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Second-Party Opinion Download

Project Details

Project

CCC Group Sustainable Finance Framework Second-Party Opinion (2024)

Client

CCC Group

Project Type

Sustainability Linked Bond or Note

Industry Group

Textiles & Apparel

Use of Proceeds

N/A

Location

Poland

Evaluation Date

Feb 2024

Evaluation Summary

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

Selection of Key Performance Indicators

The CCC Group Sustainable Finance Framework defines four KPIs: i) Absolute scope 1 and 2 GHG emissions (MgCO2e); ii) Absolute scope 3 GHG emissions (MgCO2e); iii) Amount of natural leather used in production; and iv) Share of footwear and clothing collected relative to merchandise sold. Sustainalytics considers KPI 1 to be strong, KPI 2 to be very strong, KPI 3 and KPI 4 and to be adequate based on materiality, relevance, scope of applicability and ability to lend themselves to external science benchmarks. 

Calibration

of Sustainability Performance Targets Sustainalytics considers the SPTs to be aligned with CCC’s sustainability strategy. Sustainalytics further considers SPT 1 to be highly ambitious and SPTs 2, 3 and 4 to be ambitious based on past performance, peer performance and alignment with external science benchmarks.  

Bond Characteristics

CCC has linked the financial characteristics of its sustainability-linked debt instruments to achievement of the SPTs. The financial characteristics could include a coupon step-up, a step-up or step-down loan margin adjustment, or a premium payment. 

Reporting

CCC commits to report on its performance on the KPIs and SPTs on an annual basis on its website. CCC commits to disclose relevant information to keep track of the KPIs and SPTs and maintain their ambition and relevance. The reporting commitments are aligned with the Sustainability-Linked Bond Principles 2023 and Sustainability-Linked Loan Principles 2023.  

Verification

CCC Group commits to have external limited assurance conducted against each SPT for each KPI at least once a year, which is aligned with the Sustainability-Linked Bond Principles and Sustainability-Linked Loan Principles 2023. 

https://mstar-sustops-cdn-mainwebsite-s3.s3.amazonaws.com/docs/default-source/spos/ccc-group-sustainable-finance-framework-second-party-opinion.pdf?sfvrsn=89253d50_1