proceeds

Green buildings



Evaluation Date

Oct 2022

Evaluation Summary

Sustainalytics is of the opinion that the Carmila Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021. This assessment is based on the following:


The eligible category for the use of proceeds – Green Buildings – is aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible category are expected to lead to positive environmental impact by reducing the carbon footprint and improving the energy performance of commercial buildings in France, Spain and Italy, and advance the UN Sustainable Development Goals, specifically SDG 9.


Carmila has established a Green Bond Committee that oversees a multistep project evaluation and selection process. Projects are evaluated and selected by various internal departments and submitted to the Green Bond Committee for final approval. Carmila has risk management processes in place to mitigate environmental and social risks associated with investments in eligible assets. Sustainalytics considers the project selection and risk management processes to be in line with market practice.


Carmila’s Green Bond Committee will be responsible for the management of proceeds on a portfolio basis and will track the allocation of proceeds using internal systems. Carmila intends to allocate net proceeds within 24 months of green bond issuances. Pending allocation, unallocated net proceeds will be temporarily invested in cash, deposits, money market instruments or other short-term marketable instruments in accordance with Carmila’s investment guidelines. Sustainalytics considers this to be in line with market practice.


Carmila intends to report on the allocation of proceeds on its website on an annual basis until full allocation. Allocation reporting will include an overview of outstanding green bond issuances under the Framework, the amount of net proceeds allocated to eligible projects, the share of financing versus refinancing and the balance of unallocated proceeds. Carmila is also committed to reporting on relevant impact metrics, including total GHG emissions (measured in tCO2e/year), GHG emissions intensity (measured in kgCO2e/m2 a year) and estimated annual GHG emissions reduction (measured in tCO2e). Sustainalytics views Carmila’s allocation and impact reporting as aligned with market practice.