Second-Party Opinion Download

Sustainalytics is of the opinion that the Nissan and Nissan Sales Finance affiliates Sustainable Finance Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, Social Bond Principles 2021, Green Loan Principles 2021, and Social Loan Principles 2021. This assessment is based on the following: 

USE OF PROCEEDS

The eligible categories for the use of proceeds – Clean Transportation, Renewable Energy, Energy Efficiency, Sustainable Water and Wastewater Management, Waste Management and Circular Economy, Affordable Basic Infrastructure – are aligned with those recognized by the Green Bond Principles, Social Bond Principles, Green Loan Principles, and Social Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG 6, 7, 9, 11 and 12. 

PROJECT EVALUATION / SELECTION

Nissan Motor Co., Ltd.’s Sustainable Finance Committee is responsible for evaluating and selecting eligible projects in line with the Framework’s eligibility criteria.  Nissan Motor Co., Ltd. has an environmental and social risk management system in place that are applicable to all allocation decisions made under the Framework. Sustainalytics considers these risk management systems to be adequate and the project evaluation and selection process to be aligned with market practice.

MANAGEMENT OF PROCEEDS

In case Nissan Motor Co., Ltd. is the funding entity, its Treasury Group will monitor and track the allocation of proceeds. In case Nissan Sales Finance affiliates is the funding entity, the relevant department of such affiliate will monitor and track the allocation of proceeds. Nissan Motor Co., Ltd. and Nissan Sales Finance affiliates intend to allocate proceeds to Eligible Projects within 24 months after financing. Pending full allocation, unallocated proceeds will be managed in cash, cash equivalents, or used to repay short-term borrowings. This is in line with market practice.

REPORTING

Information on allocation and impact will be reported on Nissan Motor Co., Ltd.’s and/or Nissan Sales Finance affiliates’ website annually. This reporting will be provided, until full allocation if Nissan Motor Co., Ltd. is the funding entity, and until maturity if Nissan Sales Finance affiliates is the funding entity. The reporting will include the amount of allocated proceeds, the balance of unallocated proceeds, and relevant impact metrics. Sustainalytics views Nissan Motor Co., Ltd.’s and Nissan Sales Finance affiliates’ allocation and impact reporting as aligned with market practice.