Project Details
Project
Grupo Aeroportuario del Pacífico Sustainability-Linked Financing Framework Second-Party Opinion (2022)
Client
Grupo Aeroportuario del Pacífico (GAP)
Project Type
Sustainability Linked Loan; Sustainability Linked Bond or Note;
Industry Group
Other
Use of Proceeds
Clean transport; Green buildings; Water/waste water management;
Location
Mexico
Evaluation Date
Aug 2022
Evaluation Summary
Sustainalytics is of the opinion that Grupo Aeroportuario del Pacífico Sustainability-Linked Financing Framework is aligned with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2022. This assessment is based on the following:
Selection of Key Performance Indicator (KPI)
The Grupo Aeroportuario del Pacífico Sustainability-Linked Financing Framework includes one KPI, absolute scope 1 and 2 GHG emissions (see Table 1). Sustainalytics considers the KPI to be adequate based on its relevance to Grupo Aeroportuario del Pacífico’s business, its scope and applicability, its clear and consistent methodology, which is externally defined, and on its ability to be externally benchmarked.
Calibration of Sustainability Performance Target (SPT)
Sustainalytics considers the SPT to be aligned with Grupo Aeroportuario del Pacífico’s sustainability strategy. Sustainalytics considers the SPT to be highly ambitious based on a comparison with past performance, peer performance and science-based trajectories.
Bond and Loan Characteristics
Grupo Aeroportuario del Pacífico will link the financial characteristics of the instruments issued under the framework to the achievement or non-achievement of the SPT. For sustainability-linked bonds and loans issued or obtained, a coupon or interest rate step-up will apply when: (i) the relevant SPT has not been achieved on its observation date; (ii) the progress of the KPI cannot be calculated or observed; or (iii) a verification assurance certificate cannot be provided.
Reporting
Grupo Aeroportuario del Pacífico commits to report, on an annual basis, on its KPI progress in its sustainability report published on its website. Grupo Aeroportuario del Pacífico commits to disclose relevant information enabling investors to monitor the progress towards the SPT. The reporting commitments are aligned with market expectations.
Verification
Grupo Aeroportuario del Pacífico commits to have external limited assurance conducted on the KPI information published annually and on the progress of the KPI towards the SPT on the relevant observation dates. The verification commitments are aligned with market expectations.