Second-Party Opinion Download

Sustainalytics is of the opinion that the Unibank Green Bond Framework is credible and impactful and aligns to 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 – Energy and Resource Efficiency in Industry, Climate Change Adaptation – Agriculture, The Sustainable Use and Protection of Water and Marine Resources, and The Transition to a Circular Economy / Waste Management, – are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible categories are expected to lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 6, 7, 9, 12, 13.

PROJECT EVALUATION / SELECTION

Unibank will establish a Green and Sustainable Bond Committee responsible for the evaluation and selection of the eligible projects. The final project approval is provided by the Credit Committee in line with the eligibility criteria in this Framework. Unibank has implemented adequate measures and is well positioned to manage and mitigate environmental and social risks commonly associated with eligible categories. Sustainalytics considers these processes to be in line with market practice.

MANAGEMENT OF PROCEEDS

Unibank will establish a Green and Sustainable Bond Committee that will be responsible for the management and allocation of proceeds to the eligible green projects. Unibank intends to allocate all proceeds to eligible assets within 36 months of the issuance and unallocated proceeds will be temporarily held in cash or other liquid short-term money market instruments. Unibank has established a three-year look back period for refinancing activities. This is in line with market practice.

REPORTING

Unibank intends to report on allocation of proceeds on its website on an annual basis until full allocation. Allocation reporting will include the amount of proceeds allocated to eligible green projects, proportion of financing and refinancing, the balance of unallocated proceeds, and the geographical regions within Armenia where funds are deployed. In addition, Unibank is committed to reporting on relevant impact metrics. Sustainalytics views Unibank’s allocation and impact reporting as aligned with market practice.