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Second-Party Opinion Download

Project Details


NAVER Sustainable Finance Framework Second-Party Opinion



Project Type

Sustainability Bond/Loan

Industry Group


Use of Proceeds



South Korea

Evaluation Date

Jan 2021

Evaluation Summary

Sustainalytics is of the opinion that the NAVER Sustainable Finance Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2018 and Green Loan Principles 2020. This assessment is based on the following:


The eligible categories for the use of proceeds – Energy Efficiency, Green Buildings, Renewable Energy, Sustainable Water Management, Circular Economy and Design, Clean Transportation, Digital Literacy, COVID-19 Crisis Response, Support for SMEs and Start-ups, and Employment of Women and Youth – are aligned with those recognized by the Sustainability Bond Guidelines 2018 and Green Loan Principles 2020. Sustainalytics considers that the eligible categories will provide environmental and social benefits such as improved energy efficiency and reduced GHG emissions of the Company's operations and relevant infrastructure while advancing the socio-economic development in South Korea. The Use of Proceeds are aligned with the UN Sustainable Development Goals (SDGs), specifically SDGs 3, 6, 7, 8, 11, 12.


NAVER has established an internal committee, the Green Impact Group (“GIG”), with representatives from different departments, including Cash Equivalent Management, Board of Directors Secretariat, Space Management, Internal Audit, Marketing, Risk Management Support, Win-win Growth and Legal, to evaluate and select projects for final approval by the board and ESG Committee. Sustainalytics considers the project selection process in line with market practice.


NAVER’s processes for management of proceeds is through an internal tracking register managed by the Finance department. The register will contain information regarding the type of funding transaction, key information and description of the allocation of the use of proceeds. Pending full allocation, unallocated proceeds will be invested in short term deposits or other short term liquid instruments in line with NAVER’s liquidity guidelines. This is in line with market practice.


NAVER Corporation intends to report on the allocation and impact of proceeds on its website on an annual basis until full allocation. Allocation reporting will include; (i) details of each transaction that is outstanding (ii) proceeds from each transaction that has been allocated to Eligible Projects (iii) share of financing and/or refinancing, (iv) balance of each transaction that is unallocated, and (v) examples of Eligible Projects, subject to confidentiality disclosures. In addition, NAVER is committed to reporting on relevant impact metrics. Sustainalytics views NAVER’s allocation and impact reporting as aligned with market practice.