Second-Party Opinion Download

Sustainalytics is of the opinion that the Metropolitano de Tenerife S.A. Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following: 

USE OF PROCEEDS

The eligible categories for the use of proceeds, Clean Transportation and Renewable Energy, are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categoryies will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 7 ,9, and 11.  

PROJECT EVALUATION / SELECTION

Metropolitano De Tenerife’s internal process in evaluating and selecting projects is the responsibility of Cabildo de Tenerife, the Tenerife local government. Metropolitano de Tenerife is wholly owned by the Cabildo, and has set up a Green Bond Committee to evaluate selected projects.  Sustainalytics considers the project selection process in line with market practice. 

MANAGEMENT OF PROCEEDS

Metropolitano De Tenerife’s processes for management of proceeds is to deposit net proceeds into the general account and earmark to eligible green projects. In the event of insufficient eligible projects, Metropolitano de Tenerife will invest the balance of net proceeds into cash or cash equivalents in accordance with its treasury management policy.  This is in line with market practice. 

REPORTING

Metropolitano De Tenerife intends to report on allocation of proceeds on its website on an annual basis until full allocation. In addition, Metropolitano De Tenerife is committed to reporting on relevant quantitative and qualitative impact metrics, where feasible. Sustainalytics views Metropolitano De Tenerife’s allocation and impact reporting as aligned with market practice.