Project Details
Project
Mamoura Diversified Global Holding PJSC Green Finance Framework Second-Party Opinion (2023)
Client
Mamoura Diversified Global Holding PJSC
Project Type
Green Bond/Loan
Industry Group
Diversified Financials
Use of Proceeds
Green buildings; Energy efficiency; Renewable energy; Pollution prevention and control; Clean transport;
Location
United Arab Emirates (UAE)
Evaluation Date
Sep 2023
Evaluation Summary
Sustainalytics is of the opinion that the Mamoura Diversified Global Holding PJSC 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 2023. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds – Green Buildings, Energy Efficiency, Renewable Energy, Pollution Prevention and Control and Clean Transportation – are aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 7, 9, 11 and 12.
PROJECT EVALUATION AND SELECTION
Mamoura Diversified Global Holding PJSC has established a Green Finance Working Group which will be responsible for reviewing and selecting a green investment portfolio in accordance with the eligibility criteria. The group is chaired by the Executive Director of Treasury and Investor Relations and comprises the heads of relevant internal divisions Additionally, there are due diligence processes in place that address the environmental and social risks of investments and the activities across their investment cycle. Sustainalytics considers as aligned with market practice.
MANAGEMENT OF PROCEEDS
The Green Finance Working Group is responsible for overseeing and tracking the allocation of proceeds. Mamoura Diversified Global Holding PJSC intends to achieve full allocation of proceeds within 12 months of issuance. Pending full allocation, proceeds will be temporarily held or invested in cash or cash equivalents instruments, money market funds, at the Working Group’s discretion. The Framework may include multi-tranche financing instruments, with tranches being labelled only if the proceeds are allocated as per the eligibility criteria in this Framework. Sustainalytics considers this as aligned with market practice.
REPORTING
Mamoura Diversified Global Holding PJSC intends to report annually on the allocation and impact of the proceeds until full allocation on its website. Allocation reporting will include information on an aggregated basis on total allocation per category, unallocated amounts, share of financing versus refinancing and geographical location. Additionally, Mamoura Diversified Global Holding PJSC intends to report on relevant impact metrics. Sustainalytics considers the intent to allocation and impact reporting as aligned with market practice.