Project Details
Project
NIBC Green Bond Framework Second-Party Opinion (2021)
Client
NIBC
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Netherlands
Evaluation Date
Jun 2021
Evaluation Summary
Sustainalytics is of the opinion that the NIBC Green Bond Framework is credible and impactful and aligns to 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, Renewable Energy and Green Buildings, are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that financing in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 3, 7, 8, 9 and 11.
PROJECT EVALUATION / SELECTION
NIBC’s Green Bond Working Group will be responsible for the project evaluation and selection process. Projects are evaluated and selected based on compliance with the eligibility criteria outlined in the Framework. Sustainalytics considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
NIBC’s Green Bond Working Group will manage the proceeds on a portfolio basis, monitoring the assets’ portfolio on an annual basis. NIBC intends to reach full allocation, on a best effort basis within 24 months after issuance. Pending allocation, proceeds will be managed according to the Bank’s Treasury criteria. This is in line with market practice.
REPORTING
NIBC intends to report on allocation of proceeds on its website, on an annual basis, until full allocation. Allocation reporting will include the total amount of green bonds and proceeds allocated, an overview of the assets per category, the geographical distribution of the assets, the balance of unallocated proceeds, and the share of financing vs. refinancing. In addition, NIBC is committed to reporting on relevant impact metrics, such as total capacity and renewable energy generation (MWh), and estimated annual reduced/avoided emissions (tCO2e). Sustainalytics views NIBC’s allocation and impact reporting as aligned with market practice.