Project Details
Project
Saur Green & Blue Financing Framework Second-Party Opinion (2024)
Client
Saur SAS
Project Type
Green Bond/Loan
Industry Group
Utilities
Use of Proceeds
Water/waste water management; Clean transport; Renewable energy;
Location
France
Evaluation Date
Sep 2024
Evaluation Summary
Sustainalytics is of the opinion that the Saur Green & Blue Financing Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2023. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds – Water Production and Supply, Wastewater Collection and Treatment, Desalination of Water, Clean Transportation and Renewable Energy – are aligned with those recognized by the Green Bond Principles and the Green Loan 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 and 11.
PROJECT EVALUATION AND SELECTION
Saur’s Green Financing Working Group will be responsible for the evaluation and selection of projects in line with the Framework’s eligibility criteria. Saur has internal policies, procedures and standards in place to address environmental and social risks, which apply to all allocation decisions made under the Framework. Sustainalytics considers the project selection process to be in line with market practice.
MANAGEMENT OF PROCEEDS
Saur’s Treasury department will be responsible for the management of proceeds and will track their allocation through a portfolio approach using an internal tracking tool. Saur intends to allocate all proceeds within two years of issuance. Pending full allocation, Saur will temporarily invest the proceeds in cash, cash equivalents or other liquid marketable instruments. This is in line with market practice
REPORTING
Saur commits to report on the allocation of proceeds and corresponding impacts on its website on an annual basis until full allocation or in the event of material changes to the allocation. Allocation reporting will include the total amount of proceeds allocated by category, the size of the eligible green portfolio, the share of financing versus refinancing and the amount of unallocated proceeds. Sustainalytics views Saur’s allocation and impact reporting as aligned with market practice.