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Project Details


Concordia Financial Group, Ltd. Green Bond Second-Party Opinion


Concordia Financial Group, Ltd.

Project Type

Green Bond/Loan

Industry Group


Use of Proceeds

Renewable energy; Green buildings; Clean transport; Energy efficiency;



Evaluation Date

Jul 2021

Evaluation Summary

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


The eligible categories for the use of proceeds – Green Buildings, Renewable Energy, Energy Efficiency, and Clean Transportation – are aligned with those recognized by the Green 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.


Eligible projects are selected and finally decided by the Corporate Planning Dept., based on the eligibility criteria established through discussions at the Group SDGs Committee.  Concordia Financial Group's Policy for Specific Sectors related to sectors that are likely to pose risks to the environment and society and process to ensure compliance with relevant rules and regulations in the loan screening process, are applicable to all allocation decisions made under the Framework. Sustainalytics considers these risk management systems to be adequate. Sustainalytics views this process by the Concordia Financial Group as aligned with market practice.


Green bond proceeds will be tracked and managed using Excel files at least once a year by the Corporate Planning Dept. In cases where any proceeds remain unallocated, the amount equal thereto will be invested in cash and cash equivalents and/or highly liquid securities. Concordia Financial Group's process for the management of proceeds is in line with market practice.


Until full allocation of the proceeds, Concordia Financial Group intends to report on the proceeds’ allocation status and positive environmental impacts on its website at least once a year. Allocation reporting will include the amount of allocated proceeds for each category of eligibility criteria as well as the amount of unallocated proceeds. Sustainalytics considers that Concordia Financial Group’s reporting is aligned with market practice.