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Project Details


Grupo Aeroportuario del Pacífico Green Financing Framework Second Party Opinion (2021)


Grupo Aeroportuario del Pacífico (GAP)

Project Type

Green Bond/Loan

Industry Group

Commercial Services

Use of Proceeds

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



Evaluation Date

Sep 2021

Evaluation Summary

Sustainalytics is of the opinion that the Grupo Aeroportuario del Pacífico Green Financing Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2021. This assessment is based on the following: 


The eligible categories for the use of proceeds – Green Buildings, Renewable Energy, Energy Efficiency, Sustainable Water and Wastewater Management, Clean Transportation, Pollution Prevention and Control, and Biodiversity – are aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals (“SDGs”), specifically SDGs 6, 7, 9, 11, 12, and 15. 


Grupo Aeroportuario del Pacífico’s (“GAP”) will establish the Green Finance Committee (the "GFC") to identify, assess and select eligible projects. The GFC will be comprised of members from the Finance, Sustainability, and Infrastructure Departments. The GFC will be responsible for the identification and analysis of environmental and social risks associated with eligible projects. Sustainalytics considers this risk management system to be adequate. Sustainalytics considers the project selection process in line with market practice. 


GAP will keep a register of eligible projects financed to track bond proceeds, and this will be managed by the GFC and the Finance Department. GAP will hold unallocated bond proceeds in cash or in short-term investments in accordance with its liquidity management policy. Net bond proceeds will be allocated within 24 to 36 months of the respective offering. This is in line with market practice. 


GAP intends to publish an annual report on the allocation of proceeds on its website and until full allocation. The allocation reporting will include a list of eligible projects, amounts allocated to each category, and the share of the net proceeds allocated to financing and refinancing. In addition, GAP is committed to reporting on relevant impact metrics. Sustainalytics views GAPs allocation and impact reporting as aligned with market practice.ífico-green-financing-framework-second-party-opinion.pdf?sfvrsn=52072301_1