Project Details
Project
MAIRE Group Sustainability-Linked Financing Framework Second-Party Opinion (2023)
Client
Maire Tecnimont S.p.A
Project Type
Sustainability Linked Bond or Note; Sustainability Linked Loan;
Industry Group
Construction & Engineering
Use of Proceeds
N/A
Location
Italy
Evaluation Date
Sep 2023
Evaluation Summary
Sustainalytics is of the opinion that the MAIRE Group Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2023 and the Sustainability-Linked Loan Principles 2023. This assessment is based on the following:
Selection of Key Performance Indicators
The MAIRE Group Sustainability-Linked Financing Framework defined two KPIs: i) Absolute scope 1 and 2 GHG emissions; and ii) Category 1 – purchased goods and services scope 3 GHG emissions intensity (see Table 1). Sustainalytics considers KPI 1 and KPI 2 to be adequate based on materiality, relevance, scope of applicability and comparability to external benchmarks.
Calibration of Sustainability Performance Targets
Sustainalytics further considers SPT 1 as highly ambitious and SPT 2 as moderately ambitious based on based on past performance, peer performance and alignment with science-based trajectories.
Instrument Characteristics
MAIRE Group has linked the instruments’ financial characteristics to its performance on the SPTs. Failure to achieve an SPT will trigger a step up in the margin of the relevant instrument. This is aligned with the Sustainability-Linked Bond Principles 2023 and the Sustainability-Linked Loan Principles 2023.
Reporting
MAIRE Group commits to report on an annual basis on its progress on the KPIs in its sustainability report published on its website. The reporting commitments are aligned with the Sustainability-Linked Bond Principles 2023 and the Sustainability-Linked Loan Principles 2023.
Verification
MAIRE Group commits to have external limited assurance conducted against each SPT for each KPI at least once a year, which is aligned with the Sustainability-Linked Bond Principles 2023 and the Sustainability-Linked Loan Principles 2023.