Project Details
Project
RDM Group Sustainability-linked Financing Framework Second-Party Opinion (2024)
Client
RDM Group
Project Type
Sustainability Linked Bond or Note; Sustainability Linked Loan;
Industry Group
Containers & Packaging
Use of Proceeds
N/A
Location
Italy
Evaluation Date
Mar 2024
Evaluation Summary
Sustainalytics is of the opinion that the RDM Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2023 and Sustainability-Linked Loan Principles 2023. This assessment is based on the following:
Selection of Key Performance Indicators
The RDM Sustainability-Linked Financing Framework defines three KPIs: Group scope 1 and 2 GHG emissions intensity (in tCO2e/ton of net saleable production); Proportion of waste sent for recovery; and Wastewater discharge intensity (in m3/ton of net saleable production (see Table 1). Sustainalytics considers all KPIs to be strong based on their materiality, relevance, scope of applicability and comparability to external benchmarks.
Calibration of Sustainability Performance Targets
Sustainalytics considers the SPTs to be aligned with RDM Group’s sustainability strategy. Sustainalytics further considers SPTs 1 and 2 to be ambitious and SPT 3 to be moderately ambitious based on a comparison with past performance and peer performance. SPT 1 is further determined to be aligned with science-based decarbonization trajectories.
Bond Characteristics
RDM Group will link the financial characteristics of the instruments issued under the Framework to achievement of all the SPTs. The financial characteristics may include a coupon rate step-up provision or a premium on redemption value.
Reporting
RDM Group commits to report annually on its performance relating to the KPIs on its website. RDM Group further commits to disclose relevant information enabling investors to monitor the level of ambition of the SPTs. The reporting commitments are aligned with the SLBP and SLLP.
Verification
RDM Group commits to have external limited assurance conducted against each SPT for each KPI annually, which is aligned with the SLBP and SLLP.