Second-Party Opinion Download

Crelan Group has developed the Crelan Green Bond Framework, dated December 2025, under which it intends to issue green bonds to fund projects in Belgium in two environmental categories.

We have assessed the overall Sustainability Contribution of the Framework as Significant based on the average Sustainability Contribution of the Framework’s two use of proceeds categories, weighted according to the expected percentage allocation indicated by Crelan to Sustainalytics.

Under the Green Buildings category, the Bank will finance new and existing buildings that rank among the best energy performing buildings in Belgium, as well as building renovations that achieve at least a 30% energy efficiency improvement compared to pre-renovation levels. The Framework does not require newly constructed buildings to be zero-emission-ready, and renovations may use gas boilers, albeit with higher efficiency. Overall, these expenditures are collectively expected to significantly contribute to the buildings sector’s decarbonization. Under the Clean Transportation category, Crelan will finance fully electric road transport vehicles. Considering that road transport represents the largest source of emissions in Belgium’s transport sector, these expenditures are expected to make a strong contribution to the sector’s decarbonization and the transition to clean mobility.

We have assessed the Framework as Aligned with the Green Bond Principles 2025.