Second-Party Opinion Download

CTP NV has developed the CTP NV Green Bond Framework, dated June 2025, under which it intends to issue green bonds to fund projects primarily in Europe, in three environmental categories.

We have assessed the overall Sustainability Contribution of the Framework as Strong, based on the average Sustainability Contribution of the Framework’s three use of proceeds categories. As per our methodology, we have applied equal weighting across categories.

CTP intends to finance environmental expenditures in Green Buildings, Renovation and Renewable Energy. Under the Green Buildings category, CTP intends to develop and acquire buildings that achieve BREEAM, DGNB, LEED or Energy Performance Certificate (EPC) labels. The selected certification levels and labels are expected to place the eligible buildings among the most energy efficient in their regions, with the exception of certain certification levels and EPC labels that reflect comparatively lower energy efficiency standards. Overall, the criteria do not require the buildings to be fossil fuel-free in relation to energy generation, a key consideration for achieving net zero emissions in the building sector by 2050. Nevertheless, the financed expenditures are expected to significantly reduce emissions from the buildings sector and support the sector’s decarbonization. CTP’s investments under the renovation category, including projects that reduce primary energy demand by 30%, are expected to make a strong contribution to reducing buildings’ energy consumption.

CTP also intends to finance onsite solar power, onshore wind power and battery storage systems directly connected to renewables. These assets enable buildings to generate and store renewable electricity onsite, enhancing energy self-sufficiency. We expect the above investments to overall strongly support the long-term goal of decarbonizing buildings.

We have assessed the Framework as Aligned with the Green Bond Principles 2021.