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Project Details


Comisión Federal de Electricidad Sustainable Financing Framework Second Party Opinion (2022)


Comisión Federal de Electricidad

Project Type

Sustainability Bond/Loan

Industry Group


Use of Proceeds

Renewable energy; Clean transport; Energy efficiency; Green buildings; Access to essential services;



Evaluation Date

Jan 2022

Evaluation Summary

Sustainalytics is of the opinion that the CFE Sustainable Financing Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, the Green Bond Principles 2021 and the Social Bond Principles 2021. This assessment is based on the following: 


The eligible categories for the use of proceeds – Renewable Energy, Energy Efficiency, Clean Transportation, Green Buildings and Access to Free or Subsidized Essential Services (Digital Inclusion) – are aligned with those recognized by the Green Bond Principles and the Social Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 7, 9 and 11. 


CFE’s internal process in evaluating and selecting projects is overseen by its Corporate Direction of Strategic Planning team along with the Subcommittee for Evaluation of Investment Projects, the Investments Comission and  Investments and Strategy Committee, with final approval from the Board of Directors. CFE has in place environmental and social risk management processes that are applicable to all allocation decisions in the Framework. Sustainalytics considers the environmental and social risk management processes to be adequate and the project selection process in line with market practice. 


CFE’s processes for management of proceeds is tracked by the Company’s Corporate Finance Team through an investment folder that tracks expenses and documentation using unique project identifiers. Pending allocation of the proceeds will be managed according to the Company’s Investment Policy. CFE intends to allocate all proceeds within 24 months of the issuance and has established a lookback period of 24 months prior to each issuance. This is in line with market practice. 


CFE intends to report on allocation of proceeds on its website on an annual basis until full allocation. The report will include information on the allocation of net proceeds by individual project or by category, the share of proceeds used for financing and refinancing, and the balance of unallocated proceeds. In addition, CFE is committed to reporting on relevant impact metrics. Sustainalytics views CFE’s allocation and impact reporting as aligned with market practice.ón-federal-de-electricidad-sustainable-financing-framework-second-party-opinion-(1)e7891ed4-a369-4c63-8b79-409e0e966b77.pdf?sfvrsn=52ad9871_1