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Second-Party Opinion Download

Project Details


Isle of Man Sustainability Finance Framework Second-Party Opinion (2021)


Isle of Man

Project Type

Sustainability Bond/Loan

Industry Group


Use of Proceeds



Isle of Man

Evaluation Date

Aug 2021

Evaluation Summary

Sustainalytics is of the opinion that the Isle of Man Sustainability Financing Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, Green Loan Principles 2021, Social Bond Principles 2021 and Social Loan Principles 2021. This assessment is based on the following:  


The eligible categories for the use of proceeds1 are aligned with those recognized by both the Green Bond Principles, Green Loan Principles, Social Bond Principles, Social Loan Principles and the Sustainability Bond Guidelines. Sustainalytics considers that investments in the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDGs 2, 3, 4, 6, 7, 8, 9, 11, 12, 13, and 15.   


Isle of Man’s internal process in evaluating and selecting projects is performed by the Inter- Departmental Sustainable Bond Committee (the “Committee”) after the Treasury has screened an initial list of projects with the various departments. The committee will meet semi-annually. IoM has put in place regulations and consultation processes to mitigate the key environmental and social risks related to the financing/refinancing of eligible projects under the framework. Sustainalytics considers the project selection process in line with market practice.  


Isle of Man’s processes for management of proceeds are handled by the Treasury. The Treasury will also establish and maintain a sustainable asset register for the purpose of recording assets and projects in the eligible expenditure pool. The Treasury will manage the unallocated proceeds in line with general liquidity guidelines until allocation. This is in line with market practice. 


Isle of Man intends to report on allocation of proceeds on its website, on an annual basis, until full allocation. Allocation reporting will include an overview of the allocated proceeds, a breakdown of allocated proceeds by eligible categories, share of financing vs. refinancing and the amount of unallocated proceeds at the reporting end-period. In addition, Isle of Man is committed to reporting on relevant impact metrics. Sustainalytics views Isle of Man’s allocation and impact reporting as aligned with market practice.