Second-Party Opinion Download

Project Details


Danske Bank Group Green Bond Framework Second-Party Opinion (2021)


Danske Bank Group

Project Type

Green Bond/Loan

Industry Group


Use of Proceeds

Green buildings; Renewable energy; Clean transport; Energy efficiency; Water/waste water management; Natural resources/land use management; Pollution prevention and control; Climate change adaptation;



Evaluation Date

Dec 2021

Evaluation Summary

Sustainalytics is of the opinion that the Danske Bank 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 —Clean Transportation, Renewable Energy, Transmission and Energy Storage, Green and Energy Efficient Buildings, Sustainable Management of Living Natural Resources, Sustainable Water and Wastewater Management, Pollution Prevention and Control, Climate Change Adaptation — are aligned with those recognized by the Green Bond Principles 2021. Sustainalytics considers that the eligible categories are expected to reduce GHG emissions, limit pollution and enhance resilience to climate change while advancing the UN Sustainable Development Goals, specifically SDG 6, 7, 9, 11, 12, 13, 14, and 15. 


Danske Bank has established a Green Bond Committee (GBC) for the approval of Green Loans. The GBC is chaired by the Danske Bank Group Head of Treasury, and comprised of representatives from the bank’s Sustainable Finance, Societal Impact and Sustainability and Risk Management functions and meets bi-monthly. Danske Bank has in place bank-level processes to ensure that environmental and social risks associated with the eligible projects are identified and mitigated. Sustainalytics considers the project selection process in line with market practice.


Danske Bank maintains Green Registries, on a portfolio basis, to keep track of the Green Loans per issuing entity and net proceeds from Green Bond issuances.  Danske Bank intends to reach full allocation within 36 months of issuance. Pending allocation, proceeds will be invested in Danske Bank’s treasury liquidity portfolio in cash or other short-term and liquid instruments. Sustainalytics views this as in line with market practice.


Danske Bank Group intends to report on allocation of proceeds as part of an aggregated annual Green Bond Report on its website until full allocation. In addition, Danske Bank Group is committed to reporting on relevant impact metrics. Sustainalytics views Danske Bank Group’s allocation and impact reporting as aligned with market practice.