Project Details
Project
Corticeira Amorim Green Bond Framework Second-Party Opinion
Client
Corticeira Amorim
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Portugal
Evaluation Date
Nov 2020
Evaluation Summary
Sustainalytics is of the opinion that the Corticeira Amorim Green Bond Framework (the “Framework”) is credible and impactful and aligns with the four core components of the Green Bond Principles 2018 (GBP). This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds – Environmentally Sustainable Management of Living Natural Resources and Land Use, Renewable, Low carbon, Eco-efficient and/or Circular Economy Adapted Products, Production Technologies and Processes, Waste Management and Resource Efficiency, Renewable Energy and Waste to Energy – are aligned with those recognized by the GBP. Sustainalytics considers that the eligible categories will lead to positive environmental impact and advance the UN Sustainable Development Goals (SDGs), specifically SDG 7, 8, 12 and 15.
PROJECT EVALUATION/SELECTION
The proceeds from the bond will be used to refinance existing projects that were undertaken by Corticeira Amorim (“Amorim” or the “Company”) over the past three and a half years and have been detailed in the Framework.
MANAGEMENT OF PROCEEDS
The Finance Department of the Company will manage proceeds raised and allocated it existing projects held in different wholly-owned subsidiaries. Sustainalytics considers this to be aligned with market practice.
REPORTING
Amorim intends to report on allocation of proceeds on an annual basis and publish such reports on its website. In addition, Amorim is committed to reporting on relevant quantitative and qualitative impact metrics. Sustainalytics views Amorim’s allocation and impact reporting as aligned with market practice.