Second-Party Opinion Download

Sustainalytics is of the opinion that the JSC Georgia Capital Sustainability-Linked Bond Framework aligns with the Sustainability-Linked Bond Principles 2020. This assessment is based on the following:

Selection of Key Performance Indicators

JSC Georgia Capital has set one KPI: Absolute scope 1, 2 and 3 GHG emissions (tCO2e) (see Table 1). Sustainalytics considers the KPI to be very strong given that: i) it is a direct measure of JSC Georgia Capital’s performance on a relevant and material ESG issue; ii) it has a high scope of applicability; iii) it follows a clear and consistent methodology that is externally defined; and iv) it lends itself to be benchmarked against a science-based global decarbonization pathway.

Calibration of Sustainability Performance Targets

JSC Georgia Capital has set one SPT. Sustainalytics considers the SPT to be aligned with JSC Georgia Capital’s sustainability strategy. Sustainalytics further considers the SPT to be ambitious based on historical performance, peer performance and alignment with science.

Bond Characteristics

JSC Georgia Capital has linked the bonds’ financial characteristics to achievement of the SPT, namely a coupon step-up or an increase in the premium. The Company will pay a coupon step-up or an increase in the premium if it fails to achieve the SPT, if the performance of the SPT cannot be calculated or reported, or if it does not publish a verification assurance statement within the time frame as prescribed by the bonds’ final terms. Sustainalytics notes that the financial characteristics of the bonds are aligned with the Sustainability-Linked Bond Principles 2020.

Reporting

JSC Georgia Capital commits to report on its progress on the KPI, information that enables investors to monitor the level of ambition of the SPT and other information concerning the bonds in its annual sustainability report. The Company commits to report on the above on an annual basis and until bond maturity, as well as in any period when assessing the SPT leads to a potential adjustment of the sustainability-linked bonds’ financial and structural characteristics. Sustainalytics notes that the reporting commitments are aligned with the Sustainability-Linked Bond Principles 2020. 

Verification

JSC Georgia Capital commits to have external limited assurance conducted against the SPT for the KPI annually and until bond maturity. Sustainalytics notes that the verification commitments are aligned with the Sustainability-Linked Bond Principles 2020.