Second-Party Opinion Download

Sustainalytics is of the opinion that the Green Finance Framework is credible and impactful and aligns to the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2021. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Renewable Energy, Climate Change Adaptation, and Environmentally Sustainable Management of Living Natural Resources & Land Use –are aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 7, 13, 14 and 15.

PROJECT EVALUATION / SELECTION

Kemijoki Oy’s internal process in evaluating and selecting projects is performed by the Green Finance Committee, which has responsibilities to keep a register of all Green Projects to ensure traceability and performance monitoring. Kemijoki’s risk management system is applicable to all Green Projects. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

Kemijoki Oy’s processes for management of proceeds will prioritize timely execution, targeting to fully allocate proceeds within 24 months after the issuance of each Green Finance Instrument. Unallocated proceeds will be placed in liquidity reserves and managed accordingly. This is in line with market practice.

REPORTING

Kemijoki Oy intends to report on allocation of proceeds and the impact of financed projects in the Green Finance Report to be published on its website on an annual basis throughout the tenure of the issued Green Finance Instruments. In addition, Kemijoki Oy is committed to reporting on relevant impact metrics. Sustainalytics views Kemijoki Oy’s allocation and impact reporting as aligned with market practice.