Second-Party Opinion Download

Sparbanken Skaraborg has developed the Sparbanken Skaraborg Green Funding Framework dated October 2025, under which it intends to issue public or private debt placements and senior preferred unsecured bonds to fund projects in Sweden in six environmental categories.

We have assessed the overall Sustainability Contribution of the Framework as Strong, based on the average Sustainability Contribution of the Framework’s six use of proceeds categories, weighted according to the percentage allocation indicated by Sparbanken Skaraborg to Sustainalytics.

The Bank intends to finance expenditures in Green Buildings, Renewable Energy, Energy Efficiency, Clean Transport, Sustainable Forestry and Environmentally Sustainable Management of Living Natural Resources and Land Use. The Bank will finance new and existing buildings ranked among the best energy-performing buildings in Sweden. While most Swedish buildings are zero-carbon ready by nature of being connected to district heating, the Framework does not explicitly require fossil-free energy use for new builds post-2024. These buildings are nonetheless expected to strongly contribute to the sector’s decarbonization.

Energy storage facilities and district heating systems connected to low carbon energy are expected to strongly support energy transition, while investments in zero emissions vehicles and related infrastructure substantially contribute to the reduction of transport-related emissions. Certified sustainable forest management projects strongly advance the sustainable use of forest resources. Investments in low-carbon electricity generation are expected to significantly contribute to decarbonizing energy systems, albeit including certain interim solutions. Though bioenergy and biofuels from animal manure can aid the shift from fossil fuels, they are not viable long-term solutions due to the high life cycle emissions and water intensity associated with animal husbandry. Credible certifications support sustainable crop, livestock and dairy practices, and despite the significant emissions lock-in risk from lacking decarbonization commitments in livestock and dairy, these investments aid the transition to sustainable food systems.