Project Details
Project
OMA Green Bond Framework Second-Party Opinion
Client
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
Project Type
Green Bond/Loan
Industry Group
Commercial Services
Use of Proceeds
Water/waste water management; Energy efficiency; Renewable energy; Natural resources/land use management;
Location
Mexico
Evaluation Date
Mar 2021
Evaluation Summary
Sustainalytics is of the opinion that the OMA Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds — Renewable Energy, Energy Efficiency, Sustainable Water and Wastewater Management, and Biodiversity — are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories are expected to reduce the environmental footprint of OMA’s operations and advance the UN Sustainable Development Goals, specifically SDG 6, 7, and 15.
PROJECT EVALUATION/SELECTION
OMA’s internal process in evaluating and selecting projects is overseen by the Green Bond Working Group (“GBWG”) chaired by the CEO and comprised of representatives from the Finance, Infrastructure and Maintenance, and Airport Operations departments. The GBWG will meet semiannually to review proposed allocations and ensure that the allocations are in line with the eligibility criteria. Sustainalytics considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
OMA will earmark net bond proceeds for allocation to eligible green projects. OMA’s Finance department will be responsible for overseeing the allocation of proceeds. OMA intends to reach full allocation within 36 months of issuance. Pending allocation, proceeds may be held in line with the company’s general liquidity guidelines. This is in line with market practice.
REPORTING
OMA intends to publish on its website an annual allocation and impact report until full allocation. The allocation reporting will include (i) the amount of proceeds allocated to eligible green projects, (ii) the breakdown of allocation by eligible category, (iii) the geographic location, (iv) the share of financing vs refinancing, and (v) the balance of unallocated proceeds. In addition, OMA is committed to reporting, where feasible, on relevant impact metrics. Sustainalytics views OMA’s allocation and impact reporting as aligned with market practice.