Second-Party Opinion Download

Norrköping has developed the Green Bond Framework dated September 2025 under which it intends to issue green bonds to fund projects in Sweden in eight environmental categories.

We have assessed the overall Sustainability Contribution of the Framework as Strong, based on the average Sustainability Contribution of the Framework’s eight use of proceeds categories. As per our methodology, we have applied equal weighting across categories.

Investments in zero-emission vehicles and related infrastructure under Clean Transportation are expected to strongly support the decarbonization of the transportation sector. Projects under Climate Adaptation are expected to substantially enhance resilience to physical climate impacts in Norrköping. Under Energy Efficiency, financing of electricity storage, distribution of district heating and cooling, production of heating and cooling from waste heat, electric heat pumps and data driven solutions is expected to strongly contribute to reducing energy use. Under Environmentally Sustainable Management of Living Natural Resources and Land Use, tree plantation using local tree species is expected to contribute strongly to ecosystem resilience.

Under Green Buildings, Norrköping will finance the best energy-performing residential and commercial buildings in Sweden. All newly developed buildings beginning 2024 will be zero-emission ready in relation to producing on-site carbon emissions and are expected to strongly support the sector’s decarbonization. Financing under Pollution, Prevention and Control focuses on waste management and rehabilitation of contaminated land and is expected to strongly improve waste management practices and reduce greenhouse gas emissions. Under Renewable Energy, Norrköping will finance low-carbon electricity generation from solar, bioenergy, and geothermal, and battery energy systems connected to these sources, which are critical to decarbonizing energy systems. Additionally, Sustainable Water and Wastewater Management projects will reduce leakages and improve infrastructure for water collection, treatment, distribution and reuse, making a strong contribution to water resource efficiency.