Second-Party Opinion Download

Svenska Handelsbanken AB has developed the Handelsbanken’s Green Bond Framework dated August 2025 under which it intends to issue green bonds to fund projects primarily located in Sweden, Norway, the Netherlands and the UK, in eight environmental categories.

We have assessed the overall Sustainability Contribution of the Framework as Strong, based on the average Sustainability Contribution of the Framework’s eight use of proceeds categories. As per our methodology, we have applied equal weighting across categories.

Handelsbanken intends to finance environmental expenditures in Green Buildings, Environmentally Sustainable Management of Living Natural Resources and Land Use, Clean Transportation, Climate Change Adaptation, Energy Efficiency, Pollution Prevention and Control, Renewable Energy, Sustainable Water and Wastewater Management. Under Green Buildings, the Bank will finance the best energy-performing residential and non-residential buildings in their region. While new buildings financed may use fossil fuels for on-site energy, these investments are expected to significantly support the sector’s decarbonization. Handelsbanken may also finance sustainable forestry, biodiversity conservation and regenerative agriculture. Clean transportation financing will focus on zero-emissions vehicles and related infrastructure, as well as bi-mode trains and personal mobility. Climate adaptation projects will target enhanced resilience in water management, infrastructure, industrial operations and agriculture. Energy efficiency projects target buildings, energy systems and manufacturing processes. The Bank may finance the manufacturing of household appliances and upgrading telecommunications infrastructure. While such projects are not primarily aimed at energy efficiency, they are expected to deliver some efficiency gains. It may also finance the deployment of green hydrogen in low-carbon iron and steel production, supporting the decarbonization of this industry.

Pollution prevention and control financing focuses on waste management, waste-to-energy (WtE), and carbon capture, storage and utilization. While the funding may be directed to hazardous waste treatment, plastic recycling and WtE, which have limited environmental benefit, this category can still drive strong impact. Under Renewable Energy, the Bank will finance low-carbon electricity generation and heating solutions, which are critical to decarbonizing energy systems. Additionally, it will finance projects contributing strongly to Sustainable Water and Wastewater Management.

We have assessed the Framework as Aligned with the Green Bond Principles 2025.