Project Details
Project
Storebrand Green Bond Framework Second-Party Opinion (2025)
Client
Storebrand ASA
Project Type
Green Bond/Loan
Industry Group
Financials
Use of Proceeds
Renewable energy; Energy efficiency; Clean transport; Green buildings;
Location
Norway
Evaluation Date
Apr 2025
Evaluation Summary
Sustainalytics is of the opinion that the Storebrand Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds – Renewable Energy, Energy Efficiency, Clean Transportation, and Green Buildings – are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 7, 9 and 11.
PROJECT EVALUATION AND SELECTION
Storebrand’s Green Bond Committee, chaired by the Group’s CFO, will be responsible for evaluating and selecting the projects in line with the eligibility criteria under the Framework. The committee will meet at least on an annual basis. Storebrand has in place procedures for assessing the potential environmental and social risks associated with the eligible projects. Sustainalytics considers the project selection process to be in line with market practice.
MANAGEMENT OF PROCEEDS
Storebrand’s CFO department will be responsible for the management and allocation of proceeds through a portfolio approach, using an internal tracking system. Storebrand intends to allocate net proceeds to eligible projects or assets within 12 months of issuance. Storebrand may temporarily invest unallocated proceeds in cash, cash equivalents or similar instruments, or in ESG-oriented funds. This is in line with market practice.
REPORTING
Storebrand commits to annually report on the allocation of proceeds on its website while the bonds are outstanding. Allocation reporting will include information on the size of eligible green assets per category, the total amount of proceeds allocated to eligible assets per category, the ratio of new financing to refinancing, and the balance of unallocated proceeds. In addition, Storebrand intends to report on relevant impact metrics, where feasible. Sustainalytics views Storebrand’s allocation and impact reporting as aligned with market practice.