Second-Party Opinion Download

Sustainalytics is of the opinion that the Globo Sustainability-Linked Finance Framework aligns with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2021. This assessment is based on the following: 

Selection of Key Performance Indicator (KPI)

The Globo Sustainability-Linked Finance Framework includes one KPI: Absolute scope 1, 2 and 3 GHG emissions (tCO2e) (see Table 1). Sustainalytics considers the KPI chosen to be strong because (i) it speaks to a material and relevant environmental issue with a high scope of applicability, (ii) it directly measures operational performance, (iii) it follows a clear and externally defined methodology, and (iv) it can be benchmarked against external contextual benchmarks.  

Calibration of Sustainability Performance Target (SPT)

Sustainalytics considers the SPT to be aligned with the Issuer’s sustainability strategy. Sustainalytics further considers the SPT to be ambitious based on its alignment with peers’ performances and a science-based well-below 2°C scenario. 

Bond and/or Loan Characteristics

Globo will link the financial characteristics of its sustainability-linked instruments (which may include bonds and loans) to the achievement of the SPT, namely a step-up (or potentially a step-down) in the coupon rate from the first coupon date following the SPT observation date.  

Reporting

Globo commits to report on an annual basis on its performance on the KPIs in its Corporate Sustainability Report, which will be available on its website. The reporting commitments are aligned with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2021.  

Verification

Globo commits to have external limited assurance conducted on its KPI performance for each fiscal year and whenever relevant for assessing the SPT performance leading to a potential coupon adjustment, which is aligned with market expectations.