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Second-Party Opinion Download

Project Details


Slovenian Sovereign Sustainability Bond Framework Second-Party Opinion (2021)


The Republic of Slovenia

Project Type

Sustainability Bond/Loan

Industry Group


Use of Proceeds

Green buildings; Energy efficiency; Water/waste water management; Eco-efficient products; Access to essential services; Affordable housing; Socio-economic advancement;



Evaluation Date

Jun 2021

Evaluation Summary

Sustainalytics is of the opinion that the Slovenian Sovereign Sustainability Bond Framework is credible and impactful and  aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, and Social Bond Principles 2021. This assessment is based on the following:


The eligible categories1 for the use of proceeds are aligned with those recognized by both the Green Bond Principles and Social 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 2, 3, 4, 6, 7, 8, 10, 11, 12 and 13. Sustainalytics notes, however, some areas of limitation in the Framework based on the vagueness of the eligibility criteria in some categories.


Republic of Slovenia’s internal process in evaluating and selecting projects is managed by the Sustainability Bond Working Group (“SBWG”). The SBWG is responsible for identifying, evaluating and selecting projects in alignment with the criteria established in the Framework. Sustainalytics considers the project selection process in line with market practice.


Republic of Slovenia’s processes for management of proceeds is overseen by the Ministry of Finance, which will monitor and track the allocation of proceeds according to the Country’s public accounting rules. Republic of Slovenia intends to fully allocate net proceeds within 24 months of issuance. Unallocated proceeds may be temporarily held in the Single Treasury Account maintained at the Central Bank of Slovenia and will be managed according to prudential liquidity policies appropriate to a sovereign. This is in line with market practice.


Republic of Slovenia intends to report on allocation and impact of proceeds on the Ministry of Finance’s website on a biannual basis until full allocation. In addition, Republic of Slovenia is committed to reporting on relevant impact metrics. Sustainalytics views Republic of Slovenia’s allocation and impact reporting as aligned with market practice.