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Second-Party Opinion Download

Project Details


Rumo S.A. Sustainability-Linked Finance Framework Second-Party Opinion (2021)


Rumo S.A.

Project Type

Sustainability Linked Bond or Note

Industry Group


Use of Proceeds




Evaluation Date

Sep 2021

Evaluation Summary

Sustainalytics is of the opinion that Rumo’s Sustainability-Linked Finance Framework aligns with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2021. This assessment is based on the following: 

Selection of Key Performance Indicator (KPI):

Rumo’s Sustainability-Linked Finance Framework includes one KPI (see Table 1). Sustainalytics considers the KPI chosen to be strong given that it is a direct measure of Rumo’s performance on a material environmental issue for the rail transportation sub-industry. The selected KPI is also based on a clear and consistent methodology.  

Calibration of Sustainability Performance Targets (SPTs):

Rumo has established the following SPTs for its KPI: reduce GHG emissions intensity to 11.82 gtCO2e/TKU by 2026, then further to 11.24 gtCO2e/TKU by 2030, from a 2020 baseline. Sustainalytics considers the SPTs to be aligned with Rumo’s sustainability strategy. Sustainalytics considers the SPTs to be ambitious as it is aligned with Rumo’s historical emissions intensity performance, the decarbonization targets set by its peers and a 2-degree climate scenario.   

Sustainability-Linked Instruments Characteristics:

Rumo will link the financial characteristics of its sustainability-linked instruments (which may include bonds and/or loans) to the achievement of the SPTs, namely a step-up (or potentially a step-down) in the coupon rate from the first coupon date after the target observation date. Sustainalytics positively notes that both the SPTs need to be met to avoid an increase in the coupon rate.  


Rumo commits to report on an annual basis on its performance on the KPI in a dedicated report, which will be available on its website. The reporting commitments are aligned with market expectations.  


Rumo commits to have external limited or reasonable assurance conducted on its KPI performance at the communicated SPTs deadline, which is aligned with market expectations.