Second-Party Opinion Download

Sustainalytics is of the opinion that the Vodafone Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that the (i) energy efficiency, (ii) renewable energy and (iii) green building assets and activities to be financed by the issuance will lead to positive environmental impacts and advance several UN Sustainable Development Goals.

PROJECT EVALUATION/SELECTION

Vodafone’s internal process in evaluating and selecting projects is aligned with market practice. An internal Green Bond Committee has been established, comprising members from the company’s Treasury, Sustainable Business and Energy Performance departments.

MANAGEMENT OF PROCEEDS

Vodafone’s processes for management of proceeds is aligned with market practice. The company will establish an Eligible Green Project Portfolio to which eligible projects will be allocated. Allocation to the Eligible Green Portfolio will strive to match the balance of net proceeds from the issuance of green bonds. Allocation will be tracked using Vodafone’s internal Treasury Management System and all green projects will be assigned a unique identifier that will facilitate the traceability of disbursements. Unallocated proceeds will be held in cash and/or invested in other short-term liquid instrument.

REPORTING

Vodafone intends to report allocation of proceeds on its corporate website on an annual basis. In addition, Vodafone is committed to reporting, on a best effort basis, on impact metrics including direct and indirect abatement of greenhouse gas emissions and energy savings. In Sustainalytics’ view, reporting on these metrics is in line with market practice.