Skip to main content

Second-Party Opinion Download

Project Details


Nokia Sustainable Finance Framework Second Party Opinion (2023)


Nokia Corporation

Project Type

Sustainability Linked Loan; Sustainability Linked Bond or Note;

Industry Group

Technology Hardware

Use of Proceeds




Evaluation Date

Feb 2023

Evaluation Summary

Sustainalytics is of the opinion that the Nokia Sustainable Finance Framework aligns with the Sustainability-Linked Bond Principles (SLBP) 2020 and the Sustainability-Linked Loan Principles (SLLP) 2022. This assessment is based on the following:

Selection of Key Performance Indicator (KPI)

The Nokia Sustainable Finance Framework includes one KPI: Absolute scope 1, 2 and 3 GHG emissions (see Table 1). Sustainalytics considers the KPI to be very strong based on its materiality and relevance, scope of applicability, clear and consistent methodology, which is externally defined, and ability to be externally benchmarked.

Calibration of Sustainability Performance Target (SPT)

Sustainalytics considers the SPT to be aligned with Nokia’s sustainability strategy. Sustainalytics considers the SPT to be highly ambitious based on a comparison with past performance, peer performance and alignment with science-based trajectories.

Bond and Loan Characteristics

Nokia will link the financial characteristics of the sustainability-linked bonds and loans issued under the Framework to the achievement or non-achievement of the SPT. For sustainability-linked bonds and loans issued or obtained, a coupon rate step-up, a redemption premium payment or a margin adjustment will be triggered in the case: i) the SPT has not been achieved by its observation date; or ii) the verification of the SPT has not been provided and made public in a timely manner as set out in the legal documentation of the relevant financing.


Nokia commits to report on its KPI progress in its annual People and Planet report. Nokia commits to disclosing relevant information enabling investors to monitor progress towards the SPT. The reporting commitments are aligned with the SLBP and SLLP.


Nokia commits to have external limited assurance carried out on its KPI and SPT progress annually. In the case of periods that are relevant for assessing the KPI against the SPT leading to a potential financial adjustment, said assurance will be carried out before publication of the report related to the target observation date. The verification commitments are aligned with the SLBP and SLLP.