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Second-Party Opinion Download

Project Details


NN Group Sustainability Bond Framework Second Party Opinion (2022)


NN Group N.V.

Project Type

Sustainability Bond/Loan

Industry Group


Use of Proceeds

Green buildings; Renewable energy; Clean transport; Water/waste water management; Energy efficiency; Access to essential services; Affordable housing; Eco-efficient products;



Evaluation Date

Feb 2022

Evaluation Summary

Sustainalytics is of the opinion that the NN Group Sustainability Bond Framework is credible and impactful and aligns with the Green Bond Principles 2021 and Social Bond Principles 2021. This assessment is based on the following: 


The eligible categories for the use of proceeds – (i) Green Buildings, (ii) Renewable Energy, (iii) Clean Transportation, (iv) Sustainable Water, Wastewater Management and Water Efficiency, (v) Energy Efficiency, (vi) Circular economy adapted products, production technologies and processes and/or certified eco-efficient products, (vii) Access to Essential Services and (viii) Affordable Housing – are aligned with those recognized by the Green Bond Principles, Social Bond Principles and the Sustainability Bond Guidelines. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 3, 4, 6, 7, 11 and 12. 


NN Group’s Green, Social and Sustainability Bond Committee (the “Committee”) is responsible for evaluating and selecting projects eligible under the established criteria. Sustainalytics considers the project selection process in line with market practice. 


NN Group will manage the proceeds under the Framework using a portfolio approach and will seek to add eligible assets to its Eligible Asset Portfolio. Pending allocations, proceeds will be temporarily held by the Group in line with the Group’s treasury liquidity policies. This is in line with market practice. 


NN Group intends to report on allocation of proceeds on its website on an annual basis until full allocation. Allocation reporting will include the total amount allocated, number of eligible assets, balance of any unallocated proceeds, amount of financing and refinancing and geographical distribution of eligible assets. In addition, NN Group is committed to reporting on relevant impact metrics. This is in line with market practice. 

Alignment with the EU Taxonomy  

Sustainalytics has assessed NN Group N.V.’s Sustainability Bond Framework for alignment with the EU Taxonomy, and is of the opinion that, of the Framework’s six eligibility criteria (which map to 20 EU activities, and which 7 have been assessed), six align with the applicable Technical Screening Criteria (“TSC”) in the EU Taxonomy and six align with the Do No Significant Harm (“DNSH”) Criteria. No categories were determined to be not aligned. Sustainalytics is also of the opinion that the activities and projects to be financed under the Framework will be carried out in alignment with the EU Taxonomy’s Minimum Safeguards.