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Second-Party Opinion Download

Project Details


Storebrand Green Bond Framework (2022)


Storebrand ASA

Project Type

Green Bond/Loan

Industry Group


Use of Proceeds




Evaluation Date

May 2022

Evaluation Summary

Sustainalytics is of the opinion that the Storebrand Green Bond Framework is credible, impactful, and aligns with the four core components of the Green Bond Principles 2021. This assessment is based on the following:


The eligible categories for the use of proceeds – Green Buildings, Renewable Energy, and Clean Transportation – are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that the eligible categories are expected to lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 9, 7, and 11.


Storebrand’s Green Bond Committee is responsible for evaluating and selecting projects. Storebrand has an environmental and social risk assessment process in place that applies to all allocation decisions. Sustainalytics considers these risk management systems to be adequate and the project evaluation and selection process to be aligned with market practice.


Storebrand’s CFO will be responsible for the management of proceeds based on a portfolio approach and will track the allocation using existing internal processes. Storebrand intends to allocate all proceeds within three years from the date of issuance. Unallocated proceeds will be temporarily invested in cash, cash equivalents, ESG-orientated funds, or similar. This is in line with market practice.


Storebrand intends to report on the allocation and impact of proceeds in a Green Bond Allocation Report, available on its website on an annual basis until full allocation. Allocation reporting will include details such as the amount of proceeds allocated per category, the proportion of refinancing, and details of unallocated proceeds. Impact reporting may include estimates of tCO2e avoided and/or energy reduction achieved. Sustainalytics views Storebrand’s allocation and impact reporting as aligned with market practice.