Second-Party Opinion Download

Sustainalytics is of the opinion that the LeasePlan Green Finance Framework is credible and impactful and aligns with 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 category for the use of proceeds, Clean Transportation is aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 11.

PROJECT EVALUATION / SELECTION

LeasePlan’s Sustainable Finance team, which is a member of the Company’s ESG Action Group, is responsible for evaluating and selecting eligible projects under the Framework. LeasePlan has adopted internal codes and policies to address environmental and social risks associated with projects financed under the Framework. Sustainalytics considers these risk management systems to be adequate and the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

LeasePlan’s centralized Treasury department will record and track the allocation of proceeds on a portfolio basis through an internal reporting system. LeasePlan intends to allocate all proceeds within 24 months of issuance. Pending full allocation, unallocated net proceeds will be managed in accordance with LeasePlan’s Treasury’s Funding policy. LeasePlan has established a look-back period of 24 months for capital expenditure refinancing preceding the Company’s inaugural green bond issuance.  This is in line with market practice.

REPORTING

LeasePlan intends to report on the allocation of proceeds on an annual basis until full allocation. Allocation reporting will include information on the amount of proceeds allocated, the share of financing versus refinancing, and unallocated proceeds. In addition, LeasePlan is committed to reporting on relevant impact metrics. Sustainalytics considers the allocation and impact reporting process to be aligned with market practice.

Alignment with the EU Taxonomy

Sustainalytics has assessed the LeasePlan Green Finance Framework for alignment with the EU Taxonomy and is of the opinion that the Framework’s eligibility criteria, which map to one EU activity, align with the applicable Technical Screening Criteria (TSC) in the EU Taxonomy and aligns with three of the Do No Significant Harm (DNSH) criteria. Sustainalytics is also of the opinion that the activities and projects to be financed under the Framework will be carried out in alignment with the EU Taxonomy’s Minimum Safeguards.