Project Details
Project
Jyske Bank Group Green Finance Framework Second-Party Opinion (2021)
Client
Jyske Bank
Project Type
Green Bond/Loan
Industry Group
Banks
Use of Proceeds
Renewable energy; Green buildings; Clean transport; Natural resources/land use management; Eco-efficient products;
Location
Denmark
Evaluation Date
Jan 2021
Evaluation Summary
USE OF PROCEEDS
The eligible categories for the use of proceeds – Renewable Energy, Green Buildings, Clean Transportation, Sustainable Use of Natural Resources, and Recycling and Sustainable Production – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 2, 6, 7, 9, 11, 12, 14, and 15.
PROJECT EVALUATION/SELECTION
Jyske Bank Group’s process in evaluating and selecting projects is managed by the Committee, which is comprised of members of the Credit, Risk Management, Treasury and Investor Relations & Sustainability divisions, and one member from the Executive Board. Based on these elements, Sustainalytics considers this process to be in line with market practice.
MANAGEMENT OF PROCEEDS
Jyske Bank Group’s process for management of proceeds is overseen by the Risk Management and Treasury Management departments. The Bank will keep registers of financed activities within existing internal tracking systems. Proceeds could be allocated on a portfolio or loan-by-loan basis. Any unallocated proceeds will be temporarily held and/or invested in cash or other short-term and liquid securities. Jyske Bank intends to achieve a level of allocation for eligible assets which matches or exceeds the balance of net proceeds from green bonds over time. Based on these elements, Sustainalytics considers this process to be in line with market practice.
REPORTING
Jyske Bank intends to report on the allocation of proceeds on its website on an annual basis. The allocation reporting will include details such as total allocation, allocation to each eligible category, progress on the targets set in the Framework. In addition, Jyske Bank intends to report on relevant impact indicators, such as energy and GHG savings. Based on these elements, Sustainalytics considers this process to be in line with market practice.