Second-Party Opinion Download

Sustainalytics is of the opinion that the STT GDC Pte Ltd Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2022. This assessment is based on the following:

Selection of Key Performance Indicators

The STT GDC Pte Ltd Sustainability-Linked Financing Framework includes three KPIs: (i) Percentage of renewable energy in total electricity consumption, (ii) Scope 1 and 2 carbon intensity, (iii) Percentage of data centres certified under recognized green building certification schemes (see Table 1). Sustainalytics considers KPI 1 to be strong, and KPI 2 and 3 to be adequate based on their relevance, materiality, the scope of applicability and adequacy to external benchmarking.

Calibration of Sustainability Performance Targets

Sustainalytics considers the SPTs to be aligned with STT GDC’s sustainability strategy. Sustainalytics further considers SPT 1 and 3 to be ambitious, and SPT 2 to be moderately ambitious based on comparison with historical performance, targets set by peers and external science-based decarbonization pathways. 

Bond or Loan Characteristics

STT GDC will link the financial characteristics of the instruments to the achievement of the SPTs, namely a change to the coupon rate, redemption price or loan interest margin.

Reporting

STT GDC commits to report on an annual basis on its KPI performance in its ESG Report. STT GDC commits to disclose relevant information that may affect the KPI or that may enable investors to monitor the progress and ambition of the selected KPIs and SPTs. The reporting commitments are aligned with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2022. 

Verification

STT GDC commits to have external limited assurance conducted against each SPT for each KPI at least once a year, which is aligned with market expectations.