Second-Party Opinion Download

Sustainalytics is of the opinion that the Sunndal Sparebank 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, Green Buildings, Clean Transportation and Renewable Energy, 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

Sunndal’s Green Bond Committee is responsible for the overall project evaluation and selection process. Sunndal has processes in place to identify and mitigate common environmental and social risks potentially associated with the eligible projects. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

Sunndal’s Finance Department will be responsible for allocating and tracking proceeds using a registry and managing the net proceeds on a portfolio level with continuous allocation until bond maturity. Sunndal will reach full allocation of proceeds within 12 months of issuance. Pending allocation, unallocated proceeds will be temporarily held in cash or cash-equivalent liquidity reserves. This is in line with market practice.

REPORTING

Sunndal will report on allocation and impact on its website on an annual basis until full allocation. Allocation reporting will include the details of allocation of proceeds and the balance of unallocated proceeds. In addition, Sunndal will report on relevant impact metrics. Sustainalytics views Sunndal’s allocation and impact reporting as aligned with market practice.