Project Details
Project
Sunrise Banks Net Zero Financing Framework Second-Party Opinion (2025)
Client
Sunrise Banks
Project Type
Green Bond/Loan
Industry Group
Banks
Use of Proceeds
Renewable energy; Energy efficiency; Clean transport; Green buildings; Circular economy adapted products, production technologies and processes;
Location
U.S.
Evaluation Date
Apr 2025
Evaluation Summary
Sustainalytics is of the opinion that the Sunrise Banks Net Zero Financing 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 Reduction and Efficiency, Clean Transportation, Green Buildings and Resource Efficiency Infrastructure – 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
Sunrise Banks’ Net Zero Advisory Committee and Net Zero Working Group will select and evaluate projects in line with the eligibility criteria. Sunrise Banks has an internal process to address environmental and social risks associated with the eligible assets. Sustainalytics considers these risk management systems to be adequate and the project evaluation process to be in line with market practice.
MANAGEMENT OF PROCEEDS
Sunrise Banks’ Net Zero Working Group manages and tracks the proceeds using an internal tracking mechanism. Sunrise Banks will maintain a buffer to account for fluctuations in deposits and ensure continuous allocation for as long as it offers the Net Zero Deposit programme to its customers. Unallocated proceeds will be temporarily placed in Sunrise Banks’ Community Impact Deposits programme for no more than 36 months. This is in line with market practice.
REPORTING
Sunrise Banks commits to report on the allocation of proceeds on its website on an annual basis for as long as the Bank offers the Net Zero Deposit programme to its customers. Allocation reporting will include the total dollar amount of the aggregated portfolio, a breakdown of the types of projects funded, the percentage allocation across project categories and the total tonnes of greenhouse gas emissions reduced or avoided. Additionally, Sunrise Banks intends to report on relevant impact metrics. Sustainalytics views Sunrise Banks’ allocation and impact reporting as aligned with market practice.