Project Details
Project
The Republic of Poland Green Bond Framework Second-Party Opinion (2025)
Client
The Republic of Poland
Project Type
Green Bond/Loan
Industry Group
Sovereign
Use of Proceeds
Renewable energy; Green buildings; Clean transport; Natural resources/land use management; Climate change adaptation; Water/waste water management;
Location
Poland
Evaluation Date
Jun 2025
Evaluation Summary
Sustainalytics is of the opinion that the Republic of Poland Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories1 for the use of proceeds are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 6, 7, 9, 11, 12, 13 and 15.
PROJECT EVALUATION AND SELECTION
The Green Finance Working Group will be responsible for evaluating and selecting eligible projects in line with the Framework’s eligibility criteria and overseeing the allocation of proceeds to eligible expenditures. The working group will be headed by Poland’s Ministry of Finance and will include representatives from the Ministry of Infrastructure, Ministry of Agriculture and Rural Development, and Ministry of Climate and Environment. Poland has internal processes in place to identify and mitigate environmental and social risks associated with the eligible projects. Sustainalytics considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
Poland’s Ministry of Finance will be responsible for the management of proceeds using an internal tracking mechanism. Poland intends to allocate the proceeds within 36 months of issuance. Pending full allocation, unallocated proceeds will be held in accordance with Poland’s treasury policy and held in cash or cash equivalents, used for debt repayment or directed toward other capital management activities. This is in line with the market practice.
REPORTING
Poland will report on the allocation of proceeds and corresponding impact on the Ministry of Finance’s website on an annual basis until full allocation. The allocation report will include the amount allocated to each category or project, balance of unallocated proceeds, share of financing and refinancing, and where feasible, industry-wise allocation of proceeds. In addition, Poland intends to report on relevant impact metrics. Sustainalytics views Poland’s allocation and impact reporting as aligned with market practice.