Second-Party Opinion Download

Evaluation Summary

Sustainalytics is of the opinion that the Séché Green Financing Framework is credible, impactful and aligned 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 – Collection and Transport of Hazardous Waste, Treatment of Hazardous Waste (Pollution Prevention and Control), Remediation of Contaminated Site and Area, Treatment of Hazardous Waste (Circular Economy), Sorting and Material Recovery of Non-Hazardous Waste, Production of Heat and Cool Using Waste Heat and Emergency Services – are aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 9, 11, 12 and 15.

PROJECT EVALUATION AND SELECTION

Séché has established a Green Financing Committee, which will be responsible for overseeing the evaluation and selection of projects in line with the Framework’s eligibility criteria. The Company has implemented internal processes, which the committee monitors, to identify potential material risks of negative environmental and social impacts associated with eligible projects and establish appropriate mitigation measures. Sustainalytics considers the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Séché’s Financial Department will oversee the management of net proceeds. The proceeds will be deposited into the Company’s general account and tracked using an internal tracking system. The Company intends to allocate proceeds within 36 months of each issuance on a best-effort basis. Pending full allocation, unallocated proceeds will be temporarily held in cash and cash equivalents. This is in line with market practice.

REPORTING

Séché’s will report on the allocation of proceeds and their corresponding impact on its website annually until full allocation or in the event of material changes. Allocation reporting will include an overview of outstanding green bonds and green loans, the aggregated amount of net proceeds allocated to eligible projects by category, the share of new financing versus refinancing, a breakdown of expenditure types and the balance of unallocated proceeds, if any. Sustainalytics views Séché’s allocation and impact reporting as aligned with market practice.