Second-Party Opinion Download

Sustainalytics is of the opinion that the mBank S.A. Group Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings; Renewable Energy; Clean Transportation; Electricity Transmission, Distribution and Storage; and Waste Management – are aligned with those recognized by the Green Bond 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

mBank S.A. Group has established Sustainable Development Committees at both the Group and issuing entities level. The committees will be responsible for evaluating and selecting projects in line with the Framework’s eligibility criteria. mBank S.A. Group has implemented a risk assessment process that is applicable to all allocation decisions under the Framework. Sustainalytics considers the risk management system to be adequate and the project evaluation and selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

mBank S.A. Group’s Sustainable Development Committees will track the allocation of proceeds through an internal information system. mBank S.A. Group intends to fully allocate the proceeds to eligible assets within two years of issuance. Pending allocation, proceeds will be integrated into the treasury’s liquidity reserve and invested temporarily in cash, cash equivalents or short-term liquid instruments. This is in line with market practice.  

REPORTING

mBank S.A. Group intends to report on the allocation of proceeds on its website on an annual basis until full allocation. Allocation reporting will include information such as the total amount of proceeds allocated to eligible projects and assets, the balance of unallocated proceeds and the share of financing versus refinancing. In addition, mBank S.A. Group is committed to reporting on relevant impact metrics. Sustainalytics views mBank S.A. Group’s allocation and impact reporting as aligned with market practice.