Second-Party Opinion Download

Evaluation Summary

Sustainalytics is of the opinion that the Vienna Insurance Group Sustainability Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021 and Social Bond Principles 2023. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings, Renewable Energy, Clean Transportation, Energy Efficiency, Affordable Housing and Access to Essential Services – are aligned with those recognized by the Green Bond Principles and Social Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDGs 3, 4, 7, 9 and 11.

PROJECT EVALUATION AND SELECTION

VIG’s Sustainability Bond Committee will be responsible for evaluating and selecting projects in line with the Framework’s eligibility criteria. The Sustainability Bond Committee will be responsible for identifying and managing the environmental and social risks associated with the eligible projects and implementing related mitigation measures in accordance with applicable laws and regulations. Sustainalytics considers these processes to be in line with market practice.

MANAGEMENT OF PROCEEDS

VIG’s ESG Project Leader and Manager of Proceeds, a member of the Sustainability Bond Committee, will be responsible for the management of proceeds and will track their allocation through a portfolio approach by using an internal register. The Group intends to fully allocate the net proceeds within 36 months of the date of issuance. Pending full allocation, proceeds will be temporarily invested in cash, cash equivalents or sustainable investment funds. This is in line with market practice.

REPORTING

VIG commits to report on allocation and corresponding impact on its website on an annual basis until full allocation and in the event of material developments. Allocation reporting will include a list or summary of financed projects, the proportion of net proceeds allocated by eligible category, the share of new financing and refinancing, and the amount of unallocated proceeds, if applicable. Sustainalytics views VIG’s allocation and impact reporting as aligned with market practice.